Financial Investing for Your Future (Transcript)

This is the transcript from EntreArchitect Podcast Episode 227, Financial Investing for Your Future.

Listen to this podcast episode or download the audio file here.

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***Start Transcript***

Mark R. LePage:           

Do you know if your firm is profitable? Do you know how much profit you’re actually making? Do you? Do you know how much profit you should be making? Do you know how much you should be charging to make that profit? Well, you can learn how by downloading our free course profit for small firm architects right now at EntreArchitect.com/freecourse. My name is Mark R. LePage and you are listening to EntreArchitect podcast where I speak with inspiring, passionate people who share their knowledge and expertise all to help you build a better business as a small firm entrepreneurial architect. This is Episode 227 and this week I’m speaking with Henry Dominguez about Financial Investing for Your Future.

This episode of EntreArchitect podcast is supported by our platform sponsors, ARCAT, the online resource delivering quality building material information, CAD details, BIM specifications, and much more ARCAT.com. Freshbooks, the cloud based accounting software that makes running your small firm easy, fast and secure, spend less time on accounting, more time doing the work that you love. Gusto. Gusto is making payroll benefits and hr easy for small businesses. Modern technology does the heavy lifting, so it’s easy to get things ready. Henry Dominguez, welcome to EntreArchitect podcast.

Let me introduce you to our listeners here. Henry Dominguez completed a bachelor of psychology, not architecture, but psychology, before obtaining his master’s of architecture from the Southern California Institute of Architecture in Los Angeles where he worked with distinguished professor professors, Hernan Diaz Alonzo, Tom Wescom, Dwayne Oiler, and other thought leaders in the profession. He is a currently a designer at Neil M. Denari Architects. When I was in architecture school, Neil Denari was my inspiration. I loved what he was doing back in the nineties. I haven’t really followed them much now, so I can’t say that I know much about him, what he’s doing now. But I want to talk about that a little bit. So you’re part of that team and, on the side, he’s developing strategies for how architects and design professionals can invest in themselves and not just their clients. His goal basically, his very simple goal is that he wants to help young architects and designers and hopefully some of us more seasoned architects and designers to be more successful and financially independent. Wouldn’t that be nice? So, Henry, welcome to the show. I appreciate you being here. Let’s have a conversation before we dive into the subject of money and investing, because that’s what we want to talk about today. I want to know your origin story. So go back to wherever you want to start. Talk about how you became an architect and where you are today.

Henry Dominguez:       

Sure. Mark, thanks for having me. A little bit about my background as you said, I have a bachelor’s in psychology and I think the reason why I chose that route was because I’ve had a natural interest in helping people and solving problems. And for me, my family was involved in psychology, so it was a natural sort of a decision to go into that. when I finished my degree though, I wanted to go into a more creative route. When I started looking into things that I wanted to do for the rest of my life, architecture was one of those professions that looked really interesting to me. I did have some experience in high school doing some drafting, technical classes and didn’t really enjoy it that much, which I think is why I didn’t do it right when I went into college. But when I saw the amount of creativity that can go into the profession, if you go to the right schools and you work with the right people that was something that attracted me into getting into architecture.

Mark R. LePage:           

Did you originally intend to be a psychologist? Was that the plan or did you sort of just take that degree and see where it was going to go?

Henry Dominguez:       

Not really. Like I said, my parents were in psychology. They have group homes, they worked with autistic children. So I was always, I was always around that sort of environment. And I think that’s why it was on my radar.

Mark R. LePage:           

Yeah. Yeah. And so you discovered architecture after your psychology degree?

Henry Dominguez:        

A professor suggested that I get into architecture when I’d taken a drawing class and this was just based on maybe a little bit of talent on the drawing a skill set. And so I went to a technical school while I was in high school and that’s basically when I decided I didn’t like architecture because it wasn’t creative enough and, and I like solving problems, you know, and like I said, I liked helping people and so that’s why I decided that I would try out psychology.

