The Do More Podcast

Jimmy Rios, founder of Rios Business Advisors, joins me to discuss the evolution of his advisory firm and the crucial lessons learned over 25 years in the financial services industry. At the heart of our conversation is the importance of understanding business credit and how it can serve as a vital tool for entrepreneurs looking to transition from traditional employment to business ownership. Rios emphasizes the shift from a consumer-driven mindset to one where individuals view themselves as business owners, capable of leveraging credit and strategic planning to build wealth. We talk about the essential first steps for aspiring business owners, including the significance of mental preparedness and the necessity of a solid financial foundation. Throughout the episode, Rios shares insights on navigating the complexities of buying and selling businesses, highlighting the value of mentorship and well-structured systems for achieving long-term success.Takeaways: Jimmy Rios emphasized the importance of building a business ecosystem that adapts to client needs over 25 years. He shared insights on transforming individuals from consumers to business owners through effective financial strategies. Rios discussed the value of mentorship in navigating the complexities of business ownership and credit management. The episode highlighted the significance of having a clear exit strategy when buying or selling a business. Rios explained how to leverage business credit effectively to facilitate investments and acquisitions. He encouraged listeners to focus on the numbers and details to ensure a strong financial foundation for their ventures. The Do More Podcast Thanks for following, subscribing and listening to this episode of The Do More podcast hosted by Jon Farling. To learn more or ask questions, go to l4investing.com.https://creativecommons.org/licenses/by-nd/4.0/

Entrepreneurs often mistakenly believe they own a business when, in reality, they may just have a job. This episode explores the crucial distinction between working in a business versus working on it, highlighting that many entrepreneurs often become entangled in daily operations rather than focusing on strategic growth. I explore practical examples, such as house flipping, to illustrate how being involved in the minutiae of operations can hinder long-term success. By sharing my own experiences in self-storage, I highlight the importance of delegation and the use of tools like organizational charts to clarify roles and responsibilities.Ultimately, this discussion aims to empower you to step back from day-to-day tasks, enabling you to concentrate on scaling your business and to foster a more effective work environment.Takeaways: Many entrepreneurs mistakenly believe they own a business, while they are actually just working a job. The distinction between working in your business and working on your business is crucial for growth. Delegation is essential for business owners to focus on the bigger picture and strategic planning. Using an organizational chart can help clarify responsibilities and improve business operations. Entrepreneurs often struggle with delegating tasks because they think they can do everything better themselves. Regularly reviewing your organizational structure can highlight areas for improvement and enhance efficiency. Links referenced in this episode:L4Investing.comThe Do More Podcast https://creativecommons.org/licenses/by-nd/4.0/

Money does not directly equate to happiness; rather, it serves as a tool that can facilitate a fulfilling life. I explore the nuanced relationship between financial resources and personal well-being, emphasizing that while it is essential to have our basic needs met, happiness often stems from experiences and the goals we pursue. I've shared my own journey from living paycheck to paycheck to understanding the importance of saving and investing, which allowed me to gain financial stability and time freedom. This episode delves into the idea that the fulfillment we derive from our financial journeys is more significant than the money itself. Ultimately, it's about who we become along the way and how we leverage our resources to enrich our lives and those of others.Takeaways: I share personal experiences from my youth, illustrating that meeting basic needs often leads to happiness, regardless of income level. The importance of having a savings cushion is discussed, as it alleviates stress and prevents the cycle of living paycheck to paycheck. We highlight that fulfillment comes from personal growth and achieving goals, rather than simply accumulating wealth or material possessions. The episode emphasizes that while money is a useful tool, true happiness is derived from experiences, relationships, and the person you become through challenges. Ultimately, we conclude that money indirectly contributes to happiness through the freedom it provides to pursue meaningful experiences and personal development. Links referenced in this episode:L4Investing.comhttps://creativecommons.org/licenses/by-nd/4.0/The Do More Podcast

Celebrating our 100th episode, I reflect on the journey and the importance of taking consistent action in achieving success. Many individuals hesitate to act until everything is perfect, but the key takeaway from today's discussion is that taking action, even in a makeshift environment, is crucial. I share insights from past episodes, emphasizing that most successful guests faced significant challenges but found their way by committing to their goals and embracing the learning process that comes with setbacks. As I settle into my new office space, I recognize that growth and fulfillment come not from the quantity of achievements but from the quality of our actions and the lessons we learn along the way. Join me as we explore how to break free from comfort zones and pursue meaningful goals in our personal and professional lives.Takeaways: Reaching the milestone of 100 podcast episodes signifies dedication and persistence in the podcasting journey. Taking action is essential; many individuals hesitate to start due to perfectionism that holds them back from progress. The importance of having a 'big why' and setting substantial goals cannot be overstated in achieving success. Learning from failure is crucial; one must embrace losses to pave the way for future victories in any endeavor. Consistency in actions, even when the process becomes mundane, is vital for mastering any craft or business. It's not the quantity of assets that matters; rather, focus on cash flow and personal fulfillment in your pursuits. Links referenced in this episode:L4Investing.comThe Do More Podcast

Yona Weiss is a cost segregation expert and real estate investor, also hosting the Weiss Advice podcast. In this conversation, he dives into the intricacies of cost segregation, revealing how breaking down property components can lead to significant tax reductions. He discusses when this strategy is beneficial and the potential pitfalls to avoid. Additionally, Yona emphasizes the importance of working with specialized tax advisors for real estate, and shares insights on maximizing deductions while navigating changing tax laws.

