What Money ACTUALLY Buys
I always crack up when I see the latest “guru” flexing in front of a beautiful swimming pool or a Lamborghini.
I guarantee, 90% of the time, those things are rented for the photo or video shoot. Those hucksters are selling the dream…hard.
They want you to see yourself floating in that pool or behind the wheel of that supercar. They’re pushing you to buy their “stuff” in a ham-fisted attempt to make you think their “stuff” is the only way you’ll achieve your dreams. It’s based on a false premise…A beautiful new house or a fancy car will solve all your problems.
I recently saw a post from my friend and fellow investor, David Haberfeld, who had it exactly right. He asked a few questions of his Facebook friends. Paraphrasing…
- How long does it take to mow a lawn?
- How long does it take to paint a house?
- How long does it take to replace a broken lighting fixture?
The answer is the same, in each case. Five minutes.
You pick up your phone and call an expert to handle each one. They will do it better and faster than you ever will, for a small and usually inconsequential amount of money.
Money Buys You Time
If you’ve ever heard the term, Highest and Best Use, you know what I’m talking about. You bring a certain set of skills and talents to your company. The rest, you outsource, delegate to someone else, or stop doing them.
Here at Clark St, my job is to:
- Steer the ship and keep us on course, strategically
- Work with private lenders and investors to raise capital
- Support our Acquisition team to help buy more awesome properties
- Support our Operations team to help run our projects efficiently
- Hire rock stars
When you buy yourself out of outsourceable tasks like lawn mowing, painting, carpentry, bookkeeping, mailing postcards, etc., you free yourself up to do the things that take care of your relationships and, trust me, will make you a lot more money.
Think about it. There is a finite number of hours in the day. You sleep for 8. You spend 8 taking care of yourself and your family and you work for 8.
How you spend those work hours matters, a lot.
Money Buys You Life Options
My daughter is getting ready to head off to college this fall. Years ago, she asked me why her Mom and I pushed her so hard to get good grades. I told her, it’s not about bragging rights. It’s about life options. The better grades you get, the more (and better) colleges you will have a shot at getting into.
The same goes for money.
Money cannot buy happiness. But it can buy you access to a mastermind or membership organization where you will meet future business partners who will help accelerate the growth of your business. Money can buy you access to that coach or mentor you’ll need to help you reach your full potential.
When we bought our current home, I never imagined it would help my business, but it did. Through our good fortune, I met the best realtor in the county. I met the person who now runs Operations here at Clark St. I met one of my key mentors. All from one seemingly small decision to buy a little colonial in the country.
When I joined CTREIA, I met Clark St’s Property Manager. I met three of our most productive wholesalers. I discovered deal, after deal, after deal. I met my business partners, and we ultimately purchased CTREIA together.
You might be thinking, “Well, sure, Ed. You got yours and then you met all these people.” But there’s a problem with that thinking. I was pretty much broke when we bought our house. I barely had the $15 per month to afford my CTREIA membership. I did it anyway.
The bottom line…Money isn’t about being rich. It’s not for keeping score.
Money buys you options and time. It buys you freedom.
It allows you to go to your daughter’s parent/teacher conference or softball tournament or swim meet, instead of going to work or having to ask for permission from a manager who doesn’t care about you or what your family needs.
Money buys you the freedom to make the choices that will enable you to take the next step in your life. When money is not the (only) deciding factor, it helps you make solid decisions with a clear mind.
Anyone who tells you differently is probably selling you something. Buyer beware.