What does it take to be the best in your business or industry? What are the myths that keep you from attaining that? How would it be if your business sold itself from the results you get your clients?
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How To Find Wealth And Success In Your Industry With Tom Krol
Welcome to our show that’s for you, you who works so hard for money. You’re ready for your money. Start working hard right now. You want that freedom of cashflow today, not 30 or 40 years from now so you can live that life that you love with those that you love. It’s more important than just money. It’s not about getting rich but living a rich life. As you are blessed financially, you have a greater capacity to be a blessing in the lives of those around you. Not just your family but even the world and your community ultimately.
That’s the ripple effect I’m here to create for you. Thank you for reading and binging on our episodes. You guys have a lot of them to go back on. Thank you so much for being a part of this show. As a reminder, if you haven’t done so already, subscribe to our two YouTube channels. We have the Money Ripples Channel that you may or may not be subscribed to and the Money Ripples Podcast Channel. If you want to keep getting this education continuing and growing, go check those out.
I’m bringing on the coach of all coaches. You hear about people who are coaching coaches. That’s a little bit of a pet peeve in my world because a lot of those guys suck at coaching but that’s what they can do. Tom Krol is not that. Some of you might be familiar. If you’re in the real estate space, you may have already remembered Tom with Wholesaling Inc. Now, he’s doing Coaching Inc. He’s got his Rhino brand going right along with his coaching. I’ll tell you this.
From my experience, having sat with him for a couple of days in one of his workshops, if I had known Tom, and if Tom had done this eleven years ago when I launched Money Ripples, Money Ripples would have created a much bigger ripple effect had I done that. I got coached by lots of different coaches and business consultants.
I’m telling you, Tom is the guy you want to be listening to, especially because there’s a lot of crap taught out there. There are a lot of things that don’t work, especially if you want to be a coach or a consultant to bless more lives and create your ripple effect. I’m excited to bring Tom on. Tom, welcome to our show.
What an honor to be here. This is going to be a great adventure. I can’t wait to get started. Let’s dive right in. Thank you so much for having me. What a great introduction. It means a lot coming from you. Thank you very much. I appreciate the opportunity to share some thoughts here.
For those that haven’t met you, some of them have followed Wholesaling Inc, which has been following the show as well. Tell us more about you and your background.
It’s pretty boring but it’s the same hero’s journey that the marketing people always talk about. I was broke, poor, bankrupt, going through life, and frustrated. I wasn’t doing the things that you should be doing if you want wealth and success. I got fired from a job. Luckily at that point, my older brother called me and he said, “Enough.” He pulled me kicking and screaming and dragging me the whole way through.
From that point on, I’m blessed. I say this with humility. Only through the grace of God, I had tremendous success. It’s a whole new ball game and I love it. I get to pour into all of these industry leaders, coaches, influencers, and all of these other people. That has been an awesome adventure. It’s been a blessing. It’s a fun ride. I love it.
When you transitioned in the last few years to go more into the coaching space, what was the inspiration behind that? Why did you do that?
I’ll go right out of the gate here and say this, which a lot of people are going to turn off your show when I say this so I’m going to go right into it. I am a big believer in personal experience. If you look at people who are struggling and not struggling financially, I always say that success and wealth are different. I believe that wealth is an external comparison to other people. Either you or I have more of something. It’s comparative. Success is an internal comparison to your ideals. Whatever your definition of success is probably different from mine.
In either scenario, all definitions of success will relate to a good night’s sleep. Nobody says my definition of success is I want to be riddled with anxiety and crippling fear when I go to bed at night. I want to put my head on the pillow, have a good day at work, and go to bed. One of the things that I believe in is personal experience. There are a lot of lines between the people who are successful and wealthy, and the ones who aren’t. People who are successful and wealthy read and do certain things that are different. One of them is they are careful about who they allow to give them advice, instruction, and feedback.
I had only through grace and humility, a tremendous success as a coach. For me, it was very natural. I started to get questions about coaching. I noticed that a lot of people’s background in the coaching space is marketing, not coaching. Their only coaching business is coaching coaches. I don’t fault these people. They’re good people. There’s no judgment there. My experience was in building, running, and selling a coaching business. It’s where my questions were coming from. For me, it was a very natural transition.
