Deals & Dollars: Real Estate Investors and Entrepreneurs
Welcome to the Deals & Dollars Podcast, hosted by David Choi, Eric Panecki, and John Libretti, three real estate executives from the New York City metro area. Every week, they bring on the best real estate investors and entrepreneurs they know to learn about how they got started, how they source their deals, and -- most importantly-- how they make their dollars.
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Deals & Dollars: Real Estate Investors and Entrepreneurs
The Insurance G.O.A.T. w/ Jude Romano
Today we have an old friend and the King of the New Jersey Insurance game: welcome Jude Romano, the Insurance GOAT.
Ever find yourself at a crossroads between sticking with comfort or chasing the thrill of a new venture? Jude Romano, the insurance industry's self-proclaimed GOAT, did just that after his long tenure at JP Morgan, and he's here to spill the secrets behind his audacious leap. With a narrative that's as gripping as it is insightful, Jude peels back the curtain on the competitive realm of insurance, highlighting how his prowess in relationship building and a laser-focused strategy have been pivotal to his meteoric rise. He's not one to mince words, and this episode is peppered with the kind of harsh truth that's both refreshing and rare (read as: not suitable for all audiences!)
We zoom in on the creative marketing genius of Jude that's shaking up the insurance scene. Imagine combining goats with birthday celebrations – it's this kind of wild thinking that sets Jude apart in a business that most people think is stuffy. He takes us through the financial trenches, from dissecting commission structures to debunking the myths of passive income, all while maintaining a connection with customers that's genuine and profitable.
This episode is a riot, let's get into it!
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If anyone wants to get into the insurance industry today, I'm gonna say it. You could fucking play this record. It cut it up. Chop it up. Worst time to get into the fucking business. You will not last.
Speaker 2:Wow, you won't last.
Speaker 1:If you make it through, this Won't last.
Speaker 3:Won't last.
Speaker 1:Only people are gonna make it through this. People have portfolios of clients already Gonna come in gonna write order on home. Don't waste your fucking time or bad groceries and Target and call it a day.
Speaker 4:Alright, let's ride. Today we have the insurance. Go yeah, baby Dude, motherfucking Romano baby, let's go.
Speaker 1:We're allowed to curse on this. Yeah, cool, sure, listen. We go to church on Sunday. We tell Father God, we're sorry for all of us since.
Speaker 3:Right, that's right, sean you probably got a lot of fucking things. Yeah, I'm gonna have to go for a couple Sundays in a row.
Speaker 4:No, you'll be just fine. God will love you, no matter what. Sean.
Speaker 1:Yeah, I mean, he loves you son, that's true, listen listen, I just saw a video where you talking about proverbs, so we better not fucking curse here. I said when did this guy become Father Dave?
Speaker 2:Proverbs or pro now, what's wrong with it?
Speaker 4:Dude, dude, it's such a pleasure to have you. We've been trying to get you on the pod for a long time. I'm sorry that you had a flat tire on your way to Newark, but we are very, very happy that you're here.
Speaker 1:Yeah, thank you, man. Thank you, I love all you guys, all handsome fellas. You look like you all dressed up very nice to me, except for you.
Speaker 2:This fucking kid looks like a gap father I'm sorry, like a father, you got the white sneaker in your mouth.
Speaker 3:No no.
Speaker 1:John, john, listen, when you have John's money, you don't have to get dressed up right, right hey. Oh my.
Speaker 4:God, just just give us a little background of who you are, what you do, where you come from.
Speaker 1:All right. So there's the politically correct version. You know, hi, my name is Jude Romano. I spent 15 years in fact. Or there's the. I'm Jude Romano, I'm the motherfucking insurance go. A lot of people out there claiming to be an insurance broker. Everyone always says Jude, this is real. So everyone always says, jude, you're an insurance business. You know this guy, michael Smith. Just when I said no, I don't know, and I said what do you mean? You don't know? I said I don't know him. They said he's pretty big. I said that's fucking great for him. I only know one insurance guy, jude Romano. And, frankly speaking, just to kind of peel that back a little bit, tunnel vision man, I don't focus on anybody else. That's. That's the reality of it. It's not that I think I'm better than anyone Can't focus on the guy down the block. I don't know who the fuck he is Right. So here we are, that's it In a rough industry. But we're still fucked.
Speaker 3:We're still number one, that's it, you know, always, always and forever Go. Oh so so, Jude, obviously you know, we know what you do. You're the insurance goat. You handle all different types of insurance for our viewers. Give like a little background of how you got into the business, Maybe what you did to get started and at what point, you know, did you jump to. You know starting your own shop.
Speaker 1:Yeah, man. So so I I worked at JP Morgan I think almost 15 years. I was in finance, I outgrew my role. They changed a bunch of things up and I was like, wow, this this sucks. So, um, I guess you know it was my calling to say, okay, it's time to do some. So I started to think of lucrative industries that could pay me, not once, but over and over from my efforts. And so, after a lot of research, I thought insurance was a really good alignment, especially it was is pretty close in the field of what I was doing, and when I was at JP Morgan, I was a commercial banker. So I already understood the business side of work with business clients and I thought it was a good field where I can get a very good jumpstart based off some of the relationships I had, and so I started my practice in 2017.
Speaker 1:Fast forward to take the boring insurance conversation away. Um, I started realizing that a lot of people just take their name and become libretti agency, they become Choi insurance brokerage, and I thought that everyone was just extremely typical in the insurance business and it was very boring. So, um, I said, how do I spice the industry up a little bit? And so that's when the insurance go was was created from Brandon perspective, to kind of just align and talk with the people that we work with today, right, and just to have a talking piece and say, all right, this guy's not just any insurance guy, he's funny, he's doing great things, he's got a sexy, attractive name and and so. So I think for me, the core focus is marketing. Right, cause anyone, anyone could do any kind of business. Right, we could do real estate, mortgage insurance. How do you market yourself? And for me, I think, if you understand how to become an expert marketer, no matter what business that you're in, you will do very, very good. That's my, that's my real, firm feeling.
