Unleashing Resilience, Mindset, and Ancient Wisdom for Entrepreneurial Success with Carla Moreno Montgomery

0:01Light that spark fire nation JLD here and welcome to entrepreneurs on fire brought to you by the the HubSpot Podcast Network, the audio destination for business professionals with great shows like The Product Boss. Today, we'll be breaking down how to unleash resilience, mindset, and ancient wisdom for entrepreneurial success. To drop these value bombs, I are brought Carla Moreno Montgomery into EO Fire Studios. Carla is a Mexican author and real estate professional served as NAHREP Seattle's president. She mentors in property management, promotes inclusivity, manages 16 doors, and chronicles her journey in finding the gold.

0:43And today, Fire Nation, we'll talk about cultivating a mindset that overcomes self-doubt, about embracing wealth creation, about ancient wisdom and how it can influence your approach to business, and of course, finding the gold and so much more. And a big thank you for sponsoring today's episode goes to Carla and our sponsors. Online Marketing Made Easy podcast hosted by Amy Porterfield is brought to you by the HubSpot Podcast Network, the audio destination for business professionals with a focus on online business, including digital courses, list building content and more. Online Marketing Made Easy breaks down big ideas and strategies into actionable step-by-step processes.

1:22A recent episode that will help you get more results with a whole lot less stress is on four ways to avoid burnout. Listen to Online Marketing Made Easy wherever you get your podcasts. Many EO Fire listeners have launched non-food franchises, and Fran Bridge Consulting has guided them. Fran Bridge's founder and frequent EO Fire guest, John Ostenson, has done more placements than any other in the country, and his service is free. Sign up for a consultation with John or get a free copy of his book, Non-Food Franchising, at FranBridgeConsulting.com. Carla, say what's up to Fire Nation, and share something that you believe about becoming successful that most people disagree with?

2:02What is up, Fire Nation? And hi, JLD. Thank you for having me. Oh, I love this question. You know, when it comes to becoming successful, there's something I strongly believe that most people actually disagree with. And it's all about redefining what success truly means. To me, success isn't just about reaching a specific destination or acquiring material wealth. It's so much more than that. It's about the journey itself and who we become in the process. I think it's about finding deep fulfillment and aligning with our passions and our aspirations. And another thing that I think most people might also disagree with is that success isn't handed to you on a silver platter just because you work hard.

2:50I've seen so many hardworking individuals who put in long hours, yet they're still falling short of their goals. So it's not just about grinding away tirelessly. I think it's more about tapping into that burning desire within and unleashing your passion and taking massive action with unwavering focus. And, you know, there's this concept inspired by Malcolm Gladwell's work. You've probably heard about it. Everyone here in Fire Nation has heard about the 10 ,000 hours. And it's often mentioned as a crucial factor in achieving success. But here's a twist. It's not solely about the number of hours invested, but it's also about the quality and focus of those hours.

3:37It's about the dedicated time we put into honing our skills and mastering our craft. So just like the formula for speed is distance traveled over time. I believe the formula for success is also the amount of dedicated, focused hours we invest over time. Fire Nation, I hope you're getting fired up already because, man, that was just value bomb galore. Because we're talking about unleashing resilience, mindset, and ancient wisdom for entrepreneurial success. We got a great episode today. Because, Carly, you personally have faced numerous trials, untold number of tribulations. We're talking from business failures to personal struggles, but you bounce back.

4:22You bounce back from these challenges, from these obstacles, and you actually use them now to spark your personal and business growth. Tell us your secret. Well, you know, as an entrepreneur, I face my fair share of trials and setbacks. There have been moments of business failures and personal struggles that could have easily knocked me down. But one thing I've learned is that mindset is absolutely everything in these situations. It's so easy to get caught up in the chaos, right? We can easily find ourselves dwelling on our failures, replaying them in our minds over and over again. But here's something fascinating that I came across a few years ago, and it has truly transformed the way I approach challenges.

