245: My Spicy Take on Where Brokers Spend Their Money

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that building a mortgage business,
a successful one, is like playing

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a game.

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There's winners, there's losers,

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there's certain things you try.

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Some of us are playing checkers

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while others are playing chess.

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I've had the ability to coach and

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mentor hundreds of mortgage
brokers.

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I myself built a very nice
business.

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So now I want to distill all that
information, all the things I've

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learned from that and bring it
directly to you in a simple to

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understand way.

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I hope you enjoy.

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Good morning.

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Welcome to the Mortgage Game

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Podcast.

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West Coast Wiley here.

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Let's get into it.

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So there are some topics where I

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just hold a very strong opinion
held loosely.

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You can we can have a debate about
it.

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I'll see your side.

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You see my side with common sense.

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You back up with facts and you
show me things like, OK, yeah, I

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get it.

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Totally get it.

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There are other things where I'm
like, no bueno.

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Meaning, yeah, no, not in my
world, not in my head.

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And I live in my own head, right?
It's my world.

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I get to make the rules inside my
head.

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So this is one of those topics.

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I don't see the other side of it,

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but a lot of you do.

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And that's why this is a podcast

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episode.

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And so us as mortgage brokers,

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man, it's so crazy.

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We help people make the largest,

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potentially largest decision of
their lives, setting up the

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largest amount of money they're
going to borrow, setting up the

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right terms.

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And we're these professionals and

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we help you and we're true
experts.

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And like, we're blah, we're all
these awesome things.

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And it's why you need us over the
dum-dums at the bank.

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But then we refuse to run our
business that way.

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Right?
A lot of us think we get into this

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business and we're like
bootstrapping it before you make

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it.

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And I get bootstrapping, but

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there's different definite, what I
mean by that is the expenses, the

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amount of money you're going to
spend.

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So this podcast is about where
should you spend your money?

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What type of expenses should you
have?

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Should you not have?
What are excessive?

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What are not?
Like what should be

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non-negotiable?
But we want to portray ourselves

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as these professional people in
the financial world, yet we don't

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run our business that way.

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And it's just crazy town.

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And I'll get into some more
specifics for you when it's all

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together.

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It's very frustrating from my

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point of view, right?
Some of you are those people at

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the farmer's market where you're
nickel and diamond people, but

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they're carrots, right?
And you're negotiating people and

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their carrots and you come into
your own business.

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And when people want to negotiate
with you, you get frustrated.

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You're like, ah, I bring so much
value, bring value, rah, rah, rah.

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That's what I do.

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And you're like, you can't

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negotiate me.

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It's more than the interest rate,

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which if you're telling yourself
it's more than the interest rate

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over and over and that's all you
believe, you're living in la-la

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land.

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The interest rate plays a massive

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part into how much interest a
person pays on their mortgage.

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Okay?
For you to make up, we're going

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out of a rabbit hole here.

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For you to make up a 30 basis

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point difference on a $500,000
mortgage.

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That's $1,500 a year.

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That's 7,500 over five years.

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You're telling me your piece of
advice you're going to give me,

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it's going to save me $7,500 or
more guaranteed, or it might save

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me in case something happens and I
was in the wrong mortgage.

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And I'm like, okay.

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So people pushing that narrative,

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the jigs up.

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Interest rate matters a lot.

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It's like, what are you going to
do about it?

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That's a different conversation.

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But I see a lot of mortgage

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brokers acting like these
professionals, yet they get into

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this industry where they've been
in the industry now and you're not

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spending money in your business in
the right areas.

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It's You think you can just start
this with paying your licensing

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fee?
And like, crazy.

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then, even an apprentice who gets
carpentry into, like, has to show

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up with his own He's got tools.

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costs.

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You run any business out you want
to open a car a you want to,

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there, wash, laundromat, you have
You have to have improvements made

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to the property and make it so if
your business is right, like,

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overhead.

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you have monthly rent you pay.

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You have like, you have all this
overhead and expenses you have to

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pay just to run the business.

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You got to see a lot of mortgage

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brokers nickel and diming it.

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And what I mean by that is doing

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all the things yourself.

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We're spending money on areas

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where you shouldn't, right?
Like gifts for clients.

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Hey, gifts for clients, great,
sure.

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Doesn't move the needle.

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Can never ever convince me of

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that.

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Does not move the needle versus

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what you pay out.

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It's like the people who buy cars

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and then they pay for the rust
protection and the gloss coverage,

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the UV coverage, all that
bullshit.

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If you do it, you do it.

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If that's you, that's you.

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Call it what it is.

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But that doesn't like, sure, your

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money could be spent to other
places.

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I'm going to give you better
examples of what I mean by this.

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Okay, so me personally, when I was
a mortgage broker, I knew I wasn't

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put on this planet to do
mortgages.

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I did mortgages because it made
money.

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So I needed to run the business
accordingly.

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I also knew I wasn't put on this
planet to edit reels for social

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media.

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And I knew I wasn't put on this

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planet to review down payment
documents.

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So if I'm telling people or in my
own head, if I'm thinking, man,

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there's so many people out there I
can serve.

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And in I make turn, money and my
family is well off.

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And I'm going to serve all these
people.

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That's my goal.

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So whichever side you want to be

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you can I want to just make on,
money.

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go, hey, Then you need to spend
money to make money without a

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doubt.

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Just like every other company in

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the world.

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If you have different people doing

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different things in the the person
company, who's doing it all by

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they themselves, just never grow.

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And you're just not a very savvy

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business owner if you're doing
everything yourself.

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It's just crazy town that you do
that.

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You're not seeing the big
pictures.

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You're not missing building a
business, being an entrepreneur

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one-on-one.

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You get other people to do it, and

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they're going to do it the same or
better, which allows you to guess

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what?
Guess what?

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the same or which allows you
better, to guess what?