I value, as far as I go, my clients and my children. I believe that this thing only allows certain types of people who have personal experience to pour into you. That’s generational wealth. Generational wealth is all of the things that have nothing to do with how much money we leave our kids. If you want to produce generational wealth, take your kids to a garage sale and have them negotiate $0.50 off of a toy they want but the money we leave is not generational wealth.
This is one of those things. I only take feedback from five people. It’s people who love me, pay me, I pay, regulate my industry, or are already where I want to be. That’s why I’m in coaching because I fit that last category, which is I was a coach, built a business, and then coached coaches. It’s very natural. This is a vocabulary problem. There’s a difference between a mentor, coach, consultant, and teacher. They have all these words.
At the end of the day, if you don’t know English, I don’t want you to be my kid’s English teacher. If I go to hire a personal trainer, I want that person to be fit. If I’m going to have somebody teach me how to become wealthy, I want that person to be wealthy. To me, that’s a pretty low standard but not always in our society. I get a lot of flack for even saying this. It’s interesting.
I was sitting there and you were talking about this at your workshop. I had to go side tangent and thought along those same lines. There’s that common theme someone says, “Don’t follow anybody you don’t want to trade or exchange your life with.” I realized that’s not always true. It could be they’re taking pictures in front of some plane or a car that they either rented or just saw on the street. I’ve also noticed this too. We talk a lot about passive income and creating that. There’s a big difference in skillset between growing your money and making or earning money.
For example, I hear so many people say, “I went to the richest person in my town and they were a dentist or a doctor. I decided I was going to become a dentist or a doctor because they make a lot of money.” They’ll ask those people for financial advice. Those people sometimes are as dumb and clueless as everybody else. I’m not saying everybody’s dumb. They made good money but it didn’t mean they knew how to grow and create wealth with that. They just knew how to have a good income.
I remember sitting there in your event and that light bulb came on. I was like, “That’s exactly what my message has been. Stop listening to people who make good money but can’t replicate it in the very thing that you’re trying to replicate too. You got to have people that have proven to do that.” I love what you say, especially about that. What I always teach on a show is dollars follow value. Prove it with the results you get your clients. That’s the ultimate real measurement of success in your coaching business.
If we talk about what are those traits, there’s so much misinformation out there about what contributes to wealth and success. It is surprising that even just as a society, we haven’t dialed this in and there’s so much misinformation out there. That is part of the issue. We can touch on all of those things because they’re super easy. I’m a simple person. Anything complex is like a lore that tricks us. Obvious and good advice is good but one of those things is being a good steward.
I can say for sure that one of the things I teach my clients all the time is that hustle is a season, not a lifestyle. This is my number one lesson. We will get older. It’s not that we get tired or lazy. It’s that our interests change. We don’t have that same grit and determination to go out there and hustle. It’s important. One thing I teach my clients is to never say, “My money.” It’s not your money. You are a steward of money. The better steward you are, the more money you’ll be put in charge of.
The beginning of financial freedom is understanding that it’s not your money and you have a responsibility. The older you get, the more you see that this is a 40/60 rule, 40% making it and 60% managing it. You and I both know that many “successful entrepreneurs” move mountains of money but have a net worth under $100,000. This becomes more important as we get older.
I remember you mentioned that as well. “Hustle is a season, not a lifestyle.” Many people get caught in their rat race of hustling. They think, “I’ll keep reinvesting my business. We got to keep hustling and making it happen.” They’re 60 years old, burnt out, fried, and want to give away their business at that point. They don’t even want to sell it. They’re just like, “I’m done.” They didn’t make anything that was scalable and sellable anyway. That’s sad. I made that same transition. By the time I got to my middle 30, I said, “Do I want to keep doing this forever? This is going to drive me nuts.”
Provide specific instructions. Even as a coach, I can say this to my clients and look at the mixed bag of clients that I have. Some of the traits are, you’ve got to be a reader. Audible and listening is great. When I was a kid, I was told I had a learning disability. I was an audible learner and all of this other jazz. If you can read street signs, you can read a book. Commit to four pages a day and start with that. That’s a big one. Another simple one is to measure your net worth. You and your significant other, as a family, measure your net worth every week. It’s a very simple formula. “If I sold everything and paid off everything, this is what I would be left with.”
