The Power of Putting Profit First in Our Business & Having an Abundance Mindset w/Mike Gandolfo
Breakaway Wealth: Episode 5 – Often, the most effective fundamentals of building wealth work even better when we combine them. What are some of these methods and how can we put them to work for us? How do you change from a scarcity mindset to an abundance one?
On this episode, real estate entrepreneur and investor, Mike Gandolfo, shares his insights on building wealth and bringing value.
“Winning is the fundamentals done consistently over a long period of time. -Mike Gandolfo
Get the Episode on YouTube:
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Three Things We Learned from this Episode
Don’t try to be everything in your business all the time
Many entrepreneurs have a poor quality of life— not because they don’t have money, but because they wear all the hats in their business. If we want to change this, we have to set good boundaries so we can be available and present for our families. We can’t be in work mode 24/7 because we won’t be able to maintain a peak state for that long.
Good property management will justify their value
A huge limiting belief a lot of people have when it comes to investing in real estate is thinking they’ll have to manage the property themselves, or have to incur the cost of a property manager. However, getting a really good property manager who is worth what we pay them takes a lot of that stress off us.
Why we should pay ourselves first
Entrepreneurs are often taught to take out their operating expenses when revenue comes in, but we can actually take out our profit and our tax first. What we have at the end are our operating expenses. This makes us more intentional and better prepared to make it last.
Breaking away from the system means breaking away from how the majority earns, spends and views money— and it’s worth it. It means we step away from playing a game we were never meant to win in the first place, and we get more freedom and control over our lives. Our goal is to have passive income coming in that exceeds our ideal standard of living. When we combine infinite banking and investing in real estate, revenue starts flowing back to our banking system a lot faster. This means we reach that passive income— and our goals— faster.
Mike Gandolfo is the Broker Owner at RE Solutions LLC. He founded RE Solutions in 2011 out of his house and built it into an award-winning business. Go to https://www.resolutions.realtor/ for more information.