Mark R. LePage:           

Yeah. Yeah. And then, and then, so what happened after you graduated from psychology?

Henry Dominguez:       

Well, I decided that I would want to apply to a masters program in architecture. So I applied to SCI-Arch in Los Angeles that was in 2009. And I graduated from in 2000 and I’ve been in LA since, so it’s been just under 10 years that I’ve been here working as an architect professionally.

Mark R. LePage:           

Are you licensed or did you take the exam and all that?

Henry Dominguez:       

I am not. I had intentions on getting licensed. Right now, it’s not something that I’m pursuing. I don’t necessarily see the value in it. I guess it’s because I’m starting to gain more interest on the business side and the finance side, the investments and development side of architecture, which doesn’t require a license.

Mark R. LePage:           

Right, right. Yeah. The only reason I ask is because people are always interested to know. So you graduated from SCI-Arc and Dinair is actually involved in SCI-Arc, right?

Henry Dominguez:       

Well, yeah, he was the director of the school for five years. He isn’t involved a necessarily on a day to day, but he does go back. Academically, he’s very involved. He travels around the world and does lectures you know, all the time. He’s still teaching. He was teaching at Rice just this last semester. I believe he’ll be going back to UCLA at the end of the year, probably in the fall.

Mark R. LePage:           

Yeah. How long have you been been there?

Henry Dominguez:       

I just started this year. It was earlier in the year, in February.

Mark R. LePage:           

So what are you doing there now?

Henry Dominguez:       

I’m working on a couple projects,  local projects in lA. It’s an office building and a hotel. They’re both on Adams and basically Adams is getting a lot of work done to it. There’s a lot of development there. And so we were working with some clients that have a few projects and they’ve hired us to try to do a little bit more interesting work than what they’re probably used to. I was hired in because  the office has actually been expanding quite a bit in the last year. The team has grown from five people, I believe it was five people last year to about 15 people right now. So it’s an exciting time to be in Neil’s office for sure.

Mark R. LePage:           

What inspired that? He just sort of shifted his focus from education to practice? Because he’s been practicing for a long time. He was a well-known architect in the nineties when I was in college, so sort of what was the inspiration to start growing again?

Henry Dominguez:       

I think he, he’s changed his focus a little bit. You know, we’re all very aware of the paper architect. A lot of the people that I’ve been involved with especialty in school, Hernandez Diaz Alonza, Tom Wiscon they’re known more in his paper architects, being that they don’t build very much. Neil’s interest is, has always been in building and in construction and he thinks that way and he’s trying to, I believe, focus more on those opportunities and start to get more work built, starting with with LA since it’s local.

Mark R. LePage:           

Yeah. Well that’ll be exciting to see his future as he ramps things up and does some of the built work. I know in the nineties he was doing these like really mechanical looking machines, I don’t know what he’s doing. I haven’t actually followed him, like I said earlier, I haven’t followed them recently so I’m not sure he’s still doing that type of work, but I’m sure it’s creative and not traditional architecture.

Henry Dominguez:       

Sure. Yeah. It’s less mechanical. I would say. More graphic.

Mark R. LePage:           

I was looking at your website, you’re extremely creative. It’s HDdesignlab.com. If anybody wants to go check it out. Really interesting work that you’ve done for a designer. Yeah.

Henry Dominguez:       

Yeah. I’ve been fortunate to be able to work with a really talented architects that work on interesting projects. So it’s the reason why I’ve decided to stay in LA, you know, after graduation is because of the potential and the work that comes out of the city. So far it’s been, it’s been a lot of fun.

Mark R. LePage:           

Yeah. It’s a good place to be if you’re inspired by modern architecture and creativity it’s a good city to be in. But that’s actually, it’s interesting because I want to want to get into why we’re here. You and I bumped into each other on Twitter. Your Twitter handle is @investbydesign and as an architect who is all about business and success, that inspired me and sort of interested me and so I looked into it and you’re building a platform, you’re very early on, but you’re building a platform essentially to help architects learn how to be more financially successful and to sort of know what to do and how to invest in their financial success. And so what inspired you to do that? I mean, you’re coming from a psychology and into architecture and SCI-Arc and very creative. What inspired you to sort of focus on investing and financial success?

