00;00;00;00 - 00;00;16;20

Unknown

When you're in business, it can only about be about making money. You're going to burn out sooner or later. And that's what I did with the restaurant. At a certain point, you're making money. You're not enjoying it. It's soul sucking. It just sucked after a while. And that's why when you look into the creative artists, maybe you continue.

00;00;16;20 - 00;00;33;04

Unknown

But maybe you take dancing lessons or you take singing lessons. You do something that's really fun, and then all of a sudden you start. You start looking at a business in a different light. And that's what happened with Jake and Gino. I didn't start out the education company by monetizing it. I started it out because I like podcasts.

00;00;33;07 - 00;00;51;18

Unknown

I like to write books. I like to teach people and I like to coach. That's how that spawned from that. Not knowing that was I was tapping into my creative artists. And when people say they're in the flow, they're really energized. It's really the magician and the creative artist that they're tapping into without even knowing it. Then they got the warrior driving the car.

00;00;51;20 - 00;01;12;00

Unknown

He or she's the one plowing through, but he needs those other two archetypes to help them help along. Hey, it's David Richter here. The Profit First story I podcast have Gino barbaro on today, which I'm super excited because he's interviewed me on his podcast. So we need to go over and check that Jake and Gino podcast. But then as well too, he has a wealth of information.

00;01;12;00 - 00;01;30;11

Unknown

He is also very experienced in the real estate world. Honestly, I feel like if you're in real estate, you might have heard of Jake and Gino because I have heard of them throughout the years and just how they've grown and how they've scaled. So Gino, thanks for being on the show today, David. Thank you. And I like to start off by using this quote.

00;01;30;17 - 00;01;50;16

Unknown

And the reason why, when I picked up mike Michael Lewis's book years ago, and then I picked up your book a few years ago and I interviewed you on our podcast. It's reviews Vanity Profit Margin is sanity, and Cash is King. And that's what Prosper First is all about. It's not what you make. It's like what you keep.

00;01;50;16 - 00;02;08;21

Unknown

That's the important component to this whole business of real estate. Yeah, yeah it is. And where did you first learn that. Like did you have to go through the fire and then come out the other side or like, were you born with that or like what I want to know, like, when did that become a reality for you and not just a, a quote?

00;02;08;23 - 00;02;30;21

Unknown

That's a great question. I think unconsciously, my father was an Italian immigrant and he always drilled it into my head. It's not what you make, it's what you keep. Asked. And I had been hearing that forever. Then I was in the restaurant business for years and it's a tough business. Margins of three, 4 or 5. We did well because we were a mom and pop, but we couldn't scale.

00;02;30;21 - 00;02;48;26

Unknown

We had one shop, it was 10%. Then I got into real estate, David, for guess what? I got into real estate for cash flow. I didn't get into real estate. The fix and flip into. So our metric was Pu profit per unit. And over the years Jake and I continued to focus on that. And Syndications are great. They're a great tool.

00;02;48;28 - 00;03;05;18

Unknown

There's less profitability. It's a different strategy. It's a different model. Just understanding the model that you're going into is important when you're getting into business. So for me, early on, I was conditioning on that. Hey, listen, it's great to make a million bucks, but if you only keep a thousand of it, did you really did you really make a million bucks?

00;03;05;22 - 00;03;34;05

Unknown

You have to understand the difference between gross and net. And I learned that early on, because when you are in a business and you have a small business, unfortunately you're the last person to get paid. Whatever's left over is yours. So you have to come to that realization that hopefully you make enough to pay yourself. Yeah. So then when did it become reality between gross and net, but then also cash and the difference there and like actually being able to put it in your pocket because a lot of people go into real estate thinking Robert Kiyosaki is game, right?

00;03;34;05 - 00;03;50;16

Unknown

I just get enough rentals and passive income. I get to the financial free, you know that that fun track on his game. So like, did you have to build that throughout or like did you have to have a certain number of units or like when did the cash cycle as well to become a reality? That's another great question.

00;03;50;16 - 00;04;12;00

Unknown

I was always trained, especially with the restaurant. I got really good at budgeting so I would know my weekly expenses. I would know that at the end of the week, I would try to estimate what my quarterly sales tax was. So basically sales tax was 20 grand. Extrapolate that 13 weeks I need to put away an average 1500 bucks a week for sales tax, rent, insurance.

