Money Feels: Can You Profit Without Risk?

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Nice. Sounds like you’re in the perfect head space for Money Feels: breaking down financial taboos one conversation at a time.

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This week we spoke to Mo, a 23 year old restaurant owner who takes big risks. Before we get all up in his Money Feels, why don’t you take a look at what he spends in a week, for some extra context.

Quick note from us: Mo talks about crypto and investing in this article. All views expressed are his, not Cleo's. If you’re thinking of investing, make sure you do it responsibly. Mwah. 💋

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Here’s his details, by the way

Name: Mo (not really but you know what’s up)

Pronouns: he/him

Age: 23

Location: Dallas

Yearly Salary: $97,000

Industry: Food

Position: Restaurant Owner

Expenses

Rent: $1200

Electricity: $200

Car Insurance: $170

Spotify: $10

Netflix: $15.49

Gym: $50

Groceries: $300

Water: $50

Phone bill: $120,

Health insurance: $100

Total monthly expenses: $2,215.49

Mo does not share these living expenses with anyone. He lives alone. How does it feel to live my dream?

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You own a restaurant at 23. That’s huge. How did that came about?

Normally when i tell people about this they don’t believe me, because I’m so young.

The business was my dad’s. He passed away, and I took over. I changed the business into my own name.

Before that, I studied culinary arts at college for two years. When I graduated, i just focused all my energy into the restaurant.

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Financially, did college burden you or benefit you?

My dad has always been the kind of person who saved, so my school fees were not an issue.

I didn’t need to take loans for tuition or accommodation. My dad had funded it all before he died.

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Now you own the business, what kind of hours do you work?

So, it depends. Sometimes I work 40-50 hours a week, but that’s not all at the restaurant. As well as running that place, I do event planning invest in crypto.

When I have clients to meet, I’ll get to the restaurant early (by 8am), then I’ll leave there when I need to to go to client meetings.

I have another employee now who I trust at the restaurant, but I still carry the stress on my back all the time.

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How did you get into crypto?

I just started this year, I’m not going to lie: I’m really losing money.

I was introduced to it by a friend in college. I’m not very good at trusting people, but he told me it would help me save. He told me to start by using ‘Binance.’ So I did.

Then I started making money buying coins and sending them back for people. Binance doesn’t allow this, it’s a hack. I would charge a small fee when I buy from people. That’s how I’d profit.

Anyway, that’s how I started. From there, my friend told me I need to enter the Futures world. But that’s where I lost most of my money.

The market is terrible right now. It just keeps dipping and dipping. One thing I learned is this:

if you’re going to join the crypto world, don’t invest the money you need.  Invest the money you have. Do not put money in there that you can’t waste. I’m not spending all my money there, just the bits of my salary I have to spare.

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And do you have savings?

I did. Before I owned the restaurant. I had about  $4k or $5k. I pulled it out and I used it to help the business. Otherwise, when my dad died, restaurant would have collapsed. I had nobody who could help. I have no younger siblings, and my mom…(Mo shook his head here).

I had to put all my energy and money into it.

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You mentioned in your profile you have children?

I mean, I take care of a child, but she’s not mine. She’s my cousin’s. My cousin is not a responsible person, so I provide for the child. My cousin isn’t the type to accept help, so I do the best I can.

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Finally, what’s your relationship with money?

Money doesn’t stay long in my life. Keeping money sitting in the bank is not a good idea.

It’s better to put money into something that will give you profit. That’s what’s going to take you into the future.

Take risks. Without risk, you can’t profit.

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Has that worked out for you?

So far, my risks have paid off. I own a restaurant. My annual income is just under $100k before tax. So yeah.

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‍Big love. Cleo 💙

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