Episode 143: Profit First Lessons From Pat Precourt A Highly Skilled Entrepreneur and Expert in Developmental Coaching
The Profit First REI Podcast
January 02, 2023
David Richter
Summary:
The Profit First method is based on establishing good financial habits. However, to adopt this approach, breaking free from negative behaviors that hinder growth is necessary.
Our guest today is an expert at helping others break through and develop a better mindset, not just in money but also in leadership, teamwork, and personal growth. He is a knowledgeable real estate investor, coach, mentor, speaker, and real estate investor.
Pat Precourt is a highly skilled entrepreneur who excels in personal development coaching, marketing, business development, and more. Tune in as he provides a rich source of insight into overcoming bad habits and achieving financial growth!
Key Takeaways:
[00:45] Introducing Pat Precourt and His Background in Developmental Coaching
[03:52] The Common Financial Struggles of Entrepreneurs and How Pat Helps Them Recover
[11:32] The Predictability of Human Behavior and How It Can Be Used for Developing Change
[13:12] Pat’s Personal Money Struggles
[14:50] Why Many People Live Deal-to-Deal and How to Break Away From It
[19:31] How Pat Helps Leaders Who are Stuck Grow
[25:55] The Benefit of Having a Coach When It Comes to Creating Positive Change
[28:05] Pat’s Habit to Succes: Show Up and Build Momentum
[30:35] The Hardest Lesson Pat Has Learned
[33:04] Connect with Pat
Quotes:
[15:33] “We don’t lack work ethic…We’re tough. We can endure a little pain and endurance…but as a result of that, we put ourselves in a position to endure a little pain. And we put ourselves in a position where we have to work long hours, only because we’re capable of it, and therefore we let it [happen].”
[26:27] “Your mind that got you this far, which is filled with all of your life experiences, all your wisdom, knowledge, expertise… [it] got you this far, [but it] can’t get any further on its own. It only knows what it knows. And that’s why you’re exactly where you are right now until an outside force leans into you. And that’s what a coach does for you.”
[29:06] “ I made a habit of showing up. I think showing up when you’re down and out and feel like shit, or you’re crabby and grouchy…Just showing up is more important than then staying home and finding excuses why you should why you didn’t show up.}
Connect with Pat:
Website: https://patrickprecourt.com/
Social Media: “Patrick Precourt” on different platforms
Tired of living deal to deal?
If you are a real estate investor or business owner who is tired of living deal to deal, and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. – David
Transcription:
Pat Precourt:
But that’s exactly how life works. There’s so much we want to know that can only be revealed through this process, what I call discovery. We have to be in the act of doing to get the next clue.
Outro:
If you’re a real estate investor who’s sick and tired of living, deal to deal, then welcome home. Hear from everyday real estate investors just like you, and discover how they’ve completely transformed their business by taking a profit First approach. This is the profit first for REI podcast, where we believe revenue is vanity. Profit is sanity. It’s time to start making profit a habit in your business. So here’s your host, David Richter.
David Richter:
We have the Pap preor today on the Prophet first REI podcast. If you do not know him, he’s an incredible human being. He helps people break through their behaviors, habits, mindsets. Obviously prophet first I love because of the habits that it creates. He teaches in this episode literally how to get anything that you’ve ever wanted in your life. Literally gives examples of how he’s helped people or what the steps and the processes. I really draw it out of him because I wanted to know and I wanted to know his processes. It is incredible. I want you to get anything that you’ve ever wanted. Please listen to this episode with open ears and a notepad and pen, because you’ll wanna write some of this stuff down as well, too. Some of the hardest failures that he’s gone through. Some of the greatest successes are all in this episode.
Please listen, take notes, and I promise that you will get something that will help you the rest of your life. Enjoy the episode. Hey everyone. I have Pat Precore live with me here on this podcast. Really excited about this. He’s helped a ton of people with, he’s been, he’s got a big past of helping a lot of people in the real estate world outside the real estate world as mindset coaches. He does a lot of things for a lot of people that I respect, and a lot of people behind the scenes, you know, give him a lot of credit. So it’s like, you know, it’s the, he’s the real deal here. We’re gonna get into some of the mindsets of money in this episode as well too. So, like, I’m really excited about this because of Pat’s background and what he does and how he helps people. So, Pat’s super excited to have you on the show today.
