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August 19, 2020

Talk Money Weekly #005 | Michael Bay Lent Will Smith His Porsche ๐Ÿš—

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Mesh Lakhani

Hey Everyone,

This is Issue #005 of the Talk Money Weekly. To get your mind moving on the topic of money every week, Iโ€™ll curate and share trending conversations around money, business, current events, and pop culture from Twitter, my favorite podcasts, and other platforms.

Last week, we launched our special BLM episode on our Talk Money Podcast - BLACK IN BUSINESS. We've had an incredible response. Some folks thought they were listening to an NPR production, which was very flattering!

๐Ÿ“ˆMarkets & Business:

An Apparel Company That's Actually Making Money

Influencer marketing does work. It works better when you do it before everyone else does. Gym Shark is a sports apparel company that never raised outside money until recently. The founder owns 70% of a now $1.3B company. That's rare these days. Optimize for ownership when it comes to your own company.

What's Better Being Rich or Being Wealthy? ย 

Anthony Pomliano, also known as Pomp, breaks down the formula for building wealth. The TL;DR is don't spend more than you make, and invest rather than save. Honestly, there's no real secret to this. It just requires a ton of discipline, patience, and sacrifice. It's a great thread, so do check it out.

WeWork, Otherwise Known As Lipstick on a Pig

WeWork is not only notorious for imploding as a company that we on topl. They're also known for creating new financial terms to distract from the truth. In this case, using the phrase "free cash outflow" which basically means they're losing money. I guess it looks better than, we f*cking lost another $671M. ย Free cash flow on the other hand is cash a business has to invest, expand, pay down debt, etc.
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๐Ÿ  Real Estate:

Without Realtors We Wouldn't Have Selling Sunset!

Investor Andrew Wilkinson makes the argument that if realtors showed their fee in dollar amounts, no one would pay. One could argue a lot of times the agent earns their commission. Brokers are powerful and people have tried to disrupt this business without success. Fun thread to read through.

NYC Is Not Dead. She's Surviving. ย 

This was some serious clickbait. Altucher is known to say outlandish things for the purpose of getting attention, and he got a lot of pushback on this. New York will survive. There is a much-needed correction in real estate and affordability in this city. Investor Fred Wilson wrote a great piece on why New York will come back in his piece- "NYC is Dead, Long Live NYC."
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๐ŸŽฌ Entertainment:

Michael Bay's Bad Boys Was Made on Shoestring Budget


The Rewatchables- Bad Boys

In Bill Simmon's Rewatachables podcast, they discuss how Michael Bay only had $23M to make his masterpiece Bad Boys. Both Martin Lawerence and Will Smith were still TV stars at this time. At the 22min mark, we learn Michael Bay had to use $25K of his own money to put together a stunt (you'll have to listen to find out which). He also used his personal Porsche in the movie because they didn't have enough money to get one. It's a fun listen.

That's all for this week! I hope you enjoyed the fifth issue of Talk Money Weekly. If you haven't already subscribed to my podcast, Talk Money, do so here. Make sure you listen to our latest episode "Black in Business". Stay tuned for our trailer for Season 3 which is going to be pretty amazing. More on that soon.

Want to chat? Tweet me at @meshlakhani. If this email was forwarded to you by a friend, subscribe here for updates!