5:13And it's a lesson from car racing, of all things. You see, so one of the very first things they teach car racers is that when they're about to crash, the key is to look towards where they want to go, not at the wall they're about to slam into. And this is a powerful analogy for life in business, because when we focus on what we don't want or where we don't want to go, well, guess what? We're going to end up right there. But when we shift our focus towards our desired outcome, that's when the magic happens. So whenever I face a personal or business struggle, I allow myself to acknowledge the feeling.

5:56So I let it sink in, but I don't allow myself to dwell on it for too long. Instead, I quickly shift my attention toward finding a solution. So I redirect my energy into solving the problem or extracting the valuable lesson from the experience because everything can teach us something. And so that's what has helped me overcome those struggles and use them as catalysts for personal and professional growth. So it's all about changing our mentality and focusing on the positive outcome. It's about embracing the mindset of resilience. Like Thomas Edison once said, he didn't fail 10 ,000 times before inventing the light bulb.

6:38He simply found 10 ,000 ways that didn't work. So it's not about how many times we fall, but how we rise and how we continue our journey towards achieving our goals. I like your car racing analogy. To me, that's super clear. And I will say after watching the F1 documentary on Netflix, I have a much bigger appreciation for what those Formula F1 drivers go through. My thought and my analogy is actually a little less glamorous, but it still kind of applies here. I was a waiter back in the day, and we would always fill up our glasses to the brim because people wanted the most they could get in their drink order.

7:15And I just remember whenever I would watch that drink on my tray while I was walking towards their table, it would spill all over the place. But one of the waiters was like, hey, just look where you're going. Just look to the table you're heading towards. Forget about the glass on your tray. And I did that. I'm like, man, it's going to be a disaster. Then I got there and I looked down at my glass and hadn't spilled a drop. And ever since then, I never looked at what I was worried about. I was always looking in the direction that I was going. Now, of course, that was when I was a waiter, but I have applied that to other aspects in life.

7:50So Fire Nation, how can you apply that mentality, the race car mentality, the waiter mentality to an aspect in your life? And what I want to move into, Carla, is starting a business. Because listen, starting a business in your own country is terrifying at times. It can be very scary. But you went ahead and started a business in a different country, in a new country, which can be even more terrifying. So tell us this story and some of the strategies that you use to achieve success. Oh boy, well, yes, let me tell you. Opening or starting a business in a new country can be a wild ride. The complexities and uncertainties can make your head spin, but it's all part of the adventure.

8:35So what strategies that I employ? Well, first thing, I firmly believe that success starts with the right mindset. It's about embracing fear and taking bold action despite the uncertainties. Sure, I mean, it can be uncomfortable. The unknown is always uncomfortable, but that's where the magic happens. So when I first started my business, I was when I started my first business, I was 21 years old with a dream of opening the coolest martini bar in town. So I had arrived in the United States just three years earlier and I did not have a fat bank account. But what I did have was a burning desire and an unwavering ambition to to make my dreams come true.

9:23And yes, I faced obstacles left and right, especially when it came to obtaining the liquor license in one of the toughest states. I also remember applying for an SBA loan and pouring my heart and soul into the paperwork only to have it dismissed because I didn't have a social security number at the time. So talk about a setback, right? But here's the thing. I refused to take no for an answer. and I learned a valuable lesson in persistence during those early days. And being, in my opinion, being a successful entrepreneur means never giving up, no matter the challenges that come your way. It means acknowledging the fear and pushing through it with unwavering determination.

10:12and it also means being willing to take calculated risks. As they say, nothing ventured, nothing gained. And so I took a leap of faith and I maxed out my credit cards, got personal loans and poured my heart and soul into making that martini bar a reality. And six months later, the doors were open and it became one of the most successful bars in town. so um i that was one of the lessons persistence not taking no for an answer and along the way i also discovered another game-changing strategy not for this business but i learned it for my other businesses that i opened later on and it's that i that we need to learn from those who have already paved the way so there's no need to reinvent the wheel when you can tap into the wisdom of experienced mentors.

