3 Things to Focus on When Getting Started
A question came in the other day about getting started in real estate investing. Honestly, my answer is the same regardless of the industry. There’s a lot that goes into getting started but these 3 things are a good place to begin.
First, get educated. Education is huge. When teaching college classes, I often tell my students that they don’t have to go to college to have a successful life and successful career, but they WILL have to study something and they WILL pay for their education somehow.
For some people this is college. Others, a family business. Still others, an apprenticeship or non traditional education. Finally, some learn the most through failure. These often are the most expensive investments in our education.
I’ve learned from them all. My advice, find a mentor in your field or pay someone who’s successful in your field to teach you how to do it. An investment in the RIGHT education will pay dividends you aren’t able to calculate.
Second, learn how to work with money. Get comfortable with it. Understand that the difference between $100 and $100,000,000 is just zeros.
Also understand that if someone can’t trust you with $100, you have no business being responsible for $100,000,000.
Educate (sounds like step one, huh?) yourself on debt, finance, currency, how money works, inflation, and monetary policy. It will change how your business operates. Don’t pay attention to the hoopla-bullshit the media feeds about our country’s finances, understand them yourself.
Your financial future is your responsibility.
Lastly, build your team. Start associating yourself with other people who will fill in the blanks for you. Surround yourself with people who are smarter than you and better than you at everything in your industry and organize them towards a common goal. Don’t try to be the best. Find the best.
The people you surround yourself with will literally make or break your success regardless of YOUR talent level. Business is a team sport and is best played as one. You can choose who you want to be in this world and a lot of that will be shaped by who you associate yourself with. Choose wisely.