How SSS may be Killing Dreams

Whether you want to hit it big financially, physically or just plain want to be famous, SSS may be the cruel “killer” of your dream! What is SSS? It’s simply the perceived notion of instant or overnight success in anything. It stands for “Super Star Syndrome”.

Believe it or not the super quick success of people like Mark Zuckerberg of Facebook fame or the late, great Steve Jobs of Apple Computer can kill your big time dreams. How? Because what you see and read can make it seem like the billionaire ranks were made virtually overnight. So this kind of super-fast success gives too many people the idea that an overnight fortune, instant fame, super quick weight loss or getting into Olympic shape can be accomplished almost overnight. Those thoughts and ideas are stimulated and reinforced through so much clever advertising.

You’ve seen it many times–those promoters that have something to sell can be pretty enticing with their promise that you can lose 25 pounds in 30 days “guaranteed!” or make a fortune in 6 months with their “Sure Fire System”. Of course then they always show you several examples of people who used their method with tremendous success so even though you don’t know if those few testimonials are really true, their suggestion that it could also happen to you is brain washing you into thinking you will have that kind of success. You just have to buy into what they’re selling and it will happen!

The big problem is that some people do really reach super success nearly overnight and, yes, it is possible … for a very few, very select people in the world. Such success is so insanely rare and often more of a fluke of luck or timing—a combination of circumstances with aspects these people had no control over—that made it happen! But for 99.9999% of people it just ain’t gonna happen! And if you keep holding onto the thought that overnight success is just going to drop in your lap, that waiting game will eventually kill your big dream. Your dreams take action, not just more dreaming.

For the vast majority of people super success in virtually all things in life are achieved one step, one deal, and one hour at a time. If we burn that message into our brains we will keep moving forward knowing that success can be and will be ours in the long run. My wealth hero’s that gave me inspiration and motivation were guys like Conrad Hilton, J.W. Marriot, and McDonald’s Ray Kroc or more recently, Warren Buffet. It took these people many, many years and one step at a time to reach the point of “Super Success”.

To me, the real key is fully understanding that it takes lots and lots of baby steps, but those baby steps will eventually take you great distances. If we understand that principal and apply it daily it helps keep us going. So let go of the idea that you will end up with your dreams realized by sheer chance or by some guaranteed system or product. Do the work, one little step at a time and it will happen!

A Meaningful Life Means Having Meaningful Work

Last week I started talking about the importance of that one thing we all love to complain about but need so badly as well—Work! We don’t need it just for the money either!

In the book I brought up last week, “When All You Ever Wanted Isn’t Enough “, Harold Kushner lists  the many super benefits to working. He notes “that we work for meaning as much as for money. We work so that our days will not be empty of meaning … but the key to our happiness, to our being able to find pleasure in our work, is the sense that we are using our abilities, not wasting them, and that we are being appreciated for it. Whatever it is in your power to do, do it with all your might.”

Wow … there is real wisdom and truth in what he is saying and of course that’s a big reason we all should be involved in the kind of work that we have a real passion for, even if that kind of work doesn’t pay much. Kushner says “If we are lucky, we will find ourselves at a place in life where we can derive pleasure from our work. Some of us, if we are lucky, will see ourselves launched on new careers in mid-life which will give us that elusive feeling of pleasure”.

Kushner is a Rabbi and he loves what he does, even when the work he has to do involves a sad event. “In a strange way, I feel good when I am officiating at a funeral,” he says. “For years, I couldn’t understand that feeling. I thought there might be something perverse about me, to enjoy such moments. But I understand it now. At times like that, I feel alive and engaged. I know that I am not merely present but that I am making a difference.”

Harold Kushner, paraphrasing lines in Ecclesiastes in the bible, says “If you are not going to win a Nobel Prize for your work, if it is not going to make you rich and famous, it still can give meaning to your life if you take it seriously and do it with all your might”.

I am absolutely convinced that work is a powerful and wonderful thing for our lives and makes us feel so much better about everything. As the novelist Wallace Stegner said “More people than would probably admit it find in work the scaffolding that holds up their adult lives.”

So yes, after learning–or I should say re-learning–all this about work, I have begun to re-dedicate and re-motivate my life to the work I love to do. Of course, we all need a break and so I will keep playing and traveling but these will be part time activities, because let’s face it, you can’t realistically play tennis, work out, hike in the mountains, watch movies or even have sex for 8 to 10 hours a day but you can work that long! You can dump all of your boredom and find great fulfillment in your accomplishments with hard work. You can also meet more fascinating people, contribute to humanity and, as an added bonus, even make a bit more money along the way. That’s a win-win-win from every angle!