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Guess what?
Go get more Ah, business.

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there you Go go.

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get more, which is the only way

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you grow.

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You get more business.

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And so you have people out there
that are telling themselves they

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like doing down payment documents
or like, let's be honest, if

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you're here to serve people, I
could not go find more homeowners

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to buy their first investment
property.

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If I'm sitting in my office,
grinding away on down payment

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docs, it just doesn't.

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So what do I do?

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I hire someone else to do it.

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Oh, but it costs money.

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Yeah, but that's one of those
expenses that you only pay if you

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set up ready paper you only pay
file, when you get but that's

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money.

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one Yeah, of those expenses that

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you only pay if you set up a paper
file.

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You only pay when you get money.

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So that's not even really an

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expense because it freed me up to
go find more people to serve.

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You are not serving anybody.

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You're not serving one single

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person by doing your own down
payment documents, by doing your

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own fulfillment.

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You're not serving anyone.

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You're just, A, being lazy.

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You don't want to find someone.

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It's so counterintuitive to say it
like that.

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You're being lazy because you
don't want to go find someone, or

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you're being really cheap, or you
just don't understand being an

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entrepreneur.

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And yeah, I'm coming at you hard

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on this one because I see it day
in and day out, and it's beyond

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frustrating frustrating when I
could just move a puzzle piece

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around, like move, we're playing
chess.

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I can move a chess piece around
and go, you've got a check made

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here, which is a pot of gold
beyond the rainbow and three

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moves.

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But you keep dicking around down

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here and you're playing checkers
and you're doing your down payment

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dogs.

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And then we know that you're a

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business owner and marketing is
the only way you get clients.

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So you have all these other
businesses in the world that have

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marketing budgets and they're
spending money on marketing and

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they're dedicating themselves to
social media because that's how

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you leverage yourself and get the
word out about your business the

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most.

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But then they sit there and like

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do their own posts.

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And I get it.

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There's some posts you do green
screen and off the cuff and write

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like that you do a do 100%.

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But the majority of your posts,

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you should not be the one editing
them and spending an hour on

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CapCut editing a video because you
don't want to pay someone $30 to

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do it.

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It's just crazy town.

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you serving?
How are you being the highest of

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best use in your business?
How are you being a responsible

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business owner by editing your own
stuff on CapCut?

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It just bonkers to me.

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You're like, Ryan, but it's so

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much expense.

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Yeah, that's running a business,

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dude.

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That's running a business.

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There are expenses.

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And guess what?

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There's certain expenses that
should be prioritized.

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Marketing expenses.

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You make the video and then you

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give it to someone else to make it
look good and to schedule and have

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it go out and make static posts.

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If you're making static posts on

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your social media for your
mortgage business, and I don't

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care how much time you say it only
takes because AI and this, it's

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still time you're spending.

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If you're doing that, you are not

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being a responsible business
owner.

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There are other people that will
do it for you the same or better

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so that you can guess what?
Go find more people to serve.

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Come up with more marketing ideas
to create more content to have

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someone else edit and post for
you.

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I feel like I'm talking to my kids
sometimes over and over again.

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But that's okay.

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That's why I'm here.

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And I'm a little spicy this
morning.

253
00:09:15,002 --> 00:09:17,048
This podcast is brought to you by
Americano.

254
00:09:17,048 --> 00:09:21,098
And I'm only coming at you like
this out of true love.

255
00:09:21,098 --> 00:09:24,281
I'm coming at you because I have a
very unique perspective of our

256
00:09:24,281 --> 00:09:24,413
industry.

257
00:09:24,413 --> 00:09:26,880
Fortunately for me, I get to look

258
00:09:26,780 --> 00:09:28,950
under the hood of a lot of
mortgage brokers businesses.

259
00:09:28,950 --> 00:09:33,830
I get to see a lot, hundreds and
hundreds and probably over a

260
00:09:33,830 --> 00:09:34,375
thousand now.

261
00:09:34,375 --> 00:09:35,645
Mortgage brokers, what they're

262
00:09:35,645 --> 00:09:37,460
doing day in, day out.

263
00:09:38,000 --> 00:09:41,311
I can, it's like, I could chart it

264
00:09:41,311 --> 00:09:42,194
all out.

265
00:09:42,194 --> 00:09:46,058
90% people are making the same 90%

266
00:09:46,058 --> 00:09:47,713
of the mistakes.

267
00:09:47,713 --> 00:09:51,483
And the ones who are doing really

268
00:09:51,483 --> 00:09:54,441
well are all doing the same things
really well.

269
00:09:54,441 --> 00:09:58,708
Like it's, it's, it's, I feel like
I have cheat codes to the

270
00:09:58,708 --> 00:09:58,758
industry.

271
00:09:58,753 --> 00:10:02,217
Uh, and so that's why I come in

272
00:10:02,217 --> 00:10:05,909
this podcast and I share things
with you.

273
00:10:05,909 --> 00:10:09,650
And I'm telling you, I knew a, I
wasn't enjoying doing all those

274
00:10:09,650 --> 00:10:10,917
things in my business.

275
00:10:10,917 --> 00:10:11,847
You get frustrated.

276
00:10:11,847 --> 00:10:16,670
There's no way you should be doing
12 things in your business.

277
00:10:16,670 --> 00:10:17,996
You should not be all 12
departments.

278
00:10:17,996 --> 00:10:21,851
Like, but Ryan, I'm newer, I'm
starting, or times are tough, I'm

279
00:10:21,851 --> 00:10:23,323
doing all the money.

280
00:10:23,323 --> 00:10:25,644
You have credit cards, right?

281
00:10:25,744 --> 00:10:27,478
You have credit cards?
Use the credit cards.

282
00:10:27,478 --> 00:10:29,481
Otherwise, you're on a hamster
wheel.

