Epic Real Estate Investing - Managing Risks and Fears | 898

Episode Date: January 15, 2020

Those who risk nothing, risk everything! Therefore, Matt reveals and gives you the one weapon of which risk and fear have no defense. Tune in and find out more! 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-A's.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 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, the place where I show people who want more out of life, people to satisfy 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. Hello and season's greetings. I've got a great show for you today. Another listener request.

This one comes from Shelley Sanders in Baton Rouge, Louisiana. And Tony Tosco, if you're listening, I know I mentioned the last episode that this episode was for you, that I was going to address your request. However, I've been unable to pull together all of the working parts in time, but I will get to it, I promise. And hopefully it will be next episode. Just wanted you to know that I haven't forgot about you.

Also, my email inbox is filling up rapidly, probably the most full it's ever been. And so I haven't forgot about you that have sent me emails in the last few weeks either. I plan to reply to them all over the holidays. Okay, Shelley Sanders of Baton Rouge, Louisiana, requested through my Facebook page that I discussed taking risks and how to overcome the fear of taking them. She writes,

I want to start a new business, but the failure statistics of new businesses scares me. Although becoming a business owner is one of the few realistic paths for most people to becoming financially independent, I'm scared to take the first step. It seems so risky. What can I do to minimize the risk of failure? Great question, Shelly, and thanks for asking it,

as I know the risk of failure or the fear of failure is a common fear. It's very common. And I do think I have an answer for you. At least it's something I remind myself of when I recognize fear stopping me from progress. First, I remind myself that there's nothing to fear but fear itself. And you've heard it millions of times, I'm sure. No, in fact, I know you. heard that before, I'm sure. But it's true. And what that quote reminds me to think about is all of the

times when I've been scared of failure or taking action. And there have been hundreds of times, actually, hundreds of times for sure. And I think about all of those times that I've been scared and actually did take action. In every case, I later asked myself, what was there to be scared of? What was I so frightened of? I mean, and for yourself as well. Think back on moments in your life. of where you feared failure, but you did it anyway? Don't you look back and wonder what you were afraid of? I mean, it didn't kill you, did it? Of course not.

You're here listening to my voice. That's pretty good evidence that it didn't kill you. You survived. You know, there's very little that occurs in most of our daily lives that can cause us physical harm. Sadly, though, the majority of fears that stop us have to do with our fear of looking bad in front of other people. I mean, what will people think if this doesn't work out, right?

What will people say when I fail? You see, it's this fear of a potentially bruised or damaged ego that stops us from pursuing our dreams, our goals. And in result, we play it safe. Ick. We play not to lose. Double ick. You know, we've only got a handful of decades on this earth to really make things happen. Why would you want to spend that time playing it safe?

I mean, none of us are getting out alive. Start that business. If you fail, so what. Do it again. Approach that special person, and if they shoot you down, so what? Do it again. Or go find someone else that recognizes the amazing person that you are and ask them. Ask the boss for a raise.

If they shoot you down, so what? Go make yourself more valuable to the company and then ask again. I mean, what are you missing out on by not taking these risks? Are they really risks? Is it the risk of a hurt ego that's really stopping you from living life, living your dreams? Don't be afraid to take risks. And here's why.

People who avoid them, they do so to protect what they have. They play not to lose. They do it to protect what they have. But people who take them frequently end up with having more. And what I've come to recognize over and over and over again is that if you risk nothing, You risk everything. That should be enough for you just to go out and crush it. But if you need a little bit more convincing or a little more assurance, rather, that there's nothing to fear but fear itself, I'm going to give you the number one fear killer.

It's the one weapon that you have at your disposal of which fear and risk, they have no defense. This weapon, it wins every single time. And that weapon is education. Yep. Fear will only stand in your way in the absence of education. Now, I'm going to take you through a little exercise to prove it. I use this exercise all the time, and you can do this right along with me if you wish. Or you can come back to this later, and I would recommend that you do come back to this episode, especially if there's a fear currently present in your life that's stopping you from getting something that you really want.

