Crush It! Book review and synopsis

I just got done reading “Crush it! Why NOW is the Time to Cash In on Your Passion” by Gary Vaynerchuk and while the book is a little old I really enjoyed it. It was published in 2009 which is ancient in terms of social media. The concepts however still exist, and it is a great viewpoint of emerging platforms coming into the scene which may help you catch the next big wave in the social media world. Without further delay let’s look at it!

Chapter 1: Passion Is Everything

In this chapter Gary Vaynerchuk describes his previous endeavors and what it took him to get there. He describes his three rules he lives by.

Love your family.

Work superhard.

Live your passion.

These are his guidelines which have proven effective and have made him happy in his life. “Since the only investment it takes to use these sites to grow a business is ridiculous amounts of time and hustle, these platforms are open to whoever has got the chops to get in the game.”

“Social Media = Business Period”

An important lesson to take away from this chapter is “No matter how successful you get, you can not slack off or the grass is going to grow, the paint is going to peel, and the roads will start to crumble. Stop hustling, and everything you learn here will be useless. Your success is entirely up to you.”

Chapter 2: Success Is in Your DNA

This chapter essentially can be summed up as stick to what you’re good at and “you gotta be you”. We also get a little perspective from GaryVee and his younger years of trading baseball cards and learning about the wine and liquor store business. “I knew from my experience with the baseball card business that people want to be told what’s good and valuable, and that they enjoy feeling like they’ve been turned on to something not everyone can appreciate.” This quote is then followed by, “storytelling is by far the most underrated skill in business.” I believe this to be very true, having good story telling skills, communication skills, being personable all helps in the world of business.

Chapter 3: Build Your Personal Brand

“Wine Library TV was neve about selling wine on the Internet. It was always about building brand equity.” In this chapter GaryVee talks about how to build your personal brand. While explaining why authenticity is key, how quality filters people out and the cream always rises, and how your personal brand is the same thing as a living, breathing resume.

“Developing your personal brand is key to monetizing your passion online. Whether you’re delivering your content by video, podcast or blog it’s the authentic you, the one thing that is guaranteed to differentiate you from everybody else, including those who share your niche or business model. The thing that most people don’t realize is that in today’s world your business and your personal brand need to be one and the same, whether you’re selling organic fish food or financial advice or jus your opinion.”

Chapter 4: A Whole New World

               In this chapter GaryVee talks about the evolving world and how being innovative and adaptable to the circumstances is going to allow many more opportunities than the old style of business. He describes how you need to plan your future. How you should start building your brand equity and work on things on the side, which we will get to in a minute.

Chapter 5: Create Great Content

               “To monetize your personal brand into a business using social marketing networks, two pillars need to be in place: product and content.” To do this you really need to know your stuff and be constantly absorbing information and content about your subject. GaryVee suggests that you need at least 50 blog topics that you’re amped to write about to get a feel for the situation of your blog. Then you need to tell a story about the topic. “Tell me your story, and if you’re good, I’ll come back for more.” “Communicate with me, because whoever is the best communicator will win.” In order to create great content, you can’t lie to yourself about your abilities to deliver quality information. “Am I good enough to be the best blogger about tech in the world?” is an example of a question that you must ask yourself and have a solid “Yes!” answer to. Choosing the correct medium is critical, if you’ve ever seen Gary Vaynerchuk his enthusiasm and loudness makes him a perfect fit for a video or vlog format. “Today, everybody else can make $40,000 to a million, so long as they can nail the correct combination of their medium and passion.” “Know yourself. Choose the right medium, choose the right topic, create awesome content, and you can make a lot of money being happy.”

Chapter 6: Choose Your Platform

               Your three options are video, audio, or written word, you must choose the platform that works best with your DNA. Although I personally use written word at the moment I think this Summer I will begin to move to video and venture out to YouTube and Vlog format. “Your website is for communicating logistics and facilitating sales; your blog is for communicating the essence of your brand.” In December 2008 GaryVee used social media and traditional advertising methods for his winelibrary.com to promote a free shipping code. The social media promotion which was free, outperformed the conventional advertising by a factor of 10. This is an example of platform is everything.

