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Wealthy Way

THE TIME I LOST MILLIONS OF DOLLARS IN REAL ESTATE

Wealthy Way

Ryan Pineda

Business, Entrepreneurship

4.82.1K Ratings

🗓️ 22 November 2023

⏱️ 29 minutes

🧾️ Download transcript

Summary

The past year has been exceptionally challenging for Ryan, especially in the real estate sector, where he faced substantial losses, shut down companies, and navigated personal and professional hardships.
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Despite the hardships, he shares several valuable lessons:

1. **Diversify Cash Conversion Cycles:** Ryan emphasizes the importance of having different cash conversion cycles. House flipping, with its longer cycle, posed challenges, prompting a reassessment of business strategies.

2. **Reset Company Culture:** Recognizing the need for a cultural shift in his company, Ryan highlights the importance of making firm decisions about eliminating negativity. Redefining core values helped in steering the company forward.

3. **Prioritize Innovation:** Ryan underscores the critical role of innovation in sustaining a company. Businesses that resist innovation are prone to failure, making it essential to embrace change.

4. **Effective Communication:** Stressing the importance of open communication, Ryan shares a personal experience of having a candid conversation with his wife. Writing down annoyances and desires helped strengthen their relationship.

5. **Understanding God's Pruning:** Ryan reflects on the concept of God pruning individuals to prepare them for growth in the next stage. Difficulties and challenges, though painful, can lead to significant personal and professional development.

Despite the trials, Ryan acknowledges the positive outcomes and growth that emerged during and after the challenging period. He draws inspiration from James 1:2-4, emphasizing the idea of facing trials with joy as they contribute to the development of perseverance and, consequently, personal growth.

Transcript

Click on a timestamp to play from that location

0:00.0

Nobody anticipates losing money when they go into business.

0:03.1

The only reason I was able to get through losing a couple million on bad flips

0:08.2

is because...

0:10.2

Those three things can never be taken away from you.

0:13.0

Your money, your real estate, your businesses, they all come and go.

0:17.0

Obviously we all like to talk about the big wins and everything that we're doing,

0:22.0

but I actually want to get vulnerable with you

0:24.8

guys on the losses. So today we are going to talk about what I learned during the

0:31.0

hardest 12 months of my business career.

0:34.0

And so I want to shed some light on what it's like actually going through tough problems and getting through it.

0:40.0

So first off, how many of you felt like the last year was tough?

0:44.7

It was a tough year. Okay? It was a tough year for a lot of people, okay? Especially if you're

0:51.6

in the real estate space. You had the interest rates go up,

0:55.1

you had this recession, you had a lot of different things happening that made it a tough

1:00.4

year. I'll tell you why it's been hard for me, okay? Dakota talked about

1:05.7

losing 50,000 on a flip, still ended up doing good. I lost a couple million on flips

1:11.2

when rates jumped. You know when you have about 50, 60 flips going

1:16.3

on and then rates jump like that you're kind of going to be hit harder than most

1:21.0

people and it sucks but that is what it is.

1:25.0

On top of that, shut some companies down,

1:29.0

ended some partnerships, very tough thing to do

1:32.0

whenever you have to do that.

...

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