00;04;12;03 - 00;04;29;15

Unknown

All that stuff. So I would know my weekly number that I needed to make anything above that, plus all my other opex, anything above that I would keep. So I understood that from the from a basic level, and I listen, we have six kids, my three, this kids, they're out of college. I've got kids. I'm still homeschooling right now.

00;04;29;18 - 00;04;46;26

Unknown

I'm actually going to teach them a lesson tomorrow on what a T12 is, what our profit loss statement is, what a balance sheet and what an income statement is. I'm going to teach them more in one lesson than what most high schoolers have in their entire high school education, and then probably college. If you have a business, say what college exactly like?

00;04;46;27 - 00;05;05;02

Unknown

Yes, if you're not learning that there. But you had a great question, when did it come for a reality to me, yeah. And weird to say something controversial about getting into real estate. Yeah. I'm not going to knock your socks off. But this most people would disagree with what I have to say and you're getting into it. Don't quit your job.

00;05;05;09 - 00;05;27;12

Unknown

Day one. Okay, that's the waters. I got into business in 2011 with Jake ten piano. We were looking for deals. It took us 18 painful, long, agonizing months to find our first deal. We hit it. We we got it. After 18 months, I'm still working at the restaurant. I don't have to survive and try to force to deal and get their rights.

00;05;27;17 - 00;05;49;06

Unknown

I'm still making money at the restaurant because I've got four kids at the time. And then after the second deal, three months later, I'm still working at the restaurant. And then after the third deal, six months after that, I'm still working at the restaurant. So from 2011 to 2016, I have two jobs. Basically two of, you know, I have the real estate gig and the restaurant.

00;05;49;06 - 00;06;07;00

Unknown

And then 2016, I started earning a significant amount of money. I could leave the the restaurant, but more importantly, what that allowed me to do was it allowed me to whatever money I made in my real estate business, I put it back into the real estate business because we refi it out millions of dollars within those five years we can.

00;06;07;01 - 00;06;25;05

Unknown

But I didn't lived on that money. I put that money back into the real estate and I bought deals. Now I could have gone out, raise capital, syndicated. I would have less equity, less profit per unit. But I knew what my goal was. I didn't want to replace one job, a restaurant, with another job of having thousands of investors.

00;06;25;08 - 00;06;40;26

Unknown

That that was my goal, that was my clarity. So I stuck out a couple more years. I could have left sooner, but there would have been less uncertainty and I would have had a lot less doors under management because I would have needed that money to live. So I got really clear on that and listened for years, five years, three years.

00;06;40;26 - 00;06;59;02

Unknown

If I was anyone on this call listening, and I said to them, if you work hard for the next five years, you can almost guarantee yourself of being able to leave your job and go into whatever you want. Be full time. I bet you 95% of the people on this call listing would say like, yes, but when you put into action, five years sounds so long.

00;06;59;05 - 00;07;16;21

Unknown

But Covid happened five years ago, right? I mean, think about how quick time flies. You just need to get you really, I guess, focus on what that burner is, what you need to make. And then when you're pretty close to it for me, and you know, the magic number that I hear everyone say is 10,000 a month. Yeah, I'm up in New York.

00;07;16;21 - 00;07;36;06

Unknown

I needed more than that. I had five kids at the time. When I was about to leave. I had five kids, had a nice house, property taxes, had some stuff, and I also didn't want to deprive myself of certain things. Right. I did want to go on a vacation every now and again. I didn't want to worry about paying for some braces, so I wanted to have enough cushion.

00;07;36;06 - 00;07;51;15

Unknown

So if you think you need eight grand a month, just make it ten grand a month. And when you're close to that $10,000 a month number, you can say to yourself, okay, I'll slow down here because this is the other thing I did at the time. I said to my brother, who is my partner, I didn't want to leave him the wind.

00;07;51;15 - 00;08;07;27

Unknown

I said, Mark, I'm going to be doing real estate full time Monday through Friday, but I'll come in Friday. Saturday and Sunday and give you a hand at the restaurant. So I didn't like pull the cord. So if you have a job, maybe you go part time. Maybe you consult and see how it works out. Give yourself the leeway.

00;08;07;27 - 00;08;27;12

Unknown

Build yourself that foundation of having enough money and not pressuring yourself, because the worst thing you could possibly do is leave your job. Be stuck in the wind for 18 months, not find a deal. What we call pencil whip a deal, make a deal look good on paper when in reality it doesn't. You buy the wrong deal and then you blow that deal up.

