Epic Real Estate Investing - How You're Squandering Your Biggest Asset and What You Can Do About It | 877

Episode Date: December 25, 2019

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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-Aase.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 pinch, running out of time, 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 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, 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, 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 will lay the foundation for you to achieve. They will act as your traveling success coach, and they are yours for free at freedover.com. Time. Time isn't a commodity. Something you pass around like a cake. Time is the substance of life. When anyone asks you to give your time, they're really asking for a chunk of your life. Antoinette Bosco, journalist and author. It makes the news every year. And tis the season, Black Friday is upon us. It's the Friday after Thanksgiving to which I'm speaking. That big shopping day. routinely the biggest shopping day, the busiest shopping day of the year, with many stores opening up extremely early in the morning.

This year, Target, Dick's sporting goods, and Best Buy to name a few, have all announced they'll be opening their doors at midnight. No big shock there. But you know what, Walmart. Walmart has them all beat this year as they'll be opening their doors at 10 p.m. on Thanksgiving Day. People will flock to stores, to stand in line for hours, and literally go to war with their brethren to say, save $20 here, $40 there. And I'm speaking figuratively about war, by the way. But you know what?

Back in 2008, a Walmart employee was trampled to death when shoppers busted down the doors. And on that same day, on the opposite coast, two women engaged in a bloody brawl at a Toys Ar Us of which inspired their male companions to pull out their handguns and shoot each other to death. You know, there are multiple Black Friday stories of people being trampled over to save $100 on a laptop. 40% off of a DVD player. Or even to pay full price for a cabbage patch kid.

I mean, do they still have cabbage patch kids? I don't know. I might be showing my age with that one. But I'm thinking you get in the picture. But when I use the war analogy, it's not really too far from the truth, right? I mean, people have been injured and have died on Black Friday because of the Black Friday mayhem, the mob mentality. Anyway, today is not an episode on Black Friday etiquette.

but rather an episode to discuss your most valuable asset. Time. Your time. Let me ask you, is it worth standing in line for hours to save 25% on a Sony PlayStation? And I'm not sure actually what is the bigger waste of time. Is it the standing in line? Or is it the countless hours people spend playing the video game? You know, the NPD group, they're a market research firm.

They conducted a survey in 2010, and what that survey revealed was that kids between the age of 2 and 18 spend on average of 13 hours a week playing video games. The average American child will rack up 10,000 hours of game time by the age of 21. That's over an entire year. An entire year, 24 hours a day, an entire year spent during their adolescent years playing video games. This disregard for time, it starts early, but it doesn't stop at age 21. You know, per the Department of Labor Statistics, the average adult spends 2.7 hours a day watching TV. Now, I've seen some other studies that have sided up to three and three and a half and four hours, but let's just stick with the conservative number.

Let's stick with 2.7 hours a day watching TV. That's over 50% of their leisure time, over 50%. That equates to almost 38 full days a year. Over a month, each year, is spent in front of the TV. That's almost seven years of one's lifetime will be spent in front of the TV. Now, when I read this, I was like, oh, I'm glad it's not me. But then I started to think. 2.7 hours a day.

I mean, that's one episode of The X Factor, which I'm a big fan of. And I watch that every single week. I watch the sing-off every single week. So there's two hours on two different days. You know, and I watch a little bit of news. I watch a little bit of ESPN during the day. That number, seven years of one's lifetime, it's terrifying. And I was like, initially it was not me.

I wouldn't do that. But it's really easy to rack up 2.7 hours a day of watching TV, isn't it? I mean, it's one and a half shows these days. You know, I remember when Chick-fil-A first came to Los Angeles. at least 1,000 people, at least 1,000 people stood in line for hours to hopefully be one of the first 100 people who would get a free chicken dinner.

I mean, you hear these types of stories all the time, don't you? And every time I hear one, my thought is, what is wrong with these people? These people place no value on their time. And as I mentioned with the TV example, I mean, I'm someone who talks about this, this and is conscious of it, but can unknowingly get caught up. Can get caught up spending time unwisely?

