Excuses won't make me money but there is something that will. Look behind every business idea and every product being sold. What are they attempting to do?
"As long as I KNOW I'm going to make it happen (a deal,
this business, whatever), whatever holds me back (poor credit and/or no money) is immaterial to accomplishing my goals. In fact,
I am BLESSED to have this challenge (poor credit and/or no money) because since I KNOW I will succeed that means I will have successfully defeated this challenge and developed skills and attributes (patience, tenacity, faith, creativity) that will take me far FURTHER than someone for whom this (credit/money) was not a problem. Nor will I, when I have bested this challenge (poor credit and/or no money) ever take what I have gained (good credit, wealth, financial independence) for granted and lose it-- as some who never face challenges do."
Believe that and you cannot fail.
This quote from Danny Welsh takes to the essence of what it takes to be a success. We must first resolve to achieve success, regardless of challenges. Once you’ve set your mind toward success the path becomes apparent. This first step is often overlooked as people try, aspire, and hope. Only true resolve to a successful end will set you on the right path.
Each obstacle we encounter is an opportunity for growth. Since we have the resolve to see the project through until the end, obstacles are speed bumps not roadblocks. The skills gained to overcome these obstacles make us stronger. I
n fact, it is these very challenges that allow us to appreciate the success we achieve.
Often we look at others that have achieved success and say, “They started out with [fill in the blank], they were lucky”. While the challenges aren’t the same, they have indeed overcome some obstacles to achieve success. And for those very few that encountered no challenges, they often make mistakes that destroy them.
I know at the start of my own investing career I had good credit and money did not seem to be a challenge. Creditors were all too happy to provide mortgages at 95% LTV. With the market soaring it seemed impossible to fail. I had worked out the purchase of three SF houses with two lease option tenants ready to go with 95% LTV loans. I picked up another duplex with subject-to financing. During the rehab of the duplex I had another single family house deal with 100% financing. It was a project I was partnering with the previous investor. I took an assignment of a master lease option on a local triplex. All told, I closed on four single family houses, one rehab duplex, and a triplex in less than three months.
I did not have the money challenges and I grew careless. The market corrected and I was highly leveraged. I had to evict one of the lease option tenants as they got behind. My duplex rehab went over budget by $10,000. The partner for the single family rehab disappeared.
I look back and wonder , would this have happened if I didn’t have such easy access to credit?
Excuses won't make me money but challenges will. The fact is that society rewards those who solve problems and not those who just complain. So let’s put away the excuses and train our energies on observing problems and finding solutions that others will pay us handsomely for.
