Epic Real Estate Investing - How to Get Success when Starting Over in Life, Part I | 842

Episode Date: November 20, 2019

If you want something out of life that you don't currently have, you will have to be and/or do something you're not currently being or doing. In this episode, Matt begins a multi-part series sharing key concepts and distinctions on how to get success when starting over in life. Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terrio Media. Success in real estate has nothing to do with shiny objects. It has everything to do with mastering the basics. The three pillars of real estate investing. Attract, convert, exit. Matt Terrio has been helping real estate investors do just that for more than a decade now. If you want to make money in real estate, keep listening. If you want it faster, visit R-E-I-Ase.com.

Here's Matt. Hey, Matt here. Welcome to another episode of the epic real estate investing show. It is way back Wednesday. This is the day where we reach back into the archives and pull out old classic episodes. And we've been reaching back into the archives of the Do-Over podcast, the podcast that started it all. And I got another great one for you today. Enjoy.

During an era where countless people, businesses, and organizations are feeling the pin. running out of time, running out of money, losing confidence, feeling as if life is unfair, praying for another chance, and unless something is done, life is going to pass them by. Fortunately, in the nick of time, there is now a place where the ignored, underestimated, and unknown steps to producing results, and making life work are revealed. Save your career. Save your business. Save your health. Save your relationships. Save your life.

Get from where you are to where you want to be, faster and with greater ease than you ever thought possible. Say hello to your do-over. Welcome to your do-over coming to you live from downtown Los Angeles, and this is the place where I show people who want more out of life, people dissatisfied with their current situation, how to start over and begin a new life, setting goals and objectives so they can create wealth and live life to the fullest. You can jumpstart your do-over

and lay a solid foundation for a better life, your better life, by downloading the three pillars of creating the ultimate do-over for free at free do-over.com. It's a 55-minute MP3 audio program that I made just for you

with three specific steps on how to get success as you start over. The three pillars of creating the ultimate do-over will put the legs under your table, they'll lay the foundation for you to achieve. They will act as your traveling success coach,

and they are yours for, free at free doover.com. Okay, so today's topic, how to get success when starting over in life. Actually, this is part one. I'm not sure how many parts there's going to be, but I'm just going to roll with it. So the first step in starting over is obviously you got to know what you want. You got to know what success is going to be to you. And knowing what you want, that could be something very personal. And the word success is a rather relative term. So the first step in getting success is defining what it is to you. Now, that might be a new job paying $100,000 a year. It might be starting a new business that generates a million dollars a year. Or maybe it's creating enough time

so you can watch your children grow up. Or maybe it's making just enough money to buy your parents a house. Maybe that would be successful to you. You have arrived. I mean, I know that was always a dream of mine and it still is and I'm going to do it. I'm going to fulfill on it. I will buy my mother a house. So whatever it is, maybe there are multi-dimensions on what success is to you. Maybe it's all of the above. It's everything that I mentioned. But whatever it is, you need to decide for you.

Okay, so that's the first step. Now, the second step is there's this unavoidable path that each and every one of you are going to have to take when starting over in life. You see, if there's something that you don't have right now, it's typically a result of who you are being or what you are doing, or both. So to get something that you don't have, you're going to have to be somebody you haven't been.

You're going to have to do something you haven't done or do something that you're not currently doing. Does that make sense? So you're going to have to do something else. You might have to also stop doing other activities or taking other actions in that same space. So it could be I've got to start doing something new or I've got to stop doing what I was doing.

Either way, there's going to be a transitional period. a, there's going to be a learning process. You're going to have to essentially learn something new. Now, if you're starting over doing the same thing that you were doing, then maybe you're going to have to increase your skills or learn some new skills inside of that venture. Or if you're starting over something entirely different, you're definitely going to have to probably learn something new. And you're going to have to go through this unavoidable path. I mean, each and every one of you are going to have to take this path when starting over in life. and the path that you're going to travel

actually comes in the levels and we call it the four levels of learning okay the four levels of learning they are completely unavoidable for example there was a time where you didn't even know what walking was you didn't even know what the word meant it's probably a long time ago you were probably very very young

but there was a moment where you didn't know what walking was and you were in that first level of learning called unconscious incompetence unconscious incompetence. You just don't know that you don't know. You just don't have a clue. Then you reach the second level once you actually learn

what walking is. You know what it is, but you can't yourself walk yet. That's called conscious incompetence. You now know that you don't know something. So those are your first two levels. Now you've decided, okay, I know what walking is. Now I want to do it. So now you've got to make your way to the third level of learning.

