“If we don’t have conversations about money, if we don’t talk about it, then how are we going to figure out how to have money and be wealthy?” – Rocky Lalvani
Overview of the Episode
How to make wise financial decisions to make business profitable and become wealthy?
In today’s episode 78 of Meaningful Work, Meaningful Life podcast, I am excited to have on the show today Rocky Lalvani, a multimillionaire who has built wealth the old fashioned way, through an automated system. He helps business owners to make wise financial decisions and ensure that the business is profitable immediately, and everyone gets paid without the need to analyse financial reports.
Rocky helps them to make better decisions on how they spend within their business appropriately by looking at their financials and makes sure that they are profitable. He wants to help people build a strong financial foundation so that they can take care of their families, serve their communities, do what they love.
In this conversation, he shares how his immigrant parents left their country with $25 in their pocket and how he made his dream come true to be a millionaire. Rocky’s purpose is to help people become wealthy and to keep more of their money. He believes that if we are going to put our time and effort into running any business, we should be rewarded.
Here’s a snapshot of a few things we talked about
- It is important to understand the business of business before going to start one.
- If we don’t have conversations about money, then how are we going to figure out how to have money and become wealthy?
- Automating savings is the first step towards financial success. Making commitments to small payments add up to monthly obligations. We need to make sure to stay well within our budget.
- Our first thousand dollars is the hardest, second thousand is easy. So once we clear a hurdle, the second goes much faster than the first.
- We should learn how to behave in uncertain economic times like current COVID situation as business cycles always come and go
- Understanding Parkinson’s Law will help you to spend with intention and not overspend in your business.
- Creating multiples accounts for income, tax, profit and others makes us more resourceful and force us to really think about how much we can spend.
- Benefits of using drip accounts for seasonal businesses.
- Keep cutting costs and keep increasing your profit. So your pays can be variable.
- We have to stop and take a breath, and then figure out what is important and what is not.
Fire Questions and Answers
When you travel, do you select your flight by the cheapest flights or by the duration?
I consider not only the duration, but the time that we are leaving. I want to make best advantage of the day. We have a local airport, but sometimes we have to travel a little bit further to get to the airport. I don’t want a rushed day by getting up at 4 am in the morning. Also if I can’t get good sitting, I won’t take that flight.
If you had just one laptop and a hundred dollars to start making money today, what would you be doing?
I would put my laptop down, and I would go start talking to people and asking them what the biggest problem you have at the moment. And if I could figure out a solution for you, how much would you be willing to pay?
If I find a problem that people were willing to pay to solve, I’d figure out a way to solve it for them and start generating income.
What is financial freedom for you?
Financial freedom for me is time freedom. It’s the ability to do what I want, when, how and with whom I want. So the work I do now is for my retirement lifestyle business.
What is your definition of Meaningful Work, meaningful life?
There’s a perfect concept that I heard about recently. It’s a Japanese word called Ikigai. It’s the combination of something that you’re good at and enjoy doing, what the world needs and is willing to pay for it. We have the freedom to make choices, and we’re not dependent on someone else to solve our problems.
Last piece of guidance to do more meaningful work and live a meaningful life?
I will leave you one money tip. If you are a business owner or an employee, take 1% of your income and put it into a separate account, and start saving. And three months from now, just up it to one more per cent and just keep doing that little by little and over time. Within six or seven years you can be at a 25 or 30% savings or profit rate. Make sure you put that in a vault so that you can’t touch it and allow it to grow.
Quotes by Rocky Lalvani
- We can figure out ways to get things done when we’re constrained. When we’re not constrained, we spend like crazy. It’s human nature.
- The biggest thing we struggle with is the reflection in the mirror. Face the mirror and realize that you are enough wherever you are.
- We have to start our day with gratitude and just be thankful for the things that we do have instead of always being regretful for the things we don’t have.
- Organize your life, own your time so that you have the time to breathe and relax and enjoy the journey.
- Money is not evil. It’s just a tool which allows us to exchange goods and services. And if we use our tools wisely and take care of them we can build wealth, and there’s nothing wrong with being wealthy.
- Take 1% of your income, put it into a separate account and start saving
- If we have a lot of wealthy people than we can survive COVID, do the things we want, and have the freedom to make choices and are not dependent on someone else to solve our problems.