“You can have everything in life you want, if you will just help other people get what they want.” — Zig Ziglar
There’s a lot of bad investment advice out there.
People tell you to take big risks.
Don’t lose money.
Pay off all your debt.
But what if I tell you that most of what the talking heads say is wrong?
Their advice is not helpful when it comes to obtaining or maintaining wealth.
Today, I’m going to share the advice that has truly changed my life.
With this advice, I’ve been able to 20x my net worth, leave my great corporate job, and get a seven-figure income.
I think it’ll be super powerful for you, too.
Let’s jump into it!
1. The Best Advice
The best advice I have ever received when it comes to investing is from this quote:
“You’ll be the same person five years from now, except for the books you read and the people you meet.”
That advice comes from Charlie “Tremendous” Jones.
Let’s break that down with an example:
You can meet someone, and all of a sudden, your life changes.
Maybe you met someone who later became your spouse.
Or maybe you met someone and they became a business opportunity.
All of a sudden, you’re married or started a business.
That’s a huge change just from one interaction!
The idea revolves around networking and education.
That’s how we get better.
I go to a lot of networking and education events.
I probably attend 20 conferences a year.
We run our own conference called the Advanced Real Estate Investing Summit as well as a meetup every month.
I meet people, hear their stories, find new partners, and get great ideas for investing.
The value of networking cannot be understated.
You can start with questions such as:
“What do you invest in?”
“What are some of your biggest successes?”
Even better questions could be:
“What would you do differently?”
“What’s something you made a mistake on?”
Mistakes are how we learn.
When someone is willing to share those stories, that is very valuable information.
Then the second part of this advice is education.
You can start with reading.
I read about 80 books a year.
As of August 2023, I’ve read 60 books.
(Here’s my list for what I’ve read so far this year!)
Books are great tutors and have amazing ROIs.
Somebody has spent hundreds of hours or more writing this book.
In just a few hours, you get an incredible amount of knowledge.
It took me almost a year to write and edit my upcoming book, Fire Yourself.
There are so many examples of highly successful people who read all the time.
Warren Buffet reads five to six hours a day.
Mark Cuban reads three hours a day.
Oprah Winfrey reads about 30 minutes a day.
The average American reads about 12 books a year, but the average CEO reads 50 to 60 books a year.
CEOs are typically some of the busiest people around, and they make time for reading.
If you want to be a leader or an influential person, you need to read.
The same can be said if you want to be a great investor.
Audio books are also a great resource.
I listen to audiobooks in the car, when I work out, and when I’m relaxing.
I try to read 10 to 20 minutes a night.
Those little habits make a huge difference on how you’re going to grow your wealth.
2. Make a Commitment
It’s one thing to hear advice; it’s another thing to apply that advice.
You need to make a commitment.
How many meetups will you attend this year?
I’m attending at least 20 meetups this year as a speaker, host, and leader.
We’ve got around 65 to 85 people coming every month to our meetup in Glendale, California for a group called Investor to Investor (ITI).
If you’re in the area on the first Wednesday of the month, reach out!
Another commitment to consider is how many books you’re going to read.
My goal is 80.
How many conferences will you attend?
Those events can be life changing.
At one of the higher-pay events, I set up a meeting with a big influencer at a martini bar.
I asked if we could work together to raise money.
Up until that point, I’d only raised $100,000.
At the martini bar, we formed a partnership that raised $15 million over the next 18 months.
That rocket fuel got me to the next level!
Networking at these events isn’t only helpful with active investing.
You can also gain a lot as a passive investor.
Some of the best deals are not publicly shared.
You’ll find these deals at martini bars and meetups and conferences when you’re talking with people one-on-one.
3. Your Greatest Investment
The greatest investment you can make is an investment in yourself.
You need to invest in who you are, your own education, and your networking.
That’s how you grow.
Brian Tracy says: “To earn more, you must learn more.”
It’s not just a phrase, it’s really true!
You’ve gotta expand your learning.
I once heard Robert Kiyosaki say that being wealthy is not having money.
Being wealthy is when you’re able to lose everything and quickly make it back.
You need to foster the relationships and have the knowledge to get there.
I also have my own saying: Life has an action bias.
If you make all these great plans, but you never do anything, you’ll never get anywhere.
But if you take small steps every day, you’ll figure it out.
You don’t need to have everything figured out right away.
You’ll learn along the way as you take those actions.
This is true if you’re a passive investor or an active investor.
If you simply take action, you’ll get where you want to go.
Plan, make a commitment, and hit the ground running!
Everything great in my life has almost always come through a commitment.
When I was at a Tony Robbins event last year, I said I would write a book.
My book is now coming out in September.
You can meet your goals, too!
Go to events and meet people so you can grow, develop, and transform.
Now I want to hear from you.
What is the first step you’re taking to make a commitment?
Stick your answers in the comments.
Before you leave, make sure to check out our special report about inflation investing. It shares the best choices to invest during an inflationary environment.
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Disclaimer: I am not your investment advisor. This is for educational purposes only. I am not giving specific advice on what you can do. I am simply giving my opinions.