I'm going to use Shelley's example of her fear of starting a business for the exercise. But you can insert anything that you want, your fear, or anything. anything that you want. So get a sheet of paper and turn it sideways, landscape style. I want you to make three vertical lines evenly spaced out on the paper creating four columns. And at the top of the first column, the one on the far left, I want you to write worst case scenario. Okay? Worst case scenario. And what we're going to write in this column is all of the worst case scenarios, all of the possible worst case scenarios that you can think of when starting a business.

Okay? So maybe one might be never, you never get the business off the ground. Okay, it never actually gets up and going.

I mean, that's a worst case scenario for some people. Or you get the business up and running and then it fails within the first year. That's certainly a fear.

Or you get the business up and running and someone sues you. You know, and maybe you don't even do anything wrong. I mean, that's just the type of society

we live in. We live in a very litigious society and people can sue you for anything. and you don't have the proper protection in that wipes you out. Or you pump in your life savings and it fails and you lose your life savings. That might be a worst case scenario.

Or you pull in some friends and you pull in some family members and you pull them all in as investors and it fails and you lose their money. Okay, so those are some of the worst case scenarios. I'm sure if you really put your imagination to it, you can come up with some really awful, terrible stuff. And that's the stuff that stops us, those worst case scenarios, the ideas of the ideas of of those worst-case scenarios in our head. Now, in column two, I want you to write

Recovery Time. And what you're going to write in this column is how long it would take you to recover if you experienced those worst-case scenarios. Like, how long would it take for you to get back to the position you were in life just before you started that endeavor,

just before you started that business? I mean, it might take a year. Maybe it only takes six months. Or, you know, depending on your situation, it might just take 30 days. Or maybe just a day. Who knows? It might have been just, okay, that one didn't work. Let's start again tomorrow.

I mean, whatever it would be for you, it wouldn't be life ending. It wouldn't be the end of the world. You know, whatever was created up to that point can be recreated. And because you had done it once, you have the experience to do it again. And because you have the experience, you're probably going to do it a whole lot quicker. So recovery time. want you to get that whatever it is, it's really not that long in the grand scheme of things. And when you stop and really analyze it, I don't think it's going to be that long for you.

I mean, whatever it is, it's not life ending. It's not the end of the world. Okay? So column three, column three, you're going to write at the top, risk management. Risk management. Now, these are all of the things that you could do before you started that business that would reduce the possibility of the worst case scenarios happening. risk management, we're going to call it.

For example, you could have taken a class or read a book on how to run a business. That would certainly mitigate your risk. You could have interviewed someone who had built a successful business, and you could ask them, why are you successful? And then you could also ask them, what should I watch out for? What are some things I shouldn't do? What are some things I should never do? What are some things that will be the death of my business?

You could ask a successful business person, those types of questions. that's actually a very effective strategy. Or you could hire a business coach or a consultant or a business manager. Or you could seek out a mentor and get guidance and advice from those professionals. That will certainly mitigate some of the risk, maybe even a lot of it or even all of it. Who knows? Or you could have done market testing. You could have done market testing for the demand of your product or service.

It's probably very much overlooked. I mean, a lot of people go into business because they think they got a great. idea and they invest all this money and then they put it out there to the world and it turns out that the world is not interested. Or maybe you just relied on the opinions of your friends and family. And they said it was a great idea. But you go out there to the rest of the world and not such a great idea. So you could do market testing. That could eliminate a lot of the risk. Or you can consult a lawyer to set your business entities up properly for proper protection in case you did get sued, in case you did have a lawsuit. So they wouldn't white.

you out even if they won. Okay? So consulting a lawyer could be one. Or maybe you could start the business small. Start the business off really small with limited resources and see how it goes. If it gains any momentum, then you can build on that. Or start the business online where the overhead is much lower. You could do that as well.