Pat Precourt:
Yeah, Ben, looking forward to this. And you know, Dave, we had this scheduled up and then I had a conflict and we couldn’t do it. And I’m like, this is such a bummer. I can’t wait to get on the show. And here we are. So Ben, here we are
David Richter:
Yeah.
Pat Precourt:
Participating this and looking forward to it.
David Richter:
Yeah, well, I have been too glad we could finally make it happen here. So I just want to first of all ask, like, just so people can get your background a little bit of like what you do now, like how you’ve helped people in the past as well too, just to lay the groundwork for what we’re gonna be talking about, you know, like on this episode.
Pat Precourt:
And so my background is you know, 30 years of entrepreneurialism going way, way back, and, you know, from my days in building and all that kind of stuff. And then into real estate investment and real estate education. And then out of that into more of personal development type education and, self-improvement type education. Bringing it all together into a complete package that serves entrepreneurs. And the, my modality of expertise, the part that I really need to lean on is quite frankly, um, behavioral change. But the, my, the model or the formula that I work off is really simple. Results are equal to your expertise plus your consistent behavior. So if you’re not getting the results you want, you’ve either gotta, you know, increase or tune up your expertise, which is usually on that, it’s falling down. And that’s my expertise. Getting people to alter habits, behaviors to produce desired results. It’s not by chance, it’s very structural, very intentional.
David Richter:
Awesome. Now, I love that that’ll weigh good foundation here because a lot of what we teach as well too is like making sure that people have the right mindsets around money. So I, let’s just go right into that. Like, what do you see a lot of entrepreneurs when it comes to the finances and like, what do they struggle with or like, what are some of the big things that they have in as hangups inside their minds?
Pat Precourt:
There’s so many different ones, David, and you’ve been around this for a while now. So you’ve got the, you know, you’ve had the pleasure of exposing yourself to entrepreneurs of all different levels from brand new, you know, the fresh on the scene to ones that have exceeded, that have exceeded, their own expectations have magnificent financial, uh, success. Right? And the spectrum in between. And that does not mean that those hangups don’t get in all the way. And I’ve seen everything from, um, self-worth challenges where fundamentally they don’t believe that they deserve wealth, right? to lack of confidence that they have the skills or knowledge or expertise, uh, to a fundamental belief that they just can’t get to where they want to go in the time that they have. And I’ll see this, oftentimes when people pass that 40 year mark and maybe 50 year mark, they have these big dreams and these big ambitions. They never achieved them, and they’ve kind of lost faith that they’re the person that can still do it. So whole array of mental constructs that get in the way of achieving the, you know, financial wealth.
David Richter:
Okay. Well, that there’s some of the, what’s that people come up with, like, so how do you guide some of those people that are at that level that might be listening right now? Like, are there some advice that you can give them, you know, like of to break through some of these mental barriers? Because some of those ones Yeah, I see those a lot too. They’re like with a lot of the people we’re working with. So I’m just wondering how you help people get past some of these mental challenges and hurdles.
Pat Precourt:
Yes. Um, and then they’re all a little different, right? So
David Richter:
Yeah, for sure.
Pat Precourt:
I’ll answer it in a contextual way first, right? The idea that, you know, and people say, oh, pat Pat’s the mindset guy, but really I’m not the mindset guy. I’m the guy that alters your mindset by changing your beliefs. He said, you can’t solve a belief problem with a mindset solution.
David Richter:
Mm-hmm. <affirmative>.
Pat Precourt:
You can’t put up a vision board and think that that somehow is gonna overcome your foundational belief systems, your beliefs drive your actions to do. We can’t get around that. Right? Right. And it’s almost like if somebody’s talked you into running a marathon, a 26 mile race, but you fundamentally believed there’s no way you could train and get ready for that in the next three months, but your decisions and actions would reflect that belief, and you’d be a hundred percent right.
You would not be ready for that race. It’d be impossible. You cannot outperform that. So what we do then, right? No matter what the challenge is, we started the belief side of it. Now take the entrepreneur who, um, has not done well at achieving goals and achieving the, maybe the financial success and, the wealth that they’re seeking in. They’re 50 years old and they’ve kind of lost faith that they’re the person to do it, right?
David Richter:
Yeah.
Pat Precourt:
Um, I can’t give somebody a new belief. However, I can bring ’em through a process that shows them how to earn that back. And truthfully beliefs at this age, you and I and anybody else who’s passed that 30 year mark, right? Um, our beliefs are pretty sound. We don’t give them up too easily, right? Shell, that protects what we believe, right?