If your net worth is not growing every time you make money, earn money, or get paid, every single time that happens, something in your finances is broken. It’s so simple. What do people who struggle do? They make decisions based on cashflow. “I can afford this or not afford this based on how much I make.” That’s not what wealthy people do. They look at their cashflow and net worth. When you look at net worth and cashflow, you’re like, “I could afford a $50,000 car.” When you look at your net worth, you’re like, “I’m not putting 5% of my net worth or whatever it is into a car that’s going to be worth half in a year.”
The exercise of measuring, looking at, considering, and weighing options based on net worth is a whole new ballgame. It’s little tiny things like that. There’s nothing big and profound. It’s simple. Read, measure your net worth, and hire a team. This is the other thing. “Ask who? Ask how? What does that mean?” People talk about this all the time. What do they do? As soon as they have something, they’re like, “I’m going to figure out how to learn Kajabi and build a funnel.” What are you talking about?
Build a product first.
It’s so funny because it’s like they know it but their knee-jerk instinct is as soon as they get into this project, they start learning how to build an email list or film a module. No, that’s not your brain. You’re the captain of the ship. You’re not the engineer or navigator. Your job is to talk about your vision, have a clear vision, and share it so that you attract amazing, awesome, incredible, loyal, hardworking people. You get them to help you build your vision. That’s what you do. I’m in trouble when a client says, “I learned how to build a field and a CRM.” “Please, don’t do that. What are you doing?”
They became a very good virtual assistant.
Unfortunately, another systemic problem is the lack of not asking who but asking how is our natural inclination. When we follow it, it’s a very frustrating hamster wheel at best.
Everybody’s gotten all excited about Alex Hormozi, especially because he did put on a webinar. Even though I didn’t watch the webinar, I did listen to something else of his recently that I thought was interesting. I want to get your take on this too. You could build on this. He was talking about the problem with a lot of entrepreneurs. They just try to sell stuff. They’ll flip fast. They’re not patient enough. They keep flipping to the next thing, trying something new, and offering a different product.
He’s like, “Test your product. Make sure it delivers massive value and then sell it. Even if it takes you a year to test it and work with clients or customers on this, test it first. Make sure you’re delivering value. Most of the time, your problem is not about whether you can make money. It’s about are you delivering something that gets results?” What are your thoughts on that?
Chris, I’m so glad you brought up Alex Hormozi because I know he’s the topic of the day. I will first say I’m a huge fan. I love Alex. He’s brilliant. In $100M Offers on page twenty, he has his Grand Slam Offer, How To Do That. On page 41, he has his How to Niche Down Into a Niche, which is brilliant when he talks about the sales niche.
Before we even delve into what he taught, everyone is trying to look at him, emulate him, and have his result. What a lot of people miss about Alex Hormozi is that they have no chance of becoming Alex Hormozi. The reason is that the number one predictor of success for an entrepreneur is their ability to handle pressure. Alex Hormozi has mastered his emotions and mental state to handle the amount of pressure that comes with his level of success.The number one predictor of success for an entrepreneur is their ability to handle pressure. Click To Tweet
What people often talk about is the fear of failure. I’ve been coaching for years. I have more than 10,000 hours of coaching and more than 5,000 students. I can tell you with certainty that for entrepreneurial people, especially type A drivers, there exists almost no fear of failure. Some people have a fear of looking foolish but I have yet to even encounter someone who says, “I’m afraid to do something because I might fail.”
What is far more frequent and common is people have a real and meaningful fear of success. Quite frankly, they should. What we have been taught for 6,000 years is that staying in a group and being in a group is very safe, at least for a season. When you have success, you are in every way putting yourself outside of that group and asking for attention. That doesn’t always fare well. If you don’t have the fortitude and the mental toughness to deal with that, you’re going to go out of that group, come right back, and find the level of pressure that you can deal with.
The first thing that people have to ask is they think very often that they want something. I have clients who sometimes come to me and say, “I want to be the biggest,” which is always a red flag. Often, they don’t and they don’t know what that means. You want to be the best, not the biggest. You have to first ask yourself when you are looking at Alex Hormozi’s stuff, “Do I want that level of attention and success that’s going to put me out where I’m going to be so far outside of everyone else?”
Everybody knows it. When you’re successful, it immediately affects everything in your life. People will say they’re haters. No, you’re not like the rest. That is challenging for people and ourselves. What I would say as far as your ability to produce a good product, as always, Alex is 100% spot on. He’s brilliant in everything that he produces. The number one metric for every coaching business, which nobody wants to ever talk about, is student success rate.
