you can't do. And I say, you can't, you can for a period of time until you get burned out. But you, you will get burned out if you're not enjoying the journey. If you're not taking care of yourself, if you're not getting enough sleep, if you're not, you know, taking care of your body and nutrition if you're not taking care of your, your spouse, if you don't get burnt out Yeah, it will ruin everything you're working for, it will literally ruin it and you'll find yourself maybe achieving what you thought your purpose was and, and be there on the boat, you know, the boat or whatever alone what is up everybody and welcome back to how to invest in commercial real estate. It looks different in here, looks different because we're in a different location. Finally, brian's got his office back, we have the new studio and, and we've been working on this a long time. We were excited. Hopefully it looks okay. Yeah.
Well, first episode in the new studio, so I think a good, I think a good topic is let's, let's get away from the numbers, you know, as my favorite quote and Wolf of Wall Street. It's a high frequency. But today we are going to look at just a vague version of success. Now, obviously we all have to define our own versions of success. It's a very personal goal, but these are some kind of broad ideas of what success could look like. Not, you know, physical things, but just finding out how to do something setting a goal and getting there and just some keys to stay on track and really achieve that goal. I mean it's huge. You can't accomplish anything without first saying, hey, I want to do this. Yeah. And I think we want like get away from the numbers today, we want to be motivational, we want to inspire people to really kind of take a step back and think, okay, what does success mean to me and and how Why achieve it?
And of course when you google success on the Internet, you're gonna get a ton of different five keys to success. 12 things that you need to do to be successful and you could do that all day. But today we put together five things that we think we want to talk about to help motivate you to achieve success in your life and on your journey. So I think this first one, it's so easy because you have to decide what you want and I, that's easy. It is for me it is for me and I'm, I'm a dreamer and it bites me in the ask all the time because I have no problem coming up with awesome things to do. It's like where do you wanna go on vacation? I could think of 50 places to go right now that I would have a great time and where do you wanna go to eat, I can think of 50 places right there, You know, it's just the same idea that you can hone in on something Sounds a lot easier and decide what you wanna do for the next 40 years. No, but you don't have to decide what you want to do with the next 40 years. It's kind of my point like what is, what is your idea? Like how how do you define it? How do you define this end goal? What is, what is your, you know, what how do you Well, okay, I think we kind of want to get people thinking about what do they want the next 40 years to look like?
So not everybody does that, but look uh more than half, at least more than half of people in the United States are unknown. Happy currently with what they're doing. People listening to this podcast right now are like, yeah, I don't like my job. You know, I get up at 66 30 I roll into whatever office I'm going to and and you're doing something that you never even envisioned yourself doing and why is that? Well, you may be did, what I did is you got a degree and then you're like, okay, I got bills to pay. I need to get a job. And so you just start interviewing at companies and the company that gives you the best offer, you just go to work okay. And so you never thought, well I wanna like for me, I want to design burners that go in heaters and oil refineries. That was never a thought. Okay, but That's the thing is the first key to success is finding your purpose or deciding on a vision that you want for your life. And most people don't actually do that. And so they end up 10 years, 15 years down the road working a job and in a career they never actually decided to be in. And so today we want to encourage you guys and we've done this before, but we're gonna keep doing it because because we want to be motivated to you is take time to decide.
We've said it before, what you want out of this life, what is your purpose going to be, who do you want to be? 10 years, 20 years from now, what do you want to be doing? And I'll share some thoughts for me when I graduated college and I got a job, I was discouraged. I had a lot of, a lot of energy. I wanted to be somebody. And I was sitting in that office trying to learn a new skill for nine hours a day. And I thought, man, this can't be it. Uh, and, and so I got ahold of some books and I started dreaming, okay, what does my ideal life look like? And for me, it was gaining control over my finances. It was gaining freedom over my time. And so, you know, obviously, real estate was a vehicle that, that I chose and you guys have have now chosen to do that for you, but that can be anything, it doesn't have to be, we're not talking about just monetary success, But, but in order to decide if you're successful or not, you have to set the goal and you have to know where you want to be, that's first step number one, you know, well-related story on the other side. So I did the same thing, interviewed, got my degree, interviewed, then took what I thought was the best offer.