00;08;27;12 - 00;08;44;08

Unknown

I've seen that done so many times. David. Yeah. Wow, man, where have you been my whole life? Like, this is where I love this line of thinking, because it's not the convention of what you hear out there of like, oh, you just need to, you know, start it, go into it full time and just, like, burn all the ships and it's like, hold on.

00;08;44;09 - 00;09;03;05

Unknown

Like, wait a second. We need to really build a business. And not just the fly by. I love what you said. Get their ideas. You know, like we have to just do the deals in order to get something in the door, because I can't have nothing, and I will. And honestly, the honesty you had there of like it took you 18 months, you know, to get that first deal.

00;09;03;05 - 00;09;21;02

Unknown

So it's like, oh, I'm sure there were times do I keep going? Do I want to do this? Like, are we going to get that deal? And then of course, like five years later you look back and you say, yeah, that was amazing. You know, when you're looking at it at 2016, I also want to ask too. Now, money for a lot of us is very personal for everyone.

00;09;21;02 - 00;09;40;05

Unknown

It's personal. So during that time that five years from 2011 to 2016, were you burning the candle at both ends and just working round the clock because you knew, like, hey, as long as I get this out of the way, we can do this. Or like, were you still able to, I don't know, you had small kids at the time.

00;09;40;05 - 00;10;00;10

Unknown

I'm sure our kids. So it's like, how was that process? Like, do people expect to during those five years to completely give up everything in their life except for, you know, putting the the money out there? That's a great question. And it's a personal question to everybody. All I can do is rewind a couple of years. In 2007, I lost my dad.

00;10;00;12 - 00;10;23;21

Unknown

He had been my business partner, my mentor in the restaurant business for years, and I asked myself the question, am I living his life and his dream or am I living my dream? When 2008 hit, the restaurant business completely slowed down. I actually got his car as a hand-me-down. I've never had a car payment in my entire life, so in 08I got his car, didn't pay for a car for three years.

00;10;23;27 - 00;10;42;27

Unknown

2011 comes along. My mom hands me the keys to her gold Lexus that I had 199,000 miles on it, so I was like, dude, I was as cheap as you could get cause I was trying to rip it down there level. I want the feel the pain because I felt as if I was letting my family down. I'm like, I'm not a dumb guy.

00;10;43;02 - 00;11;02;04

Unknown

I had such a great start, such a great foundation, my family, and it feels like I'm failing. What can I do? I decided back that in 2011. Whatever I could possibly do, all I wanted really was to get a couple of units, make a couple grand in cash flow every month. That was the goal initially. Jake. Let's buy a couple of deals.

00;11;02;04 - 00;11;21;03

Unknown

That's all I really wanted to see if I could do it. And I was burning the candle at both ends. When you hear people say, like my mother say to me, you're working too hard. I mean, the real estate was not work to me. I really liked the real estate. I love the deals. I love the underwriting. I love the idea that it was a business that I could.

00;11;21;03 - 00;11;38;05

Unknown

I could buy and I can scale. Whereas the restaurant, I felt trapped. So for the first 12, 18, 24 months in any business, whether you're starting up your own small business, whether you're starting and you're writing a book and you have your CFO business, it's you're really burning the candle at both ends because you're trying to figure it out.

00;11;38;05 - 00;11;55;22

Unknown

You're trying to save and to bootstrap. And for me, I actually enjoyed it. And my family understood that I needed to do it. My wife, I remember saying to me, she she said to me, whatever you need. I said, Joe, I said, I don't want to be this restaurant for the rest of my life. I see the warning signs.

00;11;55;22 - 00;12;11;18

Unknown

I see the mom and pops are going out. I see the profit margins. There's really no hope for us with having six kids. I can't, I won't be able to afford it. And she says, you do whatever you need to do. I trust you. When your partner and your spouse says that to you, you can't let them down.

00;12;11;18 - 00;12;30;07

Unknown

I mean, I literally went balls to the walls as they say. I got mentors, I joined groups, I worked really hard. I found the business partner in Jake, so I had to give it my all. But she gave me the permission. I couldn't let her down. And sometimes you need that. Sometimes you need to shout it from the rooftops and say, I'm doing this.

00;12;30;07 - 00;12;46;26

Unknown

Hold me accountable. And unconsciously I think she was the one who held me accountable. So working hard, I mean, I loved it. I love the business. So for me, if you're going against real estate and you hate it, don't do it. I just I just made my advice. Don't listen to somebody saying it's passive income and it's great.

