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Less Stress, More Profit: A WTR Discussion With David Richter

A lot of people are not aware of the financial side of their business, which can lead to mismanagement of money and a lack of factoring in essential costs that are linked to your business. Do you know where everything is going in your business and your current numbers? WTR welcomes David Richter, the simple CFO. In today’s episode, we will discuss how you can recession-proof your business and make more profit along the way.

Ingenious tactics to accumulate wealth, for people who see things differently.

David Richter


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  • [00:27] Kevin: Today, we’re joined by guest David Richter, who is the simple CFO. What we’re going to talk about today is something we call Less Stress and More Profit, and how we can recession-proof your business for all the entrepreneurs out there and anyone who’s a manager
  • [01:08] Would you mind giving our listeners a little bit of background about where you came from and what inspired you to get to where you are today?
  • [01:16] David: Sure. When I was in college, I read “Rich Dad, Poor Dad” and that unlocked a big portion in my mind (my mindset completely shifted)
  • [02:07] Even though I was working a 9-5 job, I was learning a lot of entrepreneurial skills and I got to see a different side of things which was really neat. It wasn’t just coming in and putting your head to the grindstone and there’s all these rules and regulations, it was more like coming in and how can we create profit today and what can we do to push the company forward?
  • [03:02] I came to Richmond and worked with another investor and that’s when I took the lead into entrepreneurship because I saw a lot of people I was working with who didn’t really know their numbers, where their profit was going to, what their profit even was, etc.[03:25] I saw the biggest need there and I wanted to fulfill that need
  • [03:46] Kevin: You touch upon one thing, there’s a need out there for what you’re doing. At WTR, one of our core beliefs is that there’s more to be had by first plugging holes before you go chasing rate of returns in regards to your money and how you manage it. There’s places people lose money and they don’t know that they’re losing it and it’s the same thing with business
  • [04:19] Let’s start talking a little bit more about profit
  • [04:26] David: A lot of people have read “The Richest Man in Babylon” and it has a lot of good financial principles in there, and one of them is pay yourself first
  • [04:59] Entrepreneurship gives you that opportunity to say “hey, I can set up different accounts and I can make sure that every single dollar that comes into my company is a portion to different accounts, whether that be income or saving for your taxes at the end of the year.”
  • [08:48] Kevin: Let’s try to make a list here for our followers to follow. If they want to have less stress and more profit, what do they do next?
  1. David:[09:00] Knowing where everything is going and opening up those different accounts (income account, tax account, owner distribution account, operating expenses, profit account)
  2. [10:11] Once you actually make income and it goes into that income account, then you’re allocating to those other accounts based on certain percentages (either once a week or twice a month)
  • [11:24] Profit First ( has professionals for different industries and get the guidance of someone[12:02] Very eye opening
  • [14:06] Looking at those numbers as they settle down and come in and say “ok, now I need to go out and make x more or I need to decrease these expenses”[14:18] Quarterly review on these numbers
  • [14:58] Kevin: Let’s talk a little bit about the recession-proofing because I think that’s a major potential loss for people
  • David:[15:57] Knowing where you stand currently[16:00] Knowing those numbers
  1. [16:06] Having that system (ex: Profit First) in place to make sure you’re managing the cash flow
  • [16:11] Looking at every aspect of your business and saying “am I able to actually be recession-proof?”[16:16] People
  • [16:34] System (write it down/ recording it so that you can hand it to someone and they could take over that specific duty)
  • [16:35] Processes
  • [21:04] Kevin: What have you been finding that people aren’t thinking about when they’re thinking about whether or not they’re being profitable?
  • [21:09] David: As far as when people look at their income (especially for people who don’t have a system for their money), they’re not seeing what the true cost of that income is[21:41] A lot of people don’t factor the cost of what goes into that income (you still have other things you need to factor in)[21:59] Time cost
  • [22:44] Kevin: Are there any tips that you could give our listeners on what kind of questions they can ask themselves about their business to figure out if they’re becoming recession-proof or not?
  1. David:[22:56] Can you pivot?
  2. [23:05] Do you know your numbers and where you stand currently?
  3. [23:18] How much are you bringing in per month? How much is going out per month? How much are you getting on an annual basis? (as yourself on a monthly basis)
  4. [24:01] Am I providing the people within the business the training and the systems they need in order to do their job efficiently?
  • [25:33] Kevin: What would you say to someone who says the systems are expensive and that they don’t have the money/time for that right now?
  • [25:45] David: I would say do you want to be a real business? And will that return more than what you’re actually paying? [25:53] Have to look at it like an investment
  • [26:36] What are you truly trying to get out of the business? Are you trying to just get money or are you trying to get time and money and make it an actual business that can sustain itself?
  • [27:03] If you’re looking at a system that’s “too expensive,” it might be too expensive for you now if you’re not going to actually use it[27:16] Is this investment going to return something to me business?
  • [29:08] Kevin: Before we close, I have a WTR value bomb, which is what in your experience should our listeners look to avoid doing and what can they do about it?
  • [29:39] David: Know your numbers and care about your numbers[29:47] Avoid that mindset of not having a good set of books and being able to get the reports you really need to see (the financial side of your business)

About the author, Kevin

I believe there's more to be had for your money by first avoiding losses, rather than just chasing a rate of return.

Along my journey, I've come to realize that almost everyone, including most so called "financial professionals," are missing important information about how money works. It's not their fault, all the mainstream media, big banks and financial companies have been preaching the same thing for decades. Commonly people are told to go to school, get a 9-5 job with a good company, put your money into a 401k or similar retirement account and retire living off the interest of their savings. But the result is it's not working for most people. They have little to no control over their money and are loosing thousands, even hundreds of thousands of dollars over their lives, to inefficiencies and lost opportunity on their money. I'm on a mission to change that by empowering people with clarity and to take back control of their wealth.

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