11:08So another key thing I think is to surround yourself with a network of supportive individuals who have walked the path before you and that is priceless because they can guide you, they can inspire you and they can help you achieve your goals much faster. Man, I wish you had told me earlier about that martini bar because that actually is the drink that I would spill the most of when I was a waiter trying to walk over with that crazy martini glass and not have anything spill out of there. It was like they were just trying to play a trick on me or something. And Fire Nation, we're going to have a lot more really important things to talk about when we get back from thanking our sponsors.

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15:06Ancient wisdom and spiritual growth have truly been like guiding lights on my entrepreneurial journey. They've had such a profound influence on how I approach business and have ultimately led me towards success. So when I first started exploring ancient wisdom and philosophy, one thing became crystal clear, that aligning my actions with my core values was absolutely crucial. It's all about finding the beautiful harmony in every aspect of life, including business. And these timeless teachings offer such practical insights and solutions to the challenges we face, both personally and professionally.

15:54It's almost like tapping into deep well of wisdom that has stood the test of time. And one key lesson that I've learned is the idea of ebb and flow, that life is a series of ups and downs, and the same goes for business. So instead of getting disheartened when things don't go according to plan, I've learned to expect those twists and turns. And I've learned to be prepared, to be adaptable, to be resilient when those changes happen. And these teachings have taught me the importance of embracing the journey and even when the path gets a little bumpy. and another thing that has truly transformed my approach to business is the mindfulness practices they've been an absolute game changer for me because by incorporating meditation and self reflection into my daily routines this has had such a profound impact so it's like clearing the fought from my mind and gaining laser-like clarity.

17:02I've become more in tune with my intuition, which has also sharpened my decision-making skills in the business. And that has also shaped my connection with my authentic self. There's this saying that goes, know thyself. And that saying is incredibly powerful. So by adopting this holistic approach to entrepreneurship, I've experienced a remarkable transformation. My business has flourished, yes, but it has also brought about a deep sense of fulfillment, a deep sense of balance and harmony. So I think it's more about embracing a more conscious and values-driven approach. And when we combine the wisdom of the past with the realities of the present, something truly magical happens.

17:58I think we create businesses that not only thrive, but can also make a positive impact in the world. Fire Nation, I know there's a lot that you're resonating with there. I mean, that cutting through the fog. I mean, how many of us have experienced that? I mean, listen, that never goes away until you implement these very important rituals, spiritual growth, and again, apply these ancient wisdom principles. And one thing I want to take time to get into is your unique investment strategy that has actually resulted in seven figures of net worth in a really short timeframe. Walk us through this unique investment strategy now.

18:41Absolutely. Well, my wife and I have employed this real estate investing strategy that has really propelled us forward in a very short period of time. And that is the BRRRR method, which stands for buy rehab, rent refinance and repeat. So what that all means is we first start by identifying distressed properties that can have incredible potential. Then we purchase those properties and strategically add value through renovations and improvements. And the goal is to transform them into beautiful, desirable homes that people would love to rent. Now, something that we've done is we've combined the the burr method with short-term rentals so instead of renting it long term we rent the property as um as a short-term vacation rental and that has 10x our cash flow and uh well the the beauty of this burr method is that after the renovations are complete we execute a cash out refinance and this allows us to recover the initial capital we invested in the property, which we then reinvest into acquiring another property.

19:55So this can create a powerful snowball effect. And this has enabled us to rapidly expand our portfolio while preserving our capital. And one of the key things about this BRRRR method is to adhere to the fundamental 70 % rule. And what that means is that we shouldn't or people shouldn't pay, investors shouldn't pay more than 70 % of the after repair value of the property after taking into account the renovation costs. So what that means is we look at a comparable property, how much that property would be worth already renovated. And then we just take in the 70 % of that after repair value, and then we deduct renovation costs.

20:46And that's the maximum amount that we pay for the property. And the reason is because if we don't follow this rule, then the numbers don't make sense. And it's not as easy to do a cash out refi if the numbers don't make sense. So by sticking to this rule, it ensures that we make smart investment decisions and that we can maximize our potential profits. So it's all about being strategic and maximizing the value we create through the renovations. And another thing is property selection. We focus on acquiring properties that are classified as C or D, so very distressed, but in neighborhoods ranked as A or B.