Mr. Vaynerchuk then talks about Tumblr and WordPress the two dominant blog platforms and both are still relevant even today. Tumblr’s ability to tumble posts is the word of mouth you want from your audience and other apps that have similar features are critical in expanding your brand. Call to action buttons are always important to continue the chain of communication with your audience, and eventually sell them your product. He then talks about Facebook and the importance of your own profile and then your fan page. “If you’ve been using a regular profile or created a group for your business, don’t take it down. Simply leave a link on your old profile or group page that feeds to your new fan page.” Twitter, one of GaryVee’s most powerful brand-building tools. “First, it has incredible endorsement power.” “Second, it’s a press release opportunity, allowing companies and businesses to have a closer relationship with their consumer.” “Third, Twitter is a research and development tool that allows you to crowdsource.” “Fourth it allows even your most mundane questions to become opportunities for conversation.” “Fifth, it’s a great vehicle through which to spread your commerce-driven intentions.” “The best use for Twitter, though, is to lure people to your blog.” GaryVee then shares the simple most powerful, best business tweet of all time. “What can I do for you?” Don’t forget you’re in business to serve your community.

“If your blog is your home, platforms like Twitter and Facebook are your vacation homes. You can’t do long form content on these sites (well, you can, but its not effective and I don’t recommend it)”.

He then talks about video content sites including the power player still today, YouTube. He very rarely uses analytics and trusts his instincts over numbers. Lastly you must differentiate yourself from your peers, and he will explain that in the upcoming chapters.

Chapter 7: Keep It Real…Very Real

               “Your DNA dictates your passion-whatever it is you were born to do; being authentic, and being perceived as such by your audience, relies on your ability to ensure that every decision you make when it comes to your business is rooted being true to yourself.” You should invest in the important stuff and that’s not cameras or microphones, no, that is your content, your passion, your knowledge. “If you want to dominate the social media game, all of your effort has to come from the heart”. Hustle and patience are the next two items of discussion, there’s plenty of other books and videos on hustle, I’ve already reviewed one, “The 10X Rule” and I will review another one soon “Rise and Grind”. Reference those books and articles as that is their main topic. Patience is self-explanatory, but we are often not patient. GaryVee says he gets people saying they haven’t seen any results and they’ve been working on their blog for 6 weeks. I can say from my own personal experience that I’ve been working on this blog for about 5 months and we are finally getting some traction, all things worth doing in life take time to get there.

Chapter 8: Create Community: Digging Your Internet Trench

               Creating community is much more important than the design of your blog. This is done by starting conversation with your audience. “To create an audience for your personal brand you’re going to get out there, shake hands, and join every single online conversation already in play around the world about your topic, Every. Single. One. “At a certain point, your business will start gaining eyeballs and your community focus will change. Whereas at this point you’re initiating contact with anyone who might have an interest in your passion, later you will spend these late-night hours responding to the people who have responded to you. Building and sustaining community is a never-ending part of doing business.” You do this by using all of your tools and platforms and seeking out every mention of your topic and commenting on every single tweet, blog post, forum post etc. that you can find and then do it again and again and again. I can say from experience the little I have done this for blogs and Instagram it has worked. It just takes lots of time and hustle to pull it off in the large scale. You must then capture your audience and I have struggle to do this with my own blog and would love to hear any advice from my viewers. “The day you see that one person is reading or watching or listening to you is a day to celebrate.”

Chapter 9: The Best Marketing Strategy Ever

               Care.

Chapter 10: Make the World Listen

               Here is the step by step guide for the rest of your life to achieve what is described in this book.

  1. Go to GoDaddy.com and try to buy your name in both .com and .tv
  2. Start a WordPress or Tumblr account to host the domain you just bought.
  3. Hire a web designer for your website.
  4. IF you’re filming a video blog, buy the $150 flip cam, something small, light and hopefully HD to film anywhere at any time.
  5. Create a Facebook Fan page
  6. Open a twitter account with your domain name
  7. Open a Tube Mogul if you are doing video. Open a Ping.fm if you are doing a written blog.
  8. Start pumping out content.
  9. Tweet or post your content to distribute to your platforms.
  10. Go to Search. Twitter and start searching terms relevant to your topic, and start following them.
  11. Go to blogsearch.google.com and start leaving comments on topics relevant to your content.
  12. Join as many active Facebook groups relevant to your topic as possible.
  13. Rinse and Repeat.

