Billion Dollar Vision
Our podcast is designed to educate current and future business owners to dream bigger, expand their minds further and implement practical steps to enhance their lives with each episode. Please join us as we dive into business topics that we face as current seven figure entrepreneurs. We will also bring you exclusive interviews of some of the most incredible business owners in the world!
Billion Dollar Vision
Knowing Your Numbers: The Silent Key to Entrepreneurial Success
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Celebrity financial advisor Rob Wilson shares how understanding your money can transform your business and create true financial freedom through smart investing and strategic planning.
• Not knowing your numbers is the biggest mistake entrepreneurs make
• Financial freedom means having passive income that covers major monthly expenses (around $10k/month for most)
• Setting specific financial goals with exact dollar amounts and timeframes is crucial to success
• Information about investing is readily available today - no longer an excuse not to learn
• You can start investing with as little as $5 - begin with an amount you can afford to lose
• Investing involves risk but offers tremendous upside through compound interest
• View your business as a vehicle for investment, not just your sole income source
• Hiring a team allows you to scale beyond creating "just a job for yourself"
• Today's educational system creates employees, but entrepreneurship will be increasingly necessary
Follow Rob Wilson on social media @RobWilsonTV to learn more about financial freedom and investment strategies.
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Introduction to Rob Wilson
Speaker 1Hi everyone , welcome .
Speaker 1Today I am interviewing Rob Wilson and Rob is actually my husband Trey and I's personal financial advisor , but he is also a celebrity financial advisor , advising both celebrity and athletes .
Speaker 1We just happen to be probably your most normal clients that you have and we met Rob a few years ago when he was a speaker at Phenomenal Life with Eric Thomas and when we met Rob , it truly like Rob , I don't think I've told you this enough but like changed the trajectory of our lives so much because we aren't taught this stuff growing up and I feel like it's actually really looking at this like the biggest scam of our lifetime that what you teach is not taught to us at a very early age in school .
Speaker 1Like I actually think it is the biggest scam of our lifetime and it should be and everyone should know this stuff . But anyway , rob , we have worked with him for the last , I think gosh now three years as our financial advisor , but he is also partners with us teaching the six week financial freedom blueprint and he is going to be an upcoming guest speaker in our seven figure team program . So thank you so much , rob , for seven-figure team program . So thank you so much , rob , for one changing our lives and how we view money and investing , but if you wouldn't mind sharing a little bit about your experience as well , in a little bit more detail , yeah for sure .
Speaker 2Well , the first thing I want to say is that , look , it's been really a pleasure and an honor to work with you and Trey , and really kudos to you two , because you guys actually sat down and took action on a lot of the things that we discussed . We talked about what you learned and some people , even though they have access to the information , don't take the next step and put that information into place . Take the next step and put that information into place . So kudos to you guys for you know really getting serious about it and putting that information to good use . So it makes me feel great to hear you say that .
Speaker 2As far as my background , you know it's a little bit of a windy road , but you know I started out as an engineer . I studied engineering in college and then I went to go work for one of the largest IT consulting firms in the world . I focused on IT there , but while I was there , you know , I sort of noticed that the people that were really successful weren't the techie people . They were the folks that were out generating business , bringing in new clients , and I decided that I wanted to be more of one of those folks . I didn't want to be pigeonholed as the techie guy forever .
Speaker 2So I went back to school , I got my MBA at Carnegie Mellon , and then my interests just changed a little bit . My eyes were open , my horizons were expanded to entrepreneurial opportunities , and so I decided to pursue finance because , for me , I thought it was the best of both worlds that I could be both technical and continue to use that side of my brain . But I was never the pocket protector kind of engineer . I always wanted to be out , meeting people , building relationships , speaking that sort of thing , and I felt like , uh , being in finance could really , um , hit both of those two areas for me . So I started my financial career at Smith Barney , eventually started a firm with a partner and then , in 2014 , went solo and I've been running my own
Biggest Mistakes Entrepreneurs Make
Speaker 2independent financial advisory practice ever since . So I've had the again the pleasure and honor of working with some really great people like you and Trey , and then also some you know notable folks , some athletes and entertainers that tend to keep me on my toes as far as my practice goes .
Speaker 1That's amazing , and so I'd love to start with asking you because you work with a lot of entrepreneurs , right Besides celebrities , who can be entrepreneurial what do you feel like is the biggest mistake that you see business owners and entrepreneurs make when it comes to their money and finances ?
Speaker 2Yeah , the biggest mistake that I tend to see entrepreneurs make is really not knowing their numbers , and so people get into the business or into a business for a number of different reasons they want some time freedom , they want some independence , they don't want to be relying on their boss , and all of those things are fantastic . They may even think they have this great idea that they want to get out there , which is also great . But if you don't know your numbers , it's really going to be very difficult to be successful in that business . If you're not mindful of how much your raw materials costs versus what you're charging out there in the marketplace , where is your price in relation to all of your competitors ? How do you fit into that scheme ? How much money does it take for you to market in order to actually get new clients through the door ?
