I Was on Food Stamps... Now I Make $100M/Year

Summary

In this engaging interview, TJ, a successful entrepreneur who built and sold tech and construction businesses, shares his journey to building a $100 million empire. From growing up with humble beginnings to owning multiple businesses, he emphasizes the importance of mindset, faith, and the power of passive income. TJ also reveals practical business strategies, such as buying existing businesses, and offers insights on overcoming limitations. His story is an inspiring masterclass on entrepreneurship, resilience, and wealth-building for aspiring entrepreneurs heading into 2025.

Takeaways

• 😀 Focus on building passive income and systems to make money while you sleep, instead of trading time for money.
• 💰 The most money made in a single year across businesses was around $100 million in revenue and $25 million personally.
• 🚗 Growing up, the speaker never had a 'broke' mindset, even though they faced financial struggles like food stamps and government cheese.
• 🔥 The turning point to financial freedom was the desire to escape poverty, leading to a focus on success and building wealth.
• 📚 College provided a useful skill set but didn’t directly contribute to becoming a millionaire. The real lesson is outside of the classroom.
• 👨‍💻 The speaker emphasizes the importance of marketing—knowing who your audience is and broadcasting to the highest mountaintop.
• 💡 Buying businesses can be more effective than starting from scratch, especially using SBA 7A loans and finding businesses ripe for acquisition.
• 🏢 Recession-proof businesses like laundromats, vending machines, and pool companies can offer steady cash flow without heavy labor investment.
• 🙏 Faith plays a central role in business and life, driving decisions and actions by helping entrepreneurs believe in their abilities and goals.
• 📈 Wealthy people operate without limits, constantly solving problems and creating solutions to make more money, unlike the middle class.
• 🌍 Being in LA and seeing successful entrepreneurs has expanded the speaker’s vision, showing that anything is possible with the right mindset.

Q & A

What was the most amount of money TJ made in a single year across all his companies?

TJ made $90 million to $100 million in a single year across all his companies in revenue.

Did TJ come from a wealthy background?

No, TJ did not come from a wealthy background. He grew up with limited financial resources, relying on government assistance like food stamps and government cheese.

What was the turning point for TJ's financial freedom?

TJ was motivated by his desire to escape the tough conditions he grew up in. He worked hard to find a way out and built a mindset focused on success, which eventually led him to financial freedom.

What is the key financial advice TJ offers for aspiring entrepreneurs?

TJ emphasizes the importance of learning how to make money while you sleep. He advises against trading dollars for hours and stresses the value of passive income and creating systems that work independently of your direct effort.

What business does TJ recommend getting into for someone who wants to make passive income?

TJ suggests investing in real estate or buying businesses, especially those that already cash flow, such as laundromats, pool companies, and vending machine businesses.

What does TJ think about starting a business from scratch versus buying an existing business?

TJ believes buying an existing business is a more efficient route to success. He points out that there are many businesses for sale where you can take advantage of their existing operations, rather than building a business from the ground up.

What is the SBA 7A loan program, and how can it help someone buy a business?

The SBA 7A loan program is a government-backed financing option that can help individuals purchase existing businesses. It allows entrepreneurs to acquire businesses with the help of loans, leveraging the existing business's credit.

What businesses does TJ recommend buying in today's world?

TJ recommends buying businesses like laundromats, pool companies, and vending machine businesses, as these are recession-proof and do not require extensive labor or expertise.

Has TJ ever experienced bankruptcy?

Yes, TJ has gone bankrupt before, but he stresses that he never had a 'broke mindset.' Despite financial setbacks, he always maintained a forward-thinking mentality.

What advice does TJ give regarding marketing and business success?

TJ believes that marketing is a key component of business success. He stresses that people need to know who you are, and you must position yourself in front of the right audience by getting to the highest platform and letting people know your value.