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Business Coach Sales Team Time

This business coach transcription provide for the Thrivers out there.

Clay Clark – Head Business Coach: This is what I tell the sales guys, because I want you to educate us here, okay? Because I’m teaching the sales guys, I say, “Guys listen, they will buy 100% of what they’re qualified for. So you just have to keep showing them stuff.” So people are like, “I do want this lamp and this head of David, and this couch, and this pillow,” and next thing-

Tim Redmond – Executive Business Coach: So they’ll walk off with 100% of what they got qualified for?

Clay Clark: Every time. It’s like [crosstalk 01:09:16]-

Tim Redmond: [crosstalk 01:09:16] to qualify them for everything they can do.

Clay Clark: It happens in jewelry, it happens in furniture, it happens all the time. So, if I’m someone listening right now and I’ve got into that kind of debt, is that priority two debt? What kind of debt is that, bro?

Kevin Jacobs – Business Coach Client: That would be more priority one debt.

Clay Clark: What?

Kevin Jacobs: Yes because that type of debt also have very high interest rates because the borrowers are typically not as highly qualified.

Clay Clark: I bought a limited edition mattress, though, and I was told that it’s more of a collector’s-

Kevin Jacobs: It’s going to appreciate in value?

Clay Clark: It appreciates in value over time-

Kevin Jacobs: Yes, yes. Thats great business coach strategy right there!

Clay Clark: I was told it’s the King Arthur edition-

Kevin Jacobs: Sure.

Clay Clark: Do you believe that? That’s an accurate move?

Kevin Jacobs: No, no, no. So, in other words, based off of this business that you worked with, there’s a lot of people that are struggling financially, but they have very nice furniture.

Clay Clark: You know, you make me feel bad.

Speaker 9: Broadcasting live from the center of the universe, you’re listening to the Thrive Time Show.

Clay Clark: Now, Thrivers and business coach clients, I’m just going to tell you this, I love you guys so much, this is how I view the game of sales and some of you are like, “You’re such a dirty person, how do I even trust you?” Tim, talk to me about this, okay? Credit is a double edged sword. A hammer is basically … A hammer can be used to build things, it could be used to strike someone in the forehead and kill them.

Kevin Jacobs: Such violence.

Robert Zoellner: You’re right, I mean, technically you’re right.

Tim Redmond: So you want me to comment on that?

Clay Clark: No, I want your feedback, I mean, credit, when should I use … A lot of entrepreneurs are listening to this-

Tim Redmond: Yeah.

Clay Clark: When should I use credit for my advantage and when shouldn’t I? Good debt, bad debt, you’ve heard the [inaudible 01:10:41], “There’s good debt and there’s bad debt,” what do I do?

Tim Redmond: This is not always what I followed, but I like the realignment, my wife are into now, where if it’s something that’s going to make us money, then that’s a credit thing, that’s like an investment. So you’re going to put a little bit of credit, rather not, but put a little bit of credit if it’s going to make you money. If you’re just going to spend it to use it, don’t do it on credit.

Clay Clark: So, Z, I’m going to ask you this question, I’m not going to ask you a specific number, but when you built your facility-

Robert Zoellner – Business Coach Program CEO: Okay, to my one to thing.

Clay Clark: [crosstalk 01:11:18]

Robert Zoellner: We’ll call it the thing.

Clay Clark: I’ll call it the Colosseum of optometry.

Robert Zoellner: Okay.

Clay Clark: Over there by Dr. Robert Zoellner and Associates-

Robert Zoellner: Okay.

Clay Clark: Is the Colosseum of optometry. That place is a beautiful, spectacular-

Robert Zoellner: Thing.

Clay Clark: Magical marketing machine. When you bought that thing, it’s got to be expensive, I don’t even want to ask how much it cost, but it cost a lot.

Robert Zoellner: To build it? To buy it? [crosstalk 01:11:37]

Clay Clark: To build it, to buy the land, to build that thing, it had be at least-

Robert Zoellner: [crosstalk 01:11:39]

Clay Clark: Yeah, it had to be at least $7.

Robert Zoellner: Well, it was at least $7, yes, you’re right.

Clay Clark: So it was some money.

Robert Zoellner: Yeah, it was bigger than a bread basket and it was more than $7.

Clay Clark: Did you think it was okay to maybe borrow some money for that or do you want to spend all the cash immediately and-

Robert Zoellner: No, I sold both my kidneys to pay for it. My business coach told me to. 

Clay Clark: I’ve always wondered [crosstalk 01:11:55] been kidney free.

Robert Zoellner: I’m debt free, so I mean … But that dialysis, boy, that’s tough on you after so many years. It’s been 25 years, that’s tough on you, the dialysis.

Clay Clark: Really, for that kind of thing-

Robert Zoellner: I’m feeling a little, you know, maybe I need a little dialysis [crosstalk 01:12:06]- a little business coach analysis.

Clay Clark: Did you borrow some money for that or did you pay all cash-

Robert Zoellner: Yes, of course I did. Tim said it well, if you’re borrowing money to grow your business, if you’re borrowing money to-

Clay Clark: [crosstalk 01:12:15]

Robert Zoellner: Make money, then that’s okay. If you’re borrowing money though just to buy something that’s going to depreciate, that’s something you have to take a really hard look at.

Clay Clark: It’s King Arthur, it’s limited edition mattress, it actually appreciates in value over time.

Robert Zoellner: The more you sleep on it?

Clay Clark: Yeah.

Kevin Jacobs: Speaking of things that actually appreciate in value, which is step number eight-

Clay Clark: Okay, give it to us.

Kevin Jacobs: Is actually buying a home.

Clay Clark: Buying a home?