Speaker 2You know , a side of this is one of the biggest problems that business owners have is that they just don't have enough leads , and part of that is because they don't spend enough money , they don't advertise enough , and it becomes a snowball from there . So if you really focus on knowing your numbers , it will make it so much easier to make the difficult decisions that you need to make in order to make your business successful . But if you don't know those numbers , you're just gonna be throwing darts against the wall and hoping something sticks .
Speaker 1Yeah , I 100% agree with that . And now so say , someone learns their numbers and they realize okay , I'm , you know , profiting 30% every month in my business . What do you feel like is the first or the next best step for someone to start going from ? Okay , I understand my numbers now , but going from , like , the mindset of day-to-day operations or month-to-month , to really changing their mindset of like , how do I turn this business vehicle into a vehicle that could give me long-term , you know , financial freedom or wealth ?
Speaker 2Right , that's a great question , and actually I probably should have led with that maybe in your first question , because what I do see one of the just biggest issues with not only entrepreneurs
Setting Specific Financial Goals
Speaker 2but just individuals in general is that they really don't have a firm grasp of what their goals are , what are they even trying to accomplish ? A lot of people that I'll sit down with and I'll say , okay , what is it ? You know , what do you need to do , what do you want to do here ? And most people don't know how to answer that question . They don't know what they need in order to have a comfortable retirement , but what's even worse than that , they don't even know what it is that they want . So somehow , as they've grown up and sort of gotten settled into what they were doing on a day-to-day basis , they've become detached from being able to dream , being able to be in tune with what their true desires are , and just sort of taking what the world gives them . Just sort of taking what the world gives them .
Speaker 2And so what I would say for everyone , entrepreneur or not , is that you have to be sure that you have some really , really specific goals and understand what it is that you're trying to accomplish . So , if it is your business , you need to get specific with that . If you want it to be , if it's $100,000 a year that you want the profit to be , if it's a million dollars a year , then you need to be upfront with that , okay with it , comfortable with telling everyone that you know . Because , again , you can't figure out and put your time and effort into the steps that it's going to take in order to hit that number until you can come to grips with it yourself . And so that would be the very first thing that I start with .
Speaker 2Because , to get back to your question , if you're saying , okay , I'm profiting 30% , you don't know whether that's good , whether that's bad . Are you on track in order to hit that goal or are you behind and need to change some things ? So if you set some really , really specific goals I mean very specific dollar figure Okay , we cannot just , you know , tiptoe around what it is it's a hundred thousand , if it's a million , if it's 5 million , whatever it is , write it down . That's your goal and a specific timeframe . Do we need to get there this year , next year , two years , three years , five years ? It's only then that you can put a detailed plan together and know exactly what you need to do when you wake up in the morning , in order to get closer to that goal .
Speaker 1Gotcha and I feel like a lot of people don't really understand like what true financial freedom is . Could you define that for people ?
Speaker 2Yeah , so the way .
Speaker 1How do people get their freedom number in terms of finance ?
Speaker 2Yeah , the way that I would define
Defining Financial Freedom
Speaker 2freedom , and I believe that it's a lot less than most people think . Okay , most people think that they have to go hit the lottery and then they'll finally be . Okay , um , but I would say you are really financially free If you've got a steady recurring income that is equal to or greater than your major monthly expenses . Okay , so , um , what I mean is your rent , your mortgage , your utilities putting food on the table , that sort of thing , not your Netflix and not your gym membership and those sorts of things , but your major monthly expense , if you've got a recurring income that can take care of those things . Your car payment okay , that goes in there .
Speaker 2Now the pressure is off . Your shelter is taken care of , there's food on the table , you have your transportation , the lights are on . Now you've got the freedom . You've got time freedom , because you can go to your kid's baseball game if you want to without worrying about where the next dollar is coming from or what your boss is going to say . And now you've got , I think , some mental freedom as well , because now , instead of worrying about that daily grind every day , now you can truly think strategically and how do you get to even bigger levels in your life , in your career , your business and your finances . So for most people this is going to be something around $10,000 a month . Let's just say , in most places in the United States , if you can create a recurring income of about $10,000 , that's going to give you a lot of time and mental freedom to really go get to levels that you maybe never even dreamed of .
Speaker 1And so with the reoccurring now is that , would you say that reoccurring could be through your job , or you mean reoccurring more passive income that wouldn't require you to , like , trade your time for money ?
