The Science of Flipping - Episode 111: Interview with Pat Precourt – Our Internal Reaction to Change

Episode Date: October 17, 2017

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Welcome to the Science of Flipping Podcast. I'm your host, Justin Colby. Alright, what's up everybody? Welcome to the Science of Flipping Podcast. I am your host, Justin Colby. And as you guys can see, if you are watching on YouTube, and if you aren't, you are going to be introduced to one of my best friends, a mentor of mine, a bigger brother of mine, Mr. Patrick Precourt is on the line today. And before I get to him really quick, I kind of want to get some paperwork out of the way and set some ground rules. You guys all know that this is all about systems, tools, strategies for real estate investing. And what I try to do each and every episode is give you the best of what I got. That could be tools that I'm currently using or have used.

That could be systems, implementation. But also, I try my best to bring you individuals like Pat who can also bring value in subject matters that aren't just the tactical of real estate. And so if this is your first time listening to the podcast, go over to the website, thescienceofflipping.com. At very minimum, I'm giving away my free book. This is not just an ebook. It is my actual book that I sell on Amazon for you listeners. I give it to you for free. Just put any information, download it. It is the very same book called the science of flipping that you can buy on Amazon. Just go download it for free. If this is your first time, if you like what you hear, obviously

there's a lot of different things from applications to join our masterminds applications to talk about a one-on-one coaching and mentorship. It's all on thescienceofflipping.com. Even if you're interested in finding and raising money, you can go to tsoffunding.com if that's of interest. So I do my very best to give you as much as I got, everything that has helped me get to the place I am. And so with that being said, this individual that you guys are going to hear from

is in large part a huge factor of me getting to where i am and i just want to introduce everybody my guy mr pastor precourt what up dude what's up man well uh thanks for the introduction dude thanks for having me on today i think we're gonna have a uh a very uh fun and colorful conversation today and you know jay you and I were just talking about this. You know, especially as entrepreneurs, the road and life of an entrepreneur isn't always just covered in roses, is it?

No, no. And nobody likes to talk about the hard parts, the challenges. But the truth is, not talking about it typically leaves us unprepared for it. And when we're unprepared that's usually what sinks our ship so uh i'm just preparing everybody for uh a real downer truthful but honest conversation about um what it's going to take to be a successful entrepreneur particularly in the space of real estate uh going forward in the next next few upcoming years yeah and i know a lot of my listeners know who you are,

but for those who don't, he's literally one of the first, if not one of my first mentors I've ever had. We've developed over the last 10 years a friendship, a brotherhood. We've partnered on several things. He has built a 10-figure business. He is an active real estate investor.

He's done over a thousand short sales. I mean, he has built an incredible fitness center. Talk about a serial entrepreneur, incredibly successful, but not only does Pat bring all of that business side, he's an incredible husband, he's an incredible father, but he's also one of the thought providers in a space of how to kind of overcome the hurdles that you're having personally in life. And that also engages in your business, right? And so he's someone I go to and I really want you guys to kind of remove all of your social media, whatever you're kind of doing while listening to this. Pat's going to, we're going to talk about a subject that's very important to real estate specifically, but also is very important to life and what to handle, how to handle life and challenges and obstacles and circumstances that you don't know that are coming and how to handle that. So if you want to kind of just pick up from there, brother,

and just start talking about the subject of change and how to handle it and what it looks like, and we'll just have a conversation about it. Sure. So let's just start with the subject of change and how to handle it and what it looks like. And we'll just have a conversation about it. Sure. So let's just start with the idea of this, right? The change is upon us in our entrepreneurial world. What I mean by that is, you know, cyclically speaking, we should be in a recession right now. And that's the truth of it. Now, nobody wants to even say that word because we're all still scarred for those of us who've been through it in the last one. It's a sore subject. I get it, right? But ladies and gentlemen, we're there. If you look at our timing graphs, we should be in a recession right now,

which means that even if we're not, it's not far off. And that's the truth. This is not fear talk. This isn't, you know, trying to scare anyone. This is more like we can win in any situation. We can lose in any situation, right? But each of them takes kind of a directive. And it's not our circumstances that determine our outcome. It's how we're prepared for our circumstance. And that's kind of what I want to talk about today. We'll start with change. Our default response is to change because we're there. We all have a default response. When change comes upon us, we automatically respond due to a certain set of belief systems and wiring that's already done on us.

And it creates a series of events that happens, right? Our default response goes like this. One, we reject it it we don't want to change we like keeping the same same old same old how we're more built right two we tend to pull back like once we reject it we see it's coming we want to pull back security build walls around us protect ourselves stay the same we resist change right we see you know you see it on a national level all the time whenever somebody suggests something different it gets freaking crushed right away without any thought going into it and that's just that's one of our defensive mechanisms right we there's a contract we pull

back which we go into this kind of state of preservation which you cannot thrive from i taught my son this in his wrestling career you know he had a very tough first two years in high school wrestling got destroyed we figured out a way not to win but a way not to get pinned didn't work for a while but at some point we had to evolve past that and we had to go from stop fighting not to lose to fighting to win because when you fight not to lose you cannot win you can't thrive you can't change you can't evolve forward take that back you can change but you can't evolve you can't evolve forward. Take that back. You can change, but you can't evolve. You can't grow. And change is not synonymous with growth, with evolving, with getting better. Although growth and getting better includes change.