Do steps 5-8 and 12 over and over as long as your brand exists. “Anything is better than zero” but also “the longer you hold out to monetize your blog, the better.”

Chapter 11: Start Monetizing

               “Here’s a better idea: #1—classy banner ads, which appear at the top or bottom of your site (don’t overdo it!). #2—Go to google.com, search your subject matter, and check every blog and website to see which companies pay for Google AdSense ads to be posted. Cold-call every relevant company that is buying space on Google AdSense—they’re already spending the ad money on the Web, why not spend it on you? You can find a video on this topic on GaryVaynerchuk.com:” Speaking engagements, Affiliate Programs, Retail, Articles, Seminars, Books and TV, Consulting, Advertising redux, are all examples on monetizing your brand and there have been significant improvements and all of these fields, so I would recommend newer information than what is provided here.

Chapter 12: Roll with It

               Be prepared to continue repeating what makes you successful but be ready to adapt to the changing environment considering the great speed at which social media changes nowadays. Put out fires and situations quickly through the use and ability to reach out using social media is very important in retaining your brand equity. Spot latest trends as they begin and hop on the train early to give yourself a big advantage over the slower moving businesses in your sector.

Chapter 13: Legacy is Greater Than Currency

               We are all in the public eye now, we are constantly adding to our footprint on the internet. If things go wrong, there will be no where to hide as your whole brand is available to see. Thinking long term and knowing what you do and say today can affect your future is an important thing to remember in your early years of building your brand. “Legacy is the mortar of successful, lasting brands.

Conclusion: The Time is Now, the Message is Forever

               “true success—financial, personal, and professional—lies above all in loving your family, working hard, and living your passion.”

As always thank you for reading this article, I hope you gained some value information from this review and synopsis of “Crush It”. This book has provoked me to take a hard look at my blog and my personal brand and what I want it to be in the future and I look forward to shaping my brand from what I’ve learned in this book and what I intend to learn from “Crushing It”.

As always let me know what you think!

B^2

Crush It!: Why NOW Is the Time to Cash In on Your Passion

Summer Plans

In my spare time today, I did a little bit of thinking about what I wanted to do this summer as far as my finances are concerned.

  1. I am going to absolutely crush this internship/sales position. I mean crush it! This is the first time in my life that I will get paid on commission meaning every minute I am not working or trying to sell is a wasted minute. That goes beyond the job as well, I also have this blog and an Instagram, and I will continue to expand my social media presence and further build my personal brand.
  2. I want to move away from the umbrella of financial security of my parents. They have done a fantastic job providing for me all my life and I feel obligated to lighten their load. I am making it a goal of mine to work harder than ever before to obtain scholarships and other means to provide for my schooling. My parents have also paid for my housing during college and pending the results of my friend meeting with his landlord tomorrow I should be moving out the fraternity house and plan to pay my rent and all necessary living expenses. I also came up with my method to do so. I have talked about Lending Club before on this blog but for those of you who haven’t read about it yet you can reference this post about it “Lending Club Review”.

 

My favorite part about Lending Club is how liquid it is while you are making money. I get funds transferred to my portfolio nearly everyday as I have 110 active notes currently. This pays me about $100 a month in both interest and principal payments. If I own about 400ish notes I will receive about $350 in payments per month which is coincidentally my rent for this next school year again assuming the conversation with the landlord goes as planned tomorrow. That is all while making about a 7% gain as of this moment. This whole school year I have been pulling out my interest and principal payments to cover my expenses (its not enough however I spend more than $100 a month typically). If I can purchase that many notes however that should cover my rent payment which would be a passive income source for me. As of now that is my game plan for this next academic year. My typical food expenses as I have learned from diligently tracking them through my internship and co-op is about $60 a week or $240 a month. I plan to use my savings and any side money to cover that aspect of my expenses.

