Developer · Baltimore · Member since 2018 · 6 posts · 5 votes
Good evening BP,
I’ve been investing for a little over a year now. I’ve helped many beginning investors get started with sharing as much knowledge as I can throughout the past year. Mentorships play a huge role in your development and the growth of your business. So I was wondering if anyone was willing to share any advice they received at any point along their journey that benefited them tremendously?
Jay, Great question... My mentor had a very simple approach to cash management.
It goes something like this... "get your cash/revenue as fast as you can, keep your cash as long as you can, and the accountant never makes the rules"
This philosophy has served me very well as a real estate investor and small business owner. And, I drive this concept home to my clients at every opportunity.
Maintain perspective. I ask myself if it (a setback or something bad) wiill matter 5 years from now or not. This has helped me immensely in landlording but can apply to any job or industry I would think.
Also a good question to ask yourself when making a purchase. Will I be better off or not with this item or investment 5 years from now. What will it be worth?
First I would like to express my gratitude for all your responses, I have taken actual and mental notes of each. I believe all your input will be extremely helpful and i look forward to not only applying them to my daily ritual but passing them on as well.