What`s the MOST IMPACTFUL ADVICE you`ve ever got?

[johnsu]

I had coffee one day with Geoff and Julie Hoffman. They said that another mentor told them, "AT ALL COST PROTECT YOUR SELF CONFIDENCE".



This advice really rings true to me in my life because when things were in the crapper, and my world was falling apart, all I clinged onto was the belief in myself that some how things would just work out. Not exactly as how I wanted but definitely not as scary as I imagined. The perfect blend of positive and negative. It doesn't matter if you suceed or fail but ALWAYS believe in yourself. Once you lose belief in yourself, all else doesn't matter and life get's ugly really quick.



This advice I pass on to everyone I meet. This type of advice is what works in the REAL WORLD unlike that airy fairy stuff that only sounds good when you say it but is impracticle.

 

[Thomas Beyer]

Don't overestimate your own abilities !

Some people are so overconfident they are now dead or in jail .. As they jumped out of a (real estate) airplane and thought a parachute wasn't required .. Or took cash or other people's possessions they honestly thought was rightfully theirs. Some of course are CEOs today .. and some of them (such as certain Wall Street executives) actually should be in jail !!


My advice: be more realistic, be more humble and never ever run out of cash !

 

[johnsu]

Hi Thomas,



I 100% agree with your "Don't overestimate your own ability". This applies more to someone who may have a "false sense of self confidence". Such as when the market was going up like crazy in AB and any investment made money some people including myself actually attributed the "success" to being a great investor, when in actuality the sucess was driven by the upturn of the market and much less to do with the investor.



My quote of "protect your self confidence" is actually about always believing in yourself even if the investment didn't work out. When someone "stops" believing in themselves, life goes ugly quick! The "will" to do anything is gone. I've found this to be great life advice. Things NEVER happen exactly as we imagined but we must always have the WILL to keep on going.



Your advice is something that I live by when it comes to investing. Thanks for sharing it! By the way, some of your replys are HILARIOUS!

 

[Rickson9]

I've borrowed and invested by these concepts. They seem to work well for me.



"Focus on the downside. The upside will take care of itself."






"If you have more than 120 or 130 I.Q. points, you can afford to give
the rest away. You don't need extraordinary intelligence to succeed as
an investor."





"Buy when everyone is afraid."





"Much success can be attributed to inactivity."





Best regards.

 

[Thomas Beyer]

[quote user=Rickson9]"Much success can be attributed to inactivity."



One of my favourite quotes is:



Besides the noble art of getting things done is the more noble art of leaving things undone !



The trick, of course, is to know when to act .. and when not to ... and that takes a while to figure out ..



I went to the mechanic the other day as my car was making a funny noise. The mechanic walked around the car, turned it on, walked some more .. then kicked the rear side of the bumper. The noise stopped. He said: "here is my bill, $1000". "Wow" I said, "$1000 for 15 minutes of work". He said "$50 is for the kick, $950 is for my knowledge where to kick."

 

[Thomas Beyer]

[quote user=johnsu]Things NEVER happen exactly as we imagined but we must always have the WILL to keep on going.


Man plans .. and God laughs !

 

[nickek]

"Just because there's a goalie, doesn't mean you can't score."





"Much success can be attributed to inactivity." <- I don't get it



BTW Thomas, I'll be the first in line to purchase your book

 

[OurRealtor]

[quote user=ThomasBeyer]Don't overestimate your own abilities ! Some people are so overconfident they are now dead or in jail .. As they jumped out of a (real estate) airplane and thought a parachute wasn't required .. Or took cash or other people's possessions they honestly thought was rightfully theirs. Some of course are CEOs today .. and some of them (such as certain Wall Street executives) actually should be in jail !! My advice: be more realistic, be more humble and never ever run out of cash !


So Lets be realistic, I can't even work out , how an old dated, outdated, deterioroating properties worth half to millions dollars. The same property is sold again and again and who gets major share of this real estate transaction. RE Companies sometimes, they are even exempted to have registration or license in comparison to new comers.