But the two are not dependent on one another outside of that, right? And the fourth response to change is fear. And that's the one that cripples us, right? That's the one that's the most powerful emotion we have that comes upon us. And we all know, and we've talked about this before, as our emotions elevate, right? Our intelligence goes down, meaning our objective thinking, our ability to think through situations and make intelligent decisions in a way that serve us, gets cut off out of this one emotion of fear. We go back into this contraction mode. And that's typically what happens when things start to change around us. So the context of this conversation, Jay, I think it'd be a good place to bring it, is that change will come. Without exception,

it will come. So the question is not, will it happen? Not even when it will happen. And the reason why it's not when it will happen is because there's environments now that are new to all of us. No doubt. Meaning we cannot apply today to yesterday's timelines of when things happen. Globally, geopolitically, socially. There's so many things going on that are brand new that we can honestly say we don't know what we don't know. It's all of these things wide open to, well, there's circumstances that are going to happen without exception.

We just don't know when. We don't know really what they'll be. So the question is then how do i stop the circumstance right or prepare for the circumstance that's not the question and what i want to dive into today is a is a deeper but a more grounded approach is how can i create a business a family life uh an emotional stability to be prepared for whatever comes my way and not just survive it, but thrive through it, right? It's easy to make money when things are going up. It's hard to make money when things are going down, but when things are going down, that's when the opportunity to

make the most money presents itself. No doubt. And few prepare themselves for it. So I think that's a good way to get into this call. Yeah. I think, you know, just speaking very candidly about business, you and I were just talking, I think, you know, just speaking very, uh, candidly about business that you and I were just talking, I think even earlier this week, just about how the market is shifting in business and I'm going to relate it to the business and investing. Um, but Phoenix has been a huge shift and it's been an increasing, um, drive towards the seller's market, which we can handle. But when certain other factors get chimed in, you need to figure out a way to make a change because A, change is inevitable to your point,

Pat. But then also you don't want to A, reject it, which was your first point. Your last point is be fearful of it, right? Or simply back away from the change. My personality is very similar to Warren Buffett. When everyone's running out, I'm running in. When everyone's running in, I'm running out. And this is the time where I'm already strategically setting up relationships and partnerships where I can take advantage of what may be coming and what has already started to form itself, whether it be money partnerships, whether it be contractor partnerships, whether it be possibly even talking about

kind of mergers with other companies to create a larger company that can really take advantage of it. And so this is the time to this conversation. Why is so timely is because for the real estate investor, I would argue anyone out there across the country, it doesn't matter where you are, you are seeing some of this change actively happen right now. And I would argue what I'm foreseeing is it's going to continue to happen in a major way. And so it's about how you handle that. And your response to that is going to be largely predicated on your success and or failure of what happens. So let me share something with you, right? And I'll take you guys down a little journey here.

So just hang with me, right? You know, our society, you know, our country as a whole, but such a high value on IQ, right? Our intellectual quotient, how smart we are, and grossly undervalues our EQ, our emotional quotient. So what's an emotional quotient, right? That's, in short, that's our ability to control our emotions and not have our emotions control us. Now, just stay with me for a minute so you see the relativeness to us to get it for this one thing, getting us through tough times, right? And I would suggest that one

of the greatest tragedies or travesties to our country right now and one of the greatest challenges is the emotional immaturity of adults. No doubt kids, right? But adults. And you see this when a perfect example of it is when somebody lashes out, out of an emotional response instead of an intellectual response, meaning you will go on anywhere on Facebook, right? You don't see people lashing out out, but you don't see viral discussions about something positive, right? It's all negative. You only see viral discussion about hate-filled,

evil, people attacking each other. That's it. And those are emotional response to what's going on inside. They're not controlling them. Our emotions go up, our intelligence goes down. So people just start typing what they feel, irregardless of the ripple effect of their words, right? Now, what if, what if we could control those emotions, right? And go one step further, tap into our positive emotions and use those as tools. So it goes like this, right? Events happen, circumstances happen, they're going to be outside of our control. Those circumstances trigger a thought pattern which ignited an emotion, okay? And once that happens, once that emotion comes

into play, that dictates a decision. The emotion triggers a decision, the decision and action, the action results result so now our initial thought patterns that come out of any action any circumstance are directly tied to the results we get and i'm going to share something with you jay not not everybody's going to accept what i'm going to say here but that's okay right i respect your right to choose we all have everything we deserve everything we deserve at this moment in time. Our bank accounts are exactly what we deserve. Our health and fitness are exactly what we deserve. Our relationships are what we deserve.

And the deserve meaning you deserve to the degree that your decisions contribute to them. Now, remember, decisions are right in that line I just told you. Because a thought out of a circumstance, a thought or a label, if you will, to the circumstance triggers an emotion, a decision, an action, a result. And these decisions collectively make up the model of the world that we all experience. When 9-11 happened, for example, it triggered typically three basic emotional responses. So label, people labeled it, the emotional triggers where people got sad, people got angry, people got mad. All three of those were very defined emotional responses to the exact same circumstance. And

the point in saying that is that it's not the circumstance that