They stuck me in a cubicle and then I did that for the next 40 years. Now you're a smart guy. So you moved up the ladder and you got paid a little more and it kept you engaged enough. I didn't hate it, but that's what happened to me. I didn't hate it or I probably would have made a change. And so yeah, if someone's out there and they don't like what they're doing, then they need to make a change. But uh, you know, a lot of people are in in the same boat as I am. So Yeah, it's, it's so hard because I know, you know, the first point is, hey, you gotta find your purpose, no pressure, what do you want to do for the next 40 years. But I also have this part of me that's like you don't have, you don't have to do that. You know, you have to, you have to push yourself in a direction and, and find your purpose in this life and, and you know what you define as successful, you know, maybe it's, it's finding an amazing woman and having a bunch of kids and and having this ideal family life, you know, and it has nothing to do with work, has nothing to do with money, you know, that's, that's your version of success, right? I thought I wanted to be a pharmacist, I swear to God, I wanted to be a pharmacist.
I went to, you know, I applied for the colleges, I was ready to go, I was in the pharmacy tech program and I did my internship and I was like, there is no way in hell I'm becoming a pharmacist. It was just immediately like this. It was just, it was not for me, it was not for me, it was this tiny desk, it was this fluorescent lights in the pharmacy in the middle of the hospital and it was just like, there's, there's no way I can do this for 40 years. So it was immediately like, I need to find something that's not sitting down at a desk with fluorescent lights. So I know we have Neil on last week and his advice for investing was, hey, you gotta find out what not to do. And I think getting out and experiencing as much as you can and getting as much exposure to what you know, your life could be and, and look like, and and dreaming a little bit, that helps you rule out all of the things you don't want to do, and it narrows it down a little bit that I think could help. Yeah, and okay, so go back to your point. Uh we're not, we're not necessarily talking about, I want to be a good dad, I wanna be a good husband, those are all awesome goals. And that that is part of your success story in your life, is to be a success in in multiple different areas.
I want to stay in shape. I wanna, you know, I want to be a good friend to, you know, my family members or whatever. Uh but I think this show is about thinking bigger than that and and having a life, you know, goal. How long do you want to work? What do you want to be doing? What field do you want to be in? Do you want to be ceo do you want to be CFO, you know, some of those types of things, that's what we're trying to motivate. Obviously there's not everybody can be Ceo, so so they may have to say I can't be ceo, but I can focus on being a great accountant or I can focus on being a great family person or whatever, so we're not discounting all those little girls, those are all part of the success journey, but this, this shows about deciding out of life what you want uh and then committing to it, number two, okay, now that we we you're gonna spend time really deciding, you know for yourself what it is you want. I put down focus your time time is the Great equalizer. We all have the exact same amount of time. You cannot, I mean you you theoretically cannot buy more of it, you cannot get get it back once it's spent, you cannot uh you know, come up with more and so most people fail to achieve their goals because they are not spending their time wisely.
And guys, we all have day jobs, most of us have day jobs, even if you don't you do, you have to watch the people who have the day job. Yeah, and so you're talking about 3-4 hours a day that that you have to change your situation, there's that's all you're gonna get really, I mean you can stay up all night one night, two nights in a row, but eventually you're gonna have sleep eight hours and you have a job for 8910 hours and you've got to eat and you've got to travel and you have some family time. And so most people get 75% is gone, it's gone right there, uh you know, tack on an hour for the bathroom and you know whatever, you just start adding that up, there's no time in a day. And so for for two or three hours you have to be laser focused, you have to set aside everything else and you have to say, okay, what are some things I can do each day that are gonna move me toward my goal and you shouldn't let a day go by where you don't look yourself in the mirror and say, what did I do today? That moved me closer to my goal.
Didn't you say earlier that you made a list when early in your career that you wanted to achieve on a daily basis or maybe weekly basis basis? Because look early on with my, when I decided what I wanted, which is retired early have passive income where I didn't have to work time, freedom to spend with my family, those are my goals. Okay. But I didn't know how exactly to get there. So, and you might not either when you decide what your goal is. So the key is to uh decide on some things that will aid you. And for me it was education, it was listening to cds in my car, it was committing to reading half an hour or an hour a day in in the field that I wanted to get better at that type of education, not formal education, you're saying it was not necessarily, it could, you know, it could be signed up for classes, it could be get an advanced degree, depending on what your goals are, but but really focusing on time, what what happens is people get, they get busy with dizziness.