00;12;46;28 - 00;13;04;28

Unknown

It can be and it can be. But if you don't like business and you don't like dealing with real estate, I would say take a hard pass, go find something else. Now, this is such good advice, and I love what you said about your spouse as well too. It's like getting there by and of like, okay, as long as they're bought in as well too, then you can go harder.

00;13;04;28 - 00;13;24;16

Unknown

You can do that. And I think what you and mentioned, like even the controversial advice of going out there and still having your job, but then going into real estate, it's going out there and making sure it fits your life and making it. That's what I'm hearing like of you at your stage of life, and with the spouse and the life partner you chose.

00;13;24;16 - 00;13;39;00

Unknown

Like this is what you your options that you had to be able to go and do. And that's where it's like, you took full advantage of that of like, I'm going to go out there, I'm going to it's not going to be because Geno didn't do the thing. Like he didn't find the person or didn't find the deal or didn't go out there.

00;13;39;07 - 00;14;01;10

Unknown

So I want to ask you, because I've been perusing your money coaching and all of that and like, what you've got seems like a lot of people have a lack of vision of what they really want out of themselves, their life, the business. Do you see that? Like when you start working with people in the money coaching that you do with people like that's one of the big hang ups or like, what are the biggest hang ups you see when people start to come to you?

00;14;01;13 - 00;14;31;16

Unknown

That's another that's another fantastic question. And the reason why I want to call myself an expert on this topic, it's because I had the Jake and Geno platform for ten years. Yeah, the students close over 100,000 units. They raised over $800 million. That wasn't the whole community. That was only a small subset. So I always said to myself, why is, for instance, David, who's 31 years old, who has no balance sheet, he's closing deals, he's doing seller financing, he's building a portfolio.

00;14;31;18 - 00;14;49;28

Unknown

And then I have Mary here, who's 46 years old. She's got seven figures in the bank, and she can't close a deal. I'm like, what's the difference between these two? And it was it was very similar with me. Yeah. And when I stumbled upon money coaching, I was a life coach before. So life coach, we're always we're always look to face the future.

00;14;49;29 - 00;15;13;11

Unknown

Like, what are your goals? What are you trying to accomplish? Unfortunately, we don't really tend to look back as much as we should now. Conversely, therapists, which I think there are a lot of great ones out there, but like in any other venture, there aren't. They will work in the past, and sometimes they're stuck in the past. And you, as the client, are continually replaying that situation.

00;15;13;13 - 00;15;33;23

Unknown

When I found money coaching about six months ago with a lady named Deborah Pryce, she started the Money Coaching Institute. She blended those modalities so beautifully. I see people going into the past. Look at your money bio, create a bio. Start thinking about all of those memories you have as a child. We all have money traumas. I don't care what anybody says.

00;15;33;23 - 00;15;55;22

Unknown

We've heard things, we've not heard things, we've seen things. All of a sudden, those patterns, those behaviors become unconscious. We bring them into our adulthood. And then all of a sudden you hear people saying, well, I can't pull the trigger. Well, I can't afford that, or I can't, I can't buy apartments or rich people are evil, or they're just those are all patterns and things that we've heard.

00;15;55;25 - 00;16;12;12

Unknown

And if you have those kinds of beliefs and you're saying to yourself, and I was a victim of this, you know, you need to stay small. You can't play. You got to play. It's safe. You can't grow. Don't take any risks. Is it is that forward Geno going to go out and look at a 35 unit apartment complex.

00;16;12;12 - 00;16;33;20

Unknown

Even though he's training to do it? Probably not. And when you become aware and conscious of those patterns and those behaviors of childhood, you say to yourself, okay, do I want to do that? And more importantly, most of those behaviors are from our family and ones I think are even more destructive are the ones like, well, my dad was a gambler.

00;16;33;21 - 00;16;50;18

Unknown

My dad never loved to save. He never loved to do business. All of a sudden you become an adult and you want to do the opposite of what you were taught. I think that's worse because you're building this empire, this portfolio, and then you're like, I'm not happy. Why am I not happy? I'm going to keep buying. The more money I make, I think I'm going to get happier.

00;16;50;24 - 00;17;08;21

Unknown

And that's not it. Going back into, you know, why you're doing something and what the real reason why you're doing it. I think that's part of what money coaching is really tapping into what we call the magician, that archetype that transforms reality, that figures out what you're here to accomplish. And I lost that for a lot of years.