And we don’t volunteer to change up until there’s enough pain in our lives. And all I do is bring into a process that says, I can’t just give you a new belief, but I can bring you through steps that allow you to earn a new belief through facts and proof and results. And that’s pretty much everything that I do is very tangible, very measurable. So I’ll give you an example just so we can put some teeth to this, right? And this, so I own a gym and the gym fan for about 10 years. And it, not by intention, but it’s become like my default, testing center, human. It’s like my human biology, uh, room there. It’s amazing. And, I test a lot of this construct in, we had a guy come in, call it a couple years ago, something like that.
And, uh, if I recall it exactly, he wanted to run a 5K race way overweight 330, 340 pounds, can pat, I’ve tried everything. So I trainer called me, he said, pat, we’re not getting anywhere with this guy. Can you come in, talk to him? I’m not a personal trainer, I’m not a nutritionist or anything like that. I’m not qualified in that space, right? So I work on the other side of it. So I come in, I talk to him and I ask him a couple questions and I say, you know, what are you trying to do? I’m trying to run this race. What is a 5K race? Why are you doing it? Of course, you gotta get into why I starts adding meaning to what we’re doing. And he goes, well, it’s my wife’s charity and I wanna be there to support her. I’m like, good. So now we get a little juice in here, that’s good. But I ask a question. I look, I’m square the square in the eyes, like we’re talking to each other right now. And he said, listen, you gotta answer this absolute, with absolute honesty, said, do you believe you can run that race in? I think we had six months. 5K goes, no.
David Richter:
Hmm,
Pat Precourt:
Perfect. That’s our starting point. So let’s not worry about the race. Right? All I need from you is a couple things. And I had built enough trust and rapport in this conversation to get this said, listen, so I need, I can get, I’m gonna guarantee you that anything I ask you to do won’t hurt you and you will be able to do it. That’s number one. Number two, all I ask in return is a commitment. So I’m just walking you through this process right now, Dave.
David Richter:
Yeah.
Pat Precourt:
How we rebuild a belief. And I said the, you know, in my mind, a commitment is whatever it takes, no matter what, there is no exception. There’s no back door, there’s no alternative path. You’re gonna do it. If your leg broken, you’re still showing up, right? You’re gonna do it. I need that level commit.
He goes, pat, you got it? I said, okay, first week, week one, I need you to walk one mile a day, five days a week. Can you do that? And he goes, yes. I said, are you committed? He goes, yes. So what I’m doing is I’m building his word to himself back up. Yeah. I’m building his confidence up that he can commit to something and achieve it. And this is how the human mind works, right? Day three, right? He’s already thinking, wow, I got this day four, he knows he is got, and he’s asking me, Hey, what’s next week’s challenge? So now look at this as a ladder, right? The goal that we want, that he wanted, that 5K is above the clouds can’t even see. It’s not real to him. And that’s why he can’t take any action on it. But I’ve put rungs on the ladder and I said, I only want you to focus on the next rung.
David Richter:
Mm-hmm. <affirmative>
Pat Precourt:
Never take your sight off the next rung, and each rung leads to the next. And I say, you don’t need to know what every rung is. You just need to know where you’re headed and be committed to the next rung. And as you get to the next rung, it will reveal the next wrong.
David Richter:
Yeah.
Pat Precourt:
And no doubt he was able to, we about a week before, or no, I’m month, sorry, we had six months, five months he was able to run his 5k. Now I’ll be very slow, but we didn’t put <laugh>, which one’s not a race. Right?
David Richter:
Right.
Pat Precourt:
And then we spent a month trying to build up a little time on it. Right? But he, now, halfway through this, he knew, he showed up telling me, I got this, I’m gonna run this. There’s no doubt. Right?
David Richter:
Right.
Pat Precourt:
He started out, didn’t believe it. So that’s a process of building back believe little steps at a time. And when we set goals that are so tall that we don’t even believe in ourselves, they’re impossible to take action on. Does that make sense?
David Richter:
Yeah, it makes perfect sense. So in the case of a business owner that has a big goal, is that kind of like what you do with them? It’s like we break it down and we put runs on the ladder for them to achieve those, like whatever that is for them and then make them have those commitments. Is that what you go through in kinda that process as well too?
Pat Precourt:
And it’s mechanical human behavior is very predictable.
David Richter:
Mm-hmm. <affirmative>.