Speaker 3:Yeah, I agree with that. I mean, you are your brand. Whenever I hear of you or I hear the term insurance code, I think of this one video. You posted your birthday party. You had fucking goats at your birthday party.
Speaker 2:Yeah, that was, that was it.
Speaker 3:And you were shooting the.
Speaker 2:CO2 gun. Yeah, he had goats on leashes. I think I was going to come with me here, but we were at. I think we were in Meakinote's or something.
Speaker 1:Yes, yes, yes, I think that's correct. I think, yeah, it's same with Matt, but um.
Speaker 2:I remember you were telling us and you're like I'm going to have goats, it's going to be the crazy. I didn't know you at the time. It's like the first time I met you, right.
Speaker 3:Like this guy's fucking nuts. So you know what? Yeah, I saw the goats at his fucking birthday and then I saw that video.
Speaker 2:I was like holy shit, he did it.
Speaker 1:You know what, man? What's actually great about even us just chatting about this right now is the experience Right. So you know it could do a lot of great things for you. 40th birthday. You can go away to Vegas with a bunch of guys, girls, your wife, you get whatever. But you know, memories last for a long time, so for years people will talk about that party, including my wife and my family and I.
Speaker 4:So not so many people could say that I didn't get the invite.
Speaker 2:You probably didn't know, him at the time. This is a year ago or two.
Speaker 1:This is not as well. It's going on two years, three years. It's not two years yet. Well, I'll be 42 in September. But like to Eric's point, I think I think I was just becoming acquainted with you, fellas, at that point, I mean, obviously I knew Matt and I think I met all of you through Matt.
Speaker 2:Yeah, yeah, yeah.
Speaker 1:So, and I mean I stumble across the disc. It's sometimes he's like in one of these restaurants in Mom with County is always somewhere, I'm always somewhere. I get a drink. Come on Like it's from that guy over there.
Speaker 2:So that's like you guys stand all the way up.
Speaker 3:Like that guy down there, this guy.
Speaker 1:John. He's always out with a group of seven, eight girls and everyone's like how's this guy with seven, eight girls?
Speaker 4:Don't expose him on the pie.
Speaker 3:I was just talking.
Speaker 4:We're just talking about you at the gym today. Who me, luke and Bob, and we're in bobbins like that guy John, he's an animal, yeah, he's always. He's always doing something. He's always got girls around, like. We call him the short king of New Jersey for a reason Short.
Speaker 3:King.
Speaker 4:You got a silver tongue like I've never heard before in my life. It's incredible.
Speaker 3:Hopefully we can apply it to business.
Speaker 4:You dirty dog. So five years in the business, dude Six seven, oh, 27, 2017, and today seven, yeah.
Speaker 2:I got a question. This is a boring insurance question, but my buddy does insurance. He does really well, and one thing that I always thought was super interesting is the renewal aspect of the insurance. So if you sell a policy right, you keep making money. How does that all work? For you know, maybe people are trying to get an insurance. They're not really sure where to go.
Speaker 1:Yeah, I mean. So you know, you know how there's that expression at people saying this is relative for any business. Oh, it must be nice, right, like I walk into this building and I see all these beautiful offices you guys have in these different segments and brands and immediately in my head I'm like must be nice. And then you and I had a private conversation when I walked in and it's one entrepreneur turn on another understanding the cost of doing business, right so. But to answer your question, a guy on the mortgage side will tell me in a bad time oh, insurance business is great, you get renewals, right. That's what a mortgage guy is saying to an insurance guy today, because instead of doing 10 deals he's doing three deals.
Speaker 1:Okay, so let me peel it back for you a little bit. I'm gonna give you the worst case scenario. There's also a best case scenario. Worst case scenario you get a client who buys a home. The premium for the year is $2,200. Your commission is 10%, $220. So naturally you gotta write a lot of those policies to make some good money. How many times do you touch that client per year for the $220? Well, if it's a good client, you don't talk to them much. Well then you made money. You moved it quick, right, it's a volume-based business. If that client calls you once a month, jude, my blinds fell. Is this covered? Jude, there's water coming in my window, is this covered? Well then, the whole conversation of, well, it's a residual and you get paid on it every year, it's irrelevant right.
Speaker 1:Because, as a business owner, you have to equate how much time do you allocate to how much money you make? Yes, so there's a very simple mathematics equation here. So I think if you monitor the insurance business closely on the type of clientele that you work with, how much you make on the client, how much time you spend with the client, I think it could be very lucrative. But I think for someone to say like, whoa, I got these five or 10 order policies and 30 home policies and I made X and I'm gonna make it for the rest of my life, the answer is absolutely fucking not. They could cancel in six months and they get a call from another insurance guy who saved them $300 and they're like oh goodbye, jude. And I said, you made nothing, you made cock, right. So I think you know. I think, look, I think it's a beautiful business. I think you just have to be very hyper-focused on who you work with and how you allocate your time, because I can promise you this for someone who doesn't know the business and doesn't know how to move, you could end up in a really bad place, right? You could end up spending a lot of time and not making a lot of money and I've been very conscious on sharing this with people in my recent months, and this is applicable to mortgage, insurance.