00;17;08;21 - 00;17;25;20

Unknown

I thought making more money was going to solve my problems. I'm here to tell you, the more money you make, you just have different problems. And there's some pretty incredible problems. I've got money now. I've got six kids. How do I give those six kids the money? How do I transfer over as being a financial steward? Them? How do I teach them that?

00;17;25;27 - 00;17;54;10

Unknown

That's a real problem. I don't want to have spoiled, entitled kids. I want to be able to pass it over with having as few estate taxes as possible. It's been 18 months of agonizing pain for me, trying to create an irrevocable trust, trying to create eyelets. It's just so we can sit here and squabble about problems. But for me, going back into the past, figuring out what your money bio is and what issues you had, bring them to the present and see where they're showing up in your life.

00;17;54;13 - 00;18;12;09

Unknown

Do you have when you have a problem, you go right away grown, right? Grab your credit card and spend money on the credit card. You get that great dopamine hit. Then a week later you're like, we're off. I've got to buy something else. See what's going on in your life. Really sit down and become conscious because at once you're conscious, then you can make the decision consciously.

00;18;12;16 - 00;18;31;03

Unknown

Do I want to buy this? Do I really want to invest in this? Get the clarity, get all of the fogginess out of the way and start making decisions based on your conscious reality and based on something that you know for me, when I'm confused or I have fear, I tend to make the wrong decision when I think that's what coaching does.

00;18;31;03 - 00;19;02;10

Unknown

Money coaching, life coaching, therapy. We're trying to at least shine the light on the fear and see what that fear is coming from, and see if that fears rational or not. Yeah. Does that make sense? It it does make sense. So then when for you personally, the people that come to you for money coaching, do you see it more in the business space that people are coming to you, or is it like all walks of life, or is it, you know, like, where is it that people want to change and grow and is it because they're having business issues or it's like personal finance issues, like I'm just trying to see who is the person

00;19;02;10 - 00;19;22;16

Unknown

that comes to you and says, I need this, or people that come to me are basically my avatar, people who gravitate to my message. But if you're out there and you're a woman and you don't like Geno and you don't like the message, and I may be coming off as like, that's fine. But I think every single person listened to this.

00;19;22;16 - 00;19;49;18

Unknown

Whether you have $17 billion or you have $17, it's not the money. Money is the symptom. What we're trying to understand is the root causes of what creates the money problems. Because as and this is something from my what for for a good friend of mine. Yeah. It never is about the money. This guy is making millions of dollars a year, and he's worrying about a $7 ring charge on his and his and his Amex.

00;19;49;18 - 00;20;10;10

Unknown

Right? He's worrying about all these little recurring charges, and it's bothering him. And I'm like, bro, you make 4 million a year. You can see it's not the money. It's just that he was trained and conditioned as a young person not to waste money. And you saw the same way with me when I was growing up. My mom would would buy me nice tennis rackets, nice sneakers.

00;20;10;10 - 00;20;27;02

Unknown

She'd spend money on these items and we didn't have a ton of money. So I saw that as a sign of respect. I had to take care of my stuff. Now, unconsciously, when I was giving gifts to my kids, sort of the same thing I'm spending money on you, whether I have it or I don't, please respect it.

00;20;27;02 - 00;20;43;02

Unknown

And I would go nuts when they didn't take care of something. Or and I'm like, hold on a second, why am I behaving that way? It's not about the money. It's what is attached to the money. And once you start realizing it, you can have a deeper conversation with them and say, hey, listen, when I grew up, my mom bought me these tennis rackets.

00;20;43;02 - 00;20;57;24

Unknown

I couldn't afford it. Listen, I'm buying you these pair of sneakers for 150 bucks. I'd really appreciate it if you could really respect them and take care of them. And then when they're gone, we'll buy another one. That's a better conversation than saying, hey, David, I bought your damn sneakers. Take care of the sneakers or you're not getting another pair.

00;20;57;28 - 00;21;14;06

Unknown

You know, that's how most conversations go. But you know why you're acting that way? Because we were never taught how to act that way. Remember, it's not about the 150 bucks or the money. It's about the respect that my mom gave me and the scarcity that we had. And that's how it translates into everyday conversations that we have.

00;21;14;09 - 00;21;33;22

Unknown

Yeah, exactly. See that a lot of the business side with when our CFO team is working with clients and it's like, okay, the money is not the issue here. Like it's the it's the thought process behind it. And like, why do we keep doing the same thing? And it is that level of accountability. And I love how you really dig in to find that root problem.

