« June 2008 | Main | August 2008 »
One of our Rich Dad's Education students in the Norfolk, VA, area has started a Wealth Intelligence Academy group on meetups,com. She wants to get together with like-minded folks to share ideas, network, learn, play CASHFLOW® and more. Here's the link to her page if you want to check it out: http://realestate.meetup.com/1456/. And if you decide to start another group in another area, let us know and we'll help spread the news.
Never assume that you know someone else's motive for doing something. If understanding their motive is important to what you're trying to accomplish, find out for sure. And usually the best way to find out is to ask.
For example, let's say you've identified a piece of property you're interested in buying. Knowing the seller's motivation will help you put together an offer that will work for everyone. But even though you may see signs that point to a particular motive, verify that you're on target. The property may be in disrepair and look like a headache that the owner just wants to be rid of -- but it could be that the real motive for selling is to get cash to pay medical bills. In the former situation, the seller is more likely to accept a no-money-down deal and hold all or some of the financing; in the latter situation, the seller will likely insist on at least some cash.
Most real estate sellers will be honest about their reasons for selling and what they want out of the deal. To find out, all you have to do is ask.
There will always be times when a great deal gets away from you. You might move too slowly or not have the cash or saw some problems that weren't really there--the reason doesn't matter. What matters is how you manage the realization that this "fish" slipped off your hook.
You will never lose money on a deal you didn't do. So when you miss an opportunity, don't beat yourself up. Instead, consider what you learned and move forward.
Don't worry about the deals that get away. Focus on making the ones you are doing as profitable as possible.
Robert and Kim Kiyosaki say that their business relationship has strengthened their marriage and they believe that it is beneficial for couples to grow together financially as well as spiritually and emotionally.
But with that said, it's important that you and your spouse set some rules so that you keep your business activities in perspective and proportion with the rest of your lives. Don't spend the whole day working on your business and then the whole evening talking about it. You have to turn it off. You have to spend time on your personal relationship and your family.
When you and your spouse become business partners as well as life partners, set some ground rules. Be clear on when you're working and when you're not. And always allow enough time to nurture the feelings that brought you together in the first place.