Velocity of Money (LA 931)
Transcript:
Steve and Jill here.
Mid yawn, hello.
Welcome to the Land Academy show. Entertaining land investment talk. I'm Steven Jack Butala.
And I'm Jill DeWitt broadcasting from sunny southern California.
When Jill gets done yawning we'll talk about the velocity of money today.
I'm so sorry. No it has nothing to do with this topic. I want you to know it has nothing to do with you. I didn't yawn like, "Oh here we go again. We're gonna talk about some accounting things. I'll just take a nap." Sorry.
The velocity of ... To your happiness, the velocity of money is very easy to talk about and very easy to explain and I never get tired of talking about it. And even if you know exactly what it is. It's still just good to refresh it in your mind or if you've never heard of it it's all good.
Oh goody.
Before we get into it let's take a question posted by one of our members on the LandInvestors.com online community. It's free.
Could you imagine. That's kind of funny. I never get tired about talking about the velocity of money. I never get tired about spending the velocity of money.
Yeah you know what we could talk about the outbound velocity of money.
Outbound velocity. I like this. Is this is inbound or outbound? 'Cause I have a lot to say about that too.
We'll talk about inbound and then outbound.
Okay good.
Never even thought about that.
Yes. Congratulations. Now this topic is important to me. Now I'm in. Okay Marilyn asks, "I nee help. My processes are all over the place and I'm wasting time retyping and recreating documents and emails for each deal. You could say I'm the copy and past queen. I know there has to be a better way. Most of my documents are in a Google Docs and I'm using Google Sheets to track deal flow. I've recently been playing around with a Google Sheet add-on called Document Studio, but it doesn't work every time. Probably operator error. Here again, I'm taking information from my main deal flow Google Sheet that I copy and paste into another Google Sheet to initiate the document merge letter. What do you use?"
"Do you hire a pro to set it up? A lot of what I learned is from you two so any referrals there would be useful as well. Any suggestions would be much appreciated. Thank you in advance. Marilyn."
Yes, hello Marilyn. What do you want to say?
You have to strive to be a linear thinker. First time I'm gonna get just slightly philosophical here.
Okay.
You have to look at every single task that you do and you kind of have to hate it. You have to say, "I really don't like doing this task. I'd like to remove it somehow." And not remove doing it today. Re-setup the system so that it's all together completely removed. I use the analogy like this. How many times you ever gone to a closet, like a hall closet to look for a tennis racket or something like that? And you know it's back there somewhere and you end up just completely reorganizing the closet and 20 minutes later you have a Goodwill pile and everything's completely organized and it doesn't probably make your spouse that happy.
Or depending on your spouse it makes 'em really happy.
Makes me happy.
That's how I think of everything. Every single thing I do I look at it and I say, "This is completely unnecessary. I need to relook at this."
That's a good analogy.
So you have to set up a system, you have to start thinking like this today. I don't care if you're brand new at this or you've done it a 150000 deals. There's a whole module in the House Academy program that the gist of it is this. You have to set up a system that's entirely and completely repeatable and it runs itself with other people without you. Or you will never truly scale this business to where it needs to go. So you can take that a million different ways, but you cannot work in your own business forever.
Does that mean you have to outsource purchase, acquisition decisions? No, but you can do 100 acquisition decisions on Wednesday morning be...