1) What they don’t realize is that by addressing this, you are going to find your life’s purpose as a coach. 2) In this search for that customer success rate, you are going to find all of your power, greatness, and strength. I would say go slow and be the best. When people pay you their hard-earned money, be dedicated to fulfilling whatever it was that you promised them before you took their hard-earned money. Are we all perfect at this? No. Making not just revenue in the first position but student success methodology a priority will give you what we talked about at first, which is success and a good night’s sleep. It’ll give you wealth and success.
As far as Alex, that’s the first thing that people have to look at because the first little pressure is when they tuck their tail and run back to the group. Success is dangerous. It’s not a pretty picture. I’m sure you’re an entrepreneur and you’ve had nights curled up in the fetal position crying. I have no doubt because anyone at your level has. We all have, myself included. That’s the first thing to look at with someone like Alex Hormozi, who does seem to have more testosterone than most people I know, which probably helps. He’s a great example of someone who can do that.
Did you have a camera in my closet the other night when I was crying?
I know. It’s tough out there. I have to keep my victory bell as an NLP distraction so I have to snap myself out of it sometimes but there you go.
That’s the one thing I love about you, Tom. You do focus on that client’s success. That’s something that I’ve always valued. It’s hard when you have a lot of coaches out there saying, “It’s about revenue, the number of people, the metrics, and things like that.” Screw that. Are people’s lives changing for the better because you came in it or are they walking away worse? What it’s about is how are you blessing their lives and making them better so that it is worthwhile. That money was well invested and not well blown. I love that.
To be clear, that’s not because I’m a good guy or a saint. It’s because I know my tendency would not to do that. I would tend to use my charismatic personality, network, and resources to grow and collect revenue. The realization over the years is that your commitment and recommitment to your client base in a greedy, selfish, and flesh way will produce the outcome that you want.
The best version of wealth and success is what you find by making that commitment to your clients. It turns out that in this particular case, as in which most the harder thing, the right thing has the best outcome. It’s the realization of that for sure. I have all kinds of problems. I’m not any kind of a preacher. I have all kinds of issues, vices, and shortcomings. I mess up every day.The best version of wealth and success is what you find by making that commitment to your clients. Click To Tweet
Welcome to the human club. Tom, this has been awesome. I agree. You are someone who lives and walks that talk that I so look for in a great coach. You are that person. If somebody wants to follow you, what would they do? How would they find you?
I have no idea because this is the first show I’ve done in about 3 or 4 years maybe. I have no funnel, tunnel, webinar, seminar, or anything like that. We have www.CoachingInc.com, which is our website but the Coaching Inc Student Client Roster is full. That’s not a marketing scheme. I don’t have any room for any clients right now but we’re going to be launching Coaching Inc Podcast soon so they can check that out.
If they want to know some good books to read, we do have a funnel, which is the CoachingInc.com/21books. Those are the 21 books that if you’re getting started, I know this sounds like elementary simple advice but read every single day. Don’t listen to anybody. Don’t let anybody lie to you about your learning disability.
If you can read a street sign, you can read one page a day. I say that with grace but the biggest difference for me was reading every single client I have who is extraordinarily successful and is a reader. There is not an exception to that. There’s not a dissenting opinion about the power of reading in 6,000 years of recorded history. Never pick your books. That’s another secret too.
Make sure that the books that you are reading are recommended by the people who are where you want to be. Otherwise, if you pick a book on your own based on the cover or the title, I won’t name any books, but you might pick the wrong book. Eighty percent are not the right books. It’s not about how many books you read but it’s how many times you read the same books.
Amen to that. Tom, I appreciate your time. People can even follow you on social media, Tom Krol. Thank you so much for being generous with your time.
I’m happy to be here. It’s a great adventure. Chris, thank you. It’s an honor to be interviewed by you. I enjoyed our time together and I’m looking forward to the next event. I’m sure we’ll do something again soon. It would be fun.
Everybody else, remember that it’s not just about being the hearer of the word here but being a doer. Put it into practice and make this work in your life. Go and make it a wonderful and prosperous week. We’ll see you later.
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About Tom Krol
Tom Krol, owner of Coaching Inc is a master coach that has guided many to becoming the top leaders in their industries. Tom began as a real estate investor, then turned to coaching thousands of successful real estate investors in his company, Wholesaling Inc, before he sold his interest to start Coaching Inc.