283
00:10:29,381 --> 00:10:35,077
You're on a hamster wheel of you
duct taping a business together in

284
00:10:35,077 --> 00:10:38,878
the financial service industry,
where you tell people you're this

285
00:10:38,878 --> 00:10:40,648
so-called professional and expert,
yet you're wasting your time

286
00:10:40,648 --> 00:10:44,409
editing stuff on CapCut and
looking at down payment documents

287
00:10:44,409 --> 00:10:49,669
and not trying to get better at
your discovery call and networking

288
00:10:49,669 --> 00:10:52,971
more and finding more people to
serve and coming up with different

289
00:10:52,971 --> 00:10:54,099
CEO type decisions.

290
00:10:54,099 --> 00:10:55,865
CEOs aren't doing those things.

291
00:10:55,965 --> 00:11:01,069
And so you have to get really, you
have to get really serious about

292
00:11:01,069 --> 00:11:04,200
your business and i know some of
you listening to this you are i'm

293
00:11:04,200 --> 00:11:06,985
using air quotes successful and
you still do some of those things

294
00:11:07,085 --> 00:11:10,067
um but it's also why you're not
double triple quadruple the volume

295
00:11:10,167 --> 00:11:12,747
where you actually should be
because it's so simple-minded,

296
00:11:12,747 --> 00:11:15,543
right?
And I mean that, I don't know,

297
00:11:15,443 --> 00:11:18,451
nicest way possible, take what you
want from it, but you're just not

298
00:11:18,451 --> 00:11:19,603
playing the game right.

299
00:11:19,603 --> 00:11:21,280
It's called the mortgage game,

300
00:11:21,380 --> 00:11:22,842
right?
It's the game of entrepreneurship.

301
00:11:22,842 --> 00:11:26,171
You have to play it a certain way.

302
00:11:26,171 --> 00:11:28,579
You have to spend money to make

303
00:11:28,579 --> 00:11:28,785
money.

304
00:11:28,785 --> 00:11:30,780
You should not be doing

305
00:11:30,780 --> 00:11:30,979
fulfillment.

306
00:11:30,979 --> 00:11:32,438
You should not be editing your

307
00:11:32,438 --> 00:11:32,704
social.

308
00:11:32,704 --> 00:11:34,892
There's certain ones you can get

309
00:11:34,892 --> 00:11:35,357
it.

310
00:11:35,357 --> 00:11:36,020
Got it.

311
00:11:36,020 --> 00:11:36,611
Roger that.

312
00:11:36,611 --> 00:11:36,865
Right.

313
00:11:36,865 --> 00:11:40,176
There's softwares out there you
have to buy.

314
00:11:40,076 --> 00:11:40,921
Got it.

315
00:11:40,921 --> 00:11:42,611
You need those expenses.

316
00:11:42,611 --> 00:11:43,327
You need your CRM.

317
00:11:43,327 --> 00:11:45,760
And I get it all starts to add up.

318
00:11:45,760 --> 00:11:47,547
But guess what?
It's a business.

319
00:11:47,547 --> 00:11:51,746
Our overhead in this industry, if
there was a chart, I can only

320
00:11:51,746 --> 00:11:56,204
imagine what it would look like if
you had the overhead for a

321
00:11:56,204 --> 00:11:57,667
mortgage agent versus income
potential.

322
00:11:57,667 --> 00:11:59,586
Oh my God.

323
00:11:59,586 --> 00:12:02,031
You know, some businesses are

324
00:12:02,031 --> 00:12:05,585
pumping out 5, 10K a month.

325
00:12:05,485 --> 00:12:06,077
Easy.

326
00:12:06,077 --> 00:12:06,373
Easy.

327
00:12:06,373 --> 00:12:06,867
That's peanuts.

328
00:12:06,867 --> 00:12:10,020
You can pump out 1,000 a month,
1,500 a month.

329
00:12:10,020 --> 00:12:13,273
Like you need to spend some, even
if you're not making the money

330
00:12:13,173 --> 00:12:19,210
yet, who opens a business and
doesn't have a budget set aside to

331
00:12:19,210 --> 00:12:22,119
pay for all these things?
Why would you want to be learning

332
00:12:22,119 --> 00:12:25,600
how to, and I just keep using down
payment docs because that's

333
00:12:25,600 --> 00:12:25,928
fulfillment.

334
00:12:25,928 --> 00:12:28,169
It covers a lot of things and you

335
00:12:28,169 --> 00:12:29,427
do learn things while you do it.

336
00:12:29,427 --> 00:12:32,311
But then social media, like, why

337
00:12:32,311 --> 00:12:35,506
would you want to go learn all
those things and then like what's

338
00:12:35,506 --> 00:12:38,499
the end game are you eventually
going to get so and i've heard

339
00:12:38,499 --> 00:12:43,749
this well no i'm eventually okay
but when why the number one reason

340
00:12:43,749 --> 00:12:47,598
or time to hire an assistant is
when you don't need one like why

341
00:12:47,598 --> 00:12:52,117
what's what's that point in your
business where you just go, you're

342
00:12:52,017 --> 00:12:56,343
right, Ryan, I'm going to go hire
someone for this, this, this, and

343
00:12:56,343 --> 00:12:56,438
this.

344
00:12:56,538 --> 00:12:59,555
Like when, when does that come?

345
00:12:59,555 --> 00:13:03,062
How do you define that?
How do we judge that?

346
00:13:02,962 --> 00:13:05,421
That's what I want to know.

347
00:13:05,321 --> 00:13:08,861
Like it doesn't, you go do it now.

348
00:13:08,761 --> 00:13:13,830
I know three mortgage brokers that
are three years in doing a hundred

349
00:13:13,830 --> 00:13:14,780
million a year.

350
00:13:14,780 --> 00:13:16,821
And they approached me right at

351
00:13:16,821 --> 00:13:18,786
the beginning and all on their own
different timelines.

