IN THIS EPISODE BRYCE & ROCKY COVER:
- This is an interview with Rocky Lalvani of Profit Comes First
- We learn about putting profit first and expanding the margins of your business
- Rocky also goes through the different accounting sheets to track this success
- Finally, Rocky goes through his favorite books that have inspired him on his journey.
- The guest in this episode is Rocky Lalvani of Profit Comes First
- Rocky helps small business owners put profit first in their business.
- Everyone knows the business equation of sales - expenses = profit but with this paradigm profit comes last.
- Rocky is building a new paradigm to make the equation sales - profit = expenses
- Rocky is the son of first generation immigrants to the US and he watched them work hard and build wealth and this propelled him to succeed.
- By leaving profit to last you’ll live paycheck to paycheck and struggle to build savings; it doesn’t matter how big your business is.
- Parkinson’s law states that you will use up the resources that are given to you, e.g. if you’re given 3 weeks to do something you’ll use the full 3 weeks. It’s the same in business; if you give people some money they’ll use it all, so give less and get creative on a smaller budget.
- if you don’t need to spend on your business - don’t - this is a mindset change.
- One of the biggest mistakes Rocky made was just not starting. He knew what he was doing in theory but didn’t buy his first investment property till he was 45.
- A balance sheet is great at giving you a quick view to see what are my assets and liabilities - owe vs own. It’s great for looking at a few times a year like a scorecard to see the growth of your net worth.
- Profit and loss sheets allow you see see where the profit is and where you should put more investment.
- Rocky recommends that everyone keeps a bare minimum 90 days savings just in case something goes wrong.
- This can be a tricky thing for some people to do because these savings don’t grow. It’s important to remember that's not what they’re designed for - they’re just to keep you safe in times of turbulence
- You do need to spend money to make money - spend on the education and get a coach
DISCUSSED DURING THE SHOW:
- Profit First: Mike Michalowitz https://www.amazon.com/Profit-First-Transform-Cash-Eating-Money-Making/dp/B06X15WW79/ref=sr_1_2?crid=1EELYZ5NU6RNB&dchild=1&keywords=profit+first+by+mike+michalowicz&qid=1586796024&sprefix=profit%2Caps%2C175&sr=8-2
- living forward by michael hyatt and daniel harkavy https://www.amazon.com/gp/offer-listing/B01HK1D1XY/ref=tmm_other_meta_binding_used_olp_sr?ie=UTF8&condition=used&qid=1586796105&sr=1-4-catcorr
- outwitting the devil napoleon hill https://www.amazon.com/Napoleon-Hills-Outwitting-Devil-Freedom/dp/B0054N6J5S/ref=sr_1_3?crid=101QHHW2GGFKD&dchild=1&keywords=outwitting+the+devil+napoleon+hill&qid=1586796216&s=books&sprefix=outwitt%2Cstripbooks%2C397&sr=1-3
- The 4-Hour Body: Timothy Ferriss https://www.amazon.com/4-Hour-Body-Incredible-Superhuman-Paperback/dp/B00BDXF6BG/ref=sr_1_3?crid=16VTJQOWUJ2JL&dchild=1&keywords=4+hr+body&qid=1586796258&s=audible&sprefix=4+hr+body%2Caudible%2C163&sr=1-3-catcorr
- Warren Buffett’s 3 Favorite Books: A guide to The Intelligent Investor, Security Analysis, and The Wealth of Nations (Warren Buffett's 3 Favorite Books Books in 1) https://www.amazon.com/Warren-Buffetts-Favorite-Books-Intelligent-ebook/dp/B0085W03FM/ref=sr_1_2?dchild=1&keywords=how+warren+buffett+evaluate&qid=1586796322&s=audible&sr=8-2
- Email: email@example.com
- Learn more about how to live life in harmony at http://richersoul.com/
- Learn how to keep more of the revenue you generate at http://profitcomesfirst.com/
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