Kevin Jacobs: I recommend that clients look at buying a home two to two and a half times their gross income. So-

Clay Clark: That’s gross.

Kevin Jacobs: This hypothetical client that you gave to me that’s make between-

Clay Clark: $55,000 a year.

Kevin Jacobs: Yeah, 55 … We’ll just do 60, the math is a little bit easier. So that person should look at buying a house between 120 to $150,000.

Clay Clark: I don’t think anyone listening just heard a word of what you said, as a business coach I think it was so easy to just go, “Yeah, that’s someone else’s life.” No, no, you, the listener, we care so much about you and I know that you are some of the most intelligent people on the planet because you could be listening to political nonsense that you cannot control, but instead, you’re focused in on a show that can help you grow your wallet. You just said, take your income, your total, that’s how much money you’re paid, not how much money your business brings in, but how much money you have to spend, right?

Kevin Jacobs: Yes. Personal.

Clay Clark: And multiply it times two?

Kevin Jacobs: Two to two and a half times.

Clay Clark: So I’m making $60,000 a year at my job, you say how much of a house should I buy?

Kevin Jacobs: Between 120 to 150. Now, this goes against that example you were talking about with the furniture. Not every mortgage broker is like this-

Clay Clark: Oh, no.

Kevin Jacobs: But the mortgage broker may say, “Hey, you qualify for $225,000,” but my astute client who I’ve been working with knows, wait, wait, wait, danger, danger, that’s above my two to two and a half times [crosstalk 01:13:54]-

Clay Clark: I’m a marketing guy, I’m a marketing-

Kevin Jacobs: I’m going to purchase-

Clay Clark: Stop it.

Kevin Jacobs: Between 100 to 125-

Clay Clark: You stop, I’m a marketing guy, I work with a mortgage company, two mortgage companies-

Kevin Jacobs: I know, I’m sorry.

Clay Clark: Right now, and this is what we do. We’re in multiple states. Listen, right now, you can borrow $300,000 and pay roughly $1,400 a month-

Kevin Jacobs: Yes.

Clay Clark: After interest, you’re at $2,000 out. I’m making 60 grand a year, I can afford to pay $1,400 a month.

Kevin Jacobs: Yeah.

Clay Clark: When we get back, I want you to wrestle with me and tell me why I should not buy that $300 house with that veneer, Z, the hand scraped whatever, the granite whatever-

Robert Zoellner: [crosstalk 01:14:24] Got the granite.

Clay Clark: The [crosstalk 01:14:26]-

Robert Zoellner: The granite.

Clay Clark: The dining room I’ve never sat in. The home office that I can’t use because my kids keep pooping in it-

Robert Zoellner: [crosstalk 01:14:31] personally.

Clay Clark: All right, stay tuned. Thrive Time Show, it’s going to get epic in here. Boom. (music)

I almost don’t want to speak over this incredible song, this song is incredible, incredible jam. My dad loved this song, I love this song, we play this song in the car and all of the sudden all conversation would stop and we’d focus on what matters, which is singing this song. Can you crank it up just for a second?

Robert Zoellner: [crosstalk 01:15:02]

Clay Clark: It’s fabulous Friday. Business coaching clients and Thrivers, this is awesome. Oh wow, if you know these lyrics, that’s okay, I’m going to give you 10 seconds, sing along here, here we go. So good. Four, three, two, one, okay, we’re back into it. Sowing and reaping, financial freedom, we’re talking about how to get from where you are right now to where you want to be. The example we’ve been talking about is if you’re a 30 year old person listening and you want to retire with a million bucks, we’ve got a certified financial planner on the show, Kevin F. Jacobs. F stands for financially free. Kevin, financially free, Jacob, certified financial planner. He’s walking you through the steps to achieving financial freedom. Kevin, back to you, what’s the next step, my friend?

Kevin Jacobs: So yes, we finished off with step number eight which is buying a home. Step number nine is actually paying off what I call priority three debt. That’s paying off your home, paying off your student loans, paying off business loans, working towards that. Then step number 10-

Clay Clark: No, no, no, no, no. No, you’re not getting away that easy here. So you’re saying priority three, what is priority three and what’s not priority three? Give me a couple examples of what’s a priority three?

Kevin Jacobs: Priority three, paying off your home.

Clay Clark: Paying off your home.

Kevin Jacobs: Paying off a business loan.

Clay Clark: Okay.

Kevin Jacobs: Pay off a federal subsidized student loan.

Clay Clark: Dude, I’ve got all sorts of issues with what you’re just saying right now because I’m a listener-

Kevin Jacobs: Sure.

Clay Clark: And I’ve been told my mortgage companies and [inaudible 01:16:22] market, that I’m pre qualified for this big of a house, because the mortgage industry says, listen, for only $2,000 a month, roughly, right now, after taxes, insurance, whatever, you could afford a $300,000 home, you should go get that. But you’re going, “No, homie, you might be qualified for 300,000, but you should only buy $120,000 home.”

Kevin Jacobs: Sure. At a maximum, I like to keep clients at about 25% or lower of their net pay, of what they actually bring in, for a mortgage payment.

Clay Clark: See, I’m like, with you, a little bit crazy. I like to do one times what I earn in a year.

Kevin Jacobs: Sure.

Clay Clark: That’s my whole move.

Kevin Jacobs: Sure.

Clay Clark: I want a house I can just pay off in a year-

Kevin Jacobs: Sure.

Clay Clark: It freaks me … I see people that are paying the big interest, and the mortgages-

Kevin Jacobs: Sure.

Clay Clark: And it freaks me out. I feel like there’s a lot of people right now who are struggling because they maybe bought a house that they regret buying, what advice would you have? How should they get financially free?

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