In this episode, we got a chance to chat with the self-storage king himself, Scott Meyers. He’s an expert in the self-storage business and has an unwavering passion for sharing his experiences and wisdom to help others.
He’s in the show to share some tips on how you can make your money work for you so you can focus on living your life exactly as you’ve always wanted. Listen to today’s show, and learn a thing or two from this savvy industry expert!
Key Takeaways for This Episode:
[1:45] How did Scott Meyers start in the real Estate investing world?
[6:26] What early lessons did he learn about money, and how does that compare to his recent experiences?
[9:12] What prompted him to implement the Profit First system?
[11:50] Scott explains how he still uses reserves for growth
[15:15] At the end of the day, you need to run things bright and stop putting your business and everyone in your team at risk
[15:55] What does it take to have a business that is running, profitable and successful?
[19:50] What does he want to pass on to the next generation regarding money?
[23:07] Don’t get overleveraged. Have those cash reserves in place, and be prepared for that.
[23:54] Surround yourself with people who are smart about money. Who also has reserves and cash.
Quotable Quotes:
[8:03] “We immediately learn that we have to turn the business around.”
[8:20] “You have to have a little more runway, a little more cash reserves to weather any kind of storms.”
[12:22] “We sometimes fall on that gap of continuing to plow every penny into our business, and we do it at the expense of leaving our cash reserves short.”
[19:21] “If you want to be able to help people that are in that poverty, you can’t be in poverty yourself.”
Links:
Profit First Real Estate Investing by David Richter-https://simplecfosolutions.com/profit-first-david-richter/
Profit First by Mike Michalowicz- https://www.amazon.com/Profit-First-Transform-Cash-Eating-Money-Making-ebook/dp/B01HCGYTH4
Self Storage Investing – https://selfstorageinvesting.com/
The Pumpkin Plan by Mike Michalowicz- https://www.amazon.com/Pumpkin-Plan-Strategy-Remarkable-Business/dp/1591844886
Rich Dad Poor Dad by Robert Kiyosaki-https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194
Tired of living deal to deal?
If you are a real estate investor or business owner who is tired of living deal to deal, and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. – David