Uh you know, they're doing things, but the things aren't the most important thing and what you're gonna have to do on your success journey is you're going to have to have this long list of things that need done and you're gonna have to cross out 90% of those things because none of the 90% of the things taking your, you know, close to the laundry, maybe mowing your yard maybe, you know, doing stuff like that. You have to eliminate at least in the short term because you cannot sacrifice that time. You have to get moving towards your goal. Uh whatever that is, if it's, I mean we're in real estate. So for us it would be like for me it was driving neighborhoods. You know, I had to spend an hour a day and I would just drive neighborhoods that I wanted to buy rentals in the weekends. I'm, we only had newspapers back then. So I'm looking at the newspaper ads trying to find sellers that were willing to sell property and so you know, I don't know what your, what your list is gonna be, but look, nights and weekends are all that you have. Yeah. And to get back to real estate, we've, we've given a million lists, you know how to find deals, how to get, how to find investors.
I mean there's whatever your, your goal is, let's just assume it's real estate because you're listening to a real estate podcast, You know, for us, we said at the beginning of this year, we set a goal to close on X amount worth of real estate this year and we, we met it too early. So we set a bigger goal immediately of, hey, we've, we've got to do this and we have, we have daily tasks that bring us to that goal, Daily task. What is every single day, What do we do every single day? Every day? What do we do? Look at deals every day? Because if you want to buy deals, you need to be looking at deals now. What's, what's, what's another one? I mean every single day, talk to Investors. Talk to investors. That's a good one. Yeah. Send, send deals to banks. Get quotes from lenders. Yeah. So, uh, precision equity just launched a new deal yesterday. If you're watching this and want to get in, it's sold out, You can't, but it was, it was out there for what? Like four hours? Yeah. We over, we oversubscribed in about 3.5 hours. So let's use a smaller deal too bad.
It was, but we'll use that as an example because there's, there's a big list of people wanting that opportunity. There's a massive list and there's only a select few who got in the few who got in were they were paying attention. They wanted in more than probably somebody else. They were checking their email faster, they were more competitive. They took up more shares, you know? Yeah, yeah, that's right, sure. But they were they were focused on that next time they saw that email they wanted to get in. So they were focused to act on it quickly, right? They may have missed out on on the last one and it's this idea that yeah, you know, you've identified this, this purpose, this goal, this thing that you need to meet, why wouldn't you want to take daily action towards it? Why why why are you not? And and it's it's so aggravating because we've got we've literally got cellphones that tell us how much time we waste every single day and most people don't even look at it because it's just too painful. I, you know, let's say tells me I scrolled on Facebook 45 minutes today. Some people it's ours. I don't know, I don't I don't post a lot on Facebook but that's that's good. That's a good example of focusing your time is weeding out everything that distracts you.
You've got to get serious about achieving success in this life and it's not gonna happen by accident, you've got to put in the work. And so number one, finding your purpose or your vision what you want out of life. Number two is focus your time putting the time now the third is embracing failure. And guys we, we've talked about failure, I'm telling you right now there just isn't any way to achieve success in this life without going through failure. But most people, they try to avoid failure and that's why they are a failure or they do not have. What they want to have is you cannot avoid failure and and move towards your goals unless you're just extremely lucky. And so that's a big one for me. And and it what was so great is that I was convinced that failure was such a part of my success that I went seeking uh potentially uh risky deals because I thought, well I gotta learn, I gotta force my way in and if it doesn't work, I'm gonna learn exactly what the knowledge, I'm missing something I need to go to the next level.
And so failure was like a part of it. It was like I need failure because failure is the teacher that that's gonna take to the next level. But most people think failure is embarrassment. They think failure is a roadblock. They think failure is the end. Do you think that leads a lot of people to not doing things because of fear of failure? I mean I think it's one of the number one things people don't put themselves out there, like we've talked about before, people are even afraid to tell people their their life purpose, right? Because once you commit now you're on the hook. Wait, so that was good. Those people are terrified to even tell somebody else what their life purpose is because then they might be held accountable. No, they are on the hook now. What the next time they see those people, hey, what are you, what are you doing? Are you, are you moving toward that goal? And they got to say, no, I haven't done sh it, right, I've been lazy, I I've watched tv netflix, it took me in, sucked me in for three hours. And and so that sucked me in. I'm not saying watching netflix is bad when I do it, but but I did a lot less of it in my twenties and and and less of it in my thirties.
