Expanding your knowledge should be a regular goal of every businessperson. If you want your business to grow, be successful and be profitable, it is important to continually educate yourself. In this episode, Bill shares the importance of real estate investing education and where you can find it for free.
If you’ve listened to this show regularly, you know the emphasis I put on getting a good education before jumping into investing. As I discussed in last week’s Fun Fact Friday episode, real estate investing is not a “get rich quick” scheme. Just as any solid home needs a strong foundation, the same is true when it comes to your real estate education — a solid foundation is a key to a long-lasting business.
This podcast, while not exhaustive on every aspect of real estate investing, will help develop that foundation. I’ve put it together to be the first step in your real estate education – and as an introduction to the possibilities that come with real estate investment.
There are many different ways to get educated in real estate investing, and you don’t need to pay hundreds or thousands of dollars to learn the business. Below, you’ll find a list of a few sources that will directly help you in getting a solid real estate investing education. Be sure to consider each before making a final decision on how you’re going to move forward — what works for one person may not work for another.
Unfortunately, there is not one main source for a Real Estate Investing Education, such as a college degree program. You will need to look at many different avenues to piece it together
To be successful in real estate investing, I’ve mentioned in other podcasts, especially on episode #006, that a good foundation is critical for your success. You’ll need to do the following
What do you need to learn? There are lots of things
Getting ahead is a goal that any businessperson wants to do while completing a venture. If you want to get your business going and make sure your capital will yield results, it is important to educate yourself. This is not just applicable in business, but can also for every part of your life.
Go Get It Yourself
Education is a lifelong process as they say, and it does not stop. When it does, that is when you stop growing as a businessperson, as an individual. Learning in school, learning the ropes of how things work in an office, and knowing how things work before getting yourself into something is important. But when you are already doing it, does the learning stop? No, it should not. As a matter of fact, you should learn as much as you can and learn more than you already have. Getting out of the classroom means the whole world is out there to be explored. If you want to learn something, go get it yourself. It shouldn’t be spoon-fed; you got to find it.
Learn from People
Apart from the actual hands-on training and the information that you get from books and on the internet, you can also learn from the people around you. What are the things that these people do? Analyze why they do things and what results it brings them. Talk to different people every day and learn about their story. There are stories to be heard and lessons to be learned from other experiences. Experience in itself may teach somebody about their mistakes, but that does not mean it has to be committed when the result is already known based on somebody else’s mishap. If you find yourself in the same situation as they have been, the same situation can be avoided.
Watch and Learn
Observe the happenings around you. Being analytical and inquisitive of your environment will push you to learn so many things every single day, even from the most mundane occurrences. Asking why things happen and getting out of your comfort zone to find the answers help increase your knowledge. These are the kind of knowledge that not everybody would spend time finding. If you are really interested in working towards your goal, learn things that would put you ahead of the game. This will add a different perspective to an already monotonous way of looking at things.
Why? – That one question that should keep you seeking better and more complete answers. Sometimes there are questions that run through your mind that you want to be answered, but you tend not to ask them because you are afraid because you feel you might look uneducated or plainly ignorant. One philosopher said: “You start to know when you do not know.” This means that once you admit your ignorance that is the only time it can be filled with knowledge. Admitting that something is not too familiar to somebody may push them to further learn about it and familiarize themselves with the unknown. As ironic as it may seem, that is the truth.
If you want to get your business and yourself going, (and the first thing you need to realize is that real estate investing IS a business) is that you’ve got to start educating yourself more often. Leave the ego behind and continue to be fascinated with new and different things that you will learn. You may not know everything, but you should try to know as much as you can.
There are plenty of free resources; you just need to know where to look.
And one last point. Sure there is a lot to learn but also be careful not to be caught up in “analysis paralysis” where you actually use your lack of a “complete” education as an excuse for not taking action when it’s time. It’s like a sport – once you have the fundamentals down, try to grow and build upon those fundamental. That’s where a good mentor comes in. Your mentor will help prod you forward to take action when you are ready!
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