Yesterday I was reading this book Empire Of Their Own, how the Jews invented Hollywood and they made a point that the employees and investors in the protagonist’s ventures actually took their experience and used it to build their own empires.
In the story the gentleman embarked on various ventures. He started a fur company and then started an arcade (when video games were as easily accessible via home consoles) and at this point in the story he is getting into building theatres.
This resonated with me because I can see how that would happen. When you become an investor or employee you get inside the room where boss talk happens. You learn merely by osmosis, you learn the language, you learn what success and failure look like. This all gets incorporated into what you are doing forward.
A lot of people don’t do things like build a business or invest just because they are ignorant of what it takes. They are ignorant of how to get started, how to overcome things or how to manage the day to do. They just lack knowledge and first hand experience.
This is why I say experience is the ROI on a lot of your early deals and the beginning of your investment career. When is say this people hate it because they want money money money. Experience isn’t as sexy to people as a deal that yields you $350k but experience is much more valuable than that money. If you make $350k on accident and didn’t even know what you were doing you just happened to buy in the right market you will get slammed, just ask all the 2009 ballers.
“Money comes to professional investors not just investors who do it casually and without intention.”
The experience is the ROI. The experience is what gets you to professional status and then to wealth status. As I write this I really realize this to be true. Investing is a profession not a get rich quick move.
An example would be basketball. Basketball players don’t make riches; professional basketball players earn riches. The distinction is your professionalism.
If you are just starting out, you might need to follow someone who knows what they are doing to get your skills and experience up. Don’t rush riches now, rush the learning, get actively involved not just passively. You don’t get buff watching other people lift weights. You get buff lifting those weights.
This morning I posted that I found a home for $1k that needs $10,000 in work. The home will be worth $45k when its done and be worth $100k in a few years. I’ll keep it and rent it and chock it up as a net worth play. If I’m in it for $11k I just increased my net worth $34k. That is experience in a lot of ways. It is experience because I don’t need to flip it to have it, a lot of people think they have to sell property to make money. It is also experience because I got the deal for cheap and the rehab for cheap. Newbies don’t get deals slid to them and the don’t get solid deals on rehab like that.
The point of this post is that getting involved in deals in any capacity lays the foundation for you to do deals. If you don’t have the money to do your own deal I would advise you to get involved in someone else’s deal. You wont’ get rich in money but you will get rich in experience. Doing something even on a small level is a lot better than doing nothing at a high level. The high level will come as you take steps not as you continue to sit and think about the big things you want to do. Get started, to do something and pivot as you grow.
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Be great, invest well,