Wednesday, September 23, 2020

11 Things Poor People Do That the Rich Avoid(Part 1) - Street Smart Real...

https://streetsmartinvestor.com/millionaire-jumpstart/11-things-poor-people-do-that-the-rich-avoidpart-1-street-smart-real-estate-investing/

Lou Brown discusses the 11 things that he has discovered that poor people do. After all the years he’s worked, he had the chance to work with both poor and wealthy people. Based on that, he notice some patterns. And now, Lou Brown discusses 11 areas he found that poor people do things differently than the rich.
1. Buy and Hold
2. Value Based Buying products on sale
3. Time management – –
4. Snippets of time
5 Avoid time wasters – TV
6. Watch what people do not to what they say
7. Blaming others
8. Quitting
9. Other people’s energy – leverage
10. Having a plan
11. Take advice from people with more money than you have
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Hi! It’s Lou Brown. I am so excited to share with you 11 things that I’ve discovered in my life that, let’s say poor people do that rich people don’t do or vice versa. That rich people do that poor people don’t do. And one of the things I think about is, how I got a clue.
My mom, God rest her soul! Wonderful person on the planet. She came over on the Queen Mary as a war bride, she was wonderful. She had met her American trooper husband. Everything was going to be fantastic in this country. And then she discovered he was an alcoholic and an abuser. She had to get rid of him. And then she met my father, her second mistake. And then it ended up just being the two of us. So I grew up extremely poor and I learned a lot about money. And I learned that number one, there’s people that understand money and there’s people that don’t understand money.
My mother was one of those folks that did not understand money. That money was something to be spent. And if you didn’t have it, you spend it anyway. You went and borrowed it from a loan shark, or you got it from other, some other source. And so I discovered that, I really had to adopt a concept called if it is to be, it is up to me. And that was a concept that resonated with me for all of my life. And one of the things I got as a blessing is I met my mother’s friends and I called them aunts and uncles, since all of my relatives were actually in England and Scotland. So I said, okay, I’m going to pay attention here because one of my mom’s friends at eight years old, I was, she says, I bought the duplex that we live in.
She said, the people on the other side are paying enough to cover our mortgage. And what did that say to this eight year old. Said they were living for free. And my contrast was, here we were struggling. Couldn’t sometimes pay the rent on time. Sometimes hiding out behind the door. When the rent man is knocking on the door for the rent money. And my mother’s saying, sshhh, Don’t answer the door. And just realizing that it’s a challenge for some people living paycheck to paycheck and realizing that because I was living that, that I didn’t want to do that. I did not want to have a life like that, but Hey, I was in that life. And so I got to experience a lot of things and they were great lessons. So a few of the lessons that I’ve pulled away from that is one of the ones that I learned from aunt Mabel is the buy and hold concept.
And I remember she said, I asked her, how did you do this? How did you accumulate wealth? You see, because she was talking about the duplex that she lived in. And then the next year she had bought another one and she told me the people on the other side were paying enough money to cover the mortgage. And the other money from the other side of the duplex was their money. And they got to live a pretty nice lifestyle. They went out. Aunt Mabel, didn’t like to cook. And so they went out every night to the steak house. And they had what I would consider to be a pretty good life. So, I looked at it and then they acquired another one and another one and another one. And then I got a call from aunt Mabel and she says, come on over here and help me move. I said, move where? She said a brand new house in a brand new subdivision, all brick home on a corner lot. And I said, how did you do this Aunt Mabel? And she said two words. She said, Accumulate Property. And that was a impact for the rest of my life, because what it really said is do something today that pays you for forever. And that’s something I see that wealthy people do. They invest their time into a business or a strategy or an asset that then produces income for them forever. So that’s my advice. Number one.
Now in my real estate career, one of the things I started with is low income properties. And I started buying apartment complexes. And one of the things that resonated with me as I started watching how they spent their money. And some of them would actually go to the convenience store as if it was the grocery store. We all know that convenience stores charge a lot more for things than a grocery store does or certainly that a buying club does. And so I’ve always been a value based buyer. I look at what things cost. I look at the number of pennies per ounce and things like that. Not because I can’t afford it, it’s just because I want to know what I’m spending for things. And I want to keep the money that I could keep. So I do look at sale newspapers. And I do look at say, okay, well, they’ve got this over here and I’ll just make a circuit to go to several different stores, maybe on the same day.
Now some of the vendors they say, well, go ahead and bring us other people’s ads. And we’ll go ahead and give it to you for the same price. Sometimes even less because you brought their competitors ad to them. So things like that, where, you know, I looked at and get points for travel. I get points for hotels, things like that. Because, Hey, it’s free. I don’t have to pay anything for it. And so I’ve got ridiculous number of miles, airline miles that is. Because I travel a lot. And so there’s different things that you can accumulate wealth from, that are not monetarily based. It’s just going to save you money at a future time. So looking at sales, the price point that you pay, looking at the volume that you get for your dollars, makes a lot of sense. And now you want to waive that with the amount of time that you’re spending to get those discounts, because if you’re investing your time wisely, then those times that you would be spending on this might be better spent elsewhere.