Pat Precourt:
So this is like fufu stuff or gray
David Richter:
Right
Pat Precourt:
Intangible. It’s very black and white. And how humans react in their behavioral patterns are very predictable, right?
David Richter:
Yeah.
Pat Precourt:
And so a lot of what we’re doing, um, is taking existing pattern, remember that formula, right? Your knowledge base plus your consistent behavior equally results, I’m trying to alter your consistent behavior. So we start with the end goal, we align all the behaviors necessary to achieve that, and we start chipping away at it.
David Richter:
Yeah.
Pat Precourt:
And in doing so, we rebuild a belief system, but yeah, I am worth it. I can do it. I have the knowledge of skill, I can honor my own word. No, granted, I don’t know what I’ll be doing a year from now, but I can make a week long commitment and nail it. And I know the next wrong I need will be right after I’m done that one.
David Richter:
Hmm.
Pat Precourt:
Before they start leaning into it, start building up a little momentum they see day after day, they start seeing progress and things start to change. Does that make sense?
David Richter:
That’s awesome. Yeah. That makes perfect sense. No, I really like that. That’s, you know, working through those beliefs and a lot of people I think have hangups when it comes to their money. You know, like a lot of people have those emotional ties and, you know, beliefs that aren’t <laugh> helping them get to where they want to be, you know, like in when it comes to finances. I do have a question for you though, is have you in your life over the last 30 years as an entrepreneur struggled with money, beliefs, or money in the ups and downs in your business or in your life?
Pat Precourt:
Oh, heck yeah`. And prob probably everything that I worked through with clients, I’ve struggled with myself. Okay.
David Richter:
Yeah,<laugh>.
Pat Precourt:
<laughing>. So it’s forced me to go figure it out. Oh, one, 100%. And in part it was due to, you know, not understanding money and believing that because I was uneducated in that space that I could never get out in front of it. Oh, okay. Right. That, and so my tools were simple, um, spend less or make more. Those are the only tools in my toolbox. Sure. And as you know, that’s a very limited scope, uh, or viewpoint as to how to deal with money. Right. So now you’re always finding yourself having to, uh, sacrifice, right?
David Richter:
Yeah.
Pat Precourt:
Cut back, or find a way to go sell more hours. Right. And it’s really easy in this game of life to get caught up in that cycle right there. And of course, we all know if we get caught up in the game of selling hours, right. We’ll run outta hours before we’ll ever have enough money when all we’re generating in exchange of our time, formula does not work there.
David Richter:
Yeah, yeah. No, that’s really good because I think we’ve all struggled at some point with a lot of these different things or these different mindsets, but it’s always nice to hear like with the people that have gone through it, you know, and on the other side and helping other people. So always love that. So then I guess around profit first with the census being the prophet first podcast, a lot of people in the real estate world, I think this is a maybe a belief or mindset or a, you know habit that a lot of people have is they get, they wanna just keep doing the deals and that that gets ’em into like their own rat race. You know? It’s like, I they live deal to deal. Why do you think a lot of people as entrepreneurs who wanted to go from W2 to entrepreneur live pay on paycheck to paycheck or deal to deal almost in their own business, you know, like, why do you think some of that happens to seen behind the scenes?
Pat Precourt:
Again, I’ll just speak for myself because our strengths become our vulnerabilities. Our strengths become our weaknesses. Mm-hmm. We don’t lack work ethic.
David Richter:
Yeah.
Pat Precourt:
Um, we’re not, you know, we’re tough. We can endure a little pain and endurance, you know?
David Richter:
Right.
Pat Precourt:
But as a result of that, we put ourselves in a position to endure a little pain, and we put ourselves in a position where we have to work long hours, um, only because we’re capable of it. And therefore we let it go. And again, we limit our toolbox to, in our solutions, instead of understanding money at a higher level, if you’re our only tools that we cut back or we make more, and being entrepreneurs, you know, look at the path of the entrepreneur and it’s always the same. We work for somebody else generally, and we get really good at doing something right.
David Richter:
Mm-hmm. <affirmative>,
Pat Precourt:
So then we decide to start doing it on our own. Right?
David Richter:
Yeah.
Pat Precourt:
And that’s good. And maybe we may hire a couple people to help along, but we’re still the stop gate for everything.
David Richter:
Right.
