To those who have a good $500k net worth

[nepoez]

Hi investors who have over $500k of net worth,

This is a fun topic and of not much benefit to most, but here it goes.

Most of you have probably started with nothing in your pocket. Worked your butts off, saving that first pot of gold, or worse, paying off that first chunk of debt just to have $0 net worth. Day by day you take that bus, or drive that road doing the job that you had to do, your dream seems so unlikely, and nothing is happening. Much time has gone by, so much hard work, and some how you are where you are at now. Perhaps some day you feel that you are just beginning, which could be the case. However, when you look back at the year of hard work that had to be done first, you realize that no matter how much farther your final goal is, the fact is that you have gone through so much to get to your current state. What goes through your head when comes the thought of losing everything and have to start from the bottom again?

Remember. It`s not just the matter of time gone, but much of the privileges you once had will be gone along with it. eg. You can borrow money for much lower cost now, as bankers take you more seriously. Many connections you now have are gone. You also don`t have the security you feel right now.

 

[Thomas Beyer]

not a pretty, albeit possibly but unlikely thought .. what is your point ?

 

[RedlineBrett]

QUOTE (nepoez @ Dec 30 2008, 06:40 PM) What goes through your head when comes the thought of losing everything and have to start from the bottom again?

I simply don`t allow fear to grip me in this way. I have had some bad deals to go along with my many good ones and it keeps me level headed. Early on after I left my engineering career I spent countless hours being fraught with fear and worry about things that could happen... but soon learned that NONE of these disastrous things ever did. Could they? sure. But I`ll cross those bridges when I get to them.

Also, money is one thing but the discipline, creativity and motivation to attain it is worth more than the bottom line. If I had to start over from nothing I doubt it would take me as long to get back to where I am now as it has to get me here in the first place.

 

[GarthChapman]

You just described my rise and fall through to 2000. When I started again in 2001, in my late 40`s and with nearly nothing to start, I found that my past life was of great help in my new career in investment real estate. Old contacts were very helpful and most importantly, what I had learned in business was completely transferrable.

My concerns were a mirror of your assumptions and they all turned out to be unfounded.

 

[nepoez]

I wasn`t really trying to make a point but rather curious about the mindset of certain groups of people. Now I am curious, if I were to ask the same question to another group of people would their response be as positive as the ones I`m seeing here. Is this the general mindset of just REIN members, or are all who succeed through hard work going to answer the same way.

Perhaps asking this question to those who are just starting up would produce a totally different response as well.

Like I said, this is a fun post, I am not trying to make a point! If anything, I think the responses can be beneficial to many people including myself.

 

[mcilroy]

QUOTE (nepoez @ Dec 31 2008, 10:58 AM) I wasn`t really trying to make a point but rather curious about the mindset of certain groups of people. Now I am curious, if I were to ask the same question to another group of people would their response be as positive as the ones I`m seeing here. Is this the general mindset of just REIN members, or are all who succeed through hard work going to answer the same way.
Perhaps asking this question to those who are just starting up would produce a totally different response as well.

Like I said, this is a fun post, I am not trying to make a point! If anything, I think the responses can be beneficial to many people including myself.

Here is a response from a relatively new REIN member who falls into this category of investors.....

As we enter 2009, our family is very comfortable and yes I do feel anxious about starting out in RE investing. But to qualify this I must add that much of what we have is due to well positioned moves up the property ladder here in Alberta and I am a grateful person for this.

Anxiety/Fear is currently my biggest obstacle to moving forward and buying our first investment property. I know this and am choosing to deal with it head on, much like we have dealt with other potholes in our life. We joined REIN to become educated and motivated by like minded people. So far, we have been to 3 monthly workshops in Edmonton and one ACRES weekend - I am so impressed with REIN there are no words! Do I still have anxiety about moving forward - Yes, but the fear is subsiding.

I love to read so in addition to reading all the posts on myreinspace.com, REIN books, Rich Dad, Poor Dad, I have explored books to reframe how I think. Currently reading "Take the Step: The Bridge will be there" by Grace Cirocco and "Feel the Fear and Do It Anyway" by Susan Jeffers and "Think and Grow Rich" by Napoleon Hill (actually I am making my husband read this one!) So as I enter 2009 as a person who wants to become a sophisticated RE investor and achieve my Belize I know that I have much more to learn before I may be ready to take the next step and spend some hard earned money. My hope for the new year is that I will meet individuals who will help me take my first steps toward my belize.

I found the following passage in Grace Cirocco`s book to be meaningful to me and would like to share it:

Be careful of your thoughts, because your thoughts become your words.

Be careful of your words, because your words become your actions.

Be careful of your actions, because your actions become your habits.

Be careful of your habits, becasue your habits become your character.

And be careful of your character, because your character becomes your destiny.

Warm Wishes for the New Year,

Kelly McIlroy

 

[Dan_Eisenhauer]

Garth and I have very similar stories. The big difference is that my hard time lasted many years. I was a millionaire on paper, and lost it all. I am just beginning to get back on my feet, and I am in my early 60`s.

Losing it all is not as bad as it may seem. It is not whether or not you fall, but how easily and how far you bounce back up.