Epic Real Estate Investing - The Science of Getting Rich in Real Estate [Encore] | 635

Episode Date: April 19, 2019

Real estate is a game with the inner and outer component. Most people focus solely on the latter, neglecting the former and they get stuck. If you don't win the inner game, you'll never create a successful real estate investing business! We are here today to tell you how to do it, where to start, and what the essence of the game is. Learn more about your ad choices. Visit megaphone.fm/adchoices

It's time for Financial Freedom Friday with Matt Terrio. Real estate investing, it's a game. Believe me, it is a game. And like any other game, there are rules, and you keep score, and there are tools and resources that you need in order to play the game. And just like all other games, there's an inner game, and then there's an outer game. And most people focus solely on that outer game, neglecting the inner game. And they get stuck or they get flat out stopped. So in today's episode of Financial Freedom Friday, we're going to talk about that inner game. Next week, we'll discuss the outer game.

And, you know, there are only four simple things you need in order to play that one anyway. But regardless of how good you are at the mechanics, it won't make one bit of difference if you don't win your inner game. I promise you that. In fact, I guarantee it. If you don't win that inner game, you'll never create a successful real estate investing business. You see, what happens is most people, when they're getting started in real estate, are either holding down a job or have recently been released from one. So they're making the transition from employee to business owner.

The problem is, when you make that transition, you've got to completely transform your psychology the way that you view the world. Now, stay with me here. This is really important. You see, there are two types of people in the world. those that create value and those that extract value. And the majority of people are extracting value from the world. Now, listen, this is not a judgment.

It's just how we're programmed. It's the way of the masses. It's reality. You see, the majority of people were taught to be consumers. Most people have never been introduced to the concept of creating value. And that's what you have to do as a business owner, as a real estate investor. But it's difficult for most people because they've been hardwired to be a consumer, a value extractor. That's what they've been their entire life.

You know, the average employee is constantly keeping score, keeping track of how much they're giving to their employer and how much of their employer is giving back to them. And get this. If they don't feel like they're getting more than they're giving, they're dissatisfied, they're pissed off. Know this. That sense of entitlement will kill your business. it will destroy your potential and you will fail as a business owner. To be a successful entrepreneur, a business owner, a real estate investor, here's what you got to do.

You need to learn to love giving away more value than you receive in money. I know it sounds counterintuitive when it comes to making money as a business owner, but you've got to become a value creator and trust that the money will come. You know, Wallace D. Waddles, who wrote the book, The Science of Getting Rich, he said, you must give away 10 times in use value as you receive in monetary value. That's the science of getting rich. And that science goes against our natural wiring as humans. But it's the truth.

And that's why most don't get rich. They fail at running a business. You see, failures, they focus on the money. They focus on what they're going to get. Failures focus on making sure the other guy doesn't get more than they do. failures hate giving away more than they get in return. Failures are focused on extracting than they are on producing. So if you want to win, if you really want to win, you've got to do what winners do.

Makes sense, right? Well, winners, they give away more in use value than they ask for in money. And the first step to winning as a real estate entrepreneur, you must abandon your extractor mindset, your consumer mindset, your entitled mindset, and transform your view of the world with a producer's mindset, a giver's mindset, a value creator's mindset. You must focus on giving away more in use value than you ask for in monetary value. In fact, you must fall in love with doing business this way, because until you do, lasting wealth will never be yours. Focus on creating value, and the money will come. It always does. I'm Matt Terrio of Epic Real Estate, and I will see you

next week on another episode of Financial Freedom Friday. This podcast is a part of the C-suite radio network. For more top business podcasts, visit c-sweetradio.com.