352
00:13:18,786 --> 00:13:21,901
They're three, four or five years
in right now.

353
00:13:21,801 --> 00:13:23,675
And they came into this setting
themselves up as a business owner.

354
00:13:23,675 --> 00:13:27,612
They came in going, I already know
I've got X amount of savings put

355
00:13:27,612 --> 00:13:27,782
away.

356
00:13:27,782 --> 00:13:30,160
And it's not to go live on.

357
00:13:30,160 --> 00:13:31,818
Those savings were expenses for
the business.

358
00:13:31,818 --> 00:13:34,662
I'm going to get an office, but
not a great office.

359
00:13:34,662 --> 00:13:38,816
But I do want a brick and mortar,
something somewhere where I can go

360
00:13:38,816 --> 00:13:42,320
and get out of my house because I
operate by that way.

361
00:13:42,320 --> 00:13:43,567
And I'm like, great.

362
00:13:43,567 --> 00:13:45,602
But it's not going to be like

363
00:13:45,602 --> 00:13:46,161
razzle dazzle.

364
00:13:46,061 --> 00:13:47,374
But I got somewhere.

365
00:13:47,374 --> 00:13:47,702
Perfect.

366
00:13:47,702 --> 00:13:47,833
Perfect.

367
00:13:47,833 --> 00:13:47,965
Awesome.

368
00:13:47,965 --> 00:13:50,317
And I'm going to hire someone to

369
00:13:50,417 --> 00:13:54,670
run my social because I know the
quicker I get to doing that, the

370
00:13:54,670 --> 00:13:57,788
more eyeballs I'll get, which
means more money I'll make and

371
00:13:57,688 --> 00:13:59,056
more people I can serve and more
opportunities.

372
00:13:59,156 --> 00:13:59,394
Perfect.

373
00:13:59,294 --> 00:14:01,939
And then I also need to know I

374
00:14:01,939 --> 00:14:05,801
need someone in to handle my
fulfillment and just a personal

375
00:14:05,801 --> 00:14:06,767
assistant.

376
00:14:06,767 --> 00:14:08,744
And we haven and did this.

377
00:14:08,744 --> 00:14:12,880
And now they're over a hundred
million making over a million

378
00:14:12,880 --> 00:14:13,786
dollars a year.

379
00:14:13,786 --> 00:14:16,670
But they chose to run it that way.

380
00:14:16,670 --> 00:14:19,060
I know this isn't for everybody.

381
00:14:19,560 --> 00:14:21,842
This podcast is brought to you by

382
00:14:21,842 --> 00:14:22,168
Americano.

383
00:14:22,168 --> 00:14:23,961
It's just one of those interesting

384
00:14:24,061 --> 00:14:27,113
things that, you know, let's talk
about coaching and training.

385
00:14:27,113 --> 00:14:28,580
Obviously, I'm a coach.

386
00:14:28,580 --> 00:14:32,069
I'm a It's what I It's my trainer.

387
00:14:31,969 --> 00:14:32,759
living But you do.

388
00:14:32,759 --> 00:14:33,821
don't need And now.

389
00:14:33,821 --> 00:14:35,192
now let's talk about that.

390
00:14:35,092 --> 00:14:36,807
coaching and I'm a training.

391
00:14:36,807 --> 00:14:37,315
I'm a trainer.

392
00:14:37,315 --> 00:14:37,633
Obviously, coach.

393
00:14:37,633 --> 00:14:38,370
It's what I do.

394
00:14:38,367 --> 00:14:39,160
It's my living now.

395
00:14:39,200 --> 00:14:40,128
But you don't need that.

396
00:14:40,128 --> 00:14:41,784
You don't need that in your

397
00:14:41,784 --> 00:14:42,860
mortgage business.

398
00:14:43,040 --> 00:14:43,308
You don't.

399
00:14:43,308 --> 00:14:47,041
You can run a business and you'll
get there.

400
00:14:47,041 --> 00:14:48,836
But it's like, how long do you
want to wait?

401
00:14:48,836 --> 00:14:51,492
If you want to get somewhere
faster, then yeah, you budget that

402
00:14:51,492 --> 00:14:54,444
in in i don't have the money okay
then keep grinding away and doing

403
00:14:54,444 --> 00:14:59,408
whatever you're doing that didn't
work for these people over here or

404
00:14:59,408 --> 00:15:02,853
delay where you want to go by
three years or you go and pay

405
00:15:02,853 --> 00:15:06,379
money where do i get the money
figure it out i'm talking about

406
00:15:06,371 --> 00:15:08,300
everything in your business not
just coaching and training, but

407
00:15:09,980 --> 00:15:10,747
you figure it out.

408
00:15:10,747 --> 00:15:11,993
You go borrow the money if you

409
00:15:11,993 --> 00:15:12,396
have to.

410
00:15:12,396 --> 00:15:12,900
Right?

411
00:15:13,280 --> 00:15:15,135
It's one of those things.

412
00:15:15,135 --> 00:15:18,670
I've never not had a coach.

413
00:15:18,670 --> 00:15:21,441
And it doesn't matter what it is.

414
00:15:21,341 --> 00:15:22,781
If it's sports, business, life,

415
00:15:22,781 --> 00:15:24,500
I've always had a coach.

416
00:15:24,560 --> 00:15:24,876
Just gets me where I want to go

417
00:15:24,683 --> 00:15:24,883
faster.

418
00:15:24,724 --> 00:15:25,030
Why am I going to sit here and try

419
00:15:24,850 --> 00:15:25,100
to figure this out?
I want the coach to tell me things

420
00:15:25,069 --> 00:15:27,097
to do to work on the one, two,
three things.

421
00:15:27,197 --> 00:15:29,962
And then guess what?
Now I'm not going to even go do

422
00:15:29,962 --> 00:15:30,234
them.