It's a great place to start new business ideas. So those are some of the things that you can do for risk management. Okay. Now in column four, I want you to write best case scenario. Best case scenario is going to be the header for column four. Now, number one, the business is the success that you thought it would be. Maybe that's your best case scenario. It turned out exactly how you were hoping it would, and it was a success.

Or maybe the business is even bigger than you thought it would be, and it's a huge success. Maybe that's your best case scenario. Or maybe some bigwig comes along and offers you millions for your business, and now you're on a remote island in the tropics sipping fruity drinks. maybe that's your best case scenario. So you have your four columns. You have your worst case scenario in column one. You have your recovery time in column two.

You have your risk management in column three. And you have your best case scenario in column four. Now what I want you to look at, if you were to apply and implement everything that you wrote down in column three under the risk management column, or in other words, the education column, if you did all of that, what would be more likely? The worst case scenario or the best case scenario? Without a doubt, the best case scenario would be more likely, if not significantly more likely, but it would definitely be more likely. See, risk and fear can be managed, if not virtually eliminated, through education.

All right? So let me ask you this now. Was death by starting a business anywhere in there? I mean, I suppose in a very freakish way it could happen. But when was the last time you heard about someone dying because they started a business? I never have. But let me ask you this. When was the last time you heard about someone dying in a car accident?

Now, that one, maybe that wasn't too long ago, right? Maybe that was actually today while you're watching the news. You see, driving a car is super risky. people die in car accidents daily. In fact, it's the number five killer in the United States. And we, as a people, get up every day and drive cars, don't we? Every day. Why would we put ourselves at such risk every day?

I mean, we even put our kids in the back seat on the way to Grandma's house. Why would in the world would we put not just ourselves, but why would we put our families at risk? Why would we do that and not start a business? Why would we do that and not approach the opposite sex for a date? Why would we do that and not invest in real estate? Why would we do that and not go ask our boss for a raise? Why would we take on the daily risk of driving, the number five killer in America,

and not dare risk to pursue our dreams? I mean, when was the last time you heard about a day? dream killing someone. You know, the reason we get into those dangerous cars every single day is because we've learned to manage the risks of driving, haven't we? You know, as I walked you through that exercise, in column three where some of the precautions we would take to manage the risk of starting a business. And you can insert whatever you want into that exercise, and the risk can be managed

in the exact same way. The fear can be virtually eliminated in the business. the same way, through education. Now, the reason we get into those dangerous cars every single day is because we've learned to manage the risk of driving through education, right? We all went through driver's ed, whether you went through high school or you took a private course, you all started there. And you're probably nervous as hell to get started or to get behind the wheel.

You were scared. But you learned the rules. You got educated on the rules. We obey the rules of the road. We stay on the right side of the road. We stay approximately around the speed limit. We keep both hands on the steering wheel. We keep our eyes on the road.

We stop at the red. We go at the green. We turn on our blinkers. We're able to manage the risk because we got educated on how to drive. Now, imagine if you could manage the risk within the pursuit of your dreams in the exact same way that you manage the risks of driving a car. I mean, to the point where it became second nature. And here's what I mean by that.

I mean, today, we text while driving. We put on our makeup while driving. We talk on the phone while driving. We shove French fries in our mouths while we drive. We multitask while driving. And we don't give it a second thought. Why is that? It's because we educated ourselves on how to drive.

And we've done it so many times that it's become second nature. And, hey, I'm not endorsing multitasking while driving. That's extremely dangerous. The point I'm trying to make is though, through education and repetition, the fear of dying by car crash has been almost completely eliminated, hasn't it? I mean, if you had that fear, would you be texting while you're driving? Would you be eating while you're driving? No, I mean, we don't even think about it. Education has disappeared that fear.