Speaker 1:Real estate doesn't matter. There are people out there who are gonna be a good real estate agent, a good mortgage banker, a good insurance broker. It doesn't mean they're a good businessman, right? If you could be a top producing realtor and you could sell 70 houses a year. If you don't know how to run a business, you're not a businessman and it doesn't make you a bad person. You gotta understand your lane. Maybe you're just meant to be a very high-level employee and that's okay, you'll make a shit ton of money.
Speaker 1:But I think a lot of people say, oh, I'm an insurance broker, and they automatically assume they're a businessman. No, you're not. You're sitting in fucking Starbucks writing policies, right? That's my observation. I say this just because I know what it took. From day one till present, I was the guy running around with a laptop in Starbucks, right? And then it came to a point where it's like, okay, this is a real business. Now you guys know you run a very successful business and you guys are extremely committed, right? Do you fucking leave here at three o'clock every day and go to the gym and that's the rest of your day, probably here at seven, eight o'clock at night.
Speaker 2:I think what you're saying is like a conversation me and Dave have all the time. It's like if I just went back into sales, bro, and we had no overhead, we'd make so much money and not have to deal with all this BS. But you don't have a business then, so there's like a trade-off too Well the answer is you would.
Speaker 1:If you and Dave left tomorrow and just went into a sales role, you'll probably make four times, but then you're not following your vision. You're not following your five and 10 year and 15 and 20 year plan. So if you really believe in what you're doing.
Speaker 2:You're gonna stick to it yes, it's the marshmallow now versus two later kind of situation.
Speaker 1:Yeah, man, I mean, look, Eric, there's short-term thinkers and long-term thinkers, and if you're a short-term thinker it doesn't make you a bad person. But you could go out there and make a quick transactional hit and make really good money.
Speaker 2:Right, right. So how many people do you have on your team now?
Speaker 1:We have total four, not including myself, so four. But I'm a producer still, so we should call it five. I mean, I really focus on high-level, commercial, high-level life insurance. That's where I really try to spend my time focusing, and then I also spend a lot of time pouring into my team so I can help them become better and stronger and develop every day.
Speaker 3:So out of those four people is you have like one or two at business development. Maybe there's a processor Like what are the roles?
Speaker 1:I mean. So I really segmented it over the last six months where I have one person who focuses on commercial and when I say commercial, you know certain threshold. If it goes above that, then it essentially should involve me we have one person who focuses strictly on life, and then we have one person who focuses on personal lines and then we have one person who kind of oversees the operation per se beside me, you know, and it's tough, you know. It's tough because you expect people to operate at the level that you do and so the only thing you do is hope to pour into them every day and get them as close to that level that you want them to be.
Speaker 4:What did that transition feel like, when you went from a solopreneur producing and driving revenue for yourself to now saying you know what? I gotta build out a team, I gotta build a real business here. Sucks, horrible, right, it's the worst, fucking feeling in the world?
Speaker 1:I question myself every day and I know that I would have you know, just call it for a conversation, call it a 60, 70% increase tomorrow if I just said everyone have a nice fucking day, nice knowing you, Goodbye. I literally crunched these numbers. I mean that's not the answer, right? So let me just be clear, that's not the answer, depending on what you're looking for. But I did the numbers the other day with my own self-production and alleviate in the team. I can increase my revenue three times, like that, Right, because now you're working more efficiently. You know what you're capable of, right? So now there's no questioning did this person do this? You're doing it, and then you know the overhead, right?
Speaker 4:Yeah, that's exactly what you said when you came in here. You were like you got an impressive operation man and the gut reaction out of my mouth was yeah, a lot of overhead. Yeah.
Speaker 2:Yeah, I mean, look it's work, but there's supposed to be a payday at the end of the day or a bigger vision. I think the other thing that's cool about insurance is eventually you can sell your book right.
Speaker 1:Yeah, yeah, that's my plan. So I'm 41. God willing, I'm gonna push for another nine years. It may be less, but nine years is my goal. And I'm out of 50. And people think I'm crazy. But I don't give a fuck what people think, because they're small minded. Oh, how are you gonna retire at 50? Why not? I determined that. I mean, let's be honest. I determined that how did I plan? How did I plan with the financials that I brought in for the last 20 years? You know, some people are like oh, you're too young. I mean, I'm not gonna retire from not doing anything, I'm just gonna retire from the insurance game. Package it up, sell it to some rich man. Here you go, have a nice fucking day.
Speaker 2:It's like a portfolio of real. It's pretty cool Because you have some residuals and then you get basically a return on those residuals and you can factor in a certain amount you know, pay off or whatever it is.
Speaker 1:Typically, like you know, on the low end I would say four, on the high end, eight times your revenue. But for me I'm very hyper focused on the brand building that's trademarked. In 50 states the insurance go trademarked. I know that the brand is extremely attractive to a lot of people in the insurance business. I know it's attractive to people who have a lot bigger pockets than I do, and so my plan is to kind of like spice that number up with the brand packaged in you follow.
Speaker 1:Yeah, absolutely so. I mean listen, you know, with God's blessings, that's what will end up happening.
Speaker 4:What is the number you're hoping to exit at? 30 mil, 30 mil.
Speaker 1:I mean, listen, you guys are numbers guys. So, without speaking about my financials at the current moment on air, the trajectory shows that that number will hit. If I continue to produce at the level I'm producing today, I'd have to take a really big down slope to not hit that number. You follow.
Speaker 4:That's incredible yeah.
Speaker 2:As long as you keep your current path.
Speaker 1:Yeah, yeah and like listen, not to downplay it, like I don't. I think it is incredible. But take it a step further. I think like if I fast forward nine years and at the age of 50, based on my cost and my lifestyle, what is 30 million worth in nine years versus today? It's probably safe to say maybe 20 million, and if 20 million has to last you from the age of 50, to call it 90, it's not a lot of money, it's good money.
