EFP 97: Turning Cashflows Into Assets

Justin Cooke

June 12, 2014

EFP 97: Turning Cash Flow Into Assets

The concept of making your money work for you without your direct input isn’t new. It’s how businesses are made and it’s the sort of engine entrepreneurs want to create. Income that keeps coming in without having to involve you 24/7 sounds pretty good.

From Direct Involvement to Systems that Work Without You

Today, Joe and I talk about how to transition from owning “cashflows” (Requiring your direct manipulation or involvement) into assets. (Built on systems and processes that retain better value over time) You can’t do everything on your own after all, and what better way to scale than to remove yourself and build teams that can handle it for you?

There is SO much opportunity here Joe and I just had to record a podcast on the topic. This is the “hard work” that the get-rich-quick crowds avoid, but this is the exact type of work you should be doing if you want to build an online empire.

If you want to really grow your business and turn cash flow into assets, check this episode out:

Check Out This Week’s Episode Here:

 Direct Download – Right Click, Save As

Topics Discussed This Week Include:

  • The difference between cash flow, “cashflows”, and assets.
  • The money and cost required to make the transition into assets.
  • Documenting your processes for future training and scaling.
  • Tracking your time and chopping down your processes for different skillsets.
  • Eliminating the non-essentials of your business.

Mentions:

Help Us Out:

  • “There’s no ‘Super VA/Employee’ because no one is good at every single thing.” – Justin – Tweet This!
  • “You’re going to find that some of the things you’re doing isn’t giving you a great ROI.” – Justin – Tweet This!
  • “You don’t want to scale a broken/inefficient machine or you’ll multiply your costs/waste across a larger scale.” – Justin – Tweet This!

What are some of your successes or failures in creating assets for your business? Leave your stories on SpeakPipe or comment below!


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Discussion
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  1. Wes Grasty says:

    In the podcast, there was a mention of a software that connects two technologies. I couldn’t quite make out the name of it. Sounded like Zavir?

  2. Quinton Hamp says:

    “You Don’t Want To Scale A Broken Or Inefficient Machine”

    You see, for so long I’ve just been a “just do it” kinda guy.. And that got me to 6 figures.

    However, now as I try to scale and apply some speed to my process, I find it crumbling.

    I’m still really not sure what you were saying about CashFlow vs Assets, but I do think I got some actionable steps to streamlining the business.

  3. Shane Wilson says:

    Great show! The real estate discussion at the start of the show was interesting. I think offline and online properties go hand in hand really well. I’m actually working to flip houses since the market has stabilized here and invest that money into websites since the return is much higher and less hassle then rentals for an asset.

    • Justin Cooke says:

      Totally agree, Shane.

      I think it’s interesting that both sides are looking to diversify between their online and offline real estate investments. We’re expecting that to continue, which is why we’re so bullish on the buying/selling online property space.

  4. selfmadebm says:

    Thanks for the shout out guys + the boss comment, always love your show!

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