Single Pieces of Investing Advice You Can’t Afford to Not Know!
Sometimes it just takes hearing a single sentence from someone to dramatically increase your success as an investor. You may hear it in a seminar, in a real estate club meeting, read it in a book, or maybe a friend or colleague says it in random conversation. But for whatever reason, that one sentence sticks with you and you replay it in your mind daily, weekly, monthly or a couple times a year. However often you replay it, it makes a significant difference in your decision making every time you work a deal.
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So what is that single piece of advice you couldn’t survive without? I don’t want a paragraph piece of advice, I just want your one-liners! You can explain your one-liner in a paragraph if you want, but I want the focus to be on the one-liner that rings in your head on a regular basis with your real estate dealings.
To jump-start, I’ll share four that I think of so regularly it’s crazy!
If the investment is right, the money will come.
Heard at a three-day Rich Dad Poor Dad weekend seminar. Total for that seminar- $595. Worth of that line being stuck in my head for every deal- priceless. I think about this line every time a potential deal is on the table.
First rule of real estate investing: don’t lose money!
Said by a fellow investor. Seems obvious, but you’d be surprised how often reminding yourself of this will actually keep you away from a bad deal! Same as the last one, I think about this line every time a potential deal is on the table.
Don’t take advice from someone you wouldn’t trade shoes with.
Probably my favorite and I have no idea where I heard it. This line plays in my head almost daily, even outside of real estate investing. If any on the planet decides to “suggest” I do something in some way, I first consider whether I would trade shoes with that person. If I wouldn’t, I’m doubtfully going to take their advice.
If you are living above your means, increase your means.
Robert Kiyosaki says this in a lot of his books. It took me a while to understand it for some reason, but now I think of it at least weekly anytime I wonder whether I should spend money on any particular thing or activity. If I want it that bad, go for it, but plan to do another real estate deal to pay for it!
What are the one-liners that have stuck with you since you heard them and couldn’t live without?