21:28So essentially, we go for the ugliest house on the block. And this approach allows us to uncover those hidden gems, those diamonds in the rough that can have incredible potential for transformation and value appreciation. So, I mean, we firmly believe that real estate investment is one of the most powerful vehicles for financial growth and wealth creation. and by applying both methods, the BRRRR method with the short-term rental method, this has truly unlocked immense potential within this real estate industry for us. Fire Nation, this is why you listen to Entrepreneurs on Fire, to get these unique strategies, to get these strategies that take you step-by-step through an opportunity that you might not even have known of prior to hearing this content.

22:20And I want to end with a bang, Carla, because you wrote a book, It's called Finding the Gold. It actually dives deeper into the things that you and I discussed today. So leave us with the central message you want Fire Nation to get from Finding the Gold. When I wrote Finding the Gold, I really wanted to share a powerful message that would resonate with aspiring entrepreneurs. And the central theme of the book is that success is not easy, But it's simple. And that's something I hope readers will take away and apply to their own entrepreneurial endeavors. Because so often we think that success is this elusive, complex thing that only a few lucky individuals can achieve.

23:08But the truth is success is within our reach, within all of our reaches. So it's about aligning our goals, aligning our thoughts and our actions with unwavering focus and dedication. It's about putting in the energy and perseverance required to overcome any challenge that comes our way. But here's the thing. We can't do it all alone. So we have to surround ourselves with the right people because this is absolutely crucial. We need a support system, mentors, and like-minded individuals who uplift and inspire us. And these are the people who will encourage us to keep going even when things get tough.

23:51They're the ones that will believe in our dreams and help us push beyond our limits. And another key element emphasized in finding the gold is the importance of personal growth. Because as entrepreneurs, it's not just about building successful businesses. It's about becoming the best versions of ourselves. It's about continuously learning, continuously evolving and expanding our skills and knowledge. because when we invest in our personal growth, I think we unlock the immense potential within us and create a solid foundation for long-term success. And I think determination and resilience are non-negotiable for any entrepreneur because the journey of entrepreneurship is filled with ups and downs and twists and turns, but it's those who possess unwavering determination and a resilient mindset who ultimately succeed.

24:54It's about pushing through those challenges, learning from failures, and never giving up on our dream. Well, Carla, if Fire Nation wants to learn more, they want to consume this book in its entirety, how can they connect with you? How can they buy this book? All the information is in my website, carlamoreno.com, and the book is also available on Amazon, Barnes & Noble, in most bookstores. Fire Nation, you're the average of the five people you spend the most time with. You've been hanging out with CM and JLD today, so keep up the heat. And for links to everything we talked about, visit eofire.com.

25:34Type Carla in the search bar. The show notes page will pop right up. And Carla, thank you for sharing your truth, your knowledge, your value with Fire Nation today. For that, we salute you and we'll catch you on the flip side. Thank you, JLD. and thank you Fire Nation. Hey Fire Nation, a huge thank you to our sponsors and Carla for sponsoring today's episode in Fire Nation. Are you ready to rock your very own podcast? Well, check it out. I have a free podcasting course for you where I will teach you how to create and launch your podcast for free. Freepodcastcourse.com, freepodcastcourse.com. I'll catch you there or on the flip side.

26:15Online Marketing Made Easy podcast hosted by Amy Porterfield is brought to you by the HubSpot Podcast Network, the audio destination for business professionals with a focus on online business, including digital courses, list building content, and more. Online Marketing Made Easy breaks down big ideas and strategies into actionable step-by-step processes. A recent episode that will help you get more results with a whole lot less stress is on four ways to avoid burnout. Listen to Online Marketing Made Easy wherever you get your podcasts. Many EO Fire listeners have launched non-food franchises and Franbridge Consulting has guided them.

26:47Fran Bridges founder and frequent EO fire guest John Ostenson has done more placements than any other in the country and his service is free sign up for a consultation with John or get a free copy of his book non-food franchising at franbridgeconsulting.com