Speaker 2Yeah , I would say something a little bit more passive , because if you have to get up and go and be somewhere at eight o'clock on Monday morning , that's not really giving you the financial freedom that you're looking for . So , something more passive where , let's say , if you do have your business , you have employees who are working for you . They are generating that revenue . That is a predictable revenue to you on a monthly basis . If you have rental property , okay that you're gaining rents every month , that's predictable , you know it's coming in . So , yes , something a little bit more passive that does not require necessarily your hours . And I know you can't go from zero to financial freedom right away . It definitely is a process , but I think that that's where most people want to get to , where they're not having to go punch a clock for their income . They've got , you know , assets that are generating income for them . That gives them the freedom that they're looking for .
Speaker 1And now so for , like the everyday business owner and like the business owners that we work with , as you know , cause you've worked with a lot of our clients are , um , you know , they're beauty business owners , so they're women . A lot of them are artists , if you , you know , beauty business owner , so they're women . A lot of them are artists . If you , you know , by
Importance of Investing
Speaker 1the e-myth book and they maybe didn't like study finances in school and so , like , what is the best vehicle and place for them to ?
Speaker 2start to eventually hit that number . Yeah , so you know I'll do a little bit of self-promotion here , but I wrote a book called Secure the Bag , which sort of distills at that time I think I was in the business for about 15 years and a lot of the questions that would sort of come up over and over and over again . I just put them in the book to make it a really handy resources for someone who didn't grow up talking about money at the dinner table . I know that I did it and I had to figure out a lot of these things on the fly and through trial and error . So you know that's a that's a great place to start with a book like that .
Speaker 2But there are there is a preponderance of information out there now that is at your fingertips and easy to get to , though you do want to be careful with believing a lot of what you hear on social media and some of these folks out there . You got a lot of people who are not professionals , who have decided that they're just going to put a lot of financial advice out there . So I would say , find someone that you feel like , that you can trust , that has their credentials and experience , you know in this area and start to you know , learn a lot of these topics . It's no longer an excuse that , hey , my parents never taught me this or they didn't teach this in school . Those are all things that continue to happen on a day-to-day basis , but we can't make that an excuse anymore , because the information is there .
Speaker 1Yeah , absolutely , we say the same thing . It's like if we have the information and we don't make a change , like the next generation of kids I feel like is going to have it it's at least what it seems like with AI and you know so many jobs going to be replaced by AI and inflation going up and the expense of everything , I feel like if we don't set our kids up now , like they're going to have a really like way harder time than us like ever to buy a house or really find like a basic job , and so it really is up to us to like implement because we have the info and so in this plan , how important is investing in this ?
Speaker 2Oh , investing is critically important . You again , we're talking about having assets that generate income for you , and certainly that could be a business . Certainly that could be rental real estate , but obviously there is a big , huge stock market out there as well where you can invest in these companies that are building the next generation artificial intelligence tools and involved in all other sorts of technologies and just businesses that people need to use on a day-to-day basis . It's one of the , I think , marvels of the world that we have the ability to invest in these companies and really benefit from compound interest . So you put your money in there and every single year , maybe not every year sometimes the market does go down , and that is a fact of life . The market is not going to go up all the time , and it's not going to go up in a straight line , but over time what we have seen is that the market does tend to appreciate , and so for you to be able to take advantage of compound interest , where not only does your principal grow , but now you're getting interest on the interest that you gained last year , I mean it really is just a wonderful thing that we all need to take advantage of , and so , again , I realize that we weren't taught it .
Speaker 2If your parents didn't invest , you likely didn't learn how to do that from them . But again , the information is there and it's a lot easier now because there are so many online tools that you can use to start investing . And guess what ? You don't need a lot of money to get started with investing . I hear that as a roadblock from a lot of people as well . Rob , I can't get started investing right now . I just don't have a lot of extra money . You can start today with $5 in your pocket and then build from there over time . So it's not an excuse that you don't have any money . It's not an excuse that you don't have the information . It's really at your fingertips .
Speaker 1Yeah , and I was just going to ask you that , like , what do you feel like stops people when , like they , it's like , it's almost like you know you should invest , but like , is it fear or is it just uncertainty of like knowing what to invest in or how to invest ?
Speaker 2So I think there's both . I think there is definitely the fear of the unknown Well , I don't know how to do it . I don't know how to make a trade , all of those sorts of things . But also , investing is risky , right , there is inherent risk there . You're going to have to be comfortable with , at some point , losing some amount of money on some investment right , I've been doing this for 20 years . Not every company that you invest in is going to , you know , go to the moon , right , but what you want to do is put together a solid portfolio where you're winning investments , far outpaced any of the investments that don't go as well .
Speaker 2But I say this all the time you can't learn how to ride a bike by watching bike riding tutorials on YouTube . Okay , you have to actually get in the game , to get comfortable with it , to take your lumps a little bit , get
Creating a Business as an Investment Vehicle
Speaker 2on the bike , skin your knee up a few times . That's fine , it's going to happen . You start doing it and you really don't even have to think about all of the nuts and bolts , because once you get familiar with it , you know that's why they say it's like riding a bike . You know it becomes very easy to you , and so I think you just have to get in there .