423
00:15:30,234 --> 00:15:33,235
I'm going to go find the person to

424
00:15:33,235 --> 00:15:34,726
go do it.

425
00:15:34,726 --> 00:15:36,668
But my brain works differently.

426
00:15:36,568 --> 00:15:38,104
So I'm just sharing snippets of
it.

427
00:15:38,104 --> 00:15:41,754
But if you want to run a
successful mortgage business as

428
00:15:41,654 --> 00:15:44,075
fast as humanly possible, that's
how you have to think.

429
00:15:44,075 --> 00:15:47,688
So there's certain things in your
business that should be

430
00:15:47,688 --> 00:15:50,748
non-negotiable for you and how you
spend your money.

431
00:15:50,748 --> 00:15:53,180
Having someone run your files for
you, the document, satisfying

432
00:15:53,180 --> 00:15:54,844
fulfillment, you don't get paid.

433
00:15:54,844 --> 00:15:56,899
They don't get paid until you get

434
00:15:56,899 --> 00:15:57,193
paid.

435
00:15:57,193 --> 00:16:00,031
So it's not like you even are

436
00:16:00,031 --> 00:16:03,056
forking out money today that you
don't have.

437
00:16:03,056 --> 00:16:07,720
There are a ton of people, a ton
that will slide right into that

438
00:16:07,720 --> 00:16:08,456
position for you.

439
00:16:08,556 --> 00:16:09,520
There's a lot.

440
00:16:09,520 --> 00:16:11,893
You just have to go find them.

441
00:16:11,893 --> 00:16:13,397
So now that becomes your

442
00:16:13,397 --> 00:16:14,146
challenge.

443
00:16:14,146 --> 00:16:17,242
So would you rather grind away and

444
00:16:17,242 --> 00:16:22,636
do all your down payment docs,
which are horrible to do and

445
00:16:22,636 --> 00:16:23,821
really not what you should be
doing?

446
00:16:23,821 --> 00:16:26,459
There's other people who are put
on the planet to do that stuff.

447
00:16:26,459 --> 00:16:27,076
It's not you.

448
00:16:27,076 --> 00:16:28,850
Not if you're in a mortgage broker

449
00:16:28,850 --> 00:16:29,698
and you're a salesperson.

450
00:16:29,798 --> 00:16:30,700
That's not you.

451
00:16:30,700 --> 00:16:32,055
The two don't jive.

452
00:16:32,055 --> 00:16:33,097
And if it does, then you're

453
00:16:33,097 --> 00:16:34,982
probably just not doing the right,
you're not in the right business.

454
00:16:34,982 --> 00:16:36,074
Or you just call what is.

455
00:16:36,074 --> 00:16:39,844
You go, hey, Ryan, I like doing

456
00:16:39,844 --> 00:16:40,637
everything.

457
00:16:40,637 --> 00:16:42,820
I like doing all 12 things in my

458
00:16:42,820 --> 00:16:42,885
business.

459
00:16:42,885 --> 00:16:44,950
I get frustrated with it.

460
00:16:44,950 --> 00:16:47,145
My quality of life is just okay.

461
00:16:47,145 --> 00:16:49,082
I get stressed out because I

462
00:16:49,082 --> 00:16:52,895
really don't like three, four of
them, but I'm okay with it.

463
00:16:52,895 --> 00:16:59,865
I'm okay to earn X, Y, Z. Then I
go, great, thumbs up, and don't

464
00:16:59,965 --> 00:17:00,949
complain.

465
00:17:00,849 --> 00:17:01,752
Then you're good.

466
00:17:01,852 --> 00:17:04,131
And some of you are like that.

467
00:17:04,131 --> 00:17:05,854
You're like, I'm cool earning X,

468
00:17:05,854 --> 00:17:09,393
earning XYZ and doing absolutely
everything in the business.

469
00:17:09,393 --> 00:17:13,430
You're like the restaurant owner
that you don't want to hire the

470
00:17:13,430 --> 00:17:13,855
dishwasher.

471
00:17:13,855 --> 00:17:16,333
You'll just do the dishes later.

472
00:17:16,333 --> 00:17:18,070
And you're like, I'll seat people.

473
00:17:18,070 --> 00:17:19,887
Maybe have one person come in and

474
00:17:19,887 --> 00:17:20,124
help.

475
00:17:20,124 --> 00:17:21,916
But I got it.

476
00:17:21,817 --> 00:17:22,472
I got it.

477
00:17:22,472 --> 00:17:23,652
I'll do it all.

478
00:17:23,652 --> 00:17:27,646
And instead of serving 80 people,
we only serve 20 at a time because

479
00:17:27,646 --> 00:17:30,708
but that, I got I got it.

480
00:17:30,708 --> 00:17:31,225
I'll it.

481
00:17:31,225 --> 00:17:31,741
do it And all.

482
00:17:31,741 --> 00:17:32,820
instead of serving 80 people, we

483
00:17:33,400 --> 00:17:37,540
only serve 20 at a time because
all I can handle, but I want to do

484
00:17:37,540 --> 00:17:40,545
everything because I'm either a
control freak or I don't think

485
00:17:40,445 --> 00:17:42,249
anyone else can do it as good as
me.

486
00:17:42,149 --> 00:17:44,860
Or I just generally like doing it.

487
00:17:44,860 --> 00:17:45,040
Sure.

488
00:17:45,040 --> 00:17:47,460
I don't know many of those people,
by the way, that like doing

489
00:17:47,980 --> 00:17:48,039
everything.

490
00:17:48,039 --> 00:17:48,862
They just do it.

491
00:17:48,862 --> 00:17:52,850
Because I think a lot of people
get lazy when it comes down to

492
00:17:52,850 --> 00:17:55,247
trying to go find the people to go
do it.