Henry Dominguez:       

Yeah I think that within finances, it’s not typically looked at as a creative sort of a profession or a process, but there’s still some creativity there. And I think that the idea of being able to solve some of the financial problems was also interesting for me as something, a personal project, that I wanted to do a little more research on. It just seems like there isn’t enough investment in ourselves within architecture and we’re also not spending enough time thinking about it. I know that a lot of us are very busy with our work and now the more design time you put into a project, the less time you can put into yourself and also your profit margins. So it’s a double head because you don’t have the financial freedom to to invest, right? The extra money, but you also don’t have the extra time to spend researching. So I’ve been looking into how we sort of got here and where we are now and where we need to go moving forward as a profession because it doesn’t look like we’ve progressed very much in terms of when you compare it to the rest of the economy.  We’re pretty far behind and I think things, things definitely need to change, the way that we work in the way that we think about our work as well.

Mark R. LePage:           

Yeah, I totally agree. And I think a big part of it is psychology, sort of separate from the fact that you have a background there, but I think a lot of the money question in architecture is this fear of money, fear of not only, you know of what to do with it, you know, once I have it, what do I do with it, how do I make it grow? But the fear of actually earning it, you know, there’s this whole psychology that we know that it’s an art and that it’s not about the business and about the money end of it. My message for years now has been, you know, profit, then art, build a profitable, thriving, successful business that will support your art and you’ll have a lot more fun to go build the architecture that you want to build. I know that you have a similar philosophy in terms of that.

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What can we do? What are some of the steps that we should take as a profession and as individual, small firm architects to sort of refocus our ourselves on building a more successful you?

Henry Dominguez:       

Yeah. Well I think that a lot of us, I know I was this way myself when I first graduated, I was not aware of where my money was going and I wasn’t aware of how much I was spending on clothes, on food or even how much I was paying in taxes. And so it left me with really, always, when I, you know, when I graduated, I didn’t have, besides the school, I didn’t really have any debt, credit card or anything but the first thing I started to do was really pile on debt. Little by little it starts to creep up on you and if you don’t know how to manage it, you really can get yourself stuck in a position where you feel really trapped. Yeah. So I think that first and foremost is having an understanding of where you sit financially in terms of what your expenses are and if you can reduce that at all so that you can start freeing up some of your money and putting it into investments or towards investments. That I think is a really important step that would help as a starting point for a lot of folks .

Mark R. LePage:           

Do sort of a personal financial audit, sort of go through your own personal finances and understand what you have currently, you know in terms of assets, what you have in terms of debt, and then where your money’s coming from and where it’s going right?

Henry Dominguez:       

Where it’s going. Exactly. I think one of the, one of the first platforms that I used that was able to help with this it’s called Mint and it’s a company started by Intuit. And so this the same company we do our taxes with. And what’s really nice is that you can see all of your accounts in one place and this way you can see everything that’s coming in and everything that’s going out in one single platform and it’ll start actually categorizing it for you and you can set your own categories as well. So I know how much I’m spending during lunch because I go to the same places and I’ll keep track of how much I spend per month while I’m at the office.

Mark R. LePage:           

Yeah. Mint is a great platform. I use Mint as well from my personal side, it’s the same company that, that does TurboTax and QuickBooks and I don’t know if they still have Quicken, but they used to have Quicken. That’s where they started. but yeah, same company and Mint has really, if you’ve used Mint in the past, I thought, well this is a little confusing and it’s sort of clumsy. Try it again because it’s come a long way in the last few years and it’s extremely automated. Like Henry said, that you can edit the categories and you can do a lot of customization, but really if you just plug it into your accounts, just that and the automation that it does, it’ll give you a tremendous amount of information about how you spend your money.

