It takes Courage to be Rich

Dated: January 31 2021

Views: 221

 

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 yourself constantly to overcome fear:

 

 \Cour"age\ (k?r"?j;48), n. [OE. corage heart, mind, will, courage, OF. corage, F. courage, fr. a LL. derivative of L. cor heart. See Heart.] 1. The heart; spirit; temper; disposition. [Obs.]

 

One of my friends that is an avid real estate investor, uses an expression about potential clients that do not invest. He says, “They aim pretty well, but they just can’t pull the trigger.”

 

If you have seen your friends and associates making money in real estate and 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 fears, 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:

 

  1.    Hard Work
  2.    Believing in Myself
  3.    Preparation
  4.    Focusing on Key Issues
  5.    Being Decisive
  6.    Planning
  7.    Being well organized to deal with Big Issues
  8.   Taking immediate action to Solve Problems
  9.   Countering Negative Thoughts with Positive Ones
  10.   Outworking, 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 in:, educate 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

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Gregg Fous

Real estate has been my passion since I took my first Al Lowery class on real estate investing in the 1970’s. I vowed during that class that I would buy one property a year. Over the next five ....

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