493
00:17:55,247 --> 00:17:57,109
I think that's what the true
problem is.

494
00:17:57,009 --> 00:17:57,860
And yeah, just pause there.

495
00:17:57,880 --> 00:17:59,251
If you're like, hey, something was

496
00:17:59,151 --> 00:17:59,300
weird.

497
00:17:59,980 --> 00:18:01,100
Yeah, I just paused it.

498
00:18:01,200 --> 00:18:03,260
I didn't know you could actually
do that.

499
00:18:03,360 --> 00:18:03,675
Oh, well.

500
00:18:03,628 --> 00:18:03,935
Live and learn.

501
00:18:03,935 --> 00:18:06,060
I thought I'd just record I'd be
it.

502
00:18:06,160 --> 00:18:08,782
I can like, pause oh, and go back.

503
00:18:08,782 --> 00:18:11,000
that Oh, and yeah, I thought

504
00:18:11,000 --> 00:18:11,300
learn.

505
00:18:11,300 --> 00:18:12,260
I'd just record it.

506
00:18:12,260 --> 00:18:14,531
I'd be like, oh, I can pause and
go back.

507
00:18:14,531 --> 00:18:17,124
Oh, yeah, that's cool.

508
00:18:17,024 --> 00:18:17,231
Duh.

509
00:18:17,231 --> 00:18:19,543
Right?
So which person are you?

510
00:18:19,543 --> 00:18:21,376
Where are you living on in this
world?

511
00:18:21,376 --> 00:18:24,707
Are you a business owner or are
you a guy or a girl that's

512
00:18:24,628 --> 00:18:25,093
pretending to be that?
And you're the so-called expert

513
00:18:25,060 --> 00:18:25,730
over here, advising people on all
this stuff, but I'm taking your

514
00:18:25,699 --> 00:18:26,089
own advice on certain things.

515
00:18:26,010 --> 00:18:27,453
And you're out there trying to be

516
00:18:27,453 --> 00:18:27,801
everything to everyone.

517
00:18:27,801 --> 00:18:28,079
Right.

518
00:18:28,079 --> 00:18:31,560
To be honest, like when we ran
ours, so you have your, your

519
00:18:31,560 --> 00:18:33,305
email, your domains, your G suite.

520
00:18:33,305 --> 00:18:34,831
We had our webinar software.

521
00:18:34,831 --> 00:18:35,486
We had Calendly expense.

522
00:18:35,486 --> 00:18:39,566
We had our CRM, the VIP club, and

523
00:18:39,566 --> 00:18:40,711
all that made us money.

524
00:18:40,711 --> 00:18:42,158
So it was like so easy.

525
00:18:42,158 --> 00:18:44,738
It's just like, we need to do all
this.

526
00:18:44,738 --> 00:18:46,740
It's marketing and we need to run
our business.

527
00:18:46,740 --> 00:18:47,125
Great.

528
00:18:47,125 --> 00:18:48,666
And then after that, I didn't do

529
00:18:48,666 --> 00:18:52,620
social media, but if I was, that
was my biggest mistake as a

530
00:18:52,620 --> 00:18:53,153
mortgage broker.

531
00:18:53,153 --> 00:18:55,589
If I went back into it now, yeah,

532
00:18:55,589 --> 00:18:56,683
I would, that would be my
business.

533
00:18:56,683 --> 00:18:59,629
It would just so happen to be I
did mortgages, and then I would

534
00:18:59,629 --> 00:19:04,685
just get good enough at mortgages
to process the stuff and handle

535
00:19:04,523 --> 00:19:04,658
the calls.

536
00:19:04,637 --> 00:19:04,853
But I would go learn the social

537
00:19:04,817 --> 00:19:04,896
media world.

538
00:19:04,965 --> 00:19:05,162
And do I like social media?

539
00:19:05,121 --> 00:19:05,340
God, no. I despise it.

540
00:19:05,311 --> 00:19:05,931
I don't like it.

541
00:19:05,931 --> 00:19:10,060
My next podcast, by the way, is
going to be the things I learned

542
00:19:10,540 --> 00:19:12,555
of doing social media for one
year.

543
00:19:12,555 --> 00:19:14,300
I'm one year into my social media
journey.

544
00:19:15,160 --> 00:19:18,850
But instead of me flying around
Canada, going to conferences where

545
00:19:18,850 --> 00:19:24,628
I don't really learn shit, I take
that money and I hire someone to

546
00:19:24,628 --> 00:19:25,964
run my social media.

547
00:19:25,964 --> 00:19:27,580
And I go, boom, guess what?

548
00:19:27,580 --> 00:19:29,081
Just found some money.

549
00:19:29,081 --> 00:19:31,291
Just found some money over here.

550
00:19:31,291 --> 00:19:34,824
Right?
And I look around and I go, what

551
00:19:34,724 --> 00:19:37,536
expenses is my spending that
aren't moving the needle in my

552
00:19:37,536 --> 00:19:40,546
business or freeing up my time?
Which are, sometimes they're

553
00:19:40,446 --> 00:19:42,122
actually taking you more time.

554
00:19:42,022 --> 00:19:44,914
The people who just want to go

555
00:19:45,014 --> 00:19:47,329
around all these conferences and
fly around, that's great.

556
00:19:47,329 --> 00:19:47,878
Hey, social, whatever.

557
00:19:47,878 --> 00:19:48,977
But then you can't complain that

558
00:19:48,977 --> 00:19:50,021
expenses are too high in other
areas.

559
00:19:50,021 --> 00:19:53,031
You're spending money there where
I already know it's not moving the

560
00:19:53,031 --> 00:19:54,044
needle in your business.