Speaker 1:Yeah, I'm not gonna say it's not good money, but it's not as much money as someone on the outside might hear and think yes, fair to say.
Speaker 2:Yeah, I mean I think there might be something wrong with us. Because we're doing like a five year plan for our mortgage business and we did the math and it like same thing. Like we get to an exit value of like 250 million in five years if we do everything perfectly, perfectly. And then we're like, is that a lot of money? Like, is 250 million a lot of money? And like that should be a fucking shitload of money, right, but in today's day and age, is 250 million that much money? Is 30 million, it's a lot.
Speaker 1:No, but listen, frankly speaking, let's just break it down to what we just said. Right? So if the insurance gold sold for cold number 30 million and I was 50, right, inflation fast forward 10 years. Call it 20 million.
Speaker 2:Taxes.
Speaker 1:Right, it's a little shy of a million a year, right? I think if you make a million a year today, not in 10 years today I think you make good money. I don't think you make bad money. I don't think you make fuck you money. I think you make good money, very good money. A million today has almost become a Me Too salary, almost Right. Am I fucked up for saying this? No, no, no, no, you put up something the other day, your story yesterday, I shit it with fucking seven people.
Speaker 3:I know exactly what it was.
Speaker 1:Because, bro, it was so true.
Speaker 3:It was, and I'll tell you what somebody responded to me. It was so funny. It said some people think 50,000 is a good year, some people think 50,000 is a bad month. Choose your tribe. And I read that I put shit like that on my story all the time, shit I relate to. And somebody two people responded to my story. One was a kid I grew up with who doesn't really do much with his life, and he said to me he goes damn. I couldn't even imagine making 50,000 in a month. And then somebody else responded to my story who owns a super successful contracting business, a big GC, and he said if I was making less than 50,000 a month, he's like there's a humongous problem.
Speaker 2:We were making less than 50,000 a month, we'd be out of business. We'd be dead.
Speaker 1:It's all perception, and actually obviously, I'm quite a few years ahead of you, boys, but what I've really become more conscious with in the last six to 12 months is not being upset with people who don't see the vision that guys like us see, and the reason why I've learned to not become upset with them is because we're not all built the same, and we definitely need people in that mindset as well, because that's what makes the world move around the way it does. We can't all be leaders, so it's not about thinking someone is not capable or their mind is too small. It's just literally some people who don't. Now, the shit that does piss me off, though, is the people who talk about wanting this big fucking dream but are willing to do fucking zero for it. Those people should fucking lock themselves in a closet and not come out. I'm with you.
Speaker 1:Oh, my god you know, listen, there's no secret formula. I always say be a good person, surround yourself with good people, and good shit happens.
Speaker 2:Yep.
Speaker 1:And that's my philosophy, but I believe in that.
Speaker 2:How did you get into restaurant reviews?
Speaker 1:So here's where Jude Romano spills a little of a secret sauce. But it's OK, I'm going to spill it and I'm not scared to spill it with you guys. But I'm going to spill it because when you realize you can't be duplicated, you don't mind sharing your sauce with you.
Speaker 2:First of all, your videos. I mean, I love your videos. You and Dave have something that. If me and him were on the streets, we'd be in fucking Hollywood tomorrow you guys have it, we'd be grabbing our Saga Award this year. You guys are cartoon characters. It's amazing.
Speaker 1:Honestly, you're lucky. You're fucking far from me. You'd be joining me every day.
Speaker 2:Honestly, you really should. You guys should do a joint one. They should do a joint. That would be hilarious.
Speaker 1:I'm going to be honest with you and this is a very big compliment, and it's not me being corny. Sometimes I'm scrolling and even though I do a lot of social media stuff, I'm not really on social media a lot if that makes any sense. But when I do come across Dave's videos, you give me life from my day. Brother, if I'm being honest with you, no, you do. Because sometimes I'm like this guy's fucking great, he's great.
Speaker 2:I mean, I feel like you guys are the same.
Speaker 3:I feel, the same about him and you honestly.
Speaker 2:I'm like, oh, every time I see a Jude video, I'm like, wait, wait, let me stop. What's going on here?
Speaker 3:No way. What is this? Yeah, whoever edits them too, like it's phenomenal.
Speaker 1:Yeah, thank you so much, man. I mean. So the social media game is very simple, right For me. I refuse to go on social media and say you know, here's five things you need to know about a deductible. No one fucking cares. Can we be honest? And even if they did care, they're too fucking dumb to understand. Sorry, it's just the reality, right? I'm not going to make a video that says here's five tips on how to be a safe driver. I would ask Instagram to immediately delete my account if I ever did show. So how do you market insurance without being boring? Well, there's no fucking answer to that, right? So what Jude Romano has decided?
Speaker 1:I have a really great passion for meeting business owners and entrepreneurs. I mean, for God's sakes, it says on my phone tell your story. This is something that's always been close to my heart. I like when people share their story where they started, where they are. Someone I admire very much, who you know is Frankie Brucego, from Gabriella's and Patricia's and all the good stuff, and everyone sees the guy we're going to be at Patricia's tomorrow, tomorrow, yeah.
Speaker 1:And they fucking invite me.
Speaker 4:Did I get a fucking calendar invite?
Speaker 1:I got this fucking guy ex me five times. You coming to the podcast, you see the ex in the upper trishes.
Speaker 2:It's probably gum.
Speaker 1:No, I don't take the last one.
Speaker 3:Oh, it's not me. It's his fiance's birthday. No, it's not me. I'm taking the heat over here. We'll go to Gabriella's afterwards, but the guy?