  1. I have also began looking at investment properties in my college town, with the hopeful influx of money I make this summer this may finally become a reality and I have also explained some of those plans in a previous post linked *here*.
  2. This will also be the first summer where I will be relatively free while I have been this interested in improving my life for the years to come. On my co-op I did not start investing until very late and then I returned to school and was again very busy with my other obligations. While on my internship I was taking 9 credit hours of summer class which took a very large toll on my time and extracurricular efforts. I lived an endless cycle of work, working out, and then studying and doing homework during the 5-day work week and then my Sunday’s were typically consumed in school work as well. This is another very exciting aspect of this summer that I can hopefully take advantage of.
  3. I intend to learn more than I ever have this summer as well. I have an ambitious reading goal this summer of 10 books which is crazy to think about since I have not read for leisure in years but the value that it has been bring to my life is incredible and I have learned so much already and I can’t wait to learn more. If you have any suggestions I am open to them all but I will most likely need to focus in on something related to what I would like to pursue later in my life, namely entrepreneurship, business, investment property and real estate, and investing.
  4. I would like to make a strong effort to help my fraternities recruitment efforts this summer. Due to the new structure of our recruitment and pledgeship process this summer will be the ultimate factor to our future success and I would like to give my time, effort and talent to this endeavor. Not that I haven’t helped in the past, but I see the high importance of this task, but it will also give a chance to develop my new skills.
  5. I believe this summer will also allow me to network more than I have in the past and I have given up some of those opportunities for my other obligations in the past. Again, with all that I have learned this school year I believe this will be a key aspect in my ultimate success later in life and the more I can network and connect with the others the more opportunities will present themselves.

I’m sure there are other aspects I am forgetting to include but these are just some highlights. I will do my best to update all my readers on what I am up to this summer. Hopefully this last 2 weeks of school won’t drain me to bad, I had the problem occur on my co-op.

As always, I would love to hear all your comments!

B^2

10 Ways to make Passive Income – Financial Education YouTube Channel

I recently read Jeremy’s book 10 Ways to Make Passive Income. For those of you who don’t know, Jeremy runs the Financial Education YouTube Channel and I’ve watched his videos for awhile now and I’ve read his other book Modern Long Term Stock Market Investing Secrets!

Let’s get to it shall we. Passive income has been the latest rant and rave the last couple years it seems like. If you look up hashtags on Instagram it has tons of posts, there are hundreds of YouTube videos and books talking about it and for good reason. Who wouldn’t want to make money every second of everyday without putting in any active work. Some may say “No way! That’s too good to be true, make money every second of everyday without any work?!” Hold your horses there, it’s either going to take some sort of initial work or initial capital so let’s not get ahead of ourselves. Jeremey says, “Passive income is when you create a product, service, or business in the past and you are able to make money from that for years to come with little or no ongoing effort.”

What are 10 Ways to make Passive Income?

  1. Real Estate- This is Jeremy’s least favorite, because it’s not passive until you get to a very large scale. I am a huge fan still and plan to get into real estate in the next year or two. Passive income from real estate involves owning property and renting it out, like houses, apartment buildings, land etc. The reason this isn’t passive is because on a small scale you would have to find tenants, fix anything broken, keep in contact with tenants and make sure they pay on time, don’t break anything etc. This becomes passive on a large scale when you own entire apartment buildings and can outsource everything and make enough money to pay for that extra help and still make a profit.

 

  1. YouTube- Jeremey follows up his least favorite passive income method with his favorite. He obviously runs a very successful YouTube channel (126,000+ subscribers at time of writing). He tries to make a good balance of evergreen and regular content. “Evergreen content is when you make videos around subjects that people will still be searching for months/years/decades from now.” Regular content is more short term relevant videos at the time of production but may not have that long-term aspect. Building an audience and your subscription base is critical to building passive income from YouTube and requires making a video almost every day for a year or two to build a large following unless you luck out with a viral video.

 

 

  1. Dividend Investing- Another one of my personal favorites would be investing in dividend paying companies. To do this effectively you would want to invest in 10-15 companies to diversify your portfolio and invest in companies with a competitive “moat” as well as 2+% dividend yields with consistent growth and dividend increases. A competitive moat means the company is in no danger of competition taking significant portions of its market share and it’s a stable industry.

 

  1. Podcasting – Similar to YouTube podcasting requires lots of demanding work and dedication to create a following. Once you have a strong following you can advertise and cross promote your podcast to different social media sites. Podcasters sometimes make most of their income from listeners donating money to them via Patreon, a donation site specifically for podcasting.