561
00:19:54,144 --> 00:19:55,712
So go hire a social media manager

562
00:19:55,712 --> 00:19:57,677
who edits and schedules your
videos and have that go out, which

563
00:19:57,777 --> 00:20:02,201
then allows you to, like I do, and
I'll explain in my next podcast, I

564
00:20:02,201 --> 00:20:07,380
record a video, I drop it in a G
drive, and I'm done.

565
00:20:07,580 --> 00:20:10,409
How much more advanced would your
social media be if you could

566
00:20:10,409 --> 00:20:15,070
record a video and drop it in a G
drive folder and walk away?

567
00:20:15,070 --> 00:20:19,085
I'm guessing a lot of you would
have pretty impressive social

568
00:20:19,085 --> 00:20:20,523
media accounts, but you don't.

569
00:20:20,523 --> 00:20:22,858
So you choose to spend your time

570
00:20:22,858 --> 00:20:25,776
and money somewhere else that
doesn't move the needle in the

571
00:20:25,776 --> 00:20:27,020
business, which is okay.

572
00:20:27,020 --> 00:20:27,380
Is it?

573
00:20:27,480 --> 00:20:28,040
I don't know.

574
00:20:28,040 --> 00:20:31,303
If I was an investor coming in,

575
00:20:31,303 --> 00:20:34,606
I'd be like, what the frick is
that?

576
00:20:34,606 --> 00:20:39,576
What are you doing over there?
So I was thinking all these

577
00:20:39,576 --> 00:20:42,866
decisions you make in your
business as if an investor was

578
00:20:42,766 --> 00:20:48,127
coming in and was like looking at
where your time is spent and where

579
00:20:48,127 --> 00:20:50,894
your money's spent and what the
bottom line, the business, not

580
00:20:50,994 --> 00:20:53,232
enough of us focused on the bottom
line.

581
00:20:53,232 --> 00:20:58,440
You think that by saving $50 a
month here, $200 a month here, a

582
00:20:58,540 --> 00:21:01,421
hundred here, but you're actually
winning when you're not, right?

583
00:21:01,421 --> 00:21:03,430
You should spend $100 and $200 a
month because you know it're

584
00:21:03,430 --> 00:21:05,217
actually winning when you're
right?

585
00:21:05,217 --> 00:21:09,361
not, You should spend $102 a month
because you know it's going to

586
00:21:09,361 --> 00:21:10,414
make you $2,000 a month.

587
00:21:10,414 --> 00:21:12,034
So we're going to wrap this up.

588
00:21:12,017 --> 00:21:14,605
I'm harping on this because I see
a lot of brokers doing it

589
00:21:14,604 --> 00:21:14,948
backwards.

590
00:21:14,948 --> 00:21:16,265
And I've seen this before.

591
00:21:16,265 --> 00:21:18,147
As times get tighter,
financial-wise, the business, the

592
00:21:18,247 --> 00:21:19,455
fear in the market, everything.

593
00:21:19,555 --> 00:21:20,525
Instead of you going on offense,

594
00:21:20,525 --> 00:21:22,375
mortgage brokers go on defense.

595
00:21:22,275 --> 00:21:23,590
The majority of them.

596
00:21:23,490 --> 00:21:24,271
They go on defense.

597
00:21:24,271 --> 00:21:25,920
Instead of looking and going, hey,

598
00:21:26,920 --> 00:21:28,630
there's market share here.

599
00:21:28,630 --> 00:21:30,790
Like if you're investing in the

600
00:21:30,790 --> 00:21:33,220
stock market, you don't buy when
it's high.

601
00:21:33,220 --> 00:21:34,287
You buy when it's low.

602
00:21:34,287 --> 00:21:34,918
Right?

603
00:21:34,918 --> 00:21:37,762
Buy low it's You buy when it's
high.

604
00:21:37,762 --> 00:21:37,973
Right?
low.

605
00:21:37,973 --> 00:21:39,868
Buy low, sell high.

606
00:21:39,868 --> 00:21:43,011
Buy high, I'm screwed.

607
00:21:42,911 --> 00:21:44,120
Right?
It's low now.

608
00:21:44,020 --> 00:21:46,052
You need to bring out more
arsenal.

609
00:21:46,052 --> 00:21:50,398
Otherwise, if you go and retreat
and think like you're so far

610
00:21:50,398 --> 00:21:52,807
behind, it's like, when do you
come back?

611
00:21:52,807 --> 00:21:56,173
You're waiting until the rates go
up and properties go up and buyers

612
00:21:56,273 --> 00:21:57,563
are flooding the market.

613
00:21:57,563 --> 00:21:59,689
Why are you waiting for all that?

614
00:21:59,689 --> 00:22:04,403
Why don't you just call what it is
and go, hey, instead of me

615
00:22:04,403 --> 00:22:07,969
spending $10 to make $40, now I
have to spend $20 to make $40.

616
00:22:07,969 --> 00:22:10,988
And I'm going to build a model
around that.

617
00:22:10,988 --> 00:22:13,166
So I'm going to go spend
accordingly.

618
00:22:13,066 --> 00:22:16,524
And I'm going to get my coaching
or training, which will get me

619
00:22:16,524 --> 00:22:17,134
there faster.

620
00:22:17,134 --> 00:22:18,711
I'm going to have my marketing

621
00:22:18,611 --> 00:22:18,877
plan.

622
00:22:18,877 --> 00:22:20,673
I'm going to spend money on it.

623
00:22:20,673 --> 00:22:24,445
It is crazy to me that people
don't have a marketing budget.

624
00:22:24,315 --> 00:22:24,912
It's just to say that out loud,
right?

625
00:22:24,781 --> 00:22:25,800
You want all these glorious things
to happen in your business and all

626
00:22:25,800 --> 00:22:29,754
these people to know about it and
blah, blah, blah, blah, blah.

627
00:22:29,854 --> 00:22:31,911
But you don't have a marketing
budget.