Speaker 1:Frankie is such a hardworking guy, super impressive guy, but people only see that guy in the restaurant Trust nice.
Speaker 2:Walking around talking to people.
Speaker 1:You don't know what that guy is.
Speaker 2:You don't know what the hell he did.
Speaker 1:That doesn't even fucking sleep, yeah, right. So that's why I'm so interested with the theme of tell your story. And so, to get back on track, as to the marketing scheme, it's an outlet to go meet with business owners for them to share their story. Right, fuck me. I don't want to talk about insurance. It's boring as fuck. I may be very good at that, but I'll be very honest with you Fucking the most boring business you could ever think about getting involved in in your life. But at the same time of me sharing a story of an entrepreneur, I'm in my apparel, I'm in my hat, I'm in my and you know, people surprised people.
Speaker 2:But you made it cool, you made it interesting.
Speaker 1:Yeah, people I get. These are the kind of message I get. Hey Jude, my wife and I gained 30 pounds at the eatin' all these restaurants you've been reviewing.
Speaker 1:By the way we need life insurance. Can you help us out with this? Right? And so you know and I can't tell you how happy that makes me, because that says you know what, jude, all this fucking hard work you put in it works. Because what people don't realize right Outside people, right now in the insurance space, they're like what is this fucking guy doing? He's an insurance broker. Why is he? Enanties, restaurants Ready?
Speaker 1:Everyone I'm sitting with is a business owner and entrepreneur mindset. Hey, asshole, every week I go out there and record. It actually cost me fucking money. Every week I pay a team to follow me with fucking cameras and edit. It costs me money, right. So I'm not only not they're doing it for fun, it is a financial burden to it, right? Secondly, it's clever marketing that's gonna take time to pay off. I'm not looking for immediate gratification and I actually did the reverse. A lot of people are out there marketing to earn business. I've decided to go out there and market After having an established business where I'm not looking for business. I am looking to help good people if they're looking to do, but I don't do it for that reason. You follow. I'm saying I'm not doing it because it's fun, gives me an outlet to showcase a business that's in my community and great things happen from it. If that makes any sense, that's not, does that?
Speaker 3:it's really in line with, like the go-giver mentality, like the whole. You know this. We, through the deals $1,000 event in when was that? March, march last year, 23, and Eric honestly came up with this like it was all centered around the go-giver mentality, which is the idea of trying to provide as much value, expecting nothing of return right, trying to put as many good people you know, good people in the right environment, provide just as much value to one another.
Speaker 2:All between us, and you know, Not have your hand out and say I mean.
Speaker 1:You know listen, this isn't something new for me. I've never been numbers driven, I've always been behaviors driven. I've probably said this on at least 10 videos already that I've recorded in the past. I'm a behaviors driven individual and I believe when you focus on behaviors, numbers follow Out question. So I've never been the God to say how many policies have we wrote this one, how much premium did we increase this year? I don't do it, I do the behaviors and at the end of the month I'm like huh, that's so fucking bad.
Speaker 1:Mm-hmm right just by following good behaviors.
Speaker 3:Mm-hmm.
Speaker 1:It did same thing at JP Morgan Chase and I had a really good mentor, my my my manager at the time said you don't, don't focus on your numbers. You know, chase was very laser focused on numbers, but his philosophy was just do what you need to do every day. This is what you do. I'll share what you would do this every day and he goes. I promise you your numbers will follow. Needless to say, I took his guidance at a young age and I was number three in the country, in the country at all, of JP Morgan in my role.
Speaker 3:Yeah, yeah, yeah that's the yeah, but that's still country.
Speaker 1:I never locked in. Oh, I'm almost in number three, number two, no, I will. Every day I woke up, I wanted it and I did the behaviors that I was supposed to do every single day, and then the results, just they, reveal themselves. I mean, again, people complicate things like I really think the formula of everything we do is extremely Simply Simple, the formula right, but you have to work hard, you have to be dedicated. You know people think they could commit to something at 40, 50% and get the results that we get assistance. It's not possible.
Speaker 2:You got to go all in.
Speaker 1:Yeah, you got to go all in. It's not possible, man, you got a. You got to be really fully committed.
Speaker 2:What made you I guess? I mean it sounds like you're crushing at your job, making probably good money, right? What made you say you know I'm taking a chance, I'm gonna get into this insurance business, even though it's boring, I'm gonna make it fun, I'm gonna make it cool, I'm gonna do my own thing. What made you do that?
Speaker 1:Well, I mean. So there's, there's a gap that I'm leaving out. When I left JP Morgan, I went and worked with my buddy doing exterminating 450 dollars a day killing rats in Manhattan. What, yeah and true story and I'm, I'm, I was embarrassed to share is at one point. Now I'm proud to share it, but I would go home and cry to my wife at night a handful of times a week just because I, I was just, you know, I was lost, I was depressed and I was like you know, but I had to work. We had a, I believe we just had the baby right. We had my youngest daughter, serena, and so for me, you know, 150 times, five or six days a week, was enough to at least just pay the mortgage and buy food at the time.
Speaker 2:So, yeah, to do, yeah to do. How are you at the time?
Speaker 1:35 no 2015, so you took a nine years ago, nine minus 41 32, 32 32, I think the age to be exact was 33 at the time and so I started doing insurance in In combination while I was exterminating. And then, you know, then there was a day where, yeah, and I was like wow, okay, you know, I was hopeful to do five policies a month, and then five turned into five a week and then Turned into five a day. And then, you know, and then I was like all my friend is one of my best friends to grow. I said thanks for everything, bro, you know, I really appreciate, I think, that this is my, my, my colon at this time. And then I just, you know, I went into it.
