It has been exactly 3 months since my last post. Which was definitely not intentional. 3 months ago we moved from Detroit to Salt Lake City to pursue a new career. Needless to say life has been very interesting. Turning 30 this year has given me a very new perspective on life. My tolerance for risk has decreased. I've realized the importance of family and what my overall goal is now for my family.
The mistakes that I have made in the past in business cannot be repeated. Right now I am starting over in a brand new career, but unfortunately I am not starting at 0. I am in the red and having to dig myself out of a pretty decent hole.
The most important thing I have learned is to create a stream of income that comes in monthly first! Then invest in real estate. You see a few years ago my only stream of income was coming from real estate and that was it. So if my ventures in real estate did not produce one month - I had no income. I then reached a point where I was unable to receive financing anymore and the whole operation came to a screaming halt. I chased that venture for 12 months - confident that next month something would break. Well something did break and that was just about everything I had.
My lesson learned here is about sustainability. Going into business is not about the short term. If so, you will fail. I had a good run while it lasted but not I am paying the price painfully for business mistakes. Napoleon Hill calls this Temporary Defeat - we do not fail and we are not defeated unless we accept it and stop. I am a more prudent businessman and now have to play catch up.
The new career I have embarked on is that of the family business - Commercial Insurance. My father has been in the business for over 30 years; which is very difficult for me to fathom doing the same thing for that long of a period of time, quite impressive though. His knowledge of the industry is bar none. The one thing I like most about the insurance business is I close an account one year and if they renew I get paid year after year - which in a sense would be considered passive income.
It is very important during these times for us to work smarter and not harder. Look around and realize how blessed you are.
The mistakes that I have made in the past in business cannot be repeated. Right now I am starting over in a brand new career, but unfortunately I am not starting at 0. I am in the red and having to dig myself out of a pretty decent hole.
The most important thing I have learned is to create a stream of income that comes in monthly first! Then invest in real estate. You see a few years ago my only stream of income was coming from real estate and that was it. So if my ventures in real estate did not produce one month - I had no income. I then reached a point where I was unable to receive financing anymore and the whole operation came to a screaming halt. I chased that venture for 12 months - confident that next month something would break. Well something did break and that was just about everything I had.
My lesson learned here is about sustainability. Going into business is not about the short term. If so, you will fail. I had a good run while it lasted but not I am paying the price painfully for business mistakes. Napoleon Hill calls this Temporary Defeat - we do not fail and we are not defeated unless we accept it and stop. I am a more prudent businessman and now have to play catch up.
The new career I have embarked on is that of the family business - Commercial Insurance. My father has been in the business for over 30 years; which is very difficult for me to fathom doing the same thing for that long of a period of time, quite impressive though. His knowledge of the industry is bar none. The one thing I like most about the insurance business is I close an account one year and if they renew I get paid year after year - which in a sense would be considered passive income.
It is very important during these times for us to work smarter and not harder. Look around and realize how blessed you are.
1 comment:
This is awesome post for youngsters.
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