628
00:22:31,911 --> 00:22:35,604
Your marketing budget should be
like the biggest expense in your

629
00:22:35,604 --> 00:22:35,879
business.

630
00:22:35,879 --> 00:22:39,889
It's the biggest expense in most

631
00:22:39,889 --> 00:22:43,064
outside of labor and rent, which
we don't have.

632
00:22:43,064 --> 00:22:46,204
A lot of you don't have labor.

633
00:22:46,304 --> 00:22:49,996
If you have labor fulfillment, you

634
00:22:49,996 --> 00:22:53,024
pay out when you get it.

635
00:22:53,024 --> 00:22:54,697
So scratch that off.

636
00:22:54,697 --> 00:22:58,438
And then number two is your
overhead, like office space in

637
00:22:58,438 --> 00:22:58,646
that.

638
00:22:58,546 --> 00:23:00,557
But we don't have that majority of

639
00:23:00,557 --> 00:23:00,975
us.

640
00:23:00,975 --> 00:23:02,476
And if you do, you're not in a

641
00:23:02,462 --> 00:23:03,687
glorious building or anything.

642
00:23:03,687 --> 00:23:05,960
So scratch that off.

643
00:23:05,795 --> 00:23:06,626
So then your next step should be
marketing, should be your biggest

644
00:23:06,726 --> 00:23:09,659
expense in your business.

645
00:23:09,759 --> 00:23:14,562
And if you're sitting there not

646
00:23:14,562 --> 00:23:21,436
making a lot of money, by your
definition, what are you going to

647
00:23:21,436 --> 00:23:24,108
do?
Are you just going to look at more

648
00:23:24,208 --> 00:23:25,503
down payment documents?
Right?

649
00:23:25,403 --> 00:23:28,439
Are you going to go to more
conferences?

650
00:23:28,439 --> 00:23:30,799
Are you going to go to more lender
meetings?

651
00:23:30,799 --> 00:23:34,948
Or are you going to try to figure
out the marketing piece and spend

652
00:23:34,948 --> 00:23:36,695
money in it.

653
00:23:36,695 --> 00:23:37,788
Man, so backwards.

654
00:23:37,788 --> 00:23:39,678
It just frustrates me a lot.

655
00:23:39,578 --> 00:23:42,858
And I'm really coming at this in a

656
00:23:42,758 --> 00:23:44,249
good place for everyone here.

657
00:23:44,249 --> 00:23:45,839
I'm hoping, seriously, I'm not

658
00:23:45,839 --> 00:23:47,330
trying to help everyone.

659
00:23:47,330 --> 00:23:49,020
I can't help everyone.

660
00:23:50,700 --> 00:23:51,625
I can't save everyone.

661
00:23:51,625 --> 00:23:54,091
If there's like two of you that

662
00:23:54,091 --> 00:23:56,430
this just helps and you're like,
yep.

663
00:23:56,430 --> 00:23:56,726
Wow.

664
00:23:56,726 --> 00:23:58,084
Never thought about it.

665
00:23:57,984 --> 00:24:00,944
Thanks to the kick in the ass,
Ryan, blah, blah, blah.

666
00:24:00,944 --> 00:24:03,312
I'm going to reevaluate where I'm
spending my time and money.

667
00:24:03,312 --> 00:24:04,496
That's all I want.

668
00:24:04,496 --> 00:24:05,162
Okay.

669
00:24:05,162 --> 00:24:08,232
That's it kids.

670
00:24:08,232 --> 00:24:09,632
Um, next podcast, which I'm

671
00:24:09,532 --> 00:24:13,660
excited to do is I'm going to give
you a preface to it.

672
00:24:13,660 --> 00:24:16,042
But first this podcast I brought
to you for the third time by

673
00:24:16,042 --> 00:24:16,279
Americano.

674
00:24:16,279 --> 00:24:17,167
Next which podcast, I'm really

675
00:24:17,167 --> 00:24:20,462
excited to is I've make, been
doing social media for one year

676
00:24:20,462 --> 00:24:20,859
now.

677
00:24:20,859 --> 00:24:23,610
That's me starting my vehicle and

678
00:24:23,610 --> 00:24:24,554
driving home.

679
00:24:24,554 --> 00:24:27,169
I've been doing social media for

680
00:24:27,069 --> 00:24:29,115
one right?
year, Biggest mistake I made as a

681
00:24:29,115 --> 00:24:30,688
mortgage not doing broker, social.

682
00:24:30,688 --> 00:24:33,293
I've been doing it on five

683
00:24:33,293 --> 00:24:34,337
platforms for one year.

684
00:24:34,237 --> 00:24:35,688
It's been literally one year.

685
00:24:35,688 --> 00:24:38,424
I'm going to share all the things
I've learned.

686
00:24:38,424 --> 00:24:39,666
Man, have I learned a ton.

687
00:24:39,666 --> 00:24:41,021
I'm going to share it all.

688
00:24:41,021 --> 00:24:43,585
And I'm going to share it all from
your perspective, a mortgage

689
00:24:43,485 --> 00:24:45,642
broker's perspective, on what I
would do if I was a mortgage

690
00:24:45,742 --> 00:24:50,418
broker, and how I'd set things up
and whatnot whatnot and all the

691
00:24:50,418 --> 00:24:53,320
money or time we've wasted or
spent here and the stuff we've

692
00:24:54,680 --> 00:24:55,474
learned, softwares we've used.

693
00:24:55,474 --> 00:24:56,533
I'm going to cover them all.

694
00:24:56,533 --> 00:24:56,639
Okay.

695
00:24:56,639 --> 00:24:57,751
So that's my next podcast.

696
00:24:57,751 --> 00:25:00,154
Check it out.

697
00:25:00,154 --> 00:25:00,678
Otherwise, enjoy your day.

698
00:25:00,678 --> 00:25:01,466
Peace out, kids.