Podcast Summary: "Don’t Go Broke Trying to Get Rich with Ryan Pineda"

Podcast Information:

• Title: The Home Service Expert Podcast
• Host: Tommy Mello, $200 Million Founder | Forbes, Inc., Entrepreneur Columnist
• Episode: Don’t Go Broke Trying to Get Rich with Ryan Pineda
• Release Date: December 20, 2024

Introduction and Guest Background (00:00 - 03:37)

The episode opens with Tommy Mello emphasizing the holistic nature of being “broke,” not just financially but across various life aspects such as health, relationships, and faith. He underscores that financial struggles can ripple into other life areas, affecting overall well-being.

Tommy introduces Ryan Pineda, a seasoned real estate mogul who has invested over $100 million in real estate since 2010. Ryan is also an entrepreneur with seven different businesses, a dynamic podcast host, and a sought-after speaker. His family includes his wife, Mindy, and three children, James, Olivia, and Judah. Ryan’s passion for golf and his background in baseball add layers to his multifaceted personality.

Notable Quote: Ryan Pineda: “Love, Jesus. I think that was the only thing not in the bio, but everything else is there, man.” [02:51]

Living in Las Vegas and Real Estate Market Insights (03:37 - 06:07)

Ryan discusses his deep-rooted connection to Las Vegas, having been born and raised there. Despite living in various cities globally due to his baseball career, he finds Las Vegas unparalleled and ideal for business operations. He highlights the city’s favorable business environment, excellent weather, no income tax, and vibrant social scene, making it perfect for hosting events and attracting business partners.

When asked about the upcoming real estate market, Ryan anticipates localized improvements, expecting a better year than the previous one without extreme fluctuations. He sees potential in technological advancements, such as 3D printing for home construction, which could significantly reduce building costs and impact housing affordability.

Notable Quote: Ryan Pineda: “Attention is the most valuable currency there is right now because it's really the only limited currency.” [15:27]

Mentorship and Leadership Philosophy (06:07 - 12:16)

The conversation shifts to the importance of mentorship. Ryan praises Dan Martell and Ed Mylett for their impact on his business acumen and personal growth. He contrasts their humility and lack of ego with other speakers who tend to be more self-centered. Ryan emphasizes the significance of building genuine relationships without expecting immediate returns, as exemplified by his interaction with John Maxwell. By offering his office space generously, Ryan fostered a meaningful connection that benefited both parties without any transactional motives.

Notable Quote: Ryan Pineda: “He [John Maxwell] was like, hey, my friend John Maxwell needs a place to hold his event... I’m down. What does it look like? And I was like, I don’t even care. Let’s do it.” [12:00]

Building True Wealth Beyond Finance (12:16 - 34:14)

Ryan elaborates on his book, The Wealthy Way: Don’t Go Broke Trying to Get Rich, where he defines wealth holistically. He identifies five crucial pillars: faith, family, fitness, finance, and future self. Ryan emphasizes that true wealth encompasses all these areas, not just financial success. He argues that neglecting any one of these pillars can undermine overall well-being and success.

Tommy and Ryan discuss the importance of balancing personal and professional life. Ryan shares his daily habits, such as consistently expressing love to his wife via an app he developed, highlighting the necessity of daily intentional actions to maintain strong personal relationships. He also touches on the significance of delegation in business, asserting that while finances can be delegated, aspects like health, family, and personal growth cannot.

Notable Quote: Ryan Pineda: “If you’re not growing, if you’re not continuing to move forward, you’re moving backwards. I don’t like to just stay still in water.” [51:38]

Employee Management and Company Culture (34:14 - 42:08)

The discussion transitions to managing employees and fostering a positive company culture. Ryan shares his strategies for building a high-performing team, including creating detailed Standard Operating Procedures (SOPs) and depth charts to ensure consistency and efficiency across all operations. He credits his mentor, Al Levy, for instilling the importance of process orientation in his business practices.

Ryan highlights the value of treating employees as internal clients, advocating for personalized recognition and support. He shares innovative approaches like using apps to track employee milestones and sending personalized video messages to celebrate achievements or offer support during challenging times. This approach not only boosts employee morale but also enhances loyalty and productivity.

Notable Quote: Ryan Pineda: “It's about building the playbook, start to put together a learning management system... when you get an expected result, you can scale it a lot quicker.” [42:03]

Marketing, Attention Economy, and Content Creation (42:08 - 48:39)

Ryan delves into the evolving landscape of marketing, explaining the concept of the attention economy. He argues that attention is the most scarce resource in marketing, with businesses vying for a finite amount of consumer focus. As traditional advertising mediums like TV and radio become more expensive and less effective, Ryan advocates for leveraging modern tools such as micro-influencers and personalized content to capture and retain attention cost-effectively.