Speaker 1:But, man, listen, you know, and that's why I talk, talk to people like you know, I don't get caught up in the money, I don't get caught up in the materials. I know what it's like to have nothing. I don't come from anything, and I know how hard those days were and I know how heavy they weighed on my shoulders and I never want to feel that way, ever again, and I think that's why I wake up and I fucking give it everything I got every day, because those days are far more scary than anything. Right, I don't ever want to feel that way. So, but a lot of people don't know that. You know, listen, we all, we all carry something with us every day. Only we know what that feels like, you know. But I'm super blessed to have guys that've been by my side for a long time, such as Matt and his brother Sam. They've always been by my side. I worked with Sam for a long time and Chase and you know, having a good support system and people who believe in you's definitely been helpful.
Speaker 4:But again, Thank you for sharing that man. Yeah, that's awesome.
Speaker 2:What do you like? What's going? Because I feel like a lot of people are so afraid of getting to that spot that you were at that that they'll never even. They'll never even put themselves in a situation where they like never take the leap never take the leap so like you're.
Speaker 2:You're probably doubting yourself. You know you get it sounds like you had a kid down the way, or you just had a kid, married probably, and feel great like what's going through your head at the time. I mean, like how, like how are you getting up every day and just putting the work that?
Speaker 1:Yeah, you know, I think mentally a Lot has happened since then. I'm older, I've become more wiser, so I've taken a lot more knowledge, so the way I'm thinking today is a lot different than I was at 33. So that definitely helps, right. But um, I don't, I don't think there's really like a one-size-fits-all answer, because everyone handles things differently. Um, you know, I don't like to preach. You know, I don't want to sit here and say I'm this, like you know, tremendous Catholic Christian. But there was a point where I just put my faith in God's hands and said you know, I'm gonna wake up and do the best I can every day and I'm gonna trust that God's gonna lead me in the right direction. Well, you could call it whatever you want, you could call it faith, god, whatever you want. But it just comes a certain point where it's like there's only so much you can give to your day.
Speaker 1:Yeah you know, that's amazing, bro.
Speaker 4:It's when you're on your knees and everything is shattered and nothing is working. When a man comes to God. Yeah and when you have, when you know God's got your back despite how bad everything is. Yeah, it's like you're walking with like every bone and selling your body is just unstoppable so. I appreciate you sharing that man Not a lot of people come on here and Tell the audience just how bad life was at a certain point in time, but it's those moments that make you the man you are today.
Speaker 1:Yeah, that's, that's no question, man, and you know I share this with you guys because hopefully this is a good takeaway for you guys. But at 41, my focus point every day, I wake up, first off, and my wife knows this too First thing I do I wake up, I'm. I'm telling God how grateful I am. When people say, how are you? I tell them the truth. I'm fantastic, I'm healthy, I'm walking, I'm breathing, everything else is up to me, right, this is the truth. You guys could say.
Speaker 1:Anyone could say this guy's just preaching. No, it's not preach, it's truth. If I am healthy and I'm capable, the rest is on me, right. And so you know I share this with very few people. But when I go to church on Sunday and and I pray, all I ask at this point in my life and this is very different from 10 years ago I say God, please just Shield my family, make sure my family stays safe and healthy. That is all I ask for you. The rest, I know you've given me the ability to do. Wow, think about it. It's not a matter of opinion, that's an actual fact.
Speaker 2:I love that. Yeah, no, me too. I feel like a lot of people you know that maybe are listening. You know, maybe they're going through that that time where it's like you know they're putting in the work. Maybe they don't see the results. The results take a while right, like the.
Speaker 1:Yeah, man, quick results don't last long, long results last long. You know everyone's looking for that, that they want to read that book, they want to read that quote. This is gonna fix my life. No, you fucking fix your life. You and you might. You might go through six dark months, you might go through six dark years, but, you know, if you have faith and you have the willpower, you, you come out of it. You know, and? And let's talk about the word success. Let's define success. People have fixated on the word success, like success means you have a missades bends, a Rolex, your own business. No, no, no, no, everyone's fucking wrong. Success is literally defined by one person reaching the desire that they wanted to reach. If your goal was to be the manager of McDonald's and you've made it, you are fucking successful.
Speaker 2:Right.
Speaker 1:Let's be honest. If your dream was to be an eighth grade math teacher, you're successful, and so I get bothered by people defining success based on monetization, because I can also show you a handful of fellas that make millions of dollars a year and are the most miserable fucking people you've ever met in their life, and they're unhappy. So is that success Fair?
Speaker 3:Yeah, absolutely fair.
Speaker 1:So I think, finding a good balance of what you really enjoy doing while making money.
Speaker 4:Jude, let me ask you a question, brother, over the last seven years building this business, you got how many kids? Two, two daughters, two daughters. Congratulations, that's amazing, two daughters. How many hours a week are you putting into the game?
Speaker 1:Well, honestly, maybe $9,000? I don't fucking know, I don't even know. I'll tell you this, I don't count, but it's nowhere near fucking 40. Nowhere near 40. You know, I'm not one of those guys who come on and curse. I fucking know. But these, fucking, these people today, they don't fucking get it. They think, oh, nine to five, I'm going to be a millennial millionaire. Go fuck yourself. It's true, it's true, it is true, it is true. I work more hours in a fucking day than these fucking fucking a month.