Pat Precourt:
We can’t get outside of that. We never lean into leadership, which is, you know, leadership frankly is, leadership takes their eye off a result and focuses on growing people and let the people grow the results. Right. So now we can magnify our time and our influence, whereas managers, right. Our their by design are focused on producing results. Yeah. You know, predictable, you know, repeatable results and outcomes. That’s why they’re so, uh, strong on processing system and execution. Right? That’s what makes a manager a great manager where the visionary says, now I’m gonna push all that aside and I’m gonna create leaders. And the leaders then will focus on creating the results over here and the success of those leaders. But I dictate the success of you as leader. Right. But we get stuck before that managing our job and just figuring out how we could put in more time to make more money and never step aside from that. And that’s a cycle. I think that’s tough to break for some.
David Richter:
Yeah. I think so. I a hundred percent agree. What would you say then, is it leadership that is the catalyst that breaks them outta that cycle the most? Or like, what do you see when people are stuck, you know, like in that rut of just, you know, selling their time or like, you know, just spinning their wheels that helps them break that cycle? Is it the leadership you were talking about? Or are there other steps as well too that you’ve seen?
Pat Precourt:
I think leadership is a tool, a skill. Yeah. But that’s still preceded, um, by the belief. Yeah. I gotta give up the reins and it’s okay to let others do what I did. It’s even okay if they don’t do it as good as I do. Yeah. Because five people doing something, 80% as good as I did, ends up a lot more production than me doing it a hundred percent. Right. Is that letting go and the belief that they won’t do it as well, it’s gonna hurt my reputation, my clients won’t get as good as a product. All the excuses come up. Right. Um, and so that, it’s that belief that you can’t step to the next level until we, you at least see the opportunity in letting go of the rains most times. So you use the McDonald Brothers and Ray Crock as a perfect example, right?
McDonald Brothers were great operators. They had two stores.
David Richter:
Yeah.
Pat Precourt:
One each that they could see and touch every day, and they managed them well. They had all the boxes were checked, they had happy clients, they produced a great product, they were profitable, everything was great, except for the fact that the McDonald’s brothers leadership lid could not go any higher. They were stuck there.
David Richter:
Yeah.
Pat Precourt:
That’s why those stores wore what they were. Right. Until Ray Crop rolled in the towns. And I see a bigger vision and I see a way to bring this someplace else. Right. That’s the difference in McDonald Brothers shy of Ray Crock, that McDonald’s would’ve went to their grave with them. Right. And there would be no McDonald’s today.
David Richter:
Yeah. That’s a really good analogy there. So it’s people’s beliefs, you know, a lot of times then, you know, or every single time that they can’t get to that level or they don’t wanna let go. Do you, when you work with people, do you practice letting go with them? Or like, or do you just tell them this is one of the runs of the ladder, like, you need to let go of this position or hire someone? Like how do you get someone who it’s a core belief of theirs to actually, you know, like take the action to start to unwind that belief?
Pat Precourt:
Yeah. Good, really good question actually. So let’s un again, let’s go back to human behavior. Really, predictable outside of like mental disorders, human behavior’s, really predictable. Yeah. Our greatest instigator change is the avoidance. A pain, not the gain of pleasure. Gain of pleasure is usually not enough to get us to make a big change. Once we have momentum and our trains rolling down the track that gain a pleasure. It’s great to mo to maintain momentum, but it won’t get us to make those initial moves. So
David Richter:
Yeah.
Pat Precourt:
Um, what I do is I take ’em to a spot where, all right, let’s, I go, Hey Dave, what is it you want? Right? You tell me, you define very clearly what it is you want. I said, okay, let’s do this. Let’s track your behaviors for a week. Let me see what you do every week.
And we line up all the behaviors that you do every single week. And then under the underneath the thing that you want, I line up the necessary behaviors to produce that result. We see that now there’s a conflict here, what you do every day and, the behaviors necessary to produce the results are not copacetic, they are not compliant.
David Richter:
Right.
Pat Precourt:
And then we challenge them. Do you not know what to do and like to take, you know, go back for the second to the like health and fitness space Yeah. Where people just wanna lose weight. Do you not know how to eat healthy? And of course, everybody knows how to eat healthy,
David Richter:
Right?
Pat Precourt:
That’s free information available at this point. Right. Do you not know what the results, you’re still not doing it? What’s the problem?
David Richter:
Yeah.