He also shares his insights on content creation within his team, emphasizing the importance of integrating content seamlessly into everyday operations. By equipping his team with the tools and mindset to create authentic content, Ryan ensures consistent and relatable marketing efforts that resonate with their audience.

Notable Quote: Ryan Pineda: “I think that attention is the most valuable currency there is right now because it's really the only limited currency.” [15:27]

Influence and Sustainable Growth (48:39 - 54:38)

When discussing influence, Ryan advises aspiring influencers to build a solid foundation first. He emphasizes that genuine influence stems from demonstrated expertise and consistent value delivery rather than superficial popularity. Ryan cautions against chasing fleeting trends, advocating instead for focusing on enduring industries like real estate that offer long-term stability and growth potential.

Both Ryan and Tommy agree on the importance of reinvesting in oneself and one’s business before diversifying into other investments like real estate. They stress that personal development and business optimization should precede external investments to ensure sustainable and meaningful growth.

Notable Quote: Ryan Pineda: “Most people haven’t done anything yet to, you know, like, why would I listen to you? Like, what’s your track record?” [46:41]

Books and Continuous Learning (54:38 - 55:07)

Towards the end of the episode, Ryan shares his reading preferences, highlighting Driven by Eternity by John Bevere as a pivotal faith-based book that has profoundly influenced his approach to business and life. He underscores the importance of continuous learning and adapting, noting that retaining key lessons from books requires consistent application and reflection.

Tommy recommends The One Thing by Gary Keller, reinforcing the value of focusing on essential tasks and priorities to achieve remarkable outcomes. Both guests emphasize that reading and applying knowledge is instrumental in driving personal and professional success.

Notable Quote: Ryan Pineda: “It’s the Power BI dashboards that could actually find out who’s an outlier of their normal patterns and recognize that because we want more of that behavior.” [44:48]

Closing Thoughts and Key Takeaways (55:07 - End)

In their closing remarks, Ryan and Tommy reiterate the significance of setting clear goals, prioritizing personal development, and maintaining a balanced life. They encourage listeners to focus on enhancing their hourly rate’s value, investing in personal growth, and building strong, supportive relationships both personally and professionally.

Ryan advises against premature investments in real estate without a solid financial foundation, urging entrepreneurs to first secure and grow their primary business operations. Both speakers advocate for a mindful approach to wealth-building, where financial success complements overall life satisfaction.

Notable Quote: Ryan Pineda: “Don’t buy a rental, invest in your business.” [54:41]

Key Insights and Conclusions

1. Holistic Wealth: True wealth extends beyond financial success to include health, relationships, faith, and personal growth. Neglecting any one area can undermine overall well-being.

2. Mentorship and Humility: Building meaningful mentorship relationships without ego can significantly enhance personal and business growth. Genuine connections often yield long-term benefits.

3. Process Orientation: Implementing detailed SOPs and regression testing in business operations fosters consistency, scalability, and efficiency.

4. Attention Economy: In modern marketing, capturing consumer attention is paramount. Leveraging micro-influencers and authentic content can be more effective than traditional advertising methods.

5. Sustainable Growth: Focus on personal and business development before diversifying investments ensures stable and sustainable growth. Avoid chasing fleeting trends for long-term success.

6. Employee Engagement: Treating employees as internal clients and recognizing their achievements personally increases loyalty, morale, and productivity.

7. Continuous Learning: Regularly reading impactful books and applying learned principles is crucial for ongoing personal and professional development.

8. Balanced Life: Prioritizing personal relationships and health alongside business pursuits leads to a more fulfilling and successful life.

Notable Quotes with Timestamps

• Ryan Pineda on Holistic Broke: “Don't go broke trying to get rich. [...] If you got problems with faith and you're not feeling purposeful and you feel void and empty, guess what? That affects everything.” [00:00]

• Ryan on Valuing Attention: “Attention is the most valuable currency there is right now because it's really the only limited currency.” [15:27]

• Ryan on Mentorship: “He was like, hey, my friend John Maxwell needs a place to hold his event... I’m down. What does it look like? And I was like, I don’t even care. Let’s do it.” [12:00]

• Ryan on Continuous Growth: “If you’re not growing, if you’re not continuing to move forward, you’re moving backwards.” [51:38]

• Ryan on Investing in Business First: “Don’t buy a rental, invest in your business.” [54:41]

This episode provides a comprehensive exploration of building true wealth, effective business strategies, and the importance of balancing personal and professional life. Ryan Pineda’s insights offer valuable guidance for entrepreneurs aiming to achieve sustainable success without compromising other vital life areas.