I mean, what if you applied as much time and education to learning how to achieve your dreams as you did learning how to get from point A to point B in your a car safely. I mean, if you could capture your dreams with as much safety and certainty as you drive a car, what would you choose to do? Where would your dreaming and achieving end? Would it ever? I mean, would your thirst for realizing your dreams ever be quenched? So this is my invitation to you to get educated on how to move your dreams from fantasy to reality,

how to eliminate the fear by virtually eradicating the risk through education. I'm inviting you to do that. And if this is resonating with you, you're invited to join me and my coaching students as we create their customized dream plans, their do-over plans, if you will, for 2012. And we're going to do that on Thursday, December 29th at 5.30 p.m. The session is Be Extraordinary in 2012. And where I came up with that title is I've noticed that ordinary people spend more time planning their summer vacation than they do their lives.

That's what ordinary people do. And I don't want you to do that. You're not ordinary. You're extraordinary. And you can have an extraordinary life. So during this session, I'll be showing my coaching clients how to attain their dreams as easily and efficiently as they drive a car. And you're invited. And I'm only extending this invitation to my podcast listeners.

I mean, other than my coaching clients, of course, but only to my podcast listeners. Now, these are my annual coaching clients who paid all year long for coaching. but it made sense as the webinar is going to be online anyway, that I could invite you to create your 2012 plan also. I want your 2012 to be extraordinary also. And if any of you remember, it's the same year-end live event that I conducted last year, of which the participants paid $397 for the full day with me.

But since I'm doing it online this year, I don't have the overhead. I don't have to pay for the venue. I don't have to pay for the extra hands to run the equipment and all the stuff that comes along with producing a major event like that. I don't have those expenses. So I want to make this webinar available to all of you. But at the same time, I've got to maintain some equity among my coaching clients

because they've paid a considerable sum for private coaching with me. So to maintain that equity, to keep it fair, I have to charge something. So I'm going to slash the price by 50%. I'm just going to cut it in half from $397. I'm going to cut that in half. but then I'm going to cut it in half again, okay? I think that's fair to my coaching clients. And it's fair and very reasonable for you if you don't want to participate in private coaching and pay what they paid.

So if you'd like to register for this two-hour, do-over plan webinar, be extraordinary in 2012, and create a step-by-step instruction manual for your 2012, you can register at dooverplan.com. Do-overplan.com. If it's a better year that you want, if it's a better year that you want, if it's a better life that you're thirsting for, I'm extending that invitation to you. And I've never offered anything like this over this podcast before, but it's the end of the year and it just kind of feels right to extend this invitation to you. So if you want to join us, feel free. You're welcome. On December 29th, I'm delivering the water, but it's up for you to drink it. I can lead you

to the water, but you've got to do the drinking. Okay? The do-over plan, it's irrefutable. It's the plan that's gotten me to where I am today, it's the simple plan that works with unwavering consistency. And I've refined it to the point where it's really just plug and play. It works for whoever applies it and they enjoy the process. And I've found when people enjoy the process, they tend to follow through. So go to dooverplan.com and bring your dreams and we'll transform those and we'll take them out from the fantasy world and we'll make them a reality. Okay, December 29th, be extraordinary in 2012.

And what you're going to discover is what inevitably holds most people back isn't the quality or the size of their dream. So bring your big dreams. That's not what holds them back. What holds them back is the lack of faith that they have in themselves. It's the risk aversion. It's the fear of failure. It's the very stuff that we discussed today. Your biggest obstacle on the road to realizing your dreams and your do-over is the belief that the dream is beyond reach.

Or more specifically, beyond your reach. You don't believe that you can do it. You see that other people do it, and sure, they can do it, but why not you? I don't know. What we're going to do, though, is we're going to draw such a clear and believable map, a roadmap of which all you have to do is follow it and stay on the road. It will be so clear that you won't need faith. You won't need belief.

And you won't need it because you'll see the road. And as they say, seeing is believing. So if that's resonating with you in any way, go to dooverplan.com and register for Be Extraordinary in 2012. And if for any reason you determine that it wasn't worth it, it comes with 100% money back guarantee immediately. No questions asked. Okay? Dooverplan.com. Merry Christmas to you all.

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. 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. 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.the-dovergoy.com. Stay connected with Matt the do-over guy Terrio on Twitter at the doover guy and on Facebook at www. Facebook.com slash doover guru.

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