Speaker 2You have to start with with some amount of money that you can afford to lose . So if you're starting today from no knowledge , you say I'm going to put some money in there If it goes to absolute zero , which probably won't happen . But let's just say if this amount of money goes to absolute zero , it's not going to hurt me . I'm still going to be able to pay my rent , put food on the table , that sort of thing , and then you will get more comfortable with it over time . You will realize it's not this , you know , really mythical thing out there . If you get in and you follow a process , you can make it work for you over time .
Speaker 1Yeah and like . Since meeting you , our philosophy has changed so much , even when it comes to business . In terms of like , what is the business actually for ? And , of course , it is to provide , like for your livelihood , right , and like your family and everything that you need right now . But now it's like the lens that we are looking at our business through , which has honestly changed everything . I mean , we're about to change our whole lives because we want to invest more and we're really looking at our future selves in terms of when we're 55 and 65 and so on , and we believe now that your business is the vehicle to invest and I think that's a really important um , not not that it's not important , but it's it's .
Speaker 1It's like a mindset flip from like what we've been taught to be , like , okay , you open a business and like that's it .
Speaker 1But so many people don't realize like at one point or another most people unless you have a team and systems and processes in place , you don't really have a business that you could sell one day .
Speaker 1If it's just you or you don't have the right team and systems or profit , you know if something happens to you and the business closed down , what are you going to do , and so investing , you know , if something happens to you and the business closed down , what are you going to do ?
Speaker 1And so investing , you know you said , is critical , and I think what people need to realize is that when you invest now , you can own more than just your business , like you really become an owner when you start investing and and for your like gosh , I'm just so excited for people to learn from you , rob , because when I say like you changed our lives , it's not just us , it's literally like the thing I get most excited about is our kids and like setting them up , and people don't realize the power of compound interest , that you could literally make millions of dollars in free money and you show this example with investing for your kids and how to leverage being a business owner to be able to do that in a tax-free way .
Speaker 1And so I'm very excited for you to be a guest speaker in our next round of seven-figure teams and also once our program ends . Then your program starts , which is the six-week Financial Freedom Blueprint , where you'll really go through every step to set yourself up for financial freedom long-term , which has been such a great program for all of our clients .
Speaker 2Yeah , absolutely . I think it's going to be huge . I mean , we've seen some real transformations from people who have already gone through the program and I appreciate you bringing that up because this is such a it is a really important topic in mindset shift , because what a lot of people do which I think is great but what they do in the beginning is that they create themselves their own job . So I like that , because now they're not necessarily relying on somebody else . They've created a great job for themselves , but now they have to graduate to the next step of that , and that means hiring people , hiring employees , so that you're not stuck doing everything in the business which doesn't allow you to scale . If you really look at the people who are successful , look at the folks who are on the top of the Forbes 500 list okay , it's not people who are trying to do everything themselves . It's folks who understand the ability to scale and maybe they had to start
The Need for Financial Education
Speaker 2as a one-person practitioner in order to get going . If that's what you have to do , I love it . Please go do it tomorrow , but definitely keep your eyes set on , okay .
Speaker 2How do I take this to the next level ? How do I hire one person ? How do I hire a team ? How do I open 10 different locations ? Now you've really got a conglomerate that is starting to grow and bring in a lot of income , and then from there you go . Yeah , how do I invest in other businesses ? How do I buy other businesses ? That's when the numbers really start to add up and you create a life that you've never dreamed of before .
Speaker 1Yeah , and it just it does become , excuse me , exponential in terms of like , when you see how compound interest can work , when you start investing like that , it is like beyond your wildest dreams of what is actually possible without you trading time for money to do it .
Speaker 2Yeah , and unfortunately , that's how schools were built to basically be employee factories , and so that's why , for the last whatever it is 200 years , 250 years we've just taught kids in a way that makes them come out and be a good employee for someone else . But , to your point , a lot of those jobs that those employees were going to go into aren't necessarily going to be there in the future , and so it's almost going to be a necessity that you know the next generation of folks are creating their own enterprises so that they have more control over their lives , more control over their destiny , because they're just , I don't think are going to be as many opportunities as a lot of us had when we were growing up .
Speaker 1Yeah , absolutely Awesome . Well , thank you so much , Rob . I'm so excited for you to teach in the program and for your program that starts right after . Where can people find you if they want to reach out ?
Speaker 2Sure , I love to hear from folks . So I am at Rob Wilson TV , everywhere on social , so please give me a follow . Feel free to send me a DM with any of your questions . I would love to hear from you .
Speaker 1Awesome . Thank you so much . Bye everyone .