I mean, do you know anyone who would stand in line for hours for a free chicken dinner? I mean, perhaps you've been guilty of this? Maybe, maybe not. You don't have to admit it. You see, it doesn't really matter, though, if the chicken is free. What's your time worth? Certainly, it's worth more than standing in line for a couple of hours to get a $10 chicken dinner, isn't it? I mean, if you stood in line for two hours for the $10 chicken dinner, to you, your time was worth $5 per hour.

Really? Would you have stood in line if you had only 24 hours to live? Would you have stood in line for those two hours if you only had 24 hours to live? How about a week to live? If you had a whole week to live, would you have stood in line for two hours for that chicken dinner? What if the doctor gave you a month? You had a whole month to live. The rest of your life was going to consist in the next 30.

days would you have stood in line for that chicken dinner? How about a few years? I mean, at what point of mortality would you decide that standing in line for a free chicken dinner would not be a good use of your time? You know, and maybe for you, it's not the chicken dinner you would stand in line for. Maybe you don't even like chicken, but is there something else that you could insert that was equally a waste of time? Maybe standing in line for a shoe sale or, or, you're not a, Concert tickets. Or how about the latest Apple product? Did you stand in line for the iPhone S4 or whatever, the iPhone 4S?

Or maybe you have stood in line for that chicken dinner. Here's the truth. The deep fried, greasy truth. If you value your time poorly, you will be poor. I mean, it's obvious with the amount of time people will wait in line to save 20% on a flat screen TV, or those that will drive to the opposite side of town, or maybe even the next town over because they have a $10 coupon. I mean, have you watched that TV show Extreme Couponing?

The amount of time that is spent to gather those coupons, it's considerable. Sure, you might be able to get a free $300 basket of groceries every other month or so because of the coupon work that you've done. But how much time was spent to save that $300? I mean, the amounts of newspapers to read, the amounts of junk mail to sift through, the time spent browsing the Internet for bargains, and then there's the time to actually go out and redeem the coupons reading each one very carefully, being sure to get the exact product to which the coupon applies.

I almost get tired just thinking about it. Then as I mentioned earlier, the amount of time spent watching reality TV or playing Farmville or angry birds. I've been guilty of that one, by the way. But it was just for a couple of weeks. I'm over it now, mostly. Or booking a plane ticket online with multiple layovers to save $100.

I mean, there's evidence everywhere that the majority of people mindlessly squander their most valuable asset, their time. And if you do what the majority does, you're going to get what the majority's got. And the life the majority's got is a life of mediocrity at best.

Time, it's your most valuable asset. Contrary to popular belief, it's not money. Money is abundant. It's everywhere. There are $3 trillion in circulation right now. It can be made any time that you set your mind to it. Your time, however, is not abundant. It's fixed.

You've got what you've got. It cannot be made or created. Regardless of how much you do set your mind to it, you've got what you got. So you have the choice, you have the decision. What are you going to do with that time? What are you going to do with it? You see, there are two types of time. There is indentured time.

That's the time we spend to pay for our existence or our lifestyle. And then there is free time, the discretionary time we get to spend as we please. And most go through life without this distinction. And merely, they just accept the five days a week of indentured time, Monday through Friday, in exchange for two days, Saturday and Sunday, a free time. It's just accepted. They don't even think about it. They just do what they do and they get what they get.

I mean, what would life be like for you if you could just swap out one of those indentured days for just one free day? I think for most people that would probably lead to an incredibly enhanced quality of life. I mean, just one more free day per week. What would you do? Who would you do it with?

I mean, this is really the essence of our life. last two episodes, and if you missed them, I highly recommend that you go back and check them out. This is the essence of those two episodes. You have two choices with regard to how you spend your indentured time. You can either exchange your time for dollars, or you can exchange your time for creating something that earns your dollars for you, with the ultimate goal transforming the ratio of indenture time to free time to more in the favor of our free time. Anyway, we discussed that in great detail in our last two episodes, and I'm not going to get into it again. right now. But we will discuss it again, because you know, we got to hear things multiple times,

multiple times where I'm not going to discuss it now, okay? But if you want to catch up on that, go back and check out the last two episodes. Now let's get back to that statistic. The average American will spend almost seven years of their life in front of the TV. I mean, how do you feel when you hear that? Are you starting to actually run through your head how much TV do you actually watch per day? Maybe you spend a little less and it's only going to amount to say five or six years. Or maybe you spend a little bit more and it's going to amount to eight, nine, or ten years.