On the same property Appraisers are just comparing street data in softwares, Lenders , Bankers are happily issuing mortgages and who suffers at end. The end user, if he will cry. Make a new law, new regulation to silence his voice. Are not we living in a dream immortal world. Where everything is appreciating but nothing is depreciating except oppurtunities for new comers who want to make change on this planet!!

 

[kfort]

Friend - "there's another good book by a Canadian guy, Don Campbell" ~ July 2010



~ November 2010 - joined myreinspace

Jan 1 2011 - Possession on 1st "real" revenue property. cash flows ~ $325 / month after I sped up payments & amortization.

Feb 4th 2011 - joined REIN

July 1 I take possession of 2 more doors.

 

[housingrental]

The top two:



`Be kind for everyone you meet is fighting a hard battle



`NOW IS A GOOD TIME TO SELL REAL ESTATE`



Thomas`s mention of `man plan, god laughs`is also near the top

 

[housingrental]

Ourrealtor - Can you please re-write your post in a format that is easier to understand&#195;

 

[2ndstory]

My wife said to me the other day when I was somewhat discouraged..."Everything you've worked on has resulted in a great end result. Why shouldn't this one be like that too?"



These words had an immediate and profound impact on my outlook. She is my partner both in business and life.



Nik

 

[Rickson9]

A few more that I try to keep in mind as I go through my journey.




"Beware the barreness of a busy life" - Socrates




"Every day I struggle to manage, and deal with, the consequences, of being, ordinary." - Anonymous




"To laugh often and much, to win the respect of intelligent people and the affection of children; to earn the appreciation of honest critics and endure the betrayal of false friends; to appreciate beauty; to find the best in others; to leave the world a bit better, whether by a healthy child, a garden patch or a redeemed social condition; to have played and laughed with enthusiasm and sung with exultation; to know even one life has breathed easier because you have lived - that is to have succeeded." - Ralph Waldo Emerson




"We don't see things as they are, we see them as we are." - Anais Nin




"If you believe that the chemical reactions in our body are governed by the laws of physics, then there is no room for free will." - Anonymous



Best regards and thanks for reading!

 

[DavidChien]

A few quotes that help me are as follow:



"The problem is not that we aim too high and miss, its when we aim too low and hit "



"Do not mistake movement for achievement, Do not major in minor things"



" If there is no enemy with-in, the enemy outside can do you no harm"

and Finally

" SUCCESS is not to be pursued ; It is to be attracted by the person we become"

 

[jhoper]

If the grass looks greener on the otherside of the fence, then it's time to get of your ass and fertalize your own grass.



or



If the grass looks greener on the other side of the fence there's a good change it's planted in a lot of manure (crap).

 

[AndreiAngelkovski]

Over the last year, I've learned how to use my gut to make decisions that feel right for me. This has really helped me believe in myself and be authentic.



My favourite quote: "Courage is not the absence of fear but the awareness that there is something more important." - Stephen Covey

 

[lanedry77]

"If you spend a few years doing what others are unwilling to do, they you'll be able to spend the rest of your life doing want others are unable to do"





Thanks,



David.

 

[JimWhitelaw]

"Drive fast." - pre-race advice from a fellow racer.



"Your real asset is your tenant." - from another investor.



"Whether you think you can or you think you can't, you're probably right." - Henry Ford

 

[cdawson72]

I was playing a video game with my 5 year old son the other day and I told him "slow and steady wins the race". He then replied, "No Dad, fast and steady wins the race".



Also, some of my favorite Warren Buffet quotes that would apply to many different aspects of investing, business and life.



"We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful"



"Wide diversification is only required when investors do not understand what they are doing"



"You only have to do a very few things right in your life so long as you don't do too many wrong things"



"Only when the tide goes out do you discover who's been swimming naked"



Chad.

 

[EdRenkema]

Spoken by my realtor with a slight sneer, "Ed if the rumor mill is killing the value of the property use the rumor mill to your advantage" followed up with a direct look that said - don't you get it???



Result: the property in question was purchased and more than doubled in value in 3 yrs