00;00;05;15 - 00;00;30;20

Unknown

You're listening to the Profit First for Real Estate Investors podcast. This show is all about helping real estate investors and entrepreneurs bring clarity and structure to the financial side of their business. In these solo episodes, we focus on practical financial strategies that real estate investors and business owners can actually implement, whether it's profit, cashflow forecasting or mindset. The goal is simple to help you run your business with more confidence and less financial stress.

00;00;30;21 - 00;00;57;21

Unknown

Enjoy the episode. The most successful and profitable companies are not the loudest, they're the most aligned. I don't know if you've ever gone to any type of meetup in your industry, or a mastermind, or where there's a lot of people that gather with the same mindset or the same types of businesses, and they're talking about it. Usually if you're in a room like that, you can tell the people that love to talk about their business, but not in a great way.

00;00;57;22 - 00;01;22;18

Unknown

Usually like this is how much revenue we're doing. This is how many deals we're doing. Like, look at us growing and scaling and it's awesome. Then if you get them at the bar later, then they're usually crying in their beer saying, I don't know where my money's going. A lot of people don't have good systems for their cash, but then that also affects every single person on the team, not just a business owner.

00;01;22;18 - 00;01;41;22

Unknown

Because if the business owners feeling like that, if you as a business owner, if you're feeling like I really am not paying myself what I should, I don't know my numbers. I'm running this business off of my gut feelings and not actual data. That doesn't just affect you, right? Because you might show up to your business in a very not great manner, right?

00;01;41;22 - 00;01;59;29

Unknown

You're showing up saying, hey, like, we need to just drive for leads and we need to get the deals in the door and we gotta. And you feel this anxiety that just bubbles up, especially if you don't know those numbers and you're just trying to run and gun it. That doesn't just affect you, though, does it? Because now you're creating chaos for everyone else in your business.

00;01;59;29 - 00;02;19;25

Unknown

So that's where if that's what's happening, then you might be showing up to those meetups and to those masterminds and saying, look at how many deals we've done, because you've pushed your team to do those deals to make sure you have not gone out of business because you've just been shoving money into your bank account to make sure that it's not at zero or negative all the time.

00;02;19;25 - 00;02;43;26

Unknown

But is that what you really want? No. You want a company that is totally aligned with your vision, your values, but then also with the money. I mean, at the end of the day, you started a business to make money in order to pay yourself financial freedom, right? That great nebulous term that everyone wants. Once you find what that financial freedom is, you need your business to point towards what that is for you.

00;02;43;27 - 00;03;05;29

Unknown

Trips. I don't care if it's vacations. I don't care if it's. It might be given to charity. What I want for you, though, is a business that's aligned with who you are. But then every single person in your company also is aligned with the mission, the values of the vision. And they understand that you're not that entrepreneur that has their hair on fire all the time and continuously dumping on them.

00;03;06;01 - 00;03;30;21

Unknown

You should collaborate with your team members now at first. If you've never gone down this road, you might have hang ups with money. I mean, I say you might. You probably have hang ups with money, like most human beings, where there's something in your past, either what you were handed down or what was taught to you, or wasn't taught to you, or you didn't have anyone good in your life that was good with money, or you didn't have any role model whatsoever.

00;03;30;22 - 00;03;51;25

Unknown

There's so many things that we could go down there, but because of that, we bring that portion of ourselves into our business. And if we never wrangle it, if we never face it head on, then that's where the financial chaos can come into play and affect every single team member. Now, at first, what do you do? Number one, I find someone safe to talk about the money.

00;03;51;26 - 00;04;08;23

Unknown

Now, this is where a bookkeeper or CPA is probably not going to be as effective. They might give you clarity with the money, but they might not be able to talk to you about the money heinous that you have going on, where you can't even talk to your team about what's going on in the business, let alone pull up your bank account and make a decision from it.

00;04;08;24 - 00;04;25;13

Unknown

So I want you to find someone that you can feel safe talking to you about your money. That could be a coach, a business coach that could be a mentor, that could be a an emotionally intelligent person in your life. It could be a fractional CFO, which I know. I mean, I have some CFO here on my shirt and that's what we're doing.

00;04;25;13 - 00;04;42;06

Unknown

But I want you to find someone safe to talk about that money. Then from there, what do you do next? You need to wrangle your money. You need to actually, once you work through some of the things with your money of like, what do I really need from the business? What do I really want from the business? How do I make sure that I don't have these keep affecting me?