 

 

  1. Ebook Author- Jeremey has had a lot of success with his investing book and can speak from personal experience on the benefits of being an ebook author. Nowadays with Amazon Kindle and ebooks becoming so popular its never been easier to become an ebook author! He suggests that you write books and funnel your social media platforms to buy your book, if you don’t have a large social media following he suggests selling your book for free the first week and get lots of reviews and reads under your belt before you start charging for it. Another strategy he talks about is if you plan on writing a series to alternate free and paid books. For example, if you are writing a 5-book series perhaps make book 1, 3, and 5 free and charge for 2, 4.

 

  1. Affiliate Marketing- If you are familiar with the Financial Education channel then you have seen the affiliate marketing Jeremy does. For those of you who are unfamiliar with affiliate marketing basically you link ads from sites like amazon and when someone clicks on your link and buys something from the site within 24 hours you earn a commission on whatever was sold. Now this is like 3-6% but on big items like laptops, cameras, etc. that’s an easy $20 bucks or so. The key to affiliate marketing is its just a numbers game and you need a lot of link clicks. Say for instance if we are talking about the Financial Education YouTube channel he estimates that 1 out of 100 people who view his videos click on the link. Of those 1% he estimates 10% will buy something. If you do the math on that you need approximately 1000 views to get 1 affiliate sale. This is extremely passive though, once the link is there it is there and if you have something that people will view, read, or site people visit often then its there forever more or less and can keep bring in passive income for years to come if the linked item is still relevant and for sale. I participate in affiliate marketing and while I haven’t converted any sales I am still at the very low end of the numbers game, for example at the time of writing this post, I’ve had 16 link clicks so if the rule of numbers is the same as the Financial Education channel then around 100 clicks I should ideally have a conversion.

 

  1. Website- This essentially piggy backs off affiliate marketing. The idea is to create a website with stellar SEO, and lots of views and use that to generate affiliate sales via amazon or other retailers.

 

 

  1. Selling Stock Photos/Music- Making music and taking pictures are popular hobbies nowadays. If you have a talent in this area you can sell photos and music on sites like Alamy, Istock photo, Shutterstock, and AudioJungle. Generally, the site you choose will take a cut of your profits but again a nice passive income source because once your photo or music is on there its on there forever.

 

  1. Create an Online Course- This is probably the fastest growing segment of passive income. In recent courses on Udemy and Teachable have exploded. Jeremey has recently started doing this he currently offers an options course and a stock market training course and has made substantial passive income from it. He recommends using a platform like YouTube to offer free content and then offer premium content on a course website and charge for that.

 

 

  1. Sell on Amazon and have Amazon Manage Inventory- is also a popular fast-growing segment of the passive income world. Essentially create a product and send the product to amazon and let them sell it, stock it and delivery it. Of course, this takes a cut out of your profits by allowing Amazon to do the work instead of you but that is the point of passive income its not suppose to be active work everyday shipping product managing your inventory etc.

 

He finishes with an outro encouraging his readers to implement his advice to build multiple streams of income passively. This would ultimately lead to financial freedom and not be tied down to the old 9-5 job.

 

This book is short, took about 30-45 minutes to read and I’ve covered the material fairly well, because of this I would not recommend buying this book for several reasons. I have presented all the ideas of this book. The information can be found on his YouTube page @ Financial Education and there are plenty of other YouTubers covering the same material and perhaps going more in depth than the book.

 

With that I’ll leave you a question. What are you doing to build several streams of income passively?

I can say personally I am looking into getting in Real Estate soon. I currently invest rather heavily in dividend paying stocks, and peer to peer lending which produces passive income on the order of about $500 a year. This blog and the affiliate marketing I do on it clearly lends itself to passive income. I may dabble in some of the above-mentioned areas in the future but for now those listed above are my top priorities.

 

3. 2. 1. Liftoff

So I actually had this post written and ready to be sent on Saturday, but then Jetpack crashed and I lost the post because I didn’t save it and it was just a mess. But we are back up and running now so moving forward, February should be an awesome month for me. This blog was started in late November, did not have much success with it in November or December. Its the tail end of January and as I write this I’ve had 125 views and 75+ visitors! My Instagram account @bsquared.website was started in early January and has been picking up momentum. I’ve been experimenting with Facebook and Instagram ads and I think I just found winner!

