Epic Real Estate Investing - How to Stop Overthinking All the Time | 830

Episode Date: November 8, 2019

Stop procrastinating and get the things done! In today’s episode, Matt walks you through an exercise that will help you to stop overthinking and make your decision-making more efficient. Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terio Media. Hey, do you ever find yourself stopped in life, whether it's personally or professionally, because you are just overthinking something? You're worried about it. Well, how do you get past that? How do you get that out of your space so you can keep going? Well, I'm going to show you how I do it. I'll show you how to do that today right now.

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.

Hi, my name is Matt Terrio. I am CEO of Epic Real Estate. And what we do over here is we show people how to invest in real estate, just placing a big emphasis on retiring early. retiring much sooner rather than later. And when you're going through that, real estate investing, the business of it is just like any other business, right? There's so many other things that can come in

and they can get in your way, they can stop you, they can derail you. They've got shiny objects in every business. This business isn't excluded. But one thing that gets in the way of just about everybody in every endeavor, like I said, whether it's professionally or personally, is our thoughts and our emotions.

And we tend to overthink things, like the big things. It can stop us dead in our tracks and really get in the way of us getting what we want out of life or what we want out of our business venture. And so how do we do that? Because I used to be that person significantly. And I stumbled across a tool that I want to share with you that helps me just kind of eliminate that for my life. And I noticed recently that I've been worrying a little bit more than usual. And I started to scratch my head a little bit and wonder, how did I get here?

This didn't used to be me. How is this happening? And I just kind of remember that, oh, I stopped using my tools. to deal with this type of situation. The first tool that I'd use was just a command I'd say to myself, I'd say, Matt, just stop focusing on what's happening and focus on what you want to have happen. And that typically gets me out of just about every jam,

but sometimes there's bigger things that come along where the big guns are required. There's an exercise that I learned a while back, probably a decade ago. I learned it first in Tim Ferriss's book, The Four Hour Work Week, and he calls it the Fear Exercise. I used that for a lot back then and it was really helpful.

I don't know how I got out of the habit of it. I just stopped worrying, I guess. So I've heard about it from multiple sources since. And so I guess that he wasn't the originator that I thought he was. But nonetheless, that's where I learned it first. I've just kind of learned different variations of it. I've just kind of modified it a little bit to work really well for me. And that's what I want to share with you.

So anytime you have a big decision and that, like I said, that can be personal or it can be professional. It might not be a big decision. Maybe it's just a worry. Maybe it's a fear. typically that's what it always comes down to anyway. We have all kinds of different names and labels for the word fear, but ultimately that's what it is. And I guess that's why Tim called it the fear exercise.

I call it the peace of mind exercise because after I'm done with it, that's what I have. I've got peace of mind. So let me show you how it works. So you just take a blank piece of paper and you draw, you create four columns. Okay? So in column number one,

this is going to be what we call our worst case scenario. You'd want to make a list of everything that could possibly go wrong. Like the worst case scenario with this big decision that you've got to make. And I'll go ahead and I'll share with you one of the decisions I'm dealing with right now. It's just as an example. But you can do this with anything. We're getting ready to make a big investment into our business. Next year, it's our goal to create ourselves and revitalize or revamp our business

to where we are considered or recognized as the number one virtual training platform for real estate investors. And that's going to take a lot. One of the things it's going to take, it's going to take a sizable chunk of money. So I'm going to have to put a big investment with this. And I'm just been concerned with it. I've been overthinking it. It's kept me up at night. I've lost some sleep.

Really just kind of worried about it. And I'm trying to figure out what am I worried about? And I guess it is really, is this going to be the best use of my investment? Is this going to be the best place that I could place this money? Should I just go buy some more properties? Should I go and get involved in a syndication with my buddy? and I start thinking about, well, if everything goes right, you know, this is probably the better decision. But I'm still worried about it. So I just kind of started hashing out what are my worst case scenarios.

And so I'll just show you as an example. One could be, I lose all the money and nothing happens. And then I got to start over, right? And then I got to spend more money, right? The lost time is a big concern. or what would even be worse in some scenarios, we get it all done and we didn't reach our goal. We failed to reach goal. And I'm sharing this goal with a lot of people. And another scenario would be maybe they would ridicule me or, you know, hey, that was a nice try on that

and maybe be a little patronizing, condescending. That wouldn't feel great. So those are all my worst case scenarios that could possibly happen. You can go ahead and just hash out and just go to the absolute ridiculous of everything that you could possibly think of. But then the next column is the recovery. So if the worst case scenario happened, how would you recover? And so if I had lost this money, okay, fine, I start over, right?