Now I'm in my forties, twenties, not not much, but I was so busy and so consumed with, you know, finding my purpose and and focusing my time uh and making list and then embracing failure. Uh and so for uh that's a big one, I don't know anything else on failure you guys want to say, I think it's just so important to see failure as the teacher that you need. It's the lessons that you need to learn. You know, you think about when you rode a bike when you, when you learn how to ride a bike, all you did was fall and and no one's like don't get back on that bike again. You failed. Oh, you're gonna, you might fall, no one tells your six year old, Well you're gonna fall, you might not try this. No, we welcome it because we know the only way they ride the bike is by falling and failing Well, financially, it's the same way as well. We had Milan last week talking about mistakes he's made, I've made mistakes, I've lost a bunch of money, but that was a good teacher and if you're gonna try to avoid failing or avoid losing money or avoid wasting time, you know, I wasted a lot of time chasing rabbit holes that we're never gonna help me, but I had to chase those because once again they told me what not to do, what not to do what not to do, okay, finally something works.
I'm gonna stick with that and I just keep trying stuff. It's almost like they're, you know, people can be so afraid of failure that you sort of you never you never take any swings whatsoever. You you're you're never doing anything because it's just like, man, I can't fail. Whereas it's almost attracting it, not just like it's magically happening because you're thinking about it, but if you're still focused on failure, you're gonna look for those opportunities for it to fail. So, you know, you're you're right, instead of just, you know, this, this could end bad, but there's only one way to find out. We need to keep. You know, pressing forward and I'm gonna learn. Yeah, think about it. Sorry, go ahead. Think about it this way. You can either you put yourself in a position to win or to learn failure isn't actually part of that. But the failure is the teaching that will help you learn what you need to learn. Because the only reason you failed because you didn't, unless you were just uh an idiot. I mean, failure is sorry, but failure is the only reason you would fail, is because you just, you are lacking some piece of knowledge, some connection, some education.
It's not because you're, you can't do it. Uh and so that's why failure needs to be seen as a tool. Okay? Yeah, one more thing on failure, Okay, you can learn so much for free by getting a mentor right, by talking to somebody else, by asking for help by admitting your position of ignorance in that moment and and seeking somebody out instead of just saying, oh man, I don't want to fail. Well let's just stop here. You can say, oh man, I don't want to fail. I need to get, I need to get some more help. I need to ask somebody what they think. I need to read a book about it. You know, if I want to do something, you can get a lot of free knowledge free failure. It doesn't cost you anything, it costs like we've given so many tips about, you know, a material adverse change clause. If somebody listens to our podcast and they sign a contract that a material adverse change cause they are an idiot because we told them not to do it and we've lost a lot of money and it was because of a failure, right? That's right. Because of a failure. So great, great point though, I I didn't even do a good job of this. Uh you know, maybe some people don't even go to mentors because they're afraid of looking like a failure or not having the knowledge in order to ask those questions.
But most people that are successful in what you wanna do, they're, they're gonna be happy to help. Uh so anyway, I think you've got that covered. Yeah, that's it, that's it. All right, the next one is really important and I know this from personal experience. The key to success to first find your purpose, get your vision in place, focus your time, embrace failure and enjoy the journey. So what do I mean by enjoy the journey? Well, I spent the first decade of my investing career just making mistakes and and spending nights and weekends all just totally driven and focused, focusing my time trying to achieve, achieve, achieve. But you know, what happens is I I was failing and I lost some money and it was depressing me and uh I was spending time away from my family and you only have so many times so many hours with your kids and you only have so much time with your spouse and, and so what I was doing was so focused on the 20 years from now when I might make it when I might be successful, that I was missing the moments in between.