00;21;33;22 - 00;21;53;07

Unknown

Because then if you just take care of the symptom, they'll just keep coming back. It's whack. David, I have a I have not a solution for you, but I think for you, if you check the Money Coaching Institute out not getting paid. I think anybody listening to this should go to the Money Coaching Institute. Deborah Price, she's been doing this over 20 years.

00;21;53;07 - 00;22;22;24

Unknown

I think she's a pioneer in what she does. She used to be a financial planner, and she saw that financial planning is basic math. Now David Richter, the CFO here, teams up with David Richter, the money coach here. You put both of those together and you do a strategy session or a couple. It's a four core process. If you learn that process and you take a business through that process where there money bios, you, you map out their patterns, you go through their life inventory, you go through their genius, what they're really good at.

00;22;22;27 - 00;22;41;16

Unknown

You package that together. They'll be able to understand, like you said, why do I keep making these decisions and these mistakes? I mean, you couple, you put both of those together. To me, it's like putting gas in a fire. Yeah, yeah, exactly. Like, that's why a lot of our CFOs have to be a coach mentor. And not just like years in numbers.

00;22;41;16 - 00;23;05;04

Unknown

It's more of like his. Sometimes it's therapy sessions, you know, it feels like on those calls. So yeah. No, I wrote that down because I definitely want to look up the Money Coaching Institute myself because I know you swear by it and you're out there teaching and you're helping a ton of people, you know, like with this and their money mindsets, what are some of the most common money mindsets that people fall into that might be trapping them right now?

00;23;05;04 - 00;23;28;10

Unknown

If you have, I don't know, do you have some of those off the top? Yes. It's incredible patterns. There aren't that many patterns in in human. And it's fear. It's anxiety, fear, anxiety. That's what people have in your under an underlying issues. Now she has something called archetypes which is a phenomenal way. Archetypes are basically ways to describe personalities.

00;23;28;10 - 00;23;49;17

Unknown

They're basically characters within us. I'll mention all eight, and then I'll go through 1 or 2 and I'll show you how these patterns manifest. Through these archetypes. You have an innocent, you have a fool, you have a martyr, you have a creative artist, you have a tyrant, you have a magician. You have a warrior, right? That's 700 plus one.

00;23;49;17 - 00;24;06;28

Unknown

I'm a mess. I'm missing one person. But let's. Let's go to those seven. Yeah. So if you're an innocent, your archetype is more of an innocent archetype. Oh, I'm sorry, the magician was number eight. If you're more of an innocent archetype, you're the type of person who was raised, possibly in a household. They never talked about money. You wielded all the decisions.

00;24;06;28 - 00;24;30;11

Unknown

You have your head in the sand you like. Okay. My wife was the innocent archetype. She just didn't grow up with money. And every decision that we made in the household early on, I was more of the dominant person I was what you would say. My archetype was more of the tyrant archetype. And the tyrant has fear and has control, and it's not like I would want to be a tyrant because I wanted to be an asshole.

00;24;30;13 - 00;24;47;12

Unknown

It's just because that's the way I was raised. I was afraid of money. I grew up in the scarcity mindset. You know, you save for a rainy day. Don't take risks. Make sure you have enough money left over. You know you can't run out of money. And I was more of the controlling type. So my wife, the innocent on the tyrants, guess what?

00;24;47;12 - 00;25;03;11

Unknown

We're going to have? We're going to have arguments. We're going to have discussions. She's going to say, well, why can't we afford it? I'm going to say, well, we don't want to. But she's like this money in the checking account. Even. I'm like, I need that money to be saved so you can see what happens. And once I started understanding, wow, these these archetypes rule our lives.

00;25;03;11 - 00;25;27;26

Unknown

And once you can start unpacking that and seeing how they are now being an innocent is not good or bad in and of itself. When it relates to making decisions about money. It's not a great archetype to have, right? Same thing with the tyrant. The tyrant is like more fear dominating control. The, the archetype that I think is probably the most optimal in business would be the warrior.

00;25;27;29 - 00;25;45;12

Unknown

Magician. The warrior is the one that's out there that's going to make it happen. He's going to do the spreadsheets. He or she's going to do the work. They're focused, they're disciplined, they're courageous. The magician right next to him is the person that's inside of you that really wants to transform reality. They know your why. They know the mission that you're on.

