Today’s episode is all about what really knowing your numbers can do for your business and why we should always think about how we can provide value to other people. My guest, David Richter, talks about how he got into real estate investing, from working as a machinist at a warehouse, to how he got into his full-time business as the founder of SimpleCFOSolutions.com. At present, David helps real estate investors better understand the financial side of their business, empowering them to make better business decisions.
Let’s dive into David’s story and find out how we can scale our business while still being able to do the things that really matters to us.
Things you will learn in this episode:
[00:01 – 07:57] Opening Segment
A lot of investors got started with investing after reading money mindset books such as Robert Kiyosaki’s Rich Dad, Poor Dad. As one of those people, David tells us how Rich Dad Poor Dad is the biggest catalyst for him to start working for himself and study investing in real estate. From when he got his very first opportunity to get into real estate to becoming the author of his own book, “Less Stress More Profit,” there are lots and lots of valuable advice we can get from David’s journey which I will give a summary of to start this episode.
[07:58 – 16:01] Working For Free in Exchange of Knowledge into Real Estate
When looking for a new job or starting a new business, the first thing most people would think of is how much they are going to earn from it. However, David’s case is very different. He first started out as a mentee who had to work for free for seven months. He tells us how this has worked wonderfully for him though as he was able to already find out how things work, and if it’s something he wants to do long-term before leaving his former full-time job, helping him springboard his career.
[16:02 – 26:53] Providing Value to Scale Your Business
Real estate investors usually hire a CPA or don’t really dive into the financial side of their business as long as they’re closing deals. But David believes that there’s real power in understanding the financial side of your business– it can show you where you really stand with your numbers, it can help you make better business decisions. He therefore saw this as an opportunity to start providing value to other people.
Thinking of getting into a new business too? He has this advice to give—ask other people too if they think what you’re going to offer is a good idea, if it will also be of value to them.
[26:54 – 31:53] How to Provide Value to Your Clients?
If you want to always be providing value to your clients, David also has this advice for you: “think of the things that you can take off your plate as fast as possible.” These are usually the things that are not putting dollars into your pocket. Try to work on automating some of your current financial processes too! One good way to learn how to do this is by getting David’s book which is just around an hour-long read and also just an hour-long audio book. Check-out the links below to see where to get his book.
[31:54 – 36:58] Do the Things That Really Matters To You
Most people get into business to make money—would you agree? David, however, tells us that this is not enough, that people have to have a bigger reason for getting into business. Why? It’s because getting into a business means that you’re going to do a lot of things you don’t want to do! You’re going to go through tough months and a lot of challenges. So he has this very valuable advice to give: “Find what you’re good at and focus on it so you can build a system, hone in on it, and make as much money to fund the things you really want to do.”
Can’t decide if you’re going to pursue a business idea? Just remember, you have to have a big enough WHY for pursuing it, and it should allow you to do the things that really matter to you.
[36:59 – 45:06] The FOCUS FIVE Segment
The FOCUS FIVE are five questions I ask every guest on my show. Keep on listening to find out what book David gifts most often; who would he talk to if he can get an hour of any person living or dead and why; that one thing he believes but most people will disagree with; his morning routine; and lastly, where are the best places we can connect with him online. (See the links below for David’s social media links!)
“Find what you’re good at and focus on it, so that way you could build a system hone in on it, make as much money as you can to fund the things that you really want to do, and what your real purpose is in life” -David Richter
“You need to be passionate about what you’re doing, but it also needs to feel that why you’re actually doing it” -David Richter
“Your profit really unlocked your WHY it really unlocks what you want to do” -David Richter
Resources mentioned in the episode:
Less Stress More Profit by David Richter (David’s website)
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A few last words
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