And so part of being a success in this life is enjoying the journey towards your success, not just giving up everything and maybe sacrificing everything in order to get that success. Everybody says it, but, and you've heard this before, but everybody says, well, I'm gonna be, I'm gonna enjoy it when I do this or something in the future. That's when they're gonna enjoy it, enjoy it now. Well, okay, and so that the risk is, is we don't know how long It's gonna take for you to be successful. I surely didn't know how long it was gonna take me. And after I had some failures in the beginning, I thought, well, man, this could take me 20 years, 30 years. You can't wait till you can't wait till you get there to be happy and you can't wait till you get there to spend quality time with loved ones in your life and, and, and enjoy when I say, enjoy the journey, embrace the growth and the evolution and the learning that you're going to have along the way. Uh, and if you can't do that, then it's, it's gonna be miserable and you might actually burn out or get discouraged because you're in, you know what, if you spent 10 years, you know, working on something nights and weekends and holidays and early mornings and late nights and like me, you did a couple of stupid things and lost $60,000 on one deal.
I was totally like devastated and I'm like, man, You know, what did I do? I haven't gone on a vacation with my family in years. You know, I'm so cheap. I don't let don't want to spend any money and I put it all into real estate and I just lost it and I'm like this, this can't be the answer. I can't spend 2030 years chasing after this goal and not appreciate the journey. And so that's why I'm trying to pass that along as a key to success because it'll keep you in the game when you're, when you're doing right life right? And I think we had, uh, I'll forget the name talked at our conference in Minneapolis and he said, hey, do not trade what you already have for what you think you want and, and what we're saying here is you're, you're gonna have that life purpose and that's gonna be out there and you're gonna focus time and you're gonna embrace failure along that, that journey. But you don't want to give up the good things in your life chasing after what you think you want. I really want that lifestyle where I can travel the world and I want to quit my job, I want to be really rich.
I want to be famous on the internet and yet you don't have a relationship with your kids and you don't have a good marriage and you know you haven't been, you spend any time with your parents or your friends and you haven't developed relationships because guys, success is super important, but it's not nearly as important as lasting loving relationships in your life. That's where real happiness comes from. And if you can achieve success while maintaining those, you win, you won, you won life. But a lot of guys achieve what what everyone would think is success and their their family life is falling apart and they don't have any friends and they're not happy. And so part of enjoying the journey is is making sure you're taking care of all those important things and keeping what you have while you're chasing what you want. Yeah. So it's so easy to say, I'm doing this, I'm doing this for you, I'm gone for you. I don't pay attention to you for you, but the kids won't care about that. Nobody cares about it. Nobody, everyone is looking at you thinking looks like you're doing all that for you, my man, you know, doesn't doesn't really look like, you know, I haven't taken a vacation in years.
Who's the money for, who's it for? What is it for? Right is it for time? Freedom is it for, you know, freedom with your family is it what? And you've got to identify that. I think that's going back to to finding your purpose and you need to be conscious of that is you're not, you can't do something that's miserable. I think of like runners, it's very rare that you find a runner who hates running, you ever notice that they love running? That's why they run. Yeah, yeah, yeah, yeah. With fitness or or anything, you know, it's, it's, it's binary, right? You can't do, and I say, you can't, you can for a period of time until you get burned out. But you you will get burned out if you're not enjoying the journey, if you're not taking care of yourself, if you're not getting enough sleep, if you're not, you know, taking care of your body and nutrition. If you're not taking care of your, your spouse, if you don't get burned out, Yeah, it will ruin everything you're working for.
It will literally ruin it. And you'll find yourself maybe achieving what you thought your purpose was and and be there on boat, you know, the boat or whatever alone when I was when I was a manager and managing people, I could see people starting to burn out and I had to go to them and tell them, you know, quit working so much or take a vacation or something cause I saw burn out so many times. Didn't come tell me that I felt like I was burning out. Well, you just wanted to keep grinding on me, you're a workhorse were trying to ride you alright? So uh finding your purpose, focusing your time embracing failure, enjoying the journey, the last one that I have and it's very simple and you're gonna say that isn't even a key to success, but it is, is never give up, right? You cannot quit. And that's when I, when I committed to to real estate and financial independence, I literally committed my life to it. I didn't know when it was gonna happen, but I knew that there was nothing that was going to stop me and and I was never gonna quit and there's just something about making that commitment that will get you there.
And the words of napoleon hill, failure isn't failure until it is accepted as such right? You are not going to accept failure, you're not going to quit, you're not going to be defeated. And so then you're never gonna actually fail because you're, you're never quitting and life's a long time and anything you do on a daily, weekly monthly basis, you, you will get where you want to go. It just may take a while, you get some long uh, but if you're not willing to quit, something, something happens in the, in the universe, I don't want to sound too cliche, but you will find eventually a way to get to where you want to go, you will find the right connection, you will find the right mentor, the right vehicle, ours, real estate, you know, yours maybe crypto trading maybe stocks, maybe buying a business, maybe, you know, going public with a company that you're working at, whatever your journey is, you will find it, but you have to, you have to stay in the game long enough, right?