So another is, Time Management. Hey, we all have the same 24 hours in a day. How we invest that time is what can yield a huge return. Well, I’ve been around long enough to see that definitely I’ve wasted time and definitely have invested time very wisely. So I’ve learned that a calendar is a very valuable thing. And now with the technology that we have, you can have your calendar right on your phone. And it can remind you what to do and when to do it. You should have your entire week blocked off and certain tasks that you do at certain times. And the reason that you do it at certain times is because it’s always that same chunk of time every week or every day as the case may be. So really breaking down your calendar, breaking down your life, breaking down your commitments, breaking down your requirements of things to do, and then placing it on a calendar is a very valuable thing.
Another thing is, Always Have Things To Do. Meaning, you know that it’s a rote action, like clipping your fingernails or doing certain regular tasks, personal tasks, certain things that, you know, don’t require a lot of brain power. So sometimes when I’m waiting on hold or I’m waiting for a call to come up, that’s when I reach for the things that I’ve put aside, that I’m going to take advantage of Snippets of Time. So I look at my emails during that time, for example, or I’ll check on texts or I’ll look at that stupid thing called Facebook. And I call it a stupid thing only because it takes so much time. And so therefore I won’t spend invested time on that. I’ll spend snippets of time on that. The other thing is certain newsfeeds and articles. Different things that I can look at at different times, but not actually using uptime that could be used for another purpose.
Well, again, time is the only thing all of us have. All of us have the same 24 hours a day. So how we invest that time is very critical to your success. And one of the things that I saw a lot of poor people do when I had my apartments and things, was they always had the television on. Morning, noon, and night. Many times they would get up late because they had stayed up so late watching TV. And I think about some things that I’ve learned about television. First of all, the word. Tell-A-Vision. They’re literally telling you that they have a vision that they want you to adopt. And they are giving you that vision. Another thing they’re doing is wasting your time. So that you are not actually thinking. You’re not spending any time thinking. You’re looking at what they call the boob tube, right? You’re actually looking right into it.
And what do they do? They hypnotize you. They literally hypnotize you into, and you just go from thing to thing and boom! They’ve rolled you into the commercials. They’ve given you a little thing, a reason to stay. Then they roll you into the commercials so that you’ll stay after that and on and on. So, you know, when I am looking at television, I look at recordings. So I can bypass the ads. Why? Because the ads are four and five minutes. And that’s time that I can use that’s time that I can vest. So I’m careful what I watch. And I avoid those time wasters of Tell-A-Vision. Get things that stimulate your thinking. Get things that stimulate your future. Your future is what all of us have the opportunity to create. And one of the things I say is, it’s all there for all of us.
So another is, I Watch What People Do Rather Than Just What They Say. So sometimes you’ll listen to people and you’ll go, is that real? But then you look at their life and you find that their life is actually quite attractive. And so you say, well, maybe they do have a message for me. And then there’s other people who haven’t done anything with their life. They haven’t created any kind of future. They haven’t created any kind of present even for themselves. And suddenly you’re listening to them and perhaps even taking advice from them. And you ask yourself, really, what have they done with their life? What are they doing with their life? So be careful where you get your advice from. Be careful who your mentors are. And one of the things I learned early is I want to take advice from people that have more than I do. Or have what I would like to have. That’s the kind of people that can guide and support me.
Something I said earlier was, If it is to be, It is up to me. And so therefore I stepped back from whatever situation that I’m in. And I say, who am I being in the matter? So in other words, if something’s not working out the way I want it to work out, I first look at myself and say, Hey, what are you bringing to the party? If there’s a breakdown, was it a communication that you didn’t have? Was it something that you should have done or said that would have caused that to work as opposed to this breakdown that we’re having right now? One thing I’ve discovered is a lot of people love drama! And they bring drama into their life. And they actually get a big thrill out of that drama. So whenever I see that in someone else, I avoid it like the plague.
For example, I’m in the rental property business. And if someone comes in with drama, let’s say before they’ve even signed their paperwork with us. We’re not interested in doing business with them because we know this is the beginning of the drama. And this drama is going to keep going. So if we can anticipate early on that, we’re going to have perhaps future challenges of these folks, we give them their money back and say, you know, go find some other place. And here’s the thing. We want raving fans. We just want people that love who we are and what we do, because we’re doing good things for them. In fact, I wrote a book called Doing Good While Doing Well. And so when we are looking at our philosophy, our business philosophy, then it’s about helping others. So be careful when you do that.