And we call that conscious competence. That means that you can walk, but you got to think about it. You're going to be a little wobbly on your legs. You're going to have to hold on to the coffee table. You're going to have to hold on to the couch. You might fall down a few times. Well, you're probably going to fall down quite a bit in the beginning. But you're just going to have to go through it.

That's the only way that you can actually get there. That's the only way you can get to that third level, that conscious competence level. And the sad thing is most people kind of hover somewhere between that second and third level and just about everything that they do in life. They never actually go through the process

of becoming consciously competent. The next level, the fourth level of learning, is unconscious competence. This is when it actually becomes second nature. So right now, if the doorbell rang, you could probably just get up out of your chair and walk to the door.

without even thinking about it, right? That's because you've hit that unconscious, competent level. And we experienced that with tying our shoe. You've gone through those four levels. There's a time where you didn't know what a shoelace was. Then you didn't know how to tie that shoe. Then you probably sat in your parents' lap and they had their arms around you and they made the little loops and the bows and you went through that.

And then you had to practice that and practice that. And then all of a sudden one day you got it. Oh my gosh. I tied my shoe all by myself. You hit that conscious, competent level. And now, if that doorbell rang or if you were late for an appointment, you could probably bend over, tie your shoe, and run out the door without ever thinking about it.

Without ever analyzing, how did my shoe just get tied? No, it just happened. That's that fourth level of competence. And to go from that third level to the fourth level, it's just massive repetition. Repetition is the mother of skill. That's how a skill is created. It's just like tying a shoe.

It's just like driving a stick shift. Oh, God, do I remember driving a stick shift for the first time? It's just like playing tennis. It's like speaking a foreign language. It's like running a business. That's how a skill is created when you're starting over in life, when you're starting over in anything. And that's how we are compensated in our society.

We are compensated by the level of our skills. Each and every one of us are paid in direct proportion to the supply and demand of what we do, how well we do it, and how difficult it is to replace us. For example, a doctor. They get paid very well in our society. And there's a huge demand.

The supply and demand for doctors is great. People get sick all the time and they need a doctor. And when someone is sick, that demand is high for the doctor. So they get paid based off of that. Then how well they do it. So if they're good at their job, I mean, everyone always wants to go to the best doctor when they're sick. You always want to go to the cancer specialist. You always want to go to the heart specialist.

You always want to go to the bone specialist or the joint specialist or the arthritis specialist. We all want to go to the best doctor. So how well he does his job or how well she does her job, she's going to be paid in proportion to that. And then how difficult it is to replace them. and that ties a little bit in with how well they do it, but how much education have they consumed? How much training have they gone through? Did it take them 10, 15, 20, 30 years

to reach that level of expertise? That would be a very difficult person to replace. That's why they make so much money. That's just how it works in our society. Now, if you took a secretary or an administrative assistant, there's a lot of supply and demand so they get paid okay. and then, but then there's different levels of secretaries, aren't there? I mean, there's the paper pusher, the girl that goes and makes the copies,

the guy that goes and fills the coffee cups or does the dictation or does the filing. And then you have the person who's the actual office manager because they do their job really well and they're in charge of training others how to do the same. And then how difficult is to replace them. Well, maybe to become an expert secretary, an expert administrative assistant, assistant or even an expert office manager might just be four, five, ten years, I don't know, but certainly not going to take 30 years, right? So their compensation is in direct proportion to the supply and demand of what they do,

which there is demand for that position, how well they do it. Obviously, when someone finds a good administrative assistant, and if you ever tried to hire one, you understand that they are not abundant, when you find a good one, you want to hold on to that person, and then how difficult it is to replace them. If they've worked for you for a long time, you're going to have to keep giving them a pay raise because you know that you might not have the time in your schedule to stop what you're doing and go train somebody new.