Henry Dominguez:       

Right? Yeah. And I think that, you know one of the things that I like to always say, I do this with the work as well at the office is you know, you can’t manage what you don’t measure, right. And so I’m constantly measuring you know, financially, measuring how much I’m spending on certain categories at the office, I’m measuring how much time on spending on drawings versus renderings and you know, DD sets versus, you know, transitioning over into CD sets. There’s a constant measurement that I’m trying to to keep track of just for efficiency purposes. And so I try to do the same thing with my finances.

Mark R. LePage:           

So once you do this personal audit, and before we did any further along, Henry  is not a financial advisor, he has no background on financial advisement. So I want to make sure everybody understands that we’re just two architects here talking about money. I just wanted to put that out there. So nobody says, Hey, Henry said or Marks said. We’re going to check that box. So once we sort of do this personal audit, we know where our money’s going and where it’s coming from and we can start tracking it and over time you’ll start seeing the patterns which is really interesting and we’ll have links to all of this in the show notes so you can go to show notes and find all the links to all this stuff. But what do they do next once they sort of understand where it’s coming from and where it’s going?

Henry Dominguez:       

Yeah. Well one simple rule that I’ve learned is that we should we should all be able to put a certain amount towards savings and and towards investments and that number usually seems to be around 10 percent of your salary, pretax. So if you’re making, let’s say $50,000, you should be putting away $5,000 per year towards investments. I’ve seen people, Mr. Money Mustache a has a great blog and he talks about finances and what he was able to do to reach a financial freedom. He was able to put away a lot more than that and he was able to reach his goal of financial freedom much sooner because of that. Then it’s important to figure out where you want to put your money into investments and there’s many different options for that. You can do managed accounts, like mutual funds or you can go straight into the stock market and there’s also options within that including index funds which are a little bit safer I would say. They’re are a little bit safer than let’s say getting into a direct company shares like let’s say Tesla or Google stocks directly. I again, this is more of me being able to track my process and I have been able to see that investing over time has had a significant return and my assets now have grown quite a bit and this is really just small quantities every month that I contribute. And over time they do, they do pay back as long as you have to manage your risk, there’s always going to be risk. So it’s really just being able to manage those risks and learn a little bit about the companies that you’re interested in and invest you know, you do have to take that jump.

Mark R. LePage:           

From what you just said, I basically here three steps. I hear a do a personal audit, figure out where the money’s coming in, how it’s coming in, where it’s going. And then number two is put together a budget, right? So this is how much you’re going to spend on everything that you’re going to spend on and within that budget you’re going to take 10 percent of whatever you earn and put that aside for investing, right? And you could do that in an IRA or there’s a bunch of different tax programs that sort of allow you to invest a tax free or tax deferred. Again, we’re not financial experts, so go talk to a financial expert about all that stuff, but sort of the idea here is to inspire you to understand your money, where it’s gotten, where it’s coming from, where it’s going, and then take a little bit of a little bit of that and put it away for yourself before you go and spend the rest of it. Right? So if you invest in yourself first, then it’s going to happen. Because I’ve done that both ways, you know, I’ve paid all my bills, I’ve made sure everything happens and if there’s anything left then it will go in the investment. Well, there’s never anything left, right?

Henry Dominguez:       

Right. Yeah, exactly. We should be looking at this the other way around, which is pay yourself first and then go ahead and pay for everything else and you’ll find ways to do that. I think that’s a really important shift in your mindset, I think in your habits, is making sure that you take care of yourself so that, you know, over time the goal should be that you can start taking care of others, whether it’s well, now I can start a business and start hiring people and have employees and give other opportunities for people to work. So yeah, I think definitely pay yourself first. Don’t always worry about everyone else. And then, you know, give yourself whatever’s left.

