RWR-029: The Power of Mentors with Geoff Woods

On today's episode, I talk with Geoff Woods. He is an entrepreneur who has spent most of his life in Southern California, but he recently moved to Austin, Texas. We'll discuss why he moved there and some of the defining moments that led him to start thinking differently about life and business. We'll also talk about his podcast and how he teamed up with some amazing people along the way and how you can do the same.

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Show notes:

Was in medical device sales for the last 5-6 years. Awesome job, made a lot of money, work from home.

A series of defining moments cause you to take action. End of 2013, colleague had a stroke at 35.

Geoff and his wife just had a baby and just bought a house, wife was a stay at home mom. If something happens to him, the income stops. He didn't have passive income, that kept him up at night.

The week after this, his company decided to slash his income by 40%. Wondered how he was gonna pay the mortgage and put food on the table. Heard the Jim Rohn quote, "You are the average of the five people you spend the most time with."

If I wanted to be earning 7-figures a year, I needed to surround myself with 7-figure-earners. If I wanted to be in control of my schedule and be a successful entrepreneur then I needed to surround myself with people who are already living that life and seeking advice from them instead of seeking advice from the people who had not done it.

It all started because I focused on one thing, which was forming relationships with the right people.

Launched The Mentee Podcast in January 2015. Fast forward a year later, was able to quit a $200k a year sales job in just 10 months.

Partnered up with Gary Keller and Jay Papasan of Keller Williams Realty to launch a big media company, required him to relocate to Austin, Texas. He was in SoCal almost his whole life.

This is a job where at any single moment, my company can decide to shrink my territory, boost my quota, or change my commission rate. I have zero control. Or I could legitimately decide to leave and partner up with the guy who's built the largest real estate company in the world, a guy who is a billionaire. What's more secure for my long term growth and my long term well being?

How would you describe what you do these days? Content.

It all comes down to creating quality content and figuring out how you can get that content in front of as many people as possible (the right people) to the point where it actually makes an impact in their life first. Just give incredible value to the point where they're willing to give you an email address, they're willing to buy your stuff & do business with you, and to really scale that.

I was limiting myself. My perception of what was possible was clearly off.

The first time he sat down with a heavy hitter, and they asked how they could help him, he said his goal is to get $12k/month in passive income within the next 7 years. (That was a year ago that he said that.) And as he said it, he didn't really feel confident. He couldn't see how that could ever possibly happen in his life.

At the end of the day, you have to be able to describe where you need help in one sentence, very clearly.

And the guy went, "No way man." Geoff said, "Ya I know, it's too high of a goal." And the guy said, "You'll do it way faster than that." And since that guy had already done it, it was qualified, and it really opened Geoff's mind. He was limiting himself.

I know exactly what my one thing is, and I'm integrating it into every conversation.

80% of everything you need already exists in your circle of influence. The people you know, your existing relationships could already give you what you need 80% of the time, but the problem is you just don't tap into your relationships.

Fast forward, he surrounded himself with amazing people for a year. Now Geoff's goal is to get to $25k/month within the next 6 months. Now what changed? Simple. He just surrounded himself with people who had already done it instead of trying to figure it out on his own and crossing his fingers.

I'm going to the people that have done it and said tell me what to do.

I didn't ask for anything. They asked "what's up" and I told them what's up. What ends up happening is they start asking questions. Now I'm able to tell them exactly what I'm looking for and either they're the person, they know the person, or I've planted a seed and when they meet that person they're gonna remember me and they'll consider making the introduction.

This is how I have made so many connections, because I just simply tell everybody and their mom where I need help.

Don't let the simplicity undermine the significance.

It's not that hard, you just gotta put some consistency behind it.

Stop whining. Stop making up excuses because there's gonna be another guy out there or another girl out there who won't make an excuse and who will take action. And they will be the one's who get it done.

His mentor Dave, he heard him speak at an event, and he knew he had to talk to him. Had no idea what he could say to him.

I have mentors for everything. From business to finances to relationships to health.

I tried something different, I dropped my ego.

It's situations like that, that you can't help but say it's meant to be. But you'd never know if you didn't take action.

There's so many things laying right in front of you in your life right now and you have no idea because you don't dare to take action. You don't dare to step out of your comfort zone and take a shot.

Recognizing that the worst thing that could happen is that you get a no and you're just as well off as you would be if you did nothing at all.

For his membership program, his goal is to have 700 people paying him $37/month ($25k/mo).

I don't believe that you need to go to college or that you need to get a higher level of degree to be successful.

When I look at the things that I actually learned in college, I'm not applying a single damn thing. I invested six figures for an experience. Which I loved the experience, but if I had invested that in starting a business, I'd be way further off now.

You need to figure out what you're passionate about. You need to surround yourself with people who inspire you, who are already doing what you want to be doing, what you could only hope one day to have the opportunity to do. And when you surround yourself with those types of people they end up opening your eyes and showing you ways that you can do things that you never thought you could do before.

You don't have to look at what society tells you is the way, you can write your own ticket. You can do it your way, you just gotta surround yourself with the right people along that way.

You end up making a lot of sacrifices but you have to recognize that sometimes you have to do what it takes even when you don't want to, to get what you want in the long run.

I surround myself with frickin ridiculously amazing people. It's my drug. I can't help but feel inspired when I'm around people who are making an impact in the world and are making a killing doing it.

People, websites, & products mentioned:

Jim Rohn
John Lee Dumas
Gary Keller
Jay Papasan
The ONE Thing: The Surprisingly Simple Truth Behind Extraordinary Results
Ryan Moran - The conversation that will get me to $25k/mo in passive income
Geoff's Entrepreneur.com articles
Shark Tank's Daymond John on building an empire with no money & the power of broke
Jerry Maguire - Show Me The Money!
David Dunn
Gene McNaughton
Tony Robbins
Chet Holmes
Create Your Online Shop
Pat Flynn & David Siteman Garland
Michael Carbone - Risk Without Regret Interview
Free 15-minute call with Geoff Woods!
Mike Dillard on becoming financially free
Joshua Santos - Risk Without Regret Interview
Amy Woods - An interview with Geoff's wife
Think and Grow Rich: The Landmark Bestseller
How to Win Friends & Influence People
Never Eat Alone: And Other Secrets to Success, One Relationship at a Time
Wisdom from Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money, That the Poor and the Middle Class Do Not!
Rich Dad's CASHFLOW Quadrant: Rich Dad's Guide to Financial Freedom
The Mentee Podcast
Download Geoff's Free Guide - 7 Steps to a 7 Figure Network
Join Geoff's Mastermind - The Inner Circle

Connect with Geoff:

Website: geoffwoods.com
Twitter: @geoffwoods
Facebook: facebook.com/geoffreywoods

Thanks again for listening and reading the show notes. Be sure to subscribe and leave a review on iTunes and I can't wait to share the next episode with you soon. Until next time, hustle harder and take massive action to reach your dreams!