August 11th, 2022
Something I’m Reading
I’m still reading the The Ruthless Elimination of Hurry by Jon Mark Comer which I mentioned last week. I highly recommend it. I’ve been posting some powerful snippets from it on my Instagram so keep an eye there for some impactful quotes and takeaways.
Something I Teach
The Fundamental Flaw of Newbie Entrepreneurs.
Most people try to do as much as possible in their business (including real estate) as a way to ensure success. A contractor wants to be good at floors, roofs, kitchens, baths, paint, etc. Investors want to flip, wholesale, buy rentals, and do it in 5 states. At a surface level, it makes sense. Be good at all, and you’ll have lots of work and opportunities… right? Wrong. Because there is a fundamental flaw here: you can be good at a lot, but you can only be GREAT at a few things. When you specialize, you become great. And success in an efficient market is “the Great”. You see opportunities where others don’t. You get prices others don’t. You find more customers because you’re “the guy” (or “the gal”)! So ask yourself the question: can I specialize more to increase my income and success?
Something I Photographed
Heather is the world’s very best pie maker. I’d put her up against ANYONE.
Something I’m Excited About
Array Apartments fully subscribed last week! $35+ million in just 3 weeks 🤯 Big things coming soon so sign up here to stay up to date on future opportunities with Open Door Capital.
Something I Can Answer
Every week, I answer one question asked by a BTB subscriber. Have a question you want me to answer? Reply to this text with your question!
Question: “As entrepreneurs, where’s the line between grinding/working hard and enjoying the season you’re in?”
I’m a big believer that grinding is rarely needed. Very rarely. When someone is grinding for long periods of time, it simple means either a) their business is not actually successful or making it (like if a bakery owner only survives by working all day for $2 per hour) or b) they’re not good at delegating, managing and/or running a business in which case, they need to learn how to do this or get out of business.
There will be periods of time when grinding is important but a true leader doesn’t need to grind. Therefore, I am a much bigger believer in sustainable, consistent work, focusing on the most vital things, and only grinding when unforeseen circumstances happen. Then you can enjoy all periods of life, even the occasional grind.
More From Me
Links to podcasts I’m on, guests I speak to, or valuable content where you can hear more. These aren’t “sponsored posts” - just more resources!
I made some new friends on the How To Money podcast and recorded an episode with them on investing in today’s market. Great guys and had a fun conversation! They also have a similar weekly newsletter on all things money and financial freedom so check it out here. Like this new section? Let me know in the comments below!
Your Friend,
P.S. Comment below and let me know your thoughts on this week’s BTB! Please be friendly :)