I have to work extra hard, work more, invest more money, maybe borrow money, maybe more credit cards are involved, credit card debt, whatever may be. But if I look at that to what it takes to recover and maybe how long would that take for me to recover, you know, maybe that's, I don't know, three to four months. And this is where it starts to take shape and starts to make sense, is that, wow,

if the worst case scenario happened, the recovery is, it's uncomfortable, it's an inconvenience, I don't really want to do it, I'd be bummed, but it's not that bad. You'll notice that death, is not anywhere in here, right? So the next column would be everything that you could do,

what we call prevent. What are the actions I could take that would prevent my worst case scenario? And I start thinking about, all right, so let's, I want to be really involved. There's a lot of stuff in here that I'm probably not going to delegate.

I want to be involved. I might even micromanage a little bit. That's a little bit, against my nature, but this is a lot of money. It's a big decision and there's a lot at stake. So I'm going to make sure it's getting done right. I might release money in phases rather than paying it all at front. So based on progress, I could do that to make sure that we're all moving forward. I could interview multiple teams that I'm going to be employing to help me get this done.

And so I can do some significant due diligence on the people before I could ask for referrals. So these are all things I could do to prevent this worst case scenario. And I could just commit, right? Dedicate, enroll, all different things that I could do to prevent. So then this fourth column is what's the best case scenario? The best case scenario is we do become number one in real estate investing education. We make a lot of money. That's the best case scenario. Let's see, recognized in the industry as number one by my peers. The industry, my peers.

It works the way I think it's going to work, so I'll be working less. It's a huge instrument of leverage. And let's say, just say the wife's happy, right? More time with family. So I look at that. So I've got my worst case scenario. I've got what do it take to recover if the worst case scenario happened. I've got all the different things I can do to prevent the worst case from happening. And here's the best case scenario. So here's where it starts to take a real shift. I've got all of this stuff written down on paper. And if I just asked myself, if I were to do every single thing in this prevent column, what is more likely to happen? The worst case scenario or the best case scenario? Hands down, the best case scenario. If I did it. everything that I have in here, it would be very slim chance. The percentage rate of this happening would be very, very low. And so that right there is enough to like, okay, so this is kind of my action list. Let me see what else I can do, how else I can fill this in and make all these things much more

actionable. And now I know what there is to do to assure myself of hitting this best case scenario. And then the next little element that Tim Ferriss had put into this, he actually did a TED talk on this. You should look it up. It's really helpful. So once you're all done with this and you've made this like, okay, boom, I'm going to do it. Because if I just do this, I'm going to be in good shape. But the next thing he talked about was right here, what happens if you don't do it? The cost, what's the cost of inaction? So what if I just say, you know what? Never mind. I'm not going to do it. What is life going to look like in, say, six months? What's going to look like in 12 months? How about three years?

You could project that out to five years, ten years if you want. And when you start looking at the cost of the inaction, what if I don't do this? What if things just stay the same? Well, we could fall behind, right, of what everyone else is doing. We could start losing on technology. We could become irrelevant. That could be something that could potentially happen to say in six months, 12 months.

But in three years, what type of impact would that have? That would basically mean there might not be. any business at all anymore if we don't stay with the times and make this big investment into our business. So just going through this exercise, maybe it's, you know, you're thinking about asking that special someone out on a date that's got you scared to death. Or maybe you're thinking about buying your first investment property and that's got you scared to death or you're thinking about starting a business. That's got you scared to death. Just take that through this exercise. Take whatever it is that's ailing you, that you're overthinking, that you're worried about,

that's causing you to lose sleep. Take it through this exercise. And see where you end up. I think what you'll find is that there's not so much to think about. And you're probably worrying about a whole lot of nothing that's really never going to happen. Specifically, if you go ahead and you conduct what's in this prevent column, you've got total control, a lot more control than you think. All righty? So if you know somebody that's going through something like this,

or this would really help, I'd really appreciate it if you shared with them. And I'll see you next time. Take care. Yeah, yeah, we got the gas flow. Yeah, yeah, we got the cash flow. Yeah, yeah, we got the cash flow. You didn't know, home boy, we got the cash flow. This podcast is a part of the C-suite Radio Network.

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