You’re also going to lose money occasionally. I lost a lot of money early on in a Ponzi scheme that still hasn’t resolved years later. Be prepared to deal with some loss. A stoic quote I love by Marcus Aurelias is, “You have power over your mind – not outside events. Realize this, and you will find strength.” 6 When it comes to investing, don’t have a “fear of missing out”, aka “FOMO”. Don’t look back and regret. You don’t need to win every time to make money as an investor, you just need the majority to be successful. #5 DON’T UNLEARN OLD TRICKS Don’t forget some of the old-school principles that got you to where you are today. Michael Jordan was known for practicing simple and basic fundamentals during practices. He practiced things he was already great at, things he clearly knew how to do. 7 It would have been easy for him to skip practice or try to learn some new skills before a game, but he didn’t. He always went back to the fundamentals. It’s okay to learn new things, of course, but don’t unlearn old tricks while you’re at it. You want to be a one-mistake learner.
My wife and I bought a house years ago in Florida. I knew it was a good deal because we paid less than the previous owner paid from the builder, it was in a great location and the fundamentals for the market were solid. I got uncomfortable with how expensive the home was after we moved into it for about six months, and I convinced my wife that we should sell it because it was “too much house” (at a breakeven and invest the home equity instead). We did that and the home has already appreciated by about $225,000 just over the last two years. If you consider my down payment, which was about $175,000, it was about a 128% return in two years, or 64% annualized. Let’s just say that the investments I made, have not quite performed as well. Lesson learned! Final Thoughts - If You Have Something To Do, Stop Waiting for the right time.
I am an advocate for time freedom and pursing the lifestyle YOU want to live.
Most people wait their whole life to do what they want, never realizing that time is going to sneak up on them. If you have a goal, no matter what it may be, go for it now. It’s never too early or too late. Don’t wait to put your plan into action.
1 Rath, T. (n.d.) Strengths Based Leadership: Great Leaders, Teams, and Why People Follow: A Landmark Study of Great Leaders, Teams, and the Reasons Why We Follow. Good Reads. Retrieved from https://www.goodreads.com/quotes/806690-if-you-spend-your-life-trying-to-be-good-at 2 Hazlewood, T (2018, March 15) “The more you learn, the more you earn” – Investing in Personal Development Medium. Retrieved from https://medium.com/ swlh/the-more-you-learn-the-more-you-earn-investing-in-personal-development-7ac8a802c313 3 Merle, A. (2016, April 23) If you want to be like Warren Buffett and Bill Gates, adopt their voracious reading habits. Quartz. Retrieved from https:// qz.com/668514/if-you-want-to-be-like-warren-buffett-and-bill-gates-adopt-their-voracious-reading-habits/ 4 Morris, D. (2018, May 6) Warren Buffett Says He Was Wrong About Google and Amazon. Fortune. Retrieved from https://fortune.com/2018/05/06/ why-warren-buffet-was-wrong-about-google-amazon/#:~:text=Revered%20investor%20Warren%20Buffett%20admitted,and%20Google%20(now%20 Alphabet). 5 Bove, T. (2022, February 16) Years after calling Bitcoin ‘rat poison,’ Warren Buffett just invested $1 billion in a crypto-friendly bank. Fortune. Retrieved from https://fortune.com/2022/02/16/warren-buffett-invested-1-billion-crypto-bank/ 6 Augustine, Z. (2017, Mar 24) “You have power over your mind — not outside events. Realize this and you will find strength.”. Medium. Retrieved from https:// medium.com/@zga/you-have-power-over-your-mind-not-outside-events-realize-this-and-you-will-find-strength-f17f75f03180 7 Akhtar, A (2019, June 2) Michael Jordan on how to handle high-stress pressure: ‘Build your fundamentals’. Business Insider. Retrieved from https://www. businessinsider.com/michael-jordan-reveals-how-to-handle-high-pressure-situations-2019-5#:~:text=Jordan%20built%20his%20fundamentals%20 %E2%80%94%20whether,transpires%2C%22%20he%20told%20ESPN.
78 | think realty magazine :: november – december 2022
- 9 -
Made with FlippingBook Online newsletter