Financial freedom is a long and difficult journey. A lot of the time, it can be hard and discouraging. However, the biggest obstacle is not giving up as many would presume, it is never actually getting started. As we have talked about numerous times on this blog, what we call analysis paralysis keeps the majority of us from ever taking action. We think that we don’t know enough to get started and overindulge ourselves in books, courses, and learning materials without actually doing any of the things you are trying to learn! Of course, learning has a key place in the journey, but the most significant part of the experience is actually taking action on what you are learning! This is the part that so many of us get caught up on, and it is mostly due to fear of failure as well as insecurity.
Establishing a base of knowledge
Before you start anything new it is a good idea to learn and develop a base understanding of whatever it is that you will be taking up. This can be done by reading books, watching videos, taking online or in-person courses, shadowing a mentor, or anything else that works for you. This type of preparation will help you grasp a base understanding of whatever it is you are trying to do which will ultimately guide you on your journey and aide your decision making. However, it is solely how you apply this knowledge to legitimate action that matters most. There always are things that you come across on your journey that you just can’t prepare for by reading a book or watching a video, you just need to go through the experience. Ultimately, those experiences will teach us more than anything else because the lessons you learn and the people you meet and connect with are invaluable assets for your future endeavors. There is so much out there about everything that you could possibly want to learn about that it sometimes can get overwhelming. Sometimes, information can become too much to handle and overwhelm you rather than guide you. Understanding this and knowing when you have that solid base knowledge to take action is key, otherwise you’ll end up in a cyclic pattern of constant keeping up with the knowledge base all while forgetting the most important thing, action.
On your journey, you will have to come to terms with the fact that you won’t know everything. There will be things that you come across that will leave you confused and distraught but that is just part of the learning process. As successful people, we should always strive to chase the uncomfortable as these avenues often provide the greatest opportunities for growth. Using this principle will always keep you on your toes, and help you learn and grow yourself every single day. The truth is that on our journey, we will never stop learning. This principle is truly the gateway to financial freedom and a fulfilling life no matter the avenue you choose.
Take a calculated step every single day
One phrases that I hear a lot is “all or nothing”. I can’t stand this phrase because in my opinion, it solidifies the instant gratification attitude of our younger generation. It leads you to believe that if you don’t accomplish your ultimate goal in one sitting, that you failed and achieved nothing. In reality, taking calculated steps every single day is a surefire way to get you to where you want to be. Identify the steps of achieving your ultimate goals and break them down into daily achievable tasks. You will find that sometimes these tasks that at one point seemed insurmountable actually only consume 5 minutes a day to get you to your ultimate goal! This is all part of the learning and growth process, and over time you will learn more about yourself, how you like to handle work, when the best times to get things done are, etc. Learning while you do is the best way to make yourself a well-oiled machine.
Putting it all together
A goal that I am trying to reach right now is to become a real estate investor with $5,000 a month in passive income within the next 3 years. Based on the principles I have laid out, here is how my process has looked and what it will look like for the foreseeable future.
In May of 2021, I became a real estate agent to learn about the business of real estate and make a few dollars and connections while doing it. From this, I was able to work a couple of transactions and pick up a lot of information along the way. I was also (and still continue to do) listening to at least one real estate podcast a day 5 days a week as well as reading numerous books and blog posts on the subjects that most interest me. Learning and building my base and taking action at the same time allowed me to make a little bit of money as I built my knowledge base and helped me make my first connections in real estate. I am now transitioning into the next phase of my real estate journey as I am ready for the next step. This stage will include flipping/wholesaling with long distance buy and hold.
For the last month or so (February 2022), I have been starting to find leads to wholesale and flip homes. For those who don’t know, wholesaling is basically finding a deal, putting it under contract, and assigning that contract to another investor for a fee. I have been focusing on and learning intently the deal finding process so I can perfect this craft, delegate, and take myself to the next level. I have broken this goal down into small daily actionable steps such as analyzing at least 1 deal a day, calling at least 10 leads a day, and speaking to at least one agent a day. This will help fill my pipeline with leads so that I am able to have a steady supply of business. Taking action and learning while doing so has helped me reach some of my goals faster than I ever would have thought possible. The biggest obstacle to you doing something new is yourself, and if you can learn as well as take action while doing so, you will become an unstoppable force!