Mark R. LePage:           

That can make a much, much bigger impact on the world if you’re financially comfortable because if you have all your bills paid and you have some money leftover and then you have some money to do something with, now you can invest in other people. You can do, you can donate money to charities, you can support other people who are trying to come up and they need some money. It gives you the opportunity and the freedom to go beyond you know, the things you want to do because I think a lot of people sort of think the other way around. I’m gonna spend my money and try to give away as much as I can and, you know, not make a lot for myself. And then, and then it sort of backfires because you’re not financially healthy and that financial illness because you don’t have enough money, starts affecting your physical wellbeing as well, I think.

Henry Dominguez:       

It also affects your work. So you can’t be as creative as you want to be. So I think that yeah, definitely taking care of yourself will allow for even more creativity to flow. So yeah, definitely important to take care of yourself. And I think that that’s one thing that we’re not doing enough of is we take care of our clients before we take care of ourselves and we need to start looking at that a little bit differently.

Mark R. LePage:           

Yeah, for sure. Yeah. I agree. And I love that you are building this platform, this Invest by Design. You’re focusing on young architects and I think that’s important because a lot of us who have been in the profession for awhile, we’re feeling the pain in terms of finances, where you need to sort of retroactively do a lot of this stuff that’s much harder to do when you have a family and a business and employees and taxes and all the other things that come along with being a more seasoned architect. If you do this from the beginning, right? When you have no real responsibilities, or very few responsibilities as a young architect. Maybe you’re not married yet, maybe you haven’t gotten your license and you haven’t started a business yet. That’s when you really want to start, you want to start when things are at the beginning because two things: one, you can do it because you actually have the money to do it at that point, but two is that the sooner you start investing, the bigger that money gets at the end.  So when you are 50, 60 years old, that $5,000 a year that you put away is now hundreds of thousands of dollars or more. I love that Invest by Design is really focused on, you know, getting the younger architects, young architects to pay attention to this stuff early.

Henry Dominguez:       

Right? Yeah, absolutely. And I think that that’s something that also isn’t really available for a lot of us is you know, your interviews, a lot of the people I’ve noticed or people who have already been in the profession, started a business and they’ve been in the profession for many years. So for me, looking at that, it’s some thinking 10, 20 years down the road, what about now? Right? What about, what can I do right now? And I think that that’s where this platform is supposed to sort of bring forward some of those opportunities and, and it should be also, I want it to be fun. I think that this has been really fun for me to learn more about finances and solving that problem without taking away time from my work and taking away time from, you know, my quality of life.

I think that that’s also one of the concerns that most people have is, well, I don’t have time to learn about this and I don’t have time to always check on my accounts and figure out if this is the best decision? I think that definitely we should start just taking the first step and if you fail, it’s okay because you don’t really fail if you learn. Right? And so I think the idea is it’s okay if you fall, it’s okay if you lose some money and, and, and broaden your ability over time to take on more risk, right? Eventually you will be able to, I hope more and more architects will be able to take on their own projects and take advantage of the value that they add to the world and be compensated for it. And I think that there’s just a lot of wealth being built in real estate and it’s on the backs of architects and if we can sort of shift that and take more of a ownership role, we will be able to take care of ourselves and our family and have a better quality of life.

Mark R. LePage:           

Yeah. So is that, is that your plan for the future? I want to sort of go to the future in two directions. One, what is your personal future? Because Invest by Design is a journey platform at this point, right? You’re documenting your journey from where you are to where you’re going to go. Right? And as that grows it will become more of an expert platform, but right now it’s sort of documenting your journey. So what’s your journey in the future look like, what’s your plan?

Henry Dominguez:       

I’m continuing to invest small portions, but that have now started to really feel like it’s a lot bigger and I can now start talking more seriously about investing in real estate. And so my goal would be to you know, usually trying to follow someone or model someone who’s doing what I want to do eventually. One of those people is Jonathan Segal, I think he, for me, was one of the architects that really changed my mindset in terms of real estate development and I would like to be able to get to that point where I can start developing projects on my own and and if I think something should be, then it is and and I’d like to be able to build a team with other architects, other designers, and include some financial advisors as well to make smarter decisions, and really be able to grow a company where people enjoy the work and have the and flexibility that we really deserve for what we add to the world because we are adding a lot of value.

