The Sky Is Falling! The Sky Is Falling?
While re-reading one of my favorite books Rich Dad Poor Dad, I came across a powerful quote that speaks directly to pessimists and those influenced by their inactivity.
"WARNING: Don't listen to poor or frightened people. I have such friends, and while I love them dearly, they are the Chicken Littles of life. To them, when it comes to money, especially investments, it's always, 'The sky is falling! The sky is falling!' They can always tell you why something won't work. The problem is that people listen to them. But people who blindly accept doom-and-gloom information are also Chicken Littles." -Robert Kiyosaki
While working with real estate investors in Philadelphia, PA, I have come across many who are "waiting for COVID to stop" or "waiting for the election results." I too have found, like Robert Kiyosaki, that the inexperienced, uninformed, and "poor" investors are the ones who are always frightened, stalling, and fumbling for excuses to postpone. COVID is just their newest excuse.
For the EXPERIENCED, SUCCESSFUL, and WEALTHY investors, I have seen the opposite. They have changed their strategies, but they have NOT become INACTIVE. Losing time is more costly to them than losing profit. After all, time is our most precious commodity. These investors get it, and will for sure be the ones who succeed in the end.
So I have a question... no matter if you're in Philadelphia, New York, or California. No matter if you're a buy-and-holder or a flipper....
Are you bracing for the falling sky? Are you changing your strategy? How are you taking action during this time?