In summation, January has been all about laying the foundation for what is to come. I’ve been pushing myself really hard in terms of school work, fraternity obligations, and all my side endeavors including this blog. I believe February will be the month to capitalize on the work that has been put in during January.

Only time will tell though, expect a lot more to come including book reviews, portfolio overviews, dividend updates, stock market moves I’m making, and a Lyft and/or drop shipping guide.

Till next time,

B^2

Modern Long Term Stock Market Investing Secrets-summary and review

I’ve been watching the Financial Education YouTube channel for a while now and I really like the content and the enthusiasm Jeremy brings to his audience. Those who pursue success and greatness can relate to him well. He is a very successful investor and admits his mistakes and his errors when they come up proving his honesty to his viewers.

Now onto the book, Modern Long Term Stock Market Investing Secrets!, Jeremy reveals how he went from $0 to $200,000 by age 25 using this stock market investing method. He first goes into how he started considering the stock market. Looking at CD’s, savings accounts, bonds etc. yielded very low returns and real estate investing was out of the question for him at 19 years old making $7.50 an hour at his job. This led him to the stock market and he started reading and learning about Warren Buffett. Jeremy credits most of his success in stock market investing to Warren Buffett and an accounting teacher he had in his schooling.

He then goes into how to buy a stock through a brokerage, and then thinking of the underlying company you are buying rather than the stock ticker. This is right out of Warren Buffett’s playbook by looking at the company fundamentals and longevity rather than the short-term outlook. However, as Jeremy further goes into his method we see the key difference between his method and the buy and hold method Mr. Buffett uses. That is the time frame, in modern long term investing Jeremy works within a 1-5 year span. This is due to the rapid change in technology and growth that we experience nowadays. With the evolution of technology at such a rapid pace, business fundamentals, and company outlooks can change just as fast.

Jeremy then goes into what he looks at to determine if the company fits his investment criteria. The first would be looking at the management team and he uses the hockey reference, a management team that skates to where the puck will be rather than skating where the puck is. This ensures that the company will be making sound decisions years down the line. The next criteria is the balance sheet. He primarily looks at financial security or the ability for the company to make it through a tough time and the company’s ability to grow or acquire other businesses. This involves looking at the debt and on hand cash a company has. Jeremy typically looks at companies with very low debt, lots of cash on hand, and a strong brand name in its industry. The balance sheet is one of the most critical portions to his method and he references that in the end of the balance sheet chapter (chapter 6).

The income statement is the next metric he looks at. Jeremy looks at net income and revenue growth primarily and likes to see them grow by at least 10% a year, and prefers net income to outgrow revenue showing increasing profitability. Along the same lines, Jeremy loves “to look at companies that have an expanding gross margin and a high profit business model!” Obviously making profits reflects in the net income line and high margins allows a company to cut them in tough times without a large effect. Both are key aspects in his modern long-term investing method.

Next item on the agenda is PE ratios, EPS, and quarterly results. Now in the grand scheme of things when investing between 1-5 years a bad quarter is a drop in the bucket when you’re talking about an investment expecting to make it through 10+ quarters. He goes in depth as to what range of PE ratios he looks at and pending those numbers what he looks at in his other criteria. He recognizes that constant struggle between growth and value which is shown in the PE ratio. Warren Buffett is primarily a value investor which is where Jeremy has gained most of his investment background. However, the days of buying and holding are over and greater gains can be achieved for the most part by growth companies over the short term. Growth companies are rarely undervalued though, leading to a challenging terrain of finding a growth company for an excellent value.

He goes into dividends, share buyback, acquisitions and mergers next. He notes the usefulness of dividends however he thinks they are the biggest waste of money since cash is coming out with no return on investment. Jeremy ranks the following from best to worse use of capital: Expanding the business, share buyback, dividends, and acquisitions/mergers being the worse use of capital. He wraps up the book with a chapter talking about thinking outside the box and acquiring all information on a business is critical and could lead to good insight. Followed by a recap chapter, then a FAQ chapter, and finally a definitions chapter.

This article was a brief summary of the book. The information in this book in addition to the Financial Education channel has helped my investments and personal finance immensely. I would recommend this book to any beginning/novice investor as it has lots of fundamental value to add to your personal investing. Below is a link to the book on amazon.

http://amzn.to/2E2fgor

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