00;25;45;16 - 00;26;03;29

Unknown

You know, Geno, you're not meant to be at the restaurant. You really need to be in coaching. You really need to be in real estate. That's my magician. Now, if the warrior is not doing the work, then it's bad. But you couple the warrior doing all that work, burning both ends of the candle like you said, but doing it through the magician.

00;26;03;29 - 00;26;24;07

Unknown

I mean, it's such a powerful way. And once you start seeing money in decisions through the lens of the archetypes, it's a pretty cool way to see. So fools, by inference, is full of fool archetype. I love that archetype because it's both positive and can be negative. The force, the one who's optimistic. You need optimism. You can't be the guy or the woman out there saying no deals.

00;26;24;07 - 00;26;44;06

Unknown

Good. I don't see any opportunities. The problem with the fool is if the pulls driving the car all the time, the fool sees everything as an opportunity. He's going in the single family, then multi-family, then crypto, then self storage. You don't really want the fool making all of your money decisions, so you have to really check yourself and say right now who's making the decisions right now?

00;26;44;06 - 00;27;02;27

Unknown

Hopefully the warrior is making those decisions and the magician is right next to you. But most sentences you see what's happening in reality. You have tyrants making decisions. You have innocents making decisions, you have fools making decisions. And right then and there you see what happens. There's a lot of bad decisions that people are making with their money.

00;27;02;29 - 00;27;23;01

Unknown

That's so true. What about applied to business? Like you have a business partner do. Some of you know, it's like magician and warrior sometimes. Is it that dynamic kind of like visionary integrator or CISO? It's like you're one of them's the action taker. And then the other ones, you know, creating the ideas. So it's like, did you see that in your business?

00;27;23;01 - 00;27;43;10

Unknown

Because like you and you know, you and Jacobs exploited and have, you know, you've built an empire and then you're trained and now taught a ton of people, and now you're teaching them the money archetypes and going out there and helping them. So have you seen that in the business relationships, either for you or the people you've worked with, where they've got those different archetypes as part of their makeup?

00;27;43;13 - 00;28;02;13

Unknown

Yeah. And the other archetype that's important is the creative creator artist one okay. That's the one that you're talking about. We all need a little bit of creator artist. And sometimes we're so focused on business, business, business money, money, money. I sing opera as a, as a as a fun pastime. That's awesome. I'm not great at it, but it's something where my coach.

00;28;02;13 - 00;28;22;08

Unknown

My money coach. Yeah. That's something wonderful you're doing. You're tapping into the creative spirit of life, right? Some of you may want to go I garden also. I have a little farm. That's my creative aspect. I love growing vegetables. I love having animals. Does it make me money? No, but that's okay. It enlivens me. It gives me some kind of purpose, some kind of enjoyment.

00;28;22;15 - 00;28;40;01

Unknown

Ironically enough, the creator artist does not live in the materialistic world. They have a duality with money. They know they need it, but they hate it, right? So if the creative artist is making money decisions, they're probably not going to be good at making decisions on money. You want them making the decisions of, okay, in Jake and Gino, how are we going to grow this?

00;28;40;01 - 00;28;55;04

Unknown

We need to be more creative. We need to write books. We need to do podcasts. We need to spend money on marketing to grow the message. Well, that's creative artists tapping into that side. But the warrior is the one that's going to do the work. The warrior is the one that's going to show up at a podcast at 1230.

00;28;55;04 - 00;29;14;23

Unknown

The war is the one that's going to go out and network, right? So if you can blend all three of those and once you start looking at it from that lens, you're like, wow, I've got a team inside of me. I just need to know who to tap, when to tap and why I should be tapping them. But it's a great question because when you're in business, it can only about be about making money.

00;29;14;24 - 00;29;29;25

Unknown

You're going to burn out sooner or later. And that's what I did with the restaurant. And at a certain point, you're making money. You're not enjoying it. It's soul sucking. It just sucks. After a while. And that's why when you look into the creative arts, maybe you continue, but maybe you take dancing lessons or you take singing lessons.

00;29;29;25 - 00;29;47;04

Unknown

You do something that's really fun, and then all of a sudden you start. You start looking at a business in a different light. And that's what happened with Jake and Gino. I didn't start out the education company by monetizing it. I started it out because I like to do podcasts, I like to write books. I like to teach people, and I like to coach.