So they're paid in proportion to that. Then you have a janitor. Janitors, supply and demand for janitors, there's absolutely a demand for janitors. Then you have the good ones who can work without supervision. That's a value to people, so they get paid in proportion of that and how difficult it is to replace them. Now, if they work at, say, a school, it's probably not that difficult of a job and not that difficult to replace that person.

But maybe they worked somewhere in high security, and they had to get a certain amount of security cleaners just to get into that particular hallway to mop the floor. I don't know. I'm just kind of speaking so you can see that the supply and demand for what they do, how well they do it, how difficult is to replace them, corresponds to their compensation. So obviously, a janitor at the local high school is not going to make as much money as the janitor at the Pentagon. Make sense? Then maybe you look at the professional athlete. Demand for what they do?

Absolutely. Especially if they're good, right? I mean, the athletes that make it to the pros that they represent the top 1%, maybe even the top 0.1% of the entire population that does what they do. Do you know how good you have to be just to sit on the bench of the NBA?

You gotta be amazing just to sit on the bench. So what about the people that start? No wonder they make so much money. People pay $100, $100, shoot, the nosebleed seats, the worst seats you can buy across the street at the Staples Center. $100. The worst seats. The ones furthest away, the ones up in the rafters.

And people pay it. It sells out all the time. So, of course, there's a demand for it. Then how well they do it, obviously, they get paid in proportion to how they contribute to the team's winning and how difficult is to replace them. You look at someone like Shaquille O'Neal. You don't have a guy's 300 pounds, 7 foot, 2 just walking around. That's a difficult person to find.

He makes a lot of money for that. Then you have a Kobe Bryant, one of the most amazing basketball players of all time. Very difficult to replace him. The Lakers do everything that they can to hold on to him, including pay him very, very well. You know, Michael Jordan, you know his name because there isn't another one. That's how difficult it is to replace him. So of course, he made a lot of money. So whether you're a doctor or a secretary or janitor or a professional athlete,

you're going to be paid based on that skill. That's just how it's done in our society. And for each and every one of those professions, for them to have created that skill, they had to go through the four levels of learning. There was a time where Kobe Bryant did not know what a basketball was. There was a time where a secretary didn't know what a word processor was. There's a time where a doctor did not know what a scalpel was.

But they went through the four levels of learning. And they completed those four levels of learning. And they did it over and over and over. They created massive repetition in developing that skill. And now there's an extreme demand for the good ones. They do it really good because they had so much repetition. They went through so much training. And it's really difficult to replace those people

because not everybody, actually a very small portion of our population, will actually travel the four levels of learning until they reach a level of unconscious competence. So as you're starting over in life, how to get success, you're going to have to learn something new. Knowing that, how should you go about it? Okay, for example,

I remember when I first learned how to snowboard. Okay? And there was a time where I was a skier and there was no such thing as snowboards. So there is even a time I can remember when I was a full adult, when I was a mature adult, I don't know if I'm actually mature, but I am an adult. But there was a time where I didn't even know what a snowboard was.

So I was at that first level of learning, right? I was unconsciously incompetent. Then I saw a snowboard. I was like, hmm, that looks interesting. It was actually very appealing to me because I didn't want to carry around two poles. I didn't want to carry around the two poles and the two skis. I was like, oh, just put the board under my arm. That looks much more manageable.

Because I loved the skiing part. I just hated the time in between the skiing in the lodge or the skiing and the lift. I decided I want to take up snowboarding. So just imagine, if you've ever done that, it was probably the most difficult thing I've ever gone through that I can remember as an adult. The most difficult thing I had to learn because everything was just so counterintuitive. I mean, you're going down the hill at 10, 15, 20 miles an hour and to slow down, you actually have to lean forward.