One of the things I’ve learned is that, a lot of people quit too early. They’ve joined something. They’ve gotten themselves involved in something. And there’s always a learning curve. There’s always things to know. And there’s always more that you can learn. And I’ve found that some people just really are not willing to commit what’s necessary to have success. So as a result, they’ve gone from thing to thing and never had real success because they give up too quickly. And so one of the things I say is put your blinders on. Put your blinders on and focus. And learn from the people that have had success with whatever that is. Now in my world, it’s real estate. So I tell people, look, you can definitely read a book about real estate and you can definitely get great information from it. And there’s more to the story.
Whenever you have a deal right in front of you, and it’s a deal that could be worth tens of thousands, even over a hundred thousand dollars in profit. And you didn’t do anything to get advice from someone that knows what they’re looking at, then you could miss a great opportunity. That’s where coaching comes in. So thinking that you can know it all yourself and do it all yourself is just not valid. Never quit! Never give up! One of my favorite sayings from Winston Churchill. Never, never, never, never, never, never, never, never, never, never, never, never, never quit!
One of the things I learned is that we all are different human beings. And there’s other people that can do certain things better than we can do. So in other words, we have certain strengths. We have certain talents. And when we spend the time to actually identify our own personal talents and recognize and embrace the fact that there are certain things that we’re just not good at. And there are other people that are better at those things, that’s exactly the folks you need to add to your team. You don’t need to add somebody that’s like you. You need somebody that’s not like you. That, for example, if you’re not good with math, get a bookkeeper. If you’re not good with secretarial skills and typing and things like that, there’s other people that absolutely love that process. So identify the things that you’re good at, embrace those things and use other people’s energy. Other people’s talents to fill in the blanks that are missing in your life.
Another thing I find that rich people have that poor people don’t have is a plan. So the smart people actually sit down and think through what it is that they want to accomplish. So they look out to that end, you know, what does the end look like. For me as a real estate teacher, I’m teaching people about their retirement plan. And for somebody they say, man, that’s decades away! And I go, exactly! And would you like to shorten that timeframe? Because you can get there so much faster with a plan than you can without a plan. So many folks go through life. Life just happens for them. They get up in the morning. They go to work. They do their thing. They come home. They watch the TV. They go to bed. They get up the next morning. Nothing’s happening! They’ve got the golden handcuffs of the job. They are receiving a check. And for a lot of people they’re not looking forward, but you’ve got to look forward in life. Life is something that is not a given. The length of time that we have is not a given. Our experience on this planet is something that we have some control over. We can design our life in such a way that we have comfort in our later years. When we decide to retire. So I encourage you to get a plan. I will help you with that.
You know, one of the things I also discovered is that people that don’t have money often take advice from people that don’t have money. And so they spend a lot of time together, birds of a feather flock together. So they’ve got other folks in their life. Also, similarly, situated broke as well. And they’re all talking about what you ought to do and what you ought to do and what you ought to do. And it’s fascinating because look at what they’ve done. Look at what they have. And then you step back and you go, aha! It’s might make sense to you to get advice from people that have more than you do. And success, for example, I’m in the real estate game, success in real estate doing not one deal, not two deals, hundreds, even over a thousand deals makes a lot of sense because been there done that is definitely the truth. You know, when you have a situation of a septic system backing up and you already know what the answer is, or you have the situation of a leaking roof and you already know how to repair that roof without having to put a whole new roof on there, people without experience would put a whole new roof because they don’t know any better. Others know how to repair that. So just be careful who you get your advice from and where you get your advice from.
I hope you’ve enjoyed these 11 things that poor people do that rich people avoid or vice versa that rich people do that poor people should avoid. And I hope that you’ve gotten some good and valuable information from that. Now I’ve got an event coming up it’s called, Millionaire Jumpstart. And that Millionaire Jumpstart I’ve been teaching for years, been able to see hundreds of people. Thousands of people. Become wealthy in the game of real estate. And the reason is they got good advice. They got good tools. They got good training. They got good technology. That’s what I call the 4Ts of success. Tools. Training. Technology. And Team. So as a result, go ahead and come to my Millionaire Jumpstart. Let me share with you exactly what we do. Exactly how we do it. I’m going to teach you how we find deals that nobody else finds. I’m going to teach you how we buy those deals without going to banks and without qualifying for loans.
I know because I’ve been in this game for over 40 years. I’ve never been to the bank. I’ve never qualified for a loan on a single family or small multifamily property. And you can too. How do I know that? Because I’ve helped many others do it and they have absolutely duplicated my success. I consider this a pay it forward. I’ve been very blessed in my life. I’ve been very blessed that I discovered real estate at 18 years old. And I discovered that I was good at it. And I could also, discovered later that I could share it with others. And I was a good teacher too. So do come join us. MillionaireJumpstart.com Got all the information there. Become a VIP. The VIPs have all the fun. And definitely learn what it takes to be a success in this game of real estate. And do what the rich people do instead of what the poor people do. Yeah, baby!

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