Speaker 2:It's true, I'm going to ask you a selfish question. All right, you got two kids, you got a wife at home. I don't know if your wife works or what she does, but obviously you're working your ass off to provide for the family. The word balance for me kind of freaks me out, because it's like I don't really want balance. I want my family to be involved in the business and kind of have everything work together. They know what's going on in the business. If the business is doing good, they feel good about it their way. But part of me does. I mean I have a fiance, I have a kid on the way. I have figured out a little bit of a symbol and some balance. I tried to turn my phone off at eight o'clock at night. That doesn't work, it's never going to work. So like, how do you manage it? How do you keep everybody happy?
Speaker 1:It's tough, it's very tough. I'm trying really hard to do that more. Now I'm actually interviewing with coaches and I think that's a big step for me in my life right now because you know, I'm realizing you're just never too good at what you do. There's always good to have outside feet. So I don't really know the right answer to that.
Speaker 1:I don't think there's ever a perfect balance. I think we strive to find a little bit more of that perfect balance every day. I don't think we ever find that perfect balance, but I think we work towards improving that balance every day, if that makes sense. I mean, look, I'm 41. So I'm working harder and harder and improve myself and my balance for myself and my family and my business every day. I think, as an entrepreneur, it's something that we'll always struggle with. If I'm being honest, I think it's something we'll always struggle with. I don't think there's any. I haven't met a lot of people who have that answer. You know quite a few people in my circle who do very, very well and they have all the coaching support that they can ever ask for in the world and I think that they still strive to find that every day.
Speaker 3:And that's something, too, is a side note I want to touch on, because you're, you're I don't know a lot of people like you that are so, that are so willing to help. And so you know, you invited me to one of your friends parties beautiful party at a great time. You were introducing me to everybody, some of which a couple of people, two people I talked to a couple of times a week now. That helped me with a lot of different things. Right, I called you one day, called Monday, with Clint, because Clint's insurance got dropped. He needed help. Jude was probably busy as fuck and he dropped. He was doing and he, you know he was absolutely helping Clint, whether he's going to result in business or not. Like, there's just not a lot of people like that. So I'm very grateful to you.
Speaker 1:Know, I feel like everybody in this room is like that, but I want to just you know I'm willing to do that when I feel like someone's a good person right and so not to choke you on the fucking head, but I think you're a good guy.
Speaker 4:Johnny boy, Johnny, you are a good man, so don't let anyone to tell you otherwise, johnny.
Speaker 1:Yeah, listen, I love helping. People deserve help. You're a shitbag.
Speaker 4:I watch you burn. I got it.
Speaker 3:I got a question too. This is probably like a loaded question, but what's? I'm only asking this because one of my good friends she literally has been telling me the last few weeks she's going to take her test and she wants to become an insurance broker. And she actually called me today when I was sitting in your office and she said I don't know that I totally want to do this. And I was like I actually said you should talk to my friend, jude. But my question is what's the what's? What's the what's the thing that you love most about your job? And I'm sure that's a loaded question, but what do you? What's the thing you love the most?
Speaker 1:Listen, I'm going to be, I'm going to be, um, I'm going to be brutally honest here and I've said it in passing earlier in the in the episode um, insurance sucks, man, it really does, you know. I think that I just it's terrible, it's terrible business, it's terrible, it's a stressful business, but I think I'm really lazy being focused on saying that just cause we're probably in the worst stage of the market in the insurance industry ever. Now there are people who are older than me, who've been in the insurance business far longer than me, who have even shared with me and said Jude, we've never seen it as bad as it is today.
Speaker 2:Right, what is going on? What is going on?
Speaker 1:Well, the market's bad, just like interest rates and all that. And we could, we could, we could dive a little deeper into that, but I I guess the reason why my answer might not be the best answer today is just because of where the market sits today. Rates today are 300% above where they were 24 months ago. And think about the frustration that I have to take a hand, a couple hundred calls a month, to explain the same scenario over and over and over again. Oh my gosh, so why? Why are rates bad?
Speaker 1:When there's a hurricane in Florida, people think, well, it happened in Florida. What the fuck does that have to do with me here in New York? Well, asshole, let me explain to you finance. The same company who ensures you here in New York also ensures all these people in Florida, and they paid out a few billion dollars. So do you think it fucking affects you here? You fucking damn right, it affects you here. All the jerkoffs on the cell phones and driving and getting into car accidents and their fancy cars is a big cost there, right? And then the market is bad. So the cost to purchase people, people on say, insurance companies are financial institutions and money guys.
Speaker 1:Insurance companies are the smartest guys in the industry. When it comes to money, they manage risk right. So do you think that they just magically came up with this new fucking number today and said this is what you're paying? No, they did. Fucking analytics, statistics, the actuaries involved. The rates today have gone up so quickly, so rapidly in a short period of time and people are not adapting and understanding. And my response to all the people out there today is if you think, plane airfare, mortgage rates, real estate, food, clothing, all that shit went up, but insurance, no, that should be the one thing that stayed the fucking same. Good fucking job guys. Very fucking clever, very clever. It's not rocket science. You understand what I'm saying. So if anyone wants to get into the insurance industry today, I'm going to say it. You could fucking play this record and cut it up. Chop it up. Worst time to get into the fucking business. You will not last. Wow, you won't.
Speaker 1:You won't last.
Speaker 2:If you make it through this, on the flip side rates come to Won't last, won't last.
Speaker 1:Only people are going to make it through this are people who have portfolios of clients already and who could sustain a two, three and four year very difficult time. You're done, You're done. New insurance no shot, no shot.
Speaker 2:How long does it take? For I guess I hear you know a lot of times you know there's hurricanes, you have a bad season and rates go up. It goes crazy, costs go up, but then it comes back down usually right.