Very counterintuitive. I mean, if you're out of control going down to the slope, the last thing you want to do, the last thing your body wants to do is lean forward. But you just kind of got to trust it. But to get to that level of trust, you've got to go through the four levels of learning. And I went through those four levels of learning. And now today I'm a pretty decent snowboarder.

But what I want to discuss here is how you go about learning something. So, for example, snowboarding. Let's just say random arbitrary number that you have to fall 12 times before you actually become competent. You've got to fall 12 times before you become competent. Okay? So now there's three or four different ways you can go about that. You can decide, okay, I'm going to learn how to snowboard.

I know I have to fall 12 times before I'm actually going to become competent before I know how to snowboard. So I'm just going to, I'll fall once a month. And at the end of the year, I'll be a snowboarder. I'll be a competent snowboarder. All right. So if you decided to fall once a month, would you really know how to snowboard at the end of the year? Probably not, even though you did fall your 12 times. And here's why.

because if you let too much time pass between your failures, between your attempts, you have a tendency to forget and you've got to start all over again. So let's speed it up a little bit. Let's say you fall twice a month. It's going to take you six months to fall 12 times. So you're going to walk out to the slope, fall once, get up, try it again, fall again, and then, all right, that's it for the day. I'll wait till next month.

So that's how that would work. You'd fall twice a month for six months. You fall in 12 times. All right. So the end of six months? Yeah, you might be able to figure it out. You might be able, you might be up on your feet. You're making it down maybe some of the easier slopes.

You're essentially, have hit that level of conscious competence, right? So there's your two scenarios. You fall once a month that takes you a year. You fall twice a month. It takes you six months. Well, what if you went out today to decide to learn snowboarding and you decided I'm going to fall 12 times today? you would be a competent snowboarder at the end of the day. But here's what's more important.

At the end of the year, which one of those three scenarios would you be the best snowboarder that you could be? Yes, the third one, right? The one where you fell 12 times in a day. Because you have 364 more days to continue snowboarding. I guess it depends on where you live. Let's just imagine, for this example, that it's winter year-round. but if you fell 12 times in the one day, you are a competent snowboarder at the end of one day.

So you had 364 more days to practice your skill, to perfect your technique. So here's what I want you to get from this. When you're starting over in life, how to get success when you're starting over in life, you understand that you're going to have to learn something new. You're going to have to go through the four levels of learning. And what I want you to get from that last example

is it's easier to learn fast than it is slow. When you choose to learn fast, first, it's easier, and second, it produces a better result. It produces a better snowboarder. So whatever it is that you have to learn inside of your do-over as you are starting over in life, learn it fast. And maybe you have to go and start from scratch and actually take a course. Maybe you have to buy a book. Maybe you have to attach yourself to a mentor. Maybe you've got to go to a seminar.

maybe you've got to go back to college. Maybe you've got to go to a technical school. Whatever it is that you're going to go do. You're going to have to learn something different. You're going to have to learn something new if you want to get something that you've never had. So on how to get success when starting over in life. Step one, define success for yourself. Step one is define success for yourself.

Step two is establish what new skill you will have to learn to produce that success. Maybe it's more than one skill. Maybe it's a few of them. So establish what new skill you're going to have to learn to produce that success, that new definition of success that you've created for yourself. And step three, embrace the four levels of learning. And embrace the concept of fail, fail fast, and fail often. If you want to double your success rate, double your failure rate.

That's it for today. God loves you and so do I. I am Matt, the doover guy, and I will see you on the next episode of your doover. Thank you for tuning in to your do-over where the ignored, underestimated, and unknown steps to producing results and making life work are revealed. And remember, knowledge is potential power. Take action on what you learn today. This is not your learn-over. It's your do-over.

To view the resources referenced in today's show and to retrieve a complete show transcript, visit www. www. Thedover guy.com. Stay connected with Matt the do-over. over guy terrio on Twitter at the do over guy and on Facebook at www. www. facebook.com slash doover guru. This podcast is a part of the C-suite radio network.

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