Either way, it's measured in years. Years of your life. Now, I'm drawing your attention to this because there are typically three excuses people have when they declare they want something, when they want something that they don't have. I mean, in most cases, it's a new job, or it's a new relationship, or it's a new opportunity, or it's a new body, whatever it may be. The top three excuses are, I don't know how,

or I don't have the money, or I don't have the time. And today, we're addressing the, I don't have the time excuse. I mean, have you ever used that excuse? I don't have the time. That's a silly question, right? We all have, of course.

Here's the thing. We all have the same amount of time in the day, don't we? I mean, we all get to spend our 24 hours every single day in any way that we want. We do have that choice. We can decide how to spend that time. We have control over that. And I've said this before. There's very little in life that we have to do.

And if you find yourself somewhere right now which you are obligated to be, or you have responsibilities that need your frequent and consistent attention, It's only because you chose them. I mean, at some point, you made that decision. Or maybe it was a series of decisions that created your current reality. So just own them. Nothing wrong with you. We've all done it.

Own your decisions. It's no big deal. And don't make a big deal out of them. Just take responsibility for the decisions that you've made and understand that those decisions have created your present. I mean, maybe that's good news to you. Or maybe it's bad news. And what I mean by that is you can feel sorry for yourself,

you can make yourself wrong or feel you're not good enough for the decisions that you've made, and you can beat yourself up. Or you can recognize the amazing power that you have as a human being. The amazing power that you have, you can simply choose to make new decisions right now, of which will create a better tomorrow. I mean, if you're unhappy with your current situation, just know that is not a death sentence.

This two shall pass, and the best is. yet to come, right? But how? Makes sense, I've heard it before, but how? Well, if you want your life to change, you must change your life. And specifically, what we're talking about today is, change what you do with your time.

Maybe you can make a big change and do a complete 180 in an instant. Maybe you can do that right now. Or maybe because of the past decisions that you've made, you might have to make that change gradually. You might not be able to do it instantly, but you can still make the change. Either way, you can change what you do with your time. You can do that.

And if you still struggle with, I don't have the time, it's merely because finding the time or swapping the time with another activity, such as TV or video games, it's just not important enough to you yet. You might think it's important to change something in your life, but if you haven't done it yet? It's not as important as you think. So if you fall into this category, there's something in your life that you would like to change, but you just haven't done it yet? Let me see if I can help. I'm going to take you through an exercise. Maybe it'll be a help. Maybe it won't. But you know what? If it would be a help and it would create a dramatic change in your life, wouldn't it be worth it

to at least give it a shot? I don't know. Here we go, though. Okay? I'm going to see if I can help you with this. First, think of the one thing. There may be more, but identify just one thing in your life that you would like to change. Get it clear in your mind of what that one thing is. I mean, maybe it's your job. Maybe it's your living situation. Maybe it's your weight. Maybe it's a relationship. Maybe it's a bad habit or a specific vice of which you tend to overindulge. Whatever it is for you. Get it clear in your mind. Decide what it is that you want to change. And if you're in a position to, close your eyes even. Go ahead. Close your eyes. I mean, if you're driving or you're jogging or you're riding your bike or you're on the treadmill, don't close your eyes, okay? I don't want you to get

hurt. But maybe pull over or take a seat for a moment so you can close your eyes and do this exercise. Hey, this is your life. You can take your life as seriously as you want. And I would recommend taking it very seriously if there are things in your life that you want to change. Okay? So, if you just can't close your eyes, no problem. Maybe you can come back to the exercise or maybe you can play along and it might be effective for you with your eyes open. But if you can close your eyes, good.

Do it. Now, get a clear picture in your mind of that one thing you want to change. Envision it. I mean, really visualize it. See it. See it in vivid color and vivid detail. And now I want you to picture, I want you to picture what your life will be like in six months if you don't change. What is your life going to look like in six months if you don't change?

What will it have grown into in six months? What will it have caused in your life in six months? Who will it have affected in six months from now? What is the impact it will have on those around? you. What will it cost you if you don't change? Answer these questions to yourself. What will it cost you if you don't change?

