7 Deadly Mistakes You Can Avoid – Part 2

(This article is continued from Part 1 in the July 2013 Edition of The Profit Newsletter.)

3. Listening to poor advice. This is something you probably already know. As you go through life, there will never be a shortage of people who want to give you advice. Your parents, your spouse, friends, in-laws, kids, they all have opinions about what you’re doing and what they think you should be doing. Very often, the value of their advice is worth exactly what you paid for it . . . nothing!

   I’m not saying these do-gooders aren’t honest, intelligent and well-intentioned. However, you must ask yourself, are these folks qualified to give you advice? Have they had any experience in what you’re doing? It seems to be human nature for people to offer advice on subjects they know nothing about. What baffles me is how often the recipients of this so-called wisdom will listen to it and even act upon it without ever questioning the credentials of those giving it.

   Through many painful experiences, I’ve learned that when you take advice from people who don’t know any more about the subject matter than you do, the quality of that advice is, at best, suspect. Plus, very often, listening to unqualified advice can have a negative impact on your focus (see roadblock #1).

   So, who should you be listening to? I believe in taking advice only from people who are:

   1. Qualified experts in their field and
   2. Making a whole lot more money than I am. And those people are out there. Don’t be afraid to seek help – just be careful where you go to get it – even if you have to pay for it. I think you’ll find that if you pay for the opinion of a bona fide expert, the advice you receive will be more than worth the price.

4. Listening to negative thinkers and “Dead Heads.” Nothing kills the entrepreneurial spirit like negativity. With all the challenges you face in business, you need to keep a positive, upbeat, enthusiastic attitude about what you’re doing. It’s the only way you’ll be able to perform at your best. Negative thinkers and “Dead Heads” will only suck the energy out of you and bring you down to their own miserable level (usually, these are people who have failed in their own lives and get off trying to make failures out of those around them). They’ll make you question yourself, doubt what you’re doing and, if you listen to them, eventually give up entirely.

   I’m sure when you first told friends and family you were going to be a real estate entrepreneur, you heard things like, “You really believe that stuff they sell on TV?” or “You can’t make money in real estate, the market’s too slow.” Or maybe “There’s not enough appreciation to make a profit and didn’t they change the tax laws or something?”

   Yes, the “Larry Losers” of this world have all the answers, don’t they? Meanwhile, they’re working three jobs and won’t answer the phone at night for fear it will be a bill collector. I don’t think your true friends or your family would intentionally hurt you or bring you down. Usually they think they have your best interests at heart. However, in the process of “trying to make you see all sides” or “just giving you a few facts about the real world”, they’re pouring buckets of ice water on the fire you need to keep burning in order to keep on succeeding.

   It may be nearly impossible to completely cut yourself off from these people. I suggest you simply tell them in firm, no-nonsense terms that you appreciate their interest, but have no use for their negative, sarcastic or skeptical comments. Sure, it can be a rough thing to do and some of them may be offended, but if they really care about you, they’ll get the message.

   One of the best ways to avoid negativity is to seek out positive and supportive people. Find successful people or a group with common interests where you can share ideas and discuss successes and failures with people who are genuinely in tune with what you’re doing. This is where clubs and associations can play a big role. If you’re not a member of a real estate association, I strongly suggest you consider joining one. Having said that, let me caution you, not all club members are doers. There are people in every group who are going nowhere and are never going to achieve anything in their lives. Pick out the winners and connect with them. When you become a successful real estate entrepreneur (and you will), one of your greatest rewards will be to share your blueprint for success with others, “What goes around, comes around.” Before you know it, that sharing will attract people to you like a magnet. I can’t tell you the many profitable deals that have come my way through people who wanted to hang around me because I was willing to share my knowledge.

Well, I’ve run out of space once more, so I’ll continue my list of roadblocks in your next issue. Don’t miss it.