Speaker 1:So they're hoping to see a shift in the right direction. Again, this is what higher level people in the insurance industry are saying. They're hoping, by 25, 26, for things to start leveling back, which realistically will come fast. I don't know if it's like it's 10 years from now, but you know, for someone brand new getting into the business it's. You're done Unless unless you have a unique situation if someone coming into the business, you have a very high net worth, circle of influence, people that are willing to work with you. You're going to write high profitable items such as life and commercial. You have a shot. You're going to come in and write order on home. Don't waste your fucking time. Go bad groceries and target and call it a day. I'm just that's. I'm sorry, but like I, rather people be honest.
Speaker 3:No, no, no, 100, 100% truth.
Speaker 1:You know that's crazy. I'm an experienced broker in business seven years. I almost don't even write auto insurance anymore. Not worth it.
Speaker 3:We answered my next questions and say if somebody told you that wanted to get into insurance, what piece of advice would you have? And I guess the advice is don't do not.
Speaker 1:I'm just listening again, just being really, really honest. You know, what's happened in the last 12 to 24 months has forced me to kind of adapt and shift my entire focus.
Speaker 4:So what's the focus now?
Speaker 1:Just commercial life, working with entrepreneurs, business clients, people who really understand business, people who are not going to fucking question every single move you make because they get it Right. Higher level clientele Listen, my commercial clients, thank you. I fucking call me every week. Why did this happen? Why did that happen?
Speaker 4:They're business men.
Speaker 3:They're stuff they don't have the time to make that call. They're too busy to call you.
Speaker 1:Secondly, they understand it. You follow what I'm saying.
Speaker 2:If they're calling you, they have a real situation.
Speaker 1:Look, I don't know if you guys heard this in the past I'm sure you have and I could say it incorrectly there's that 80-20 rule right, where you spend 80% of your time working on. See, I'm already fucking out. You always say what you're saying.
Speaker 2:It's like 80% of your time is spent making you 20% of money and 20% of your time is making you 80% of money.
Speaker 1:That statement is the truest statement in the world. Because if you peel back your portfolio, you say 20% of my clients make up 80% of my revenue and don't bother me, right? And if people make up 20% of my revenue or 80% of my portfolio and take up my entire day, and as a business person, if you really start to understand that you shift your focus. You're like why am I giving these people my attention? I make 20% of my revenue from them, I make them take up my whole day, these people who deserve all my time. Don't ever call me so deep in the relationship with the high profitable clients, the clients that value what you do. Deep in that relationship.
Speaker 2:Well, I think that in our business it's super obvious For you at least, I'm sure the guys are doing the $50 million deals. They don't spend your entire day like it's a clean deal broker, whatever.
Speaker 3:Yeah, the guys doing 10, 20, 30, $40, $50 million deals. They're not complaining like somebody who's doing a $400,000 refi and is mad that they're morg Because the rate's an eighth of a point higher. Their payment's fucking $36 higher a month.
Speaker 2:Yeah, like you know, and we did the same on the lending business. We were doing a ton of bridge loans, but we're making all of our money on the rental loans.
Speaker 1:Yeah.
Speaker 2:We were making three times as much. And the bridge loans are impossible to underwrite and the guidelines change and it's really hard. It's like why don't we just go all in on?
Speaker 1:rental loans. And look, just for the record, just to throw this out there on the app. And this is a blanket statement, even for what you guys do in your respective lanes in your industry. This is not a statement to all the clients to say, hey, your opinion, yes, we don't want to work with you. It's to say, hey, we run a business, we work really hard, we are fucking human, we deal with stress just like you do. Cut us a fucking break. That's what the statement is. It's not, we're too good for you. It's like, hey, if your fucking auto rate went up $12 a month, don't call me fucking cursing me. I have nothing to do with it. I'm not Warren Buffett, I'm fucking Jude Romano, the insurance.
Speaker 4:That's called. That's a great clip, Josh.
Speaker 1:That's a good clip. That's a river. That's a river. This is great. You guys are great and this is from my heart. This is truth right here. I'm excited to watch all of where you fellas will be in the next 36 months, next five years, 10 years. I'm excited to see where you go. I mean, I could kind of envision where you guys will be, but I'm excited to see it Because I know just from being 12, 13, whatever it is years older than you boys. I know where my mind was at your age and I know where it is now and I, from the outside, looking in, think that you fellas are so far ahead of your peer group for your age. So I'm so excited to see where you guys are going to be in the next five years. I appreciate that.
Speaker 2:I really appreciate that. I got goosebumps when you said that it's awesome, brother, you're the man, you are the goat. Actually you are the goat. I mean I think that's unless you got other questions, dave.
Speaker 4:Look, we're going to wrap this thing up. We're a little over time now, but, jude, you came on here. You're an inspiration. Whenever I see your Instagram, it's an inspiration. You came here and, honestly, even before the podcast started, recording the level of positivity, the inspiration like what you're doing for your health, what you're doing for your wealth, what you're doing for your employees and your family is just incredible. And so, dude, we're all here rooting for you, man, and we know you're going to hit that $30 million exit when you're 50 years old. And, just like you're excited for us, we're excited for you. Bro, thank you so much for making it on the podcast. If the people need insurance from the goat, where can they find you?
Speaker 1:So you could go to theinsurancegoatcom, but where you would probably find a little bit more humor is going to the insurance goat on Instagram, right? So how do we call the handle? It's at the insurance goat, right At the insurance goat. And my takeoff message to everyone well, first of all, boys, love you guys, thank you for having me. Love you, bro. The fact that we won over time is a fucking blessing. That means we will all talk about great shit. My two takeaways are winners, stay with winners, let's keep winning and keep fucking going.
Speaker 3:That's it, let's go.
Speaker 2:Nice.