Setting clear and impactful goals is essential for success in both real estate investing and personal development, as highlighted by Jon Farling in this episode. He emphasizes the importance of not only defining our goals but also communicating them to those around us, including family and team members, to foster accountability. Jon reflects on his own journey and the growth that comes from pursuing ambitious objectives, noting that the process can lead to significant personal transformation. He encourages listeners to break their larger goals into manageable steps, illustrating that achieving significant milestones often requires a structured approach and a clear timeline. By understanding our motivations and the impact our goals have on others, we can create a more meaningful path to success.Takeaways: Setting clear goals is crucial for success in both business and personal life, as it provides direction and accountability. Communicating your goals to family and team members can enhance accountability and foster a supportive environment. Breaking down larger goals into smaller, manageable tasks helps in achieving them incrementally, making the process less daunting. It's important to set ambitious goals that inspire growth, as aiming low can limit potential and learning opportunities. Links referenced in this episode:L4Investing.comThe Do More Podcast

Work-life balance is a commonly discussed concept, but in this episode, I challenge the idea that such a balance truly exists. Instead, I propose that the focus should be on what I refer to as "filling your cup," which emphasizes the importance of personal fulfillment over the pursuit of an equal distribution of time between work and life. As summer approaches and my kids are home from school, I reflect on my experiences of working from home and how I've navigated the complexities of family life and business responsibilities. Throughout our conversation, I highlight the seasons of life and the adjustments we must make as our circumstances change, particularly as children grow older and our personal and professional priorities shift. By understanding that fulfillment in both work and life does not require strict balance, we can better engage with our loved ones while also pursuing our professional goals effectively.The Do More Podcast Takeaways: The concept of work-life balance is often misunderstood; Jon argues that it does not truly exist. Instead of striving for balance, we should focus on 'filling our cup' to be present and effective. Life goes through seasons, and as children grow, our priorities and routines must adapt accordingly. Success in any field often requires sacrifices, and that can affect personal relationships significantly. Establishing a routine is crucial for maintaining productivity and ensuring fulfillment in both work and family life. Ultimately, being successful means knowing when to prioritize business and when to be fully engaged with family. Links referenced in this episode:L4Investing.com

My friend John Chapman, a two-time guest on our show, shares his personal journey of transitioning from a demanding career as an attorney to embracing the world of real estate investing. We delve into the emotional hurdles that accompany such a leap, the initial exhilaration of freedom, and the unexpected challenges that arise when the structure of a traditional job is removed. John and I reflect on the importance of finding meaningful activities post-job and how this journey influences our overall sense of fulfillment. Ultimately, we explore how financial independence not only allows for greater personal freedom but also necessitates a proactive approach to maintaining productivity and happiness.John Chapman returns for a thought-provoking discussion on the challenges and triumphs of achieving financial freedom through real estate investing. Our conversation covers the emotional turmoil of quitting a stable job, highlighting the mixed feelings of excitement and fear that accompany such a significant life change. We explore the critical question: What happens after you leave your traditional job behind? Chapman shares insights from his own journey, noting that the initial weeks of freedom can lead to an unexpected existential crisis. He reflects on the need to find new ways to be productive and fulfilled outside of a structured work environment, emphasizing that simply stepping away from a job is not enough; one must actively seek new avenues for engagement and satisfaction.Key Takeaways: Quitting your job can be a daunting leap, often filled with fear, even when financially viable. The initial excitement of leaving a job can quickly turn into an existential crisis if no plans are set. Finding productivity outside of a traditional job is essential for maintaining fulfillment and happiness. Creating a structure and routine post-job is crucial to avoid feeling lost and unproductive in daily life. Building relationships with brokers and having credibility is key to finding better deals in today's market. Investing in tertiary markets can provide stability, as larger players often avoid these areas, reducing competition. Thanks for following, subscribing and listening to this episode of The Do More podcast hosted by Jon Farling. To learn more or ask questions, go to l4investing.com.The Do More Podcast https://creativecommons.org/licenses/by-nd/4.0/

Explore essential strategies for effective underwriting in self-storage investments. Learn to identify value-add opportunities and avoid common pitfalls that can thwart your success. Discover why smaller storage facilities can yield strong cash flow and examine alternative funding options beyond traditional equity. Understand the misconceptions surrounding square footage metrics and operating expense ratios. This insightful discussion equips investors with the tools needed to maximize their storage investments.

I'm excited to explore the inspiring journey of Chris Michaels, the new leader of the Storage Rebellion. Chris opens up about his path from financial struggles to becoming a thriving self-storage investor and how this shift unlocked opportunities for a richer, more meaningful life. Along the way, he shares how taking action, even in the face of self-doubt and limiting beliefs, was the key to his success.Chris emphasizes the powerful role of community support and reassures aspiring investors that it’s okay to start without having every detail figured out. In our conversation, he also highlights the holistic philosophy of the Storage Rebellion. It's not just about teaching people how to succeed in self-storage investments; it’s about fostering personal growth and finding balance in all areas of life.By blending financial education with a focus on personal development, Chris shows that building wealth is only part of the equation. Ultimately, it’s about using that success as a stepping stone to create a fulfilling and impactful life.Takeaways: Building a successful self-storage business requires taking action despite lacking complete knowledge or resources. Community support is crucial when starting in self-storage investing; it helps overcome initial hurdles and limiting beliefs. Financial freedom through self-storage can lead to personal growth, but wealth alone does not guarantee fulfillment in life. Self-storage investment allows for flexible operational strategies, enabling investors to focus on long-term goals rather than day-to-day issues. Thanks for following, subscribing and listening to this episode of The Do More podcast hosted by Jon Farling. To learn more or ask questions, go to l4investing.com.The Do More Podcast https://creativecommons.org/licenses/by-nd/4.0/