July 17, 2024

Something I’m Reading

Wasn't really digging The Song of Achilles, which I mentioned last week. So I'm gonna look for a new Fiction book. (Any recommendations? Toss em below in the comments.)  But also reading my kids a book called "The Lost Whale" which they love (and it's well written for a kid's book!)

Something I Photographed

"Is this my color?"

Something I’m Excited About

I'm doing a 5-day Deal Analysis Challenge.  Excited to lead a bunch of people into being better rental property analyzers!

We’re also launching a second episode of the podcast called “CashFlow Fridays” where every Friday we will highlight somebody operating in a high cashflow niche. BUT we need guests! So if you invest in Assisted Living, RV Parks, Industrial Outdoor Storage, Co-Living, Sober Living etc. Apply to be on the show here!

Some Thoughts to (Hopefully) Make Your Life Better

Making $1,000 Per Hour?

If you want to be wealthy, focus on "rare and valuable" skills. I got this line, and concept, from a great nonfiction book by Cal Newport called "So Good They Can't Ignore You."

The idea is simple: some tasks in life, like knowing how to sew, sweeping, making a simple hamburger, talking to a customer on the phone for customer service ... they are fairly common, easy to learn, and many people have them.  As the law of supply and demand would suggest, the more supply of something, the lower the value; therefore, we don't need to pay $1,000 an hour to someone working at McDonalds.

So, what are some areas where you can make $1,000 an hour or more?

I'll tell you a big one:

Analyzing potential real estate deals.

Knowing how to ACCURATELY analyze real estate deals.

No, I don't mean that I'm hiring for an underwriter and I'm going to pay $1,000 per hour. What I mean is that if you become really, really, ridiculously good at analyzing rental properties, you will make more than $1,000 for the hour of work you spend on doing it.

For example, let's say you don't know how to analyze deals, so you don't. You just buy a property. Maybe you get lucky, but chances are, you'll struggle and never really make anything on that deal.

BUT... what if you got REALLY good at running the numbers, so you could spot the Needle in the Haystack?

And what if that took you 100 hours of learning + analyzing.

You might make NOTHING up front for that work, but..

You will buy more deals, and make millions of dollars from those deals over the life of those deals. Millions more than you'd make if you don't analyze deals.

That work of analyzing deals will pay you more than $1,000 an hour, over the long haul.

Of course, there are many other "$1,000 per hour tasks" out there, but analyzing deals is just SO fundamentally important. It'll help you find good deals, help you avoid bad ones, help you see potential and risk and reward.

So my advice to you:  if you want to build wealth, focus on these $1,000 per hour tasks - especially analysis.

And also - join my "5-Day Deal Analysis Challenge." It's free (with an option to donate to charity, if you want.).

Check back here for the link next week if you wanna spend 10 minutes a day becoming a better deal analyzer than 99% of the "investors" out there.

See ya in the challenge!

To your better life,

P.S. Comment below and let me know your thoughts on this week’s BTB! Please be friendly :)