Welcome back to another Q&A with Bold TV host Philip Michael. In this episode, Philip answers your questions about social media advertising, interest rates and the 2021 Summer Olympics. For the full responses, check out the video above!
Q. Is social media the best way to get your business out there? And do I have to pay for ads?
A. It’s not so much about the tactic and the solution as opposed to having a framework of principles that work for you. What are you good at? What do you like doing? … You have to think about what’s the natural extension of your talent and your temperament. Is social media a great way? Yes, obviously. But you’ve got to fit what it is you’re good at and what resonates with you.
“Do you need to pay for ads?” Generally yes. There are certain times when you can go viral organically, but it’s very, very rare. But yes, in general, it can help you. I asked a guy that had a popular page, “How did you grow your page and secure so many followers?” He said simply, “You’ve got to ask yourself two questions. Number one: Why should they follow you? Number two: What do they get in exchange for following you?” Once you get that in your head, you’ll realize, “Oh my God; I have to add value first, second and third.” And from there, people will come back.
Through our platform, people have spent $1.7 million dollars in 12 months, and I haven’t done any type of marketing. It’s just because I add a lot of value and put a lot of stuff there, and then people go dig on their own.
Q. Do you think the Summer Olympics are going to happen this year? Are you interested in it at all?
A. I’m very much interested in sports. I think it’s one of those moments where you can put politics, religion and all that silly stuff to the side in terms of the conflicts that arise from it. I hope it happens. I do know the Euro soccer tournament is going to happen, so I hope the Olympics happen as well. But I really don’t know …
It’s always great to see the Olympics and there are so many memories from them that we talk about from years past to this day. So it will be a shame if we don’t have that type of event just to escape for a little bit from what happens in everyday life.
Q. Do you think interest rates are going to go up anytime soon? Should I buy a house before that happens?
A. You never ever will own anything if you stand there and don’t act. Somebody who bought will get the benefit of whatever happens next. If the prices drop? Well, they always recover. Now, if they’re low and they drop lower? Again, they always recover. So, what exactly is there to talk about? If the interest rates are going to rise, you can still buy then, as long as your numbers work.
Even if your interest rate is 8%, 9% or 2%, it doesn’t matter. You’ve got to look at your cash flow: money in vs. money out. So, it doesn’t even really matter as long as your income exceeds your cost of capital — Then, you should be in a good spot.
But yes, interest rates are low, so it’s a good time to buy. And honestly, with all the new money being pumped into the economy, the dollar is being devalued, and you don’t have much of a choice but to invest — unless you want your cash balances dropping in terms of buying power … So, I would say that just get started. Investing is a great way to protect yourself against inflation, and you’ll build wealth for the future.
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Want more from Philip? Check this out.