 

The Answer to Boredom: Work

Yesterday day I had lunch with a very good, longtime friend. He had recently retired from working at the business he owned and we talked a lot about that transition from being a full time worker into a retiree. We talked about some of the big challenges a person faces when they hit retirement. It’s something that most people look forward to their entire working lives, but it’s a huge trap or at least it can be and not a very nice one.

The bottom line of our conversation was summed up in my friend’s comment “I am bored out of my mind!” And believe me, I know exactly what he is feeling! Been there, done that–twice. The first time was when I had made quite a few million dollars and just turned 40 and thought “Wow, I don’t have to work anymore. I think I will retire.” So I did but quickly discovered that I was, yes, bored out of my mind! I found I craved that meaningful purpose that having an occupation gave me so I jumped right back into work and what a relief that was! I instantly felt so much better.

My second retirement was just about 2 years ago when I turned my company over to my kids and decided to play more tennis and travel more. That was great for the first 2 or 3 months but then I started feeling unfulfilled and constantly found myself wandering around the house and driving my wife crazy. I knew something was wrong and my brain kept saying “Ok … you are no longer an entrepreneurial business type guy and as you’re not doing much writing any more you aren’t much of an author, so just what the hell are you?”

I tried to busy myself with more tennis, workouts, mountain hikes and travel and, yes, that helped but it just wasn’t enough. Then quite suddenly something motivated me to pick up an old book that I had read a couple of times before. I did this as part of my philosophy learned from my late great mentor, Paul J Meyer, that philosophy being that you should pick a few dozen or even a hundred of the very best books you’ve ever read then read them multiple times. Since we all forget so much of what we’ve read and learned at any one time, rereading is necessary.

I began reading Harold Kushner’s wonderful book “When All You Ever Wanted Isn’t Enough: The Search for a Life That Matters” It was while reading this that the key to solving my struggles with retirement and boredom hit me full in the face. What was it that Kushner said in his book that was such a breakthrough for me? It was simply uttering that good ole four letter word “WORK”!

Don’t laugh. This really is the answer to boredom and does give one a major power lift to the soul, the mind, and the body as well as a big time enhancement to self-worth. And yet that was the very thing we think we want to leave behind. But that thinking is wrong. We need work. And for more than just a paycheck!

Next week we’ll talk more about this concept of work being so very important to us and why. But for now, whether you are still working or retired, realize that having a purpose each day is what makes life fulfilling and that the idea of retirement should be an opportunity to work as you like, not to stop working altogether.

In Search of the Right Income Property

Don’t let the title mislead you—there is no such thing as the perfect property, just as there no such thing as the perfect spouse, car, child or job.  But there are certainly “good” properties and even some “great” properties as well as “good” financing and “great” financing.  By the same token there are some real bad properties around, waiting to snare you. I want to steer you in the right direction towards the right property for what you are after and keep you from ever giving the bad ones a home in your portfolio.

First, decide exactly what it is you want out of your investment. Why are you buying a piece of income property?  Be specific.  Are you after a lucrative cash flow? Or do you want a profitable overall return? Is it for the cash flow in addition to the tax savings and what you might get after you do some “fix up” work?

In addition, a novice investor must understand the alternative types of real estate investments available to him or her.  Of course, there are the residential types of investments including houses, duplexes, apartment, rehabs and others but there is a myriad of other income-producing properties which fall in the category of “beyond residential”.  A few examples would include gas stations, small strip malls, mini storage, motels, and retail shops.

This second category is too often overlooked by beginning and even experienced investors.  If you’re looking only at the residential properties in your area, you’re missing the entire menu.  There are commercial properties that fall into the lower ranges but because commercial is often thought of as being for the big time investor, the smaller guys don’t look there. But think about it … why would there not be smaller commercial investments just as there are smaller residential investments? It doesn’t matter what kind of property is it, just that it’ll get you the best return for your investment dollar.

Also consider that property that might have been residential or commercial when you bought it can be converted to take advantage of better income producing options for the area. Vacant gas stations have been leased to counties as libraries; motels have been converted to office buildings or housing for the elderly; mini-warehouses have been built out of other commercial spaces behind sub divisions or trailer parks where storage space is scare and small warehouses have been converted into loft type apartments or duplexes.  There are many potential gold mines in commercial or “beyond residential” property.

I’m certainly not saying that commercial or “beyond residential” property makes a better investment than residential. I’m merely trying to point out that when you go looking for the perfect income producing real estate, don’t limit yourself to the residential category alone. Look at the full menu.

And lastly, don’t forget now is a particularly great time to be buying income real estate because prices are near historical lows relative to income and interest rates, even though they have moved up a bit in the last month, are still at very low! So doesn’t hesitate. Get out there, look at all the options and put your money to work!