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I Will Teach You to be Rich Contest Results

On Tuesday I announced a contest to help Ramit promote his upcoming six week financial bootcamp. The premise was this: we played five rounds of Liar's Poker, and whoever could guess the final score and guess the final digits on our last dollar bills would win.

Before I show you the video with the results, I have a few comments. First, I wish that everyone won who predicted I would win 5-0. If I had giant buckets of money, I would buy each of those people a baby elephant for a pet. I would also buy wild hungry crocodiles for each person who said that Ramit was going to win 5-0.

So who won? The ex professional gambler or the bestselling financial advice author? Well, I'm not going to tell you -- you'll have to watch the video and find out!

Win Win Situations

On Danny Schmidgall

I'm in the middle of trying to start a business. One of the main focuses at this point is creating several agreements between partners. In these negotiations, the other side almost always wants more than they deserve. Part of this is probably my fault for not setting realistic expectations, but it's also partially due to human nature.

That being said, the lesson I've learned is to not be greedy. By offering these partners more money and/or equity, I could choose to react by recognizing that I will not make as much money. Every dollar I give them is a dollar I do not receive myself.

The better way to view this, though, is that every dollar that I give them is spent on something that benefits me. We're creating this company as a team, and the whole reason I offer them anything is because they are providing a benefit. In a few cases, I can honestly say that without a specific partner I would not have a business. Every dollar I give these partners is not a dollar lost, but actually several dollars gained.

Overall, this is the attitude I try to take when spending any money at all. Spending money on a gym membership is not a waste, but rather an investment and a savings on future doctor bills. Spending money on good food is not expensive, it's a low cost health plan. Spending money on education, of any kind, ultimately can pay dividends way beyond the original investment.

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