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SHOW NOTES FOR EPISODE 508: REMEMBERING YOUR WHY
Some say real estate is the final frontier, where the average person has a legitimate shot at creating real wealth. But can we get so caught-up in the hunt that we lose sight of the dream. In this episode, Bill shares personal insights on the importance of remembering your “Why” and how he’s making a shift from “the hunt to the dream.”
Tip of the Week – Schedule 5 Important Things Today
- Schedule 5 Important Things (Non-Real Estate Related)
- Rule # 1 – These 5 things must have absolutely nothing to do with your work, real estate or real estate investing
- Rule #2 – These things you schedule must make someone, other than you, extremely happy
- Some say, “Learn to be appreciative and thankful.”
- I say, “Show you are thankful by giving back!” Demonstrate that you are grateful for what you have by SHOWING it!
- Here are a few ideas just to get you started
- Invite your spouse on a mystery romantic date or weekend, complete with clues, maps and hidden treasures
- Anonymously bless a struggling tenant, neighbor or friend in need with a food basket, gift cards or something that will help them out
- Bless one of your children and their spouse with an all-expense paid weekend pass getaway where you take the grandkids
- Spontaneously, take out one of your kids out for coffee, lunch or dinner
- Visit a parent, older relative where you can either do work at their home to help them out and/or cater-in a special gourmet meal
- Bring a couple dozen Krispy Kreme donuts to a local firehouse (or other first responder work places) with a note of appreciation for what they do
- You’ll find, afterwards, more than likely, that you will be more blessed than those you bless
Remembering Our Why
I used to share more of my personal investing experiences on this podcast. I hope to share more in the near future.
One of those episodes that has had the most profound affect was this one: 122: The Importance of Knowing Your Why
- I haven’t reference recent activity with my investing because there hasn’t been much to report – and that’s actually a good thing, because that could mean things are going well, or, maybe that THERE’S MORE TO LIFE THAN JUST REAL ESTATE
- Don’t get me wrong – I enjoy what I’m doing but I also think that BALANCE IS IMPORTANT too!
- You may not have this problem but I can be so driven that I sometimes lose sight of what’s really important – the real reason why I’m doing this in the first place – In other words, getting back to my Why!
- I don’t like to talk about me but it may help some of you that have similar challenges:
- I’m an over-achiever
- Class president
- Student body president
- Elected to public office at 18
- Corporate Vice president at 21
- Quickly climbed the corporate ladder
- Left the corporate world to become an entrepreneur – launched companies
- Formed a 501 (c) 3 non-profit organization
- Was even a touring professional musician with three albums
- Left the business world to stop working for the almighty dollar to serve the Almighty God
- And what an incredible blessing that was
- So, when I first looked at retiring, while I was still living in Haiti, I wasn’t sure what that would look like. Just the thought of retiring made me uncomfortable
- I mean… What is retirement? What was I going to do all day? Collect seashells in walking on the sand in Laguna Beach? I think I would go stir crazy!
- So when I found out about real estate investing, I saw this as a healthy compromise
- I could , while, at the same time, could still be working, accomplishing goals, and learning new things
- But, I also knew about my “Why”
- I knew, that, at some point, as I reached my goals, I would start to implement and start to live my “Why”
- The only problem is, I’m a little too driven sometimes
- Instead of just casually buying a few rental properties here and there, I had to obsess!
- Setting my ridiculous goal of 1,000 units in 6 years for one
- Add to that…
- Waking at 4 am, plowing 6 days a week
- Doing a weekly blog
- Doing a podcast twice a week, with…
- Over 1 million downloads
- Over 500 episodes
- And, still looking for, analyzing and managing properties
- Networking
- Building regional teams
- Meeting with and helping other investors
- Learning to be a savvy investor and wise landlord
- I’m an over-achiever
So where am I today?
- I have been plowing through since 2014 (started my investing while still living in Haiti) and continuing, in 2015, when I came back to the states
- Since then, I have been working long hours to launch my real estate business, achieve my goals and work toward achieving my “Why”
- However, I realize, it’s time to start doing the things my financial independence was supposed to free me up to do in the first place
So what am I doing real estate wise?
- Selling off smaller properties
- Building reserves
- Still looking for properties
- Actively upgrading, stabilizing existing properties
But what about my “Why?”
- I’m realizing, as I get closer to my goals, that it’s time to start living my “Why”
- Helping my kids with their lives and career goals
- Spending more time with grandkids
- Attending football games (as the normal season has since passed) – FINALLY – for my last kid in school Kenny (a Junior) as he is trying to meet recruiters and boost his stats
- My daughter Ariana’s wedding in coming up in August
- And my wife and I are collecting data on potential places to move when we leave California in 2022
The Timeline
- A lot of this was spurred by my daughter Ariana (the daughter who’s getting married soon) – the one who had the Haiti dream
- She said, “Dad, there’s been so much that has happened in your life, would you mind creating a timeline for me so that I can one day share it with my kids and grandkids, one day.”
- I was really moved by this and started right in looking for a Microsoft Office tool for doing Timelines
- I went about it like I had a business project
- It was a fun exercise
- However, it was really telling…
- I think my wife was the one that pointed it out
- My timeline consisted mostly of just a list of my jobs… all the way back to my first job as a paperboy when I was 12 years old
- She said, “What about when we first met? Our wedding date? This birthdate or baptism? One of our kids championship games??
- I felt terrible
- At the risk of sounding sexist or masochist, I know a lot of guys, including my father when he was alive, find their identity 100% in their career – that is who they are
- So, is it surprising that I missed the REALLY IMPORTANT facts?
Getting Fired
- I was initially going to name this podcast, “The Joy of Getting Fired”
- Because, even as traumatizing as it can be, for many people (including me), that was the catalyst to financial freedom
- VP of a Savings & Loan – Merged with another Savings & Loan
- They thought I was too young
- It hurt but because I was young and single, I found a better job very quickly
- But, years later, when I was married, had kids and a mortgage and got laid-off, I was devastated – felt like a total failure – sick to my stomach
- My identity had been crushed, broken and thrown in the trash
- But, that was the motivation for me to start my own businesses
- And looking back, I was thankful for the experience
What does this all mean?
- It all comes back to your Why
- Why are you doing what you are doing?
- Looking at today, why am I a real estate investor? Let’s hope it’s to provide a means to achieve my Why!
Well, that’s it for today!
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