4 Life Lessons to Live by in Real Estate
Do you ever just sit and think, “What makes me who I am?” I do. I think about it a lot, actually, especially since I have kids and I’m trying my best to instill good values in them. I want my children to grow up to be kind people, hard workers, and contributors to the greater good. I also want them to be free from financial worry.
Of course, if I want to see those dreams come true for my children, it’s my job to teach them how to achieve it. I have to impart those life lessons that will guide them to success. After pondering this for awhile, I realized that there are 4 essential lessons I want to pass on. Each offers something a bit different, but combined, they make up a blueprint that I believe will lead to a happy and successful life.
You’re probably wondering what the heck all this has to do with real estate. The answer is that these rules also apply to investors who are seeking greater satisfaction in their personal and professional lives. If you can practice the rules below in your real estate business, you’ll be a better investor.
Learn How to Save
Savings is something that everyone, not just investors, needs to learn. There’s a reason 80 percent of Americans are in debt right now. It’s because they were never taught the importance of saving! A general rule of thumb is to set aside a minimum of 20 percent of your income. You can divide this out however you like, but it’s a good idea to categorize your savings and use specific funds for specific things. For instance, every investor needs an emergency fund to cover unexpected expenses associated with their property. I promise you, the furnace or the AC will go out at some point, or a pipe will burst, or some other catastrophe will happen and you’ll need to pony up the cash to fix it. It’s much better to have this money laid aside rather than scrambling to figure out how to cover it.
Learn to Be Independent
Independence is a learned behavior. If you raise your kids to believe that you’ll always be there to solve their problems or take care of their responsibilities for them, they’re going to grow up to be dependent people. Dependent people don’t get far. Encourage curiosity and creativity, teach them how to problem solve, promote self-sufficiency. Now, take these and apply them to your own life and your investment business. Keep in mind that being truly independent doesn’t mean that you never accept help from others; rather, it means that you’re capable of handling your responsibilities but you also know when to delegate. You’re not always turning to another person for help on matters that you can and should take care of yourself. Basically, you know how to handle your business.
Gandhi once said, “The best way to find yourself is to lose yourself in the service of others.” Practicing this philosophy is truly one of the greatest things you can do - not for others, but for yourself. If you want to grow as a person (and an investor), spend some time helping others. Get out of your comfort zone. Listen to people, and see things from another perspective. Whether you donate time, money, or both, giving back to others in your community and beyond is one of the most important pieces of success. You didn’t get to where you are today without others giving to you in some way, now it’s your turn to pass along the generosity.
Practice the Golden Rule
This one’s been hammered into most of our heads since preschool. It’s pretty simple, too. Treat others how you would want to be treated. Don’t be a jerk. You’ll find that what you put out, you get in return. So if you’re good to people and you treat them with respect and kindness, you’re more likely to see that treatment in return.
Living your life according to these 4 simple rules really can make you a happier, more successful person. Try it for yourself and see.