“Who you spend time with is who you become.” — Tony Robbins
I pay $50,000 to $100,000 annually so I can be part of masterminds and go to events each year.
You may think that’s absolutely crazy.
I used to feel the same way.
But after studying successful people, I discovered that you’re the average of the five people you spend the most time with.
Jim Rohn always says this.
If you’re not in the room with people who are a couple levels ahead of you, you’re missing out.
This is why I think it’s really important to consider being a part of a paid mastermind group.
I’ll specifically get into what this means if you’re a passive investor.
I’m gonna go over everything in three easy steps.
Let’s jump into it!
1. What is a Mastermind?
What is a mastermind?
Where does this term even come from?
Napoleon Hill wrote a book called Think and Grow Rich.
It’s a phenomenal read.
Hill studied hundreds of successful people such as Andrew Carnegie and Henry Ford.
He found that every single one of them had a group of people around them.
Through this group, they were able to brainstorm and solve problems together.
I see that in my own life now.
When you surround yourself with people, you build a community.
In a mastermind, you’re using multiple people’s brains.
You combine your experiences and expertise together to solve a problem.
If you’ve ever been on a great team, you know how invaluable of a resource this is.
You can create better solutions with a group as opposed to one person working through a problem.
Paid masterminds are paid versions of these groups.
They have both a community element as well as learning elements.
Tony Robbins has a saying: Proximity is power.
You need to be in the room with people who are multiple steps ahead of you.
You need to hear them talk.
You need to ask them questions.
I just joined a mastermind called Strategic Coach.
They have an awesome way of managing yourself as an entrepreneur where you actually take free days.
You have your team handle things and you don’t answer the phone or emails.
That’s been really helpful for me to live a more balanced life.
2. What Kinds of Masterminds Are There?
There are a few different kinds of mastermind groups.
We have a deal flow mastermind group that we’re launching.
The group will be open to people with a net worth of $2 million who are looking for access to great deals but don’t want to spend the time going to events or vetting multiple deals.
We’ll have some pre-vetted deals, get ourselves around other passive investors. and have a community where we’re doing deals together.
I’ve been a part of similar groups that have been super powerful.
One of the most transformative relationships you can have as a passive investor is with other passive investors.
In the financial world, everyone is trying to sell you something.
A passive investor doesn’t have anything to sell.
If you can create a relationship there, they’re often very willing to exchange information.
You can get answers to questions such as:
Which deals have gone well and which ones haven’t?
What operators have been great?
Who do you follow?
This openness is why we’ve created a group for passive investors.
I’m also part of a group called Kingdom REI.
This group leans more towards active investing and is faith-based.
They offer support in real estate, raising money, doing deals, and overall getting involved in real estate.
There are coaching groups out there.
Tony Robbins has a group that costs over $100,000 a year.
Overall in these groups, I’ve found that people are very motivated when they pay.
This is because there’s more accountability.
When you’re paying a large sum of money, you’re basically investing in yourself.
After looking into all of these options, the question becomes: Is a mastermind group worth the investment?
3. Is It Worth the Investment?
Are mastermind groups worth the yearly amount you would be paying?
The answer to that question depends on you.
You can figure out your answer by asking yourself questions such as:
Are you personally motivated to invest in yourself?
If you pay $50,000, will you find the same amount of value that you invested?
You can find a cheaper option, but you may value the group less than if you paid more for membership.
Personal growth and financial growth go hand in hand.
I’ve had breakthroughs in different areas of my life.
It almost always happens in the personal area first, and then that leads to some sort of financial growth.
If you invest in personal growth, you almost always see growth in other areas.
Mastermind groups can be a very powerful tool for personal growth.
Are you committed to this type of investment in yourself?
Do you see the value in that decision?
Joining mastermind groups will often shorten timeframes for investments.
If you’re looking for the right types of deals, there will be people in the room with you who can shorten that timeframe.
You get tips to help you in those sorts of situations.
I also have a theory that the more expensive a mastermind is, the better the quality of attendees.
For example, I went to an investor event on a cruise a while ago that cost $7,000.
I hadn’t raised a lot of money for real estate before I attended.
But then I met someone who helped me raise $15 million over the next 18 months.
That event was incredibly valuable for me.
A $7,000 investment became worth close to $1 million.
Let’s say they charged $1,500 for that cruise and instead of 150 people, there were 1,500 people attending.
Making that connection would’ve been much harder.
When you pay more for an event, it limits who will show up.
I want to learn from wealthy, successful people who want to give back to others.
I also hope the same for you!
Whatever group you join, I hope you find growth and success in your investments.
Now I want to hear from you.
Are you going to try out a mastermind group?
What are you looking forward to the most about joining?
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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.