Episode 46

Published on:

24th Feb 2023

046: Rocky Lalvani - Changing the Money Mindset & Getting Value for Your Money

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Rocky Lalvani serves as Chief Profitability Officer (CPO) for business owners. He helps small business owners maximize their business’ profit so that they have time and freedom to do what they love. He does this by changing the mental accounting formula from ‘Sales minus Expenses equals Profits’ to ‘Sales minus Profits equals Expenses.’ The point is to make sure that profits come first.

Today, Jonathan and Rocky discuss the Profit First method, why there aren’t more wealthy people, and the misconception small business owners have about growth.

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Key Takeaways

00:49 – Jonathan introduces today’s guest, Rocky Lalvani, who joins the show to share how to get value for your money and other financial lessons that were critical to his success

07:02 – Rocky’s first paper route to his current role as CPO

13:56 – Why there aren’t more wealthy people

17:29 – Statistics on small businesses

19:55 – The two equations of Revenue, Profit, & Expenses

24:55 – The fallacy of ‘Growth’

27:26 – The Profit First system

31:55 – One piece of financial advice to heed and one thing to completely ignore

35:22 – The last thing Rocky changed his mind about and one thing Rocky would like others to know about him

37:44 – Jonathan thanks Rocky for joining the show today and lets listeners know where to connect with him

Tweetable Quotes

“I think the biggest lesson coming out of it all is you can live an abundant life on a pauper’s budget. I think, too often, people just overspend money and they don’t get value for it.” (05:14) (Rocky)

“I can look at a set of numbers and they tell me a story. I can look at data and I can pick out the anomalies. I know how to make the buck work. In small business, understanding numbers and stretching your bucks is what makes you successful.” (11:57) (Rocky)

“So there’s all these different money messages that are going into people’s heads, and if they never question them then that’s a problem.” (15:06) (Rocky)

“If nobody wants what you have to sell, or they aren’t willing to pay for it, then it doesn’t matter. I think that’s a big part of it. The other thing is understanding the business-to-business, understanding how to systematize, how to build processes, how to lay stuff out and get stuff done.” (18:57) (Rocky)

“Too often, I think [business owners] are focused on the wrong metrics, which is what’s the topline? The question, at the end of the day, is how much do you get to keep, how much do you get to take home, and how much is for you?” (25:57) (Rocky)

“Our first step is to sit down with the business owner, and the first question is, ‘Tell me about how you grew up and learned about money.’ Because whatever those money mindsets and habits are, I need to know how they are affecting you today, what the programming is, and what your core beliefs are and how are you thinking.” (30:59) (Rocky)

“Number one, you have to know where you’re going. If you have no idea where you’re going, how are you going to get there?” (32:30) (Rocky)

Guest Resources

Rocky’s LinkedIn

Rocky’s Website

Rocky’s Podcast

Mindful Money Resources

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About the Podcast

Mindful Money
Do you struggle with money? You’re not alone.
Money is a means, not an end. It’s a necessity of life for sure, but more money does not always guarantee a “good life”. Money enables many aspects of modern life, but as a dominant consideration it becomes destructive. 
The paradox is that more time and energy spent on personal finance does NOT create better outcomes. Unlike many other parts of life, we can’t create better outcomes by being smarter, spending more time, or putting in more effort.
Join Mindful Money author and experienced 40-year investor Jonathan DeYoe as he shares stories from artists, authors, entrepreneurs, and other advisors about how they mindfully minimize their need to think about money and get more out of life.
If you aren’t happy with your finances, feel like money takes more time that it should, or want to place your financial decisions into the broader context of your life, this show is for you. 
Each episode will draw the line between the “enough” activities that the academics tell us are additive to family outcomes, and those “little bit more” efforts that take time and sap energy, but do NOT improve outcomes.

About your host

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Jonathan DeYoe

Jonathan DeYoe is a best-selling author, speaker, financial advisor and angel investor. He is a husband, father and a practicing Buddhist. His simple underlying message brings a welcomed sense of order to financial chaos and restores a calm center to your financial life.