Mark R. LePage:           

Yeah, totally agree. And I’m excited to watch you grow right now. And that’s Invest by Design is your Twitter. So you don’t have an Invest by Design website yet, right?

Henry Dominguez:       

I don’t yet. I do have something that I’m working on to get started. It’ll be more of a blog format, but I don’t have anything live yet.

Mark R. LePage:           

Yeah, I knew you were early when I invited you on. One of the reasons I did is because I’m excited about this idea, and I wanted to hold you accountable to do this. Just a little bit of back and forth on Twitter I had with you, I sensed that this is definitely something that’s needed. This platform is needed for the entire profession. But especially young architects to focus on that early is so important because when you’re 50 years old, your world is different. Everything is different. And so if you start early, you’ll be more successful when you’re 50 and beyond. And so by having you on here, I can say for one, I had Henry on when he first started and now look at him and and two, I wanted to inspire other people to sort of follow their dreams, you know, if you have an idea for a platform, build it, you know, there are infinite ways to get your message out.

And Henry is getting his message out right now in Twitter. It’s going to grow into a online platform. And I’m excited about it. And so as you grow Henry and you want to  you know, get some of the word out about what you’re doing and how you’re doing it definitely hit me up because I’m going to help you grow it any way I can because I’m inspired by what you’re doing. And I hope that you can inspire thousands more to do it as well. So before we wrap up here I want to ask you one question that I ask everybody. What’s one thing that a small firm architect can do today to build a better business for tomorrow?

Henry Dominguez:       

I think that it’s a great question and one of the things that I’ve been doing recently is having the conversation with different different architects of small businesses and asking how well they’re doing and what are some of their challenges. I think that it’s important to ask, if you have staff, to ask them how they’re doing, what’s their quality of life, lwhat are some of their challenges, what are some of their problems because it’s really important to have a very healthy team and I think a healthy team will allow for a more successful business and something that people would be proud of over time. And I think that being able to listen to your staff, understand them get to know them,  even just asking them how they’re doing is really important.  And then, and hopefully if people believe in investing you know, in their future and in themselves, is trying to figure out ways within their team that they can invest in themselves where they’re at, whether it’s an education or going to conferences or you know, anything that interests the people in that office to make things just a little bit better because we’re spending so much time you know, everyday in our spaces, in our office. I think making it a little bit more pleasing for everyone would go a long way.

Mark R. LePage:           

I agree. On the web website is HDDesignLab.com on Twitter. It’s Invest by Design, @Invest by Design. Go check him out, go tweet him and say thank you and encourage him to keep growing this thing because it’s an important thing. Also on Linkedin, you could find them Henry Dominguez. Henry, thank you for joining me here today and sharing your knowledge on EntreArchitect podcast.

Henry Dominguez:       

Mark, thanks so much for having me. It’s a pleasure.

Mark R. LePage:           

This is Episode 227. What’s your job? Your job is to share this episode with a friend, EntreArchitect.com/227. My job is to interview these great people and hear their stories and share their stories, their expertise, their knowledge with you so you can build better businesses. That’s my job. Your job is to spread the word because I can’t do this by myself. Your job is to share this link EntreArchitect.com/episode227. That’s all I ask. Share it with a friend, put it on Facebook, put it on Twitter, put it on Instagram, send it by email. Tell your friend word of mouth, do it, and tag me. If you’re on social media and you’re doing this, tag me so I can thank you. EntreArchitect.com/episode227. Go do it now. Hey, and learn how to earn that elusive 20 percent profit that you should be earning every year. We can show you how. Download our free course today at EntreArchitect.com/freecourse. You’ll love it. My name is Mark R. LePage and I am an entrepreneur architect and I encourage you to go build a better business so you can be a better architect. Love, learn, share what you know. Thanks for listening. Have a great week.

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