For for luck, for hard work, for all that to pay off for you. Yeah, there's a famous warren Buffett quote that I love talking about. It's you always underestimate or overestimate what you can do in a year and underestimate what you can do in a decade. And um James Malcolm talks a lot about it in his book, outliers, the rule of 10,000 hours and all of these successful people like, like Bill Gates and steve jobs and Elon musk and it's easy to look at these people who have built extraordinary things that it's, it's hard to imagine, but when you break it down and look at it in the beginning, you know, they had some crazy idea, they enjoyed what they were doing and they never gave up and then they look down and it's like holy sh it, this is huge. I know until, you know, I didn't think this was possible, I knew it could be, you know, relatively, but just keep plugging away every day and it happens, It does happen and I want to give an example, so we started, I started investing in 2003, shortly after that, I met my business partner of Victor Whitmore and we started doing it together and it was, it was one failure after the other.
I mean, we have little successes and then we'd have a failure. We would have another success and then we'd have a bigger failure. And it was just this constant learning and it was, we were maybe 9, 10 years in. We were kind of through the recession. I I'd lived over in India, I had come back and we were on the ropes. We had properties that weren't making very much money, rental rates were depressed. We had some properties that were tough, tough to manage and I promise you guys, we, we had a discussion where we're like, okay, we're about out of money, we've been doing this 10, 12 years and you know, what's the next step? Should we, should we, should we go all in or should we throw in the towel? I mean, at this point, I think you already had mortgages on that property in your house, didn't you? Yeah, I mean, it's hard to remember exactly where we were, but I just remember, I was worried for vic, you know, he didn't have a day job. He was just full time with precision equity and I wanted to make sure he always had a paycheck and we were running low and it was just wasn't looking good and you know, we, we committed, we stayed in, uh and eventually things turned around and sometimes you're gonna wanna quit, you're gonna have, you're gonna have a goal and you're gonna say, you know what, I don't know if it's worth it and I'm encouraging you don't ever ever give up.
And whoever commits to never giving up will eventually achieve what they want. And, you know, people will question me on that. They'll say, well what if you don't, you know what if, you know, okay, I don't, I don't know what your situation is, but if you're doing all the, the other keys and you're enjoying the journey, then it doesn't matter when you achieve that success because you're, you're, you're growing as a person and you're handling your business and you're enjoying the journey. And so really there isn't a way you can fail if you approach success that way, whether it's, you know, 40 years old, 50 years old, 80 years old. There's plenty of examples where people achieve their life dreams past the age of retirement and they started past the age of retirement. And, and so for us, I just wanna encourage people that you commit to yourself to everyone around you, whatever it is you decided is your purpose in this life, that you're not gonna quit. Uh you're gonna keep moving toward that goal, you're going to focus your time in order to spend a little time each day. You're gonna embrace the failures as they come. You're gonna learn from those, you're gonna enjoy the journey, you're gonna, you know, spend time with family, better yourself and accept all that through and you're never gonna give up and eventually you will have the success that you want.
Well, I think that was good. I think that was good. You first see how it looks. So you know, keys to success number one, find your purpose number to focus your time, embrace failure, enjoy the journey and never give up. Yeah, I think if you look at it that way, it's, it's impossible to be unhappy because you know, happiness in my opinion is expectation minus reality equals happiness. So if you're expecting to, you know, never give up. If you're expecting to fail. If you're expecting, you know, all all of you know, this grind, you're gonna get exactly what you expect. You just have to, you have to dedicate it, you know, you have to, you have to dedicate your time a little bit anyway. Great five keys to success guys, hope you like the new studio as much as we do. If you do make sure to smash the like button and if you are not on our investor list, like I said, Joel launched a deal out yesterday, precision equity dot com, get signed up, we're launching deals, the criterion fund dot com, go sign up, get the deals, get in the flow, hopefully you can learn from those and hit us up with questions anyway.
We will see you next week on how to invest in commercial real estate. Thanks guys.