Pat Precourt:
Does that make sense? So I start there and I let them see in their, in real world that there’s no other gatekeeper here. That there’s no one making decisions for them. There’s no one holding them down. It’s just their choice is every day. I said, okay, if you can appreciate that, then now follow me to the other side. Right. Let’s find out what it is that you don’t believe in here. And oftentimes what it is again, it’s human nature. They’ve let themselves down. So many times, Dave, they’ve made commitments to themselves that they did not file through on. They made New Year’s resolutions. They’ve bought these different programs. They’ve done the seminars and they’ve done it all. Just ask them and it hasn’t worked. And now they believe it’s not even that the product or the thing doesn’t work, it’s that they don’t work.
David Richter:
Yeah.
Pat Precourt:
Okay, good. Let’s just rebuild that. Let’s get that mojo back. Let’s get that confidence back almost. So the confidence you had when you were a kid, so I use this example, right, because everybody’s had this experience riding a bike most everybody.
David Richter:
Yeah.
Pat Precourt:
That when you went to ride a bike for the first time, you were wholly unqualified to even try. You didn’t study physics, you didn’t have a degree in momentum. You knew nothing about gravity or balance or speed of pedaling. Nothing. You were 100% unqualified riding a bike’s pretty complicated little, uh, little exercise, but you were driven to produce a result. You picked the end and then you lean in knowing that you’ll figure it out along the way. Yeah. See, as adults, we get so hung up in the need of certainty that, huh. It’s less about the end. I need to know exactly how I’m gonna get there. But guess what? Most of the answers that we need now can only be revealed after the next run.
David Richter:
Hmm.
Pat Precourt:
Think about that one for a second. Yeah. And now we get stuck in this space of uncertainty. And that’s a game changer for people. Cause we thrive in uncertainty and know, don’t know lack of certainty. Right. We kind of hit the breaks. So if you, if you look at fears in general, and this all creeps into the same conversation. If you went to somebody who said, Hey, lemme show you a path to all the wealth you ever wanted, that would immediately stop a lot of people dead in their tracks. Right. You’re already wrapped around you just suggesting that.
David Richter:
Yeah.
Pat Precourt:
All fear is rooted in the unknown in not knowing. Yeah. And here’s the paradox that the only way we’re gonna know is to take the action. Hmm. Look at it like a G P s and, and I’ve done this a bunch of times. It’s kind of silly that I bring it up up here, drive someplace. I say you go out for a night, you go to a new restaurant or a new place, a new friend’s house or something. Right. You use your GPS to get there.
David Richter:
Yeah.
Pat Precourt:
And by the time you go, you don’t exactly remember to take a left or right out of the parking lot. So you turn on your gp s you say go home and you’re sitting there, you’re like, huh, if you could just tell me to go left to right Mr. G s, I’d be all set and it.
David Richter:
Right.
Pat Precourt:
Anything cuz you’re not moving. Right?
David Richter:
Yeah.
Pat Precourt:
Yes. Gods don’t even see you now the second you start rolling and maybe you do take the wrong turn. Right. GPS guys go. Got you Dave.
David Richter:
Right.
Pat Precourt:
And they give you a corrected course. They give you the exact information you’ve been seeking. Action, reaction.
David Richter:
Yeah.
Pat Precourt:
Right. And they’ll get you home the fastest way possible. But that’s exactly how life works. There’s so much we want to know that can only be revealed through this process, what I call discovery. We have to be in the act of doing to get the next clue. Does that make sense?
David Richter:
Yeah. That makes a lot of sense. That’s really good. It’s like a
Pat Precourt:
Little roundabout way to get her answering that question. So I don’t even know if we got to the question, but those are all pieces of this belief process and unwinding habits. Right. That produce our constant behavior.
David Richter:
Yeah. It’s, I think about it maybe in the real estate world or in the business world, it’s like you might be a six figure entrepreneur now, but you gotta become the seven figure before you’re the eight figure. You know, it’s like you gotta level up and how fast or slow depends on the actions that you take and like who you’re working with and how fast you can go to this one run and then to the other. Cuz some people it takes ’em their lifetime. Like you said, you work with some people you know at different stages of their life and it’s like, well they don’t feel like they’ve come to that point yet, but it’s like maybe they needed someone to show them, well no, this is the next step of the run and you know, in your ladder and it’s like up to this point they just had no one to point that out to them. Do you think that’s it A lot of times too, it’s like working with someone that can help you uncover those runs of the ladder because it’s all, you know, like yourself, there’s a lot of other coaches, mentors, you know, those types of people. How important do you think tho those people are in people’s lives to achieve, you know, like get to where they want to be and climb the runs of those ladder?
