Is success in real estate a matter of luck? Or is it a matter of hard work and skills? I started thinking about this after hearing about the controversy surround Phil Mickelson, the professional golfer, who recently said that he pays out some 63% of his income in taxes in California and is looking at alternatives to reduce this enormous tax bill with respect to where he might live. Then Forbes Magazine (Forbes!, can you believe it?) writes an article saying Phil Mickelson should stop whining and give thanks for his good fortune! Oh really!
Is Forbes saying that Phil's earnings are nothing more than a matter of luck and good fortune? What about his talent, his training, his travel, his hard work and commitment to his craft? Do they have nothing to do with his success? Personally, I'm thinking that the talent, training, travel, hard work, commitment to his craft have way more to do with his success than luck or good fortune. And let's keep in mind that there's no guarantee of salary or income to a Phil Mickelson. A physical disability could take him out of the sport permanently.
And as I've thought about Phil Mickelson's situation, I realized there are strong parallels to the real estate profession. Are Realtors who succeed and make a lot of money lucky or have they made a commitment ot training, hard work, commitment to their "craft?" I've been in this business for 22 years... and occasionally you are in the right place at the right time and get a little lucky in terms of a sale or listing... but in the end consistent financial success comes from consistent hard work, staying on top of industry trends and changes, and a commitment to being the best. Luck is not a 60+ hour work week. And we, too, have no guarantees of income or salary, just like a professional athlete. (Actually, some of them might have more guarantees.)
If it were all a matter of luck and good fortune we would all being earning a "gazillion dollars" per year! It would be easy. And then there's the question of whether anyone who earns a substantial amount of money should consider paying over 60% of their earning in taxes a "benefit." I certainly don't. I am thankful for everything I have in this life... but I also know I earned every bit of success and penny earned. As a child of immigrant parents who came to this country without a penny, I was raised to study hard and work hard and not to think that anyone would ever give me a handout. I paid off student loans till I was 30 and then took out a new one to finish up my MBA. I've worked hard for over 40 years... yes, I've been successful and earned more than most, but it was the commitment to hard work that propelled me year after year. I am happy (kind of) to pay my legal share of taxes, but I also don't think taxes should be confiscatory for people who've worked hard to their success.
Is success in real estate a matter of luck? What do you think? Are you as appalled as I am that so little credit is given to people like Phil Michelson and people in our profession for our commitment and hard work?
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