3 Hard-Learned Lessons For Every Newer I...

So, I’ve been doing a lot of thinking recently about the past – how I got started in this great business of REI. It wasn’t always great, though. Like most, if not all investors, I went through some trials and tribulations…

And while it was painful, I learned some valuable lessons along the way. Lessons that I wish someone had prepared me for…

And that’s the focus of my lesson for you today – to share with you some of my mistakes so you can hopefully avoid them or at the very least be aware of them. That’s right, even the Director of Awesome, JP Moses, has goofed here and there.

BTW - if you think these are just for newbies – they’re not. Even seasoned investors can learn from these ‘warnings’ or use them as helpful reminders.

In my previous lesson, I covered the first 2 hard-learned mistakes:

1. Don’t do deals out of desperation.

2. Choose a mentor carefully.

Let’s go ahead with valuable lesson #3…

Lesson #3 – Don’t Be an Education Junkie

You probably know how important it is to invest in your education for this business. And you’ve probably even heard (or quoted) the great Brian Tracy when he said:

“If you think the cost of education is expensive, try the cost of ignorance.”

And that is so true. However, in your quest for education, beware of the potential minefields. Every time you turn around, there’s another latest and greatest course or boot camp that’s coming your way at the cost of thousands of dollars.

Here are my words of wisdom on the matter…

There’s a huge difference between wisely investing in your education and being sucked in by the latest bright and shiny object that happens to be in front of your REIA group or on your computer screen.

educated On the one hand, investing time and money into your education can cut your learning curve almost in half. But, again, on the other hand, you can literally drown in too many courses, webinars, boot camps, seminars and meetings.

I’ve handed out plenty of crying towels to those newbie investors who eagerly attended a free seminar at a hotel meeting room. In that super-charged atmosphere, they were enticed into dropping $25,000, $35,000, or more, on education that they probably could have uncovered at their local library. No wonder they were crying.

What’s the best answer?

Balance.

Have a plan in place where you're not only budgeting dollars for your education but for your time as well.

Know your own weaknesses and maintain self-control. Most REI products are expertly marketed - and nothing’s wrong with that - but they’re designed to hit every one of your hot buttons.

My Advice about Education

Beware…

Of “free seminars” held in hotels: All are designed with similar sales funnels. They give tantalizing bits of info and take big chunks out of your wallet. They are highly adept at preying on people’s dreams.

Of the credit limit scam: Ever hear this pitch? In the presentation, they’re letting you in on the secret of how to raise your credit limits. Look out, you’re being set up! Later they will ask you to pull out that freshly-raised credit limit to buy their products.

Of obscenely high-priced education: $10,000? Come on. That’s just way too much for anyone to fork over. It’s simply unnecessary, too. Don’t give in to these guys who price their courses in the tens of thousands of dollars. Instead, start with lower-priced books and courses, and then slowly move up if needed. What does your library have available? What’s on the shelves at Barnes & Noble? What’s available on Amazon books?

Personally, that’s the way I started, and it was amazing how much I learned by taking this route. Slowly, but surely then you can move up to the $97 to $497 range.

common-sense As you grow in your business, you will then discover your niche at which point you can get focused. Once you’re in this position, you can consider investing a few thousand into something you’re committed to and bring in the big guns such as boot camps and more extensive courses.

The next danger is that you purchase the educational products and then stick them up on the shelf and forget about them.

No, no and NO!

Make yourself go all the way through it as quickly as possible. Next, allow yourself 90 days to give it a try. You must take action and apply the concepts you’ve learned. This is the test to see how they suit you. You’ll have better criteria to judge whether or not you should invest in more education or just hunker down and work with what you know for a while.

Lesson to Learn: I’m totally in favor of investors investing in quality industry education. At the same time, I get really weary of seeing investors get addicted to buying course after course and not acting on it. There’s no wisdom in being jerked around and sucked in by today’s hottest offer. The wiser solution involves self-discipline, common sense and balance.