00;29;47;09 - 00;30;07;02

Unknown

That's how that spawned from that. Not knowing that was I was tapping into my create artists. And when people say they're in the flow with a really energized, it's really the magician and the creative artist that they're tapping into without even knowing it. Then they got the warrior driving the car he or she's on plowing through, but he needs those other two archetypes to help them help along.

00;30;07;04 - 00;30;24;02

Unknown

Oh that's awesome. This has been it's been incredible. You've provided a ton of value here. Just to recap a little bit, I love what you said at the beginning. Like, you don't have to quit your job to go full time into real estate. I think that was so key. And that message isn't out there. Enough of like, you can take care of yourself.

00;30;24;07 - 00;30;44;05

Unknown

You can take care of your family. You don't have to go in full time, but you can start to build that empire right now, but then not put the pressure on yourself to get there. Itis, you know, like, I got to get there. I got to do the deal that was so key. And then knowing your burn number, knowing what you need, knowing what the business needs, being very clear on what's coming in and out.

00;30;44;08 - 00;30;59;19

Unknown

And then money is the symptom. I think that was so key as well too. It's not usually the root problem or I don't know if it's ever the really the root problem because it's just going to manifest. What is those decisions you're making? Why are you making them. Where's that coming from? I love what you said as well.

00;30;59;19 - 00;31;19;06

Unknown

The where the fear and anxiety is really the root of what we have to get to. And where did that come from and how can we, you know, put it to better use or to get it out of there and then money coaching. So this has been awesome. Do you have any parting advice that you love to give or that you would like to have out there before we wrap, you know, wind down here?

00;31;19;09 - 00;31;44;29

Unknown

One quote I would say money does not corrupt. It reveals that's really important for anybody who's struggling out there. And I would say also David, and I'm going to promote your stuff first. I mean, I mean, if you really want to go into business, rich dad, poor dad's grade, why you want to get into it? If you need a how to book in getting into real estate, how to run a business, go check out all the profit.

00;31;44;29 - 00;32;03;20

Unknown

First you go check out Mike Markowitz. I read your book in preparation for a podcast. Pretty simple. It's not revolutionary. It's not rocket science, but it is foundational. And it's great if you're either starting a business, you're starting out a buying a portfolio, or if you've got 100 units or more and you're seeing yourself, I don't know how much money I'm making.

00;32;03;22 - 00;32;21;07

Unknown

That's what you need to stop buying. You need to sit down and you need to pick up David's book and start reading. What the hell am I doing wrong? Because you should be getting paid. You're not buying deals just to buy deals and to acquire assets under management. You're going to acquire assets on the manage that, create a profit per unit.

00;32;21;07 - 00;32;37;01

Unknown

That's the idea. Real estate getting paid on the front end and getting paid on the back end. Also, most people focus on the back end. Let's focus a little bit on the front end as well. Yeah. No, I love that. Thank you I appreciate that. How do people get a hold of you. Like what are you pointing people to right now.

00;32;37;01 - 00;32;56;01

Unknown

Like if I don't know, is that the money coaching or is it, you know, Jacob Gino, I just want to make sure. Yeah, I was good direction. I would go to Jake and Sina.com and also our family website. Barbara oh 360 Barbara 0360.com. It's a family website. I mean, I started this business in the mission for us. And you need to be clear in your mission.

00;32;56;03 - 00;33;15;29

Unknown

I want to change the world one family at a time. And if I can do that through helping people create a better relationship with money, then I'm doing the job. Yeah. No. That's awesome. So, Barbara 0360.com or Jake and Gino is that the Jacob JD.com? Is that awesome? There you go. So that's where you can find Gino. This has been incredible.

00;33;15;29 - 00;33;35;06

Unknown

Obviously Gino is very passionate. And then also very much aligns with the profit first message. And getting out there making sure that you're running a real business with real numbers. If you need that help, you could go to simple cfo.com. That's where we are with our team here, making sure that you know where those dollars are going. Just the burn number, like we were talking about.

00;33;35;11 - 00;33;56;07

Unknown

One of the most important numbers to know, to know where you are and where you stand as a business. So if you need that, that simple cfo.com Gino, thank you again for coming on and sharing your wisdom today. This episode of the Profit First for podcast is over, but there are plenty more where that came from. Are you ready to learn how David and his team can help implement the profit first system in your business?

00;33;56;10 - 00;34;17;10

Unknown

Schedule a discovery call at simple cfo.com right now. We'll see you next time on the Profit First for ROI podcast with David Richter.