00;04;42;06 - 00;05;03;11

Unknown

And like this money mindsets that I might have that aren't serving me. How do I, you know, you get those out of the way. Then number two, I'd be setting up systems to help your money and help the cash in your business. So that way, you know, a dollar comes in, you know exactly where it's going. That's where profit first, another cash flow systems come into play and can be very beneficial for you to be able to say, I know where all my dollars are going.

00;05;03;12 - 00;05;19;13

Unknown

Because then, number three, you can walk into a meeting that has your staff there, whether it's your leadership team or maybe you just have 1 to 2 people, but one of them is your brother and one of them is your mother. You know, like, I don't care who you're working with. It's now you're running those meetings even as a very small team.

00;05;19;19 - 00;05;38;17

Unknown

And then you can talk about the money and be able to say, here's what we're spending, here's what we're making, here's what we're keeping, here's what we're able to pay ourselves from this business, especially if it's just you and a spouse and you're just working in the business yourselves right now. I want you to have that clarity, because a lot of people work themselves out of their business.

00;05;38;17 - 00;05;57;24

Unknown

They don't know exactly what's going on in their business, and then it affects everything in their life. It creates this financial chaos. It affects every single team member. And then you end up going to these meetups or going to these events, being the loudest person in the room, but not the most successful. You feel like, have you ever heard of that imposter syndrome?

00;05;57;25 - 00;06;25;10

Unknown

You go to a meetup? Oh, man. Okay, let's let's be vulnerable a little bit here. Back in my early 20s, I was part of a company, and I had this syndrome because we were doing 25 deals a month. So it was fun to go to those rooms and tell people we were doing $300 a year. I'll be very honest with you, it's fun and intoxicating to be that dealmaker and have other people ask, how are you doing that?

00;06;25;12 - 00;06;45;02

Unknown

But I only had one person ever ask us about, okay, how do you really pay everyone? And like, how do you pay yourselves? And you're doing all these deals, but you say you have 25 team members, like that has to be really overhead heavy and like, how are you doing that? We only had one person ever ask that, and we had to be very vulnerable and say, it's not great.

00;06;45;03 - 00;07;03;20

Unknown

You know, we're still learning and we're still struggling. So this is something that I feel on a deep level because I lived it out. So if this is what you're living now, right now, and you're like, I just need to do more deals in either to go back to my group or go back to my meetup to tell them how many I'm doing and like just to keep shoveling money into our bank account.

00;07;03;20 - 00;07;19;02

Unknown

So that way we don't go under. I want you to say there's a different path. You do not have to keep going the same way and getting these same results. Wake up a decade later and say, why did I just waste the last ten years? And where's all my money? There's a couple things that I want you to do.

00;07;19;03 - 00;07;39;09

Unknown

Number one, like I said, find that person you can talk to about the money. Number two, implement a system with your cash so you know where every dollar is going. Number three, bring those people like the people on your team in. And especially if you work with family, and especially if it's a spouse. Bring them into the conversation around the money.

00;07;39;09 - 00;07;54;11

Unknown

You want to be aligned. You know why? Because then you could go to that meet up that next quarter and say, you know what? Not only did we do maybe a little less deals. Maybe you did. Maybe you're not going to be the big shot in the room doing all these deals. But you can be the big shot saying, you know what, though?

00;07;54;12 - 00;08;12;17

Unknown

We kept more money than we've ever kept, and we took a trip, or we did this thing, or we went over there or we gave whatever it might be that lights you on fire, that just wakes you up. That's what I want your business to provide for you. But you can't be doing that like we were doing beating our chest, saying, oh, look at how many deals we're doing.

00;08;12;18 - 00;08;26;17

Unknown

If at the end of the day, there was nothing there to substantiate it, there was no cash in the bank account. I don't want that for you. I don't want you to be the loudest in the room. I want you to be the person who knows where their money is and the most profitable. Thanks for spending time with me today.

00;08;26;17 - 00;08;43;19

Unknown

If this episode gave you clarity or a new perspective. Be sure to like, subscribe, and comment below if you're ready to apply what we talked about today with real guidance and accountability. Visit profitrei.com to schedule a free discovery. Call with us to create your path to financial clarity and freedom.