IT TAKES COURAGE TO BE RICH
There is a chapter in the book, "The Millionaire Mind" (Thomas J. Stanley, Phd; Andrews McMeel Publishing, 2000) about the relationship between courage and wealth in this country. He makes a very strong case that wealthy people possess courage.
Courage is the ability to motivate your self constantly to overcome fear:
\Cour"age\ (k?r"?j;48), n. [OE. courage heart, mind, will, courage, OF. courage, F. courage, fr. a LL. derivative of L. cor heart. See Heart.] 1. The heart; spirit; temper; disposition. [Obs.]
My good friend Michael Ouellette, a top salesman for WCI and an avid real estate investor, uses an expression about potential clients that do not invest. He says. "They just can't pull the trigger."
If you have seen your friends and associates making money in real estate and you wish you were doing the same thing, perhaps it is because you lack the courage . "Making critical decisions about your career, business, investments, and other resources conjure up fear, fear that is part of the process of becoming a financial success." You need to have the heart; spirit; temper; and disposition that will allow you to proceed against your fears.
Long before the famous Nike slogan, I used to tell investors "Just Do It". But this ignored their fears and plunged them into a realm that they may not have been properly prepared to cope with. It did not DEAL with the fear, it implied that once you got going you would be fine.
The best way to develop courage is through preparation and education. Stanley interviewed thousands of millionaires. These millionaires listed the following top ten processes that help them overcome fear:
- Hard Work
- Believing in Myself
- Preparation
- Focusing on Key Issues
- Being Decisive
- Planning
- Being well organized to deal with Big Issues
- Taking immediate action to Solve Problems
- Countering Negative Thoughts with Positive Ones
- Out-working, Out-thinking, Out-toughing the Competition
Take risks, don't gamble. In financial and real estate risks we have the ability to influence the outcome. In gambling we do not. Get to know the difference. Educate yourself, immerse yourself, and inform yourself about these three important steps in real estate: Entry, Management, and Exit.
Entry. How to find the right property; how to buy it: How to negotiate it, how to finance it. How to find a good broker, how to analyze the deal, how to negotiate
Management. How to hold, to rent, to improve. How to long to manage.
Exit. Know how you are going to get out of the deal before you get in.
I have always said you make money when you buy real estate, not when you sell. But all three of the above are critical to your success. The more you know about these steps, the less fear you will have and the more courage you will gain.
Stanley also talks about Mentoring. Most millionaires have mentors or:
- Seek advice from outstanding people
- Consult skilled advisors
- Share concerns with a trusted friend
- Share concerns with a spouse
Get a good set of advisors in your corner, get thoroughly knowledgeable about your investment strategy and you will overcome your fears and have the courage to get rich
© Copyright 2008 Gregg A. Fous All Right Reserved
The website contains copyrighted information and graphics. No portion of this intellectual property may be duplicated, reproduced, or distributed without express written permission of Gregg A. Fous. Any unauthorized use, reproduction, or distribution is expressly forbidden and may result in civil liability.
Comments(17)