What will you lose out on? And how will that make you feel? How will it make those around you feel? And in effect, how will that make you feel again? You got it? I mean, can you see it? Can you feel it? How will it make you feel?

How will it make those around you feel? and because you don't change it and it makes those others feel that way, how will that make you feel? Okay. Now, what will your life look like in a year if you don't change? What will that one thing have grown into

after an entire year of not changing it? What will it have caused you if two years passes by and you have yet to change it? Who then will it have affected? And how will it have affected them? What will it cost you after three years if you don't change it? What will you lose out on if after four years you don't change it?

And if after five years you have failed to take action and change this one thing, what will it have cost you? What will you have lost out on? If this one thing is really important and worth changing, you should be feeling pretty low right now. You might be even a very dark place right now. There might be a pit in your stomach. You might even be a little weepy right now.

Or you might even be crying. And that's okay. You know why? Here's why it's okay. Because five years, they have not passed yet. It's not too late. You do have a chance to do something about it right now. To do something right now before it gets to that point.

But keep in mind, those five years, they will pass. They will. And the question for you is, where do you want to be when they do? Who do you want to be when they do? What do you want to be doing when they do? And who do you want to be doing it with when they do?

What do you want to have when they do? You see, today, you are a culmination of all the decisions that you've made in your life up to this point. you are the culmination of all of the decisions of how you chose to spend your time. And in five years, you will be a culmination of all the decisions that you made of how to spend your time from this day forward. That's a fact. And that fact, it can terrify you or it can excite you. I like the excitement option.

I'm going to choose that one. I'm going to recommend that you choose it too. the excitement option because you do have a choice. And that choice, it's power. It's the power you have over your life. And you can wield it with great authority and with great force and with great intention. And you can do super, super good with it. You can do good for yourself and good for those around you.

But it all starts with a choice. And I understand that this might be something very big in your life. And you might be shaking and trembling because you just recognize how much much power you actually do have over it, and now you've got to take action. Or it might be a minor inconvenience that's just been nagging you for a while. Regardless of its size, though, the steps to change it are the exact same. It takes nothing additional to change something big as it does something small. I mean, that's great news, isn't it?

So, here are the steps. If you've decided that enough is enough, and right now is the time. time to change that one thing. Just start with that one thing. You've decided that right now is the time to change it. Because you don't want to experience what life will be like in six months if you don't. Let alone the five years, just the six months. Let's nip it in the bud.

Okay? First, you need a plan. Go ahead and plan the change. Plan the action steps. It might be first, I'm going to call so-and-so. Second, I'm going to go tell so-and-so. and third I'm going to go over there and fourth I'm going to go do this

and fifth I'm going to go do that just lay the plan out lay it out there lay it out step by step for yourself plan the work now the next thing you're going to do is work the plan

take your eyes off of the entire plan and just focus on the first step focus on step one and do it I mean don't even look up until it's done don't even think about step two until step one is done And once step one is done, then you can move to step two.

And break it down into simple, small steps. Inch by inch, it's a cinch. Yard by yard, it's hard. Take baby steps. Move an inch at a time. Just focus on one step at a time. And if you hit a roadblock or you fail, make a note of it. Take the roadblock and take that failure as feedback.

That's all it is. It's feedback. then factor in the feedback into your plan, modify the plan, and resume to work the plan. If it's going to be, if you want your life to change, you must change your life. No one is going to do it for you. I mean, you can resume business as usual

and leave the future to chance, or you can make a decision today that today you want your life to change, and then decide to change your life. And know, until you take action, you haven't actually made a decision. If you want your life to change, you have to change your life. That's it for today. God loves you, and so do I.

And with him, all things are possible. I am Matt, the do-over guy, and I will see you on the next episode of your do-over. 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 learned today. This is not your learnover.

It's your do-over. To view the resources referenced in today's show and to retrieve a complete show transcript, visit www. www.the-dover guy.com. Stay connected with Matt the do-over guy, Terrio on Twitter at the do-over guy, and on Facebook at www.

Facebook.com slash do-over guru. This podcast is a part of the C-suite radio network. For more top business podcasts, visit c-sweetradio.com.