We often hear about journeys to success, but we don’t always hear about the pitfalls along the way. What advice can we take from those who have “made it” despite the challenges? Which regrets should we be paying attention to? What advice could help you when it comes to real estate investing? On this episode I talk with Paul Moore, entrepreneur, author, and host of the podcast How to Lose Money, to answer these questions.
"It’s a lot easier to learn from others’ mistakes than it is to replicate their success." -Paul Moore
Three Things We Learned from This Episode
Strive for balance
Money management requires a careful balance. While you shouldn’t be so frugal that you never enjoy the fruits of your labor, you also need to avoid using money unnecessarily. Stop telling yourself you need to work harder to stay ahead of the game and not run out of money- you’re only training yourself to work harder and harder.
Aim to invest in commercial real estate
There’s a reason why most people on the Forbes 400 Richest list are involved in commercial real estate. Investing here not only keeps the process objective (you’re buying according to numbers, not an individual seller’s price), but offers phenomenal tax benefits.
Make sure you’re investing, not speculating
There’s a key distinction between the two. Investment requires a safe principle, while speculating does not. If you don’t know how to differentiate the two, make sure you find someone who can. Whether a mentor or a professional investor, ensure you’re making wise decisions with your money.
When it comes to breaking away from the system and building our wealth, not every action will take will be perfect, but the key thing is that we learn from those missteps and come back wiser and stronger. There is a lot of merit in listening to advice from others. Remember, someone else has always already done something you’re yet to do. By trusting in people who’ve already been on the journey, we can save ourselves from making some of these mistakes.
Guest Bio
Paul is a real estate entrepreneur, investor, developer, and author. He is the author of The Perfect Investment – Create Enduring Wealth from the Historic Shift to Multifamily Housing (2016). Paul also co-hosts a wealth-building podcast called How to Lose Money, is a featured guest on numerous real estate podcasts, and is a regular author for Bigger Pockets. Paul is married with 4 children and lives in Central Virginia. For more information, go to https://www.wellingscapital.com/ and connect with Paul on LinkedIn https://www.linkedin.com/in/paul-moore-3255924/.
