The Money Expert: From $0 to $110M the EASY WAY (Michia Rohrssen)

Added: Oct 6, 2023

Rohrssen believes that anyone can become rich because building wealth is a straightforward process. He shares his own experience of building a tech business at the age of 25 and selling it for $110 million. He aims to put the fake gurus to shame and provide real knowledge to young entrepreneurs.

One of the worst pieces of advice Rohrssen criticizes is the idea of following your passion. He argues that if you have limited funds, it is not practical to pursue your passion as a means of making money. He believes that passion alone is not enough to build a successful business, and it is important to focus on opportunities that can lead to financial abundance.

Rohrssen shares his own journey as an entrepreneur, starting from a young age. He recalls a pivotal moment when he realized the limitations of manual labor and decided to find a way to make money without physically exhausting himself. This led him to discover an opportunity in the online gaming industry, where he automated a process and made $1,000 in a week.

He also discusses the mindset of abundance and the importance of convincing yourself that you have options and abundance, even when you are financially struggling. He believes that desperation can hinder success, and it is crucial to maintain a positive mindset and believe in your own potential.

Rohrssen also challenges the notion that entrepreneurship is risky. He believes that failure is a part of the entrepreneurial journey and should be seen as a learning experience. He shares his own experiences of facing challenges and doubts, but ultimately persevering and achieving success.

The guest emphasizes the three attributes that he believes every successful $100 million company or more possesses. He also discusses the importance of setting goals and finding a new purpose after achieving financial success. He shares his own journey of finding fulfillment through creating content and helping others.

When discussing fake gurus, Rohrssen mentions that many of them have made money by selling information and courses, rather than through the methods they preach. He criticizes the dropshipping and day trading industries for promoting unrealistic expectations and misleading aspiring entrepreneurs.

He also shares his thoughts on the real estate industry, stating that it can be a bad investment for those with limited funds. He advises against buying a home if you have less than six figures, as the costs of homeownership can outweigh the benefits. He suggests renting as a more cost-effective option and investing the money saved into other assets.

Rohrssen also discusses the importance of selling yourself before pitching to investors. He shares his strategies for framing the conversation and convincing investors to see the value in his company. He believes that the first two minutes of a meeting are crucial in winning or losing an investment.

He advises against tying your identity to your business, as it can lead to a loss of identity when you eventually sell the business. He shares his own experience of being identified as a world champion martial artist and how it affected his perception of himself.

Rohrssen also addresses the question of whether it is necessary to follow your passion as an entrepreneur. He argues that passion alone is not enough and that it is more important to find something that can lead to financial success and fulfillment. He believes that passion can fade over time, and it is crucial to have a larger goal that can sustain motivation during challenging times.

He also discusses the role of hobbies and passions in entrepreneurship. He believes that it is important to keep hobbies separate from work to maintain a sense of enjoyment and fulfillment. He advises against making your passion your work, as it can lead to a loss of enjoyment and motivation.

Rohrssen emphasizes the importance of having a passion outside of your business to balance out the highs and lows. He shares his personal experience with kickboxing, which helped him release stress and maintain focus. By having another passion, entrepreneurs can avoid becoming consumed by the constant ups and downs of their business.

According to Rohrssen, anyone can become an entrepreneur and achieve financial success. He believes that becoming rich is a straightforward process, but it requires dedication and hard work. He compares it to losing weight, stating that the knowledge is available, but many people lack the self-belief and motivation to put in the effort.

He also acknowledges that some people may not have the desire to become wealthy, and that's okay. Not everyone needs to strive for a massive financial goal, but he believes that many people settle for less than they initially wanted in life.

Rohrssen discusses the influence of others on our dreams and goals. He explains that adults who have given up on their dreams often discourage young entrepreneurs from pursuing their own aspirations. He advises surrounding oneself with people who believe in their potential and support their goals. If friends or family members are not supportive, he suggests having a conversation with them about one's ambitions and the need for encouragement.

When asked about finding the right people to surround oneself with, Rohrssen shares his own experience of seeking out mentors and successful individuals. He advises reaching out to people who have achieved what you aspire to and asking for their guidance. He also suggests creating a "fake mentor group" by following podcasts, YouTube channels, and books from successful individuals. By immersing oneself in these influences, one can gain valuable insights and guidance.

Rohrssen recounts his experience of meeting Bill Gates and emphasizes the importance of networking and leveraging one's connections. He explains that by continuously seeking out mentors and successful individuals, one can level up their network and gain access to opportunities that can propel their success.

Regarding starting a business, Rohrssen shares his approach to finding the right idea. He emphasizes the importance of identifying a large market with a demand for a specific product or service. He advises conducting extensive market research and studying trends and changes in the industry. By understanding the market and its needs, entrepreneurs can develop a successful business idea.

He also acknowledges that mistakes and failures are part of the entrepreneurial journey. He shares a personal story of a major setback in his business and how he learned from it. He emphasizes the importance of humility and being open to feedback from customers and clients. By listening to their feedback, entrepreneurs can improve their products or services and adapt to the market.

Rohrssen discusses the pressure and challenges of running a venture-backed company. He explains that investors have a significant influence on the direction of the business and can even remove the CEO if necessary. He advises entrepreneurs to be aware of the power dynamics and to maintain strong relationships with investors.

When asked about the current state of the tech industry, Rohrssen believes that there are still opportunities for entrepreneurs to make money. He distinguishes between the high-flying Silicon Valley startups that aim for billion-dollar valuations and the broader tech space that encompasses various industries. He encourages entrepreneurs to embrace technology and incorporate it into their businesses to reach a global audience.

Rohrssen also discusses the impact of the COVID-19 pandemic on his business. He explains that the pandemic actually benefited his company, as it accelerated the shift towards online car buying. With dealerships closed, the demand for online car purchasing increased, and his software became essential for dealerships to survive. He emphasizes the importance of seizing opportunities and taking risks when they arise.

When discussing the sale of his company for $110 million, Rohrssen expresses his disbelief and gratitude for achieving such a milestone. He admits that he still hasn't fully processed the reality of it and feels like he's living a dream.

The conversation then shifts to the topic of relationships and how they can impact entrepreneurship. Rohrssen believes that having a supportive partner can be a great advantage during the hustle phase of building a business. He shares his own experience of finding his wife and explains how he used a spreadsheet to identify the qualities he was looking for in a partner. He also emphasizes the importance of being the type of person that your ideal partner would be attracted to.

The discussion then delves into the dynamics of relationships where both partners are entrepreneurs versus one being an entrepreneur and the other being more supportive. Rohrssen believes that having a partner who is not directly involved in entrepreneurship can provide stability and support during the highs and lows of building a business.

Rohrssen also talks about the importance of setting high standards in relationships and not settling for less. He advises against staying in a relationship that doesn't meet your criteria and emphasizes the need to find someone who aligns with your values and goals.

The conversation then turns to the financial aspects of selling a company. Rohrssen explains that the deal was structured with 15% cash and 85% stock. He shares the roller coaster ride of watching the stock price fluctuate and the emotional toll it took on him. He also discusses the decision to walk away from a $4 million earnout, realizing that more money wouldn't make him happier and that he wanted to focus on things that brought him meaning and purpose.

When asked about how he spends his money, Rohrssen admits that he enjoys some luxuries but doesn't subscribe to a lavish lifestyle. He mentions buying a luxury watch, a Porsche 911, and multiple homes around the world. However, he emphasizes that he spends his money based on the decade he's in and focuses on experiences and activities that he can only do at a certain age.