Here is the complete transcript of the podcast
Okay, so I have this habit of going back and looking into all the podcasts that I’ve recorded. Every time I receive a comment or a question, I tend to look back into this huge library. Now, since we have been doing this podcast for the daily on a daily basis for the last 10 months now, every time I get a question, I’ll go back and look at the entire library to see if I have already answered the question. It’s very difficult to find and usually ends up recording the answer anyway. But I was going through that, and, and I realized, and I ended up listening to last, this past Saturday’s podcast, where I talked about how you can become a millionaire in seven years under seven years. And that was the podcast. Now, I realized that there are some things that I could have added to the podcast. And I did not. So if you are a regular listener, and you listen to Saturday’s podcast, here we are Tuesday morning, and I want to quickly talk about it. So that today’s podcast is very close to Saturday’s podcast.
So this stays within a reasonable timeframe in the range so that somebody who listens to Saturday’s podcast can also listen to today’s one, and can correlate. So if you’re a first-time listener to the podcast, then please do me a favor and listen to October 8, Saturday of 2022. I talked about how anybody can become a millionaire in under seven years. And what I’m going to do now is I’m going to add a few things to that conversation. So today I want to share with you some mistakes that I made as a part of my own life, in my own journey, and some of the lessons I took, which I should have added to that podcast anyway, there are about five or so that I can think of that could be more, all I have to do is to give more time to my brains can dig a few more, but this five standout and I made many over the years, many mistakes so I can coach and train and teach people to possibilities and throw perfections but then it’s also become my responsibility to coach train people through my imperfections. So here are the top five mistakes, investment mistakes I made. Okay, I was late to invest. And I was late to exit a lesson I took in the year 1999 2000 2001 When the economy came down, I entered the market because everybody was talking about the stock market. And I had no knowledge about the stock market. So I entered and bought the stocks that they bought. And when the market collapsed, I still somehow believe that’s going to come back and I left my money there and I got wiped out completely so late to invest and late to exit I learned so now I am exempt from investments if I foresee trouble or if I sense trouble, okay, the second one goes along in line with the first one which is investing in unknown assets, everything is an asset everything is a liability, you turn a liability into an asset with your knowledge and with your information with your acumen with your skill talent and just because I did not know how to invest in stocks and I did not understand how stocks work back in the day I was investing into something called unknown and you go into something unknown you will be paying a price and I did so the message is don’t invest into things that you do not know or make sure you get the right help, okay if at all you choose to do then sometimes in this is an important part there is a principle called compounding of money.
So money compounds and the time value of money. So for example, if you invest in something and you leave it there for a long amount of time, then eventually you end up really really winning. So long means very, very long 10, 20, 30 years you know investments and so sometimes people exit without understanding this compounding principle so, and something that I never understood very early on is that if you invest into something your investment forget about it and completely forget about it and just let it be there and eventually it’s going to make it so I ended up exiting a lot of investments which is a mistake. So primarily in real estate exited without understanding And then I. And once you exit an asset class like real estate, it’s very difficult to enter because now you’re going to pay. Real estate is always ahead of inflation. So you got to be on top of inflation to really get in, get back in, and may not make sense depending upon where you are in your own journey of life. The next one is investing without recruitment. This is a big one. So if you’re single, you don’t have anyone who you talk to, or, or you’re coexisting with, then it’s okay. But when I’m married, my wife is there. And I’m investing without letting her know what without having her on board, see, some people tell the spouse what they’re doing. But they really do not educate the spouse. And I’ve done a mistake or two where I invested without telling, and several times without educating. So that’s what I mean by the board of recruitment. So you got to really recruit your partner into your investments, if not, you run the risk of losing not only the partner but also the investment, obviously. But then the last one is investing in remote assets, I bought houses without looking at them, I made investments into businesses without really meeting the partners, and I’ve done all kinds of stuff. And I do not recommend that. I do not it’s good. When I do a seminar I speak from the stage, I talk about these things that sound awesome from the state, but they really are not. So be careful when you’re doing remote investments. And it doesn’t matter how good of a property manager you have and all that just you don’t know the location you don’t area you haven’t lived there. Now, not a good idea to do it.
Okay, these are some of the mistakes and I have more I promise you as I’m actually recording this, I have more in my mind. Oh, so many mistakes I made, I just cannot even get started to talk about them. But these are some that I know you will benefit from if you’re serious about this. But the message is this, no matter how many mistakes you listen to, you will end up making them anyway. And those mistakes are going to be unique to you to your situation to your thinking and to your feelings and your emotions. And yeah, I can I can’t stop you from making mistakes. But then at least don’t make the mistakes I made. Okay, that’s not making new mistakes, not the ones that I’m making. What I made. That’s all for now. You go enjoy your Tuesday and I will catch up with you tomorrow. Stay tuned.