Pat Precourt:
Uh, I mean there’s a reason why I have a coach, right?
David Richter:
Yeah.
Pat Precourt:
Um, cause I know absolutely without exception that the mind, right. And your mind or you know, your thought control that directs your brain, right? Your mind that got you this far.
David Richter:
Yeah.
Pat Precourt:
Is all which is filled with all of your life experiences, all your wisdom, knowledge, expertise, things that went good, things that went bad, all the books and movies and everything you plugged into it that got you this far can’t get you any further on its own. It only knows what it knows and that’s why you are exactly where you are right now until an outside force leans into you and that’s what a coach does for you.They bring in a different point of view. It’s like, I think it’s doing second loss as a body in motion and to stay in motion in a straight line until an opposing force comes upon it. That’ll knock it off. That trajectory.
David Richter:
Yeah.
Pat Precourt:
That’s exactly what a coach does for you. Right.
David Richter:
Awesome.
Pat Precourt:
Yeah. Does that make sense?
David Richter:
Yeah, that makes a lot of sense cuz that’s really, I’ve seen it personally in my life and I think a lot of other people have too. But it’s just knowing that what you want is on the other side of that run. You know, like if they the keeping that ladder picture and it’s like if you can’t get there because of what you’ve had up to your, this point in your life, you have to get, you know, someone’s help to go to that next level of where you’re wanting to get. I think that’s so good. I think that’s why I wanted to start this podcast and wanted to write the book cuz a lot of people have capped themselves cuz they don’t know the money, they don’t know how it works, they don’t know where it goes, they don’t know how it flows. And it’s like we just gotta get past that first run for a lot of people just to be able to have a good financial foundation for, you know, just business 1 0 1. You know, making sure that people are there. So I totally get it. Totally understand to I will absolutely love it. So I’ve got a couple last questions here. Just the, you know, before we end, one of ’em is, you’ve been an entrepreneur for a long time and maybe you’ve already said the answer here and what you’ve talked about, which I am probably pretty sure you have. But what would you say is one habit to your success? You know, the success that you’ve achieved up to this point in your life?
Pat Precourt:
Uh, so it’s a habit I had learned because I was not good at it, in the past. Right. Once I had an alignment, the results I wanted and then no acknowledged behaviors required, just got consistent in the behaviors and I call this just showing up Dave. Yeah. It’s a little different. It runs in conflict with things with some of the memes out there. Like how you do anything is how you do everything. Right.
David Richter:
Yeah.
Pat Precourt:
Like I do take, I have a little problem with that in the sense that, um, sometimes I show up and I’m not on my A game.
David Richter:
Mm-hmm. Sure.
Pat Precourt:
But I made a habit of showing up. I think showing up when you’re down and out and feeling shit or gro or you’re crabby and grouchy and all that kind of stuff. Just showing up is more important than staying home and finding excuses why you should, why you didn’t show up.
David Richter:
Yeah.
Pat Precourt:
So the consistency of doing what you say you’re going to do moves mountains.
David Richter:
Yeah.
Pat Precourt:
It’s just all steps done repeatedly over time that create huge results. Right. And that’s something I wish I had known that way back to my teens or my twenties. Right. Cuz it’s just not that hard. You know, you pick the result, it’s almost like, hey if you’ll put a pin on a map someplace, you want to go draw a straight line between now and then. Right. And then figure out the roads. You have to travel and.
David Richter:
Right.
Pat Precourt:
Get going and it doesn’t matter, right? How fast or how slow it just runs that every day. They’re steady forward progress that you can measure against where you were yesterday. So it’s a consistency in behavior towards the results that you desire. Cuz there’s this magical thing behind the scenes happening, it’s called momentum.
David Richter:
Yeah.
Pat Precourt:
And that’s extra force that you can’t see, you can’t touch, you can’t measure it, but it’s there. It picks you up when you need picking up and when you’re rolling man, it puts you into the zone, you know?
David Richter:
Yeah.
Pat Precourt:
Um, but it’s only available to those who are consistent in their behaviors.
David Richter:
Awesome. Well there you go. Consistent behaviors showing up. That’s good stuff. So just couple, like I said another final question here. What is the hardest lesson you’ve learned on your entrepreneurial journey? Do you have one hard lesson that you’d like to share with the audience?
Pat Precourt:
Um, wow. The honestly there’s been so many, and I guess the hardest one is I’ve paid most dearly for is not following through on like, almost the idea that you start something, you work hard, you after the motivation is worn off. Right. And you’re still in the gut of it and realizing like, I may be on the hardest part of it, but so close to being where I gotta be and I quit and not knowing like till hindsight looking back like, damn, you were this close. Right.
David Richter:
Yeah.
Pat Precourt:
So the lesson that I’ve taken out of that right, is the harder it gets, the closer you are. It’s a i analogate it to being on, um, like on the last one yard line, right. On a championship, maybe a Super Bowl game. Right. That, you know, when you’re on the other end of the field, you got a hundred yards of space to spread out the defense.
David Richter:
Yeah.
Pat Precourt:
But when you’re down inside the five, inside the one, the entire defense is right there in your face.
David Richter:
Right.
Pat Precourt:
And you’re this close to success. Yeah. It’s when the resistance is the highest, it’s when, you know, the challenge is the hardest. It’s when you’re doubting yourself the most, all of that stuff at once and you’re far away from everything you ever wanted. Right. Yeah. That’s the lesson I took out of that, you know, cause I repeated the quitting thing quite a few times, not gonna lie, you know.
David Richter:
Yeah.
Pat Precourt:
In my twenties and thirties and I have a whole bunch of carnage behind it to show that, you know?
David Richter:
Yeah.
Pat Precourt:
But it gave me that lesson.
David Richter:
Okay, well there you go. There’s some good, some hard lessons, but some good lessons here at the end.
Pat Precourt:
<laugh>,
David Richter:
You know from pep. But these are, this is really good stuff. I mean this whole episode of those behaviors, those beliefs, you know, I love what you kept saying there. You know, the human behavior is predictable. It’s like, let’s just know, I liked how you said too, one of the biggest things is knowing what behaviors are you tracking right now versus what the necessary behaviors to get where you want to be. I thought that was awesome. You know, putting people in enough pain to change truly to get to that next run and like putting that right in front of them. You know, I think that’s very key as well here then from those consistent behaviors too. Don’t give up when you’re just, when it is that hard on the other side of that, it’s everything that you’ve wanted is right there. Lots of good stuff here. So you’ve provided a ton of value here today, pat. How can the listeners provide value back to you? Like how can they connect with you or what is it that they could, they could do for you?
Pat Precourt:
Yeah, I’m really easy to find the social media. It’s just my name Patrick Precor, you know, and you put that in there, you’ll find me or my son and you’ll probably know the difference, right? <laugh>. Um, and then you can always check on my website and there’s a really cool ebook in there too. You know, living big, it’s just 10 steps to just showing up big every day, you know that everybody’s welcome to, and that’s just patrickpreport.com. and just, yeah, just you know what, follow me around. That’s a greatest gift I ask just cause that just gives me an opportunity to, share more Dave. So I appreciate that.
David Richter:
Awesome. Well that, appreciate that. Go to his website, get that free ebook, go to follow him on social media. He gets out, he gives out a lot of great content. If you like today’s content too, follow Pat. I mean, he’s got great stuff all the time out there and he’s, you know, partnered with a lot of people too and just helping them get to where they want to be. So his content is legit. So if you are a real estate investor listing right now, and just like we talked about, if you’re in that rat race or you don’t understand money or if you’re those behaviors that you have now aren’t getting you actual profits at the end of the day, go to simplecfo.com. We’ve got the click the schedule a call button. We can at least have a call with you to see if we can help you break through some of those behaviors and some of those patterns and help you get a more healthy conversation going around money and helping you get a bottom line profit. But I want to help make sure that you have profitability at the end of the day. And even if we’re not the right fit, we’ve got great people of bookkeepers, CPAs in our network that we can p you to. I just wanna provide value to you. Thank you so much for listen. Remember, start making profit a habit in your business. And Pat, thanks. Thank you so much for being on here today and providing so much value
Pat Precourt:
And honor being on here and I’ve been looking forward to. And thanks for having me, brother.
Outro:
This episode of The Profit First for REI podcast is over, but there are plenty more where that came from. Are you ready to learn how David and his team can help implement the Profit First system in your business? Schedule a discovery call at simplecfo.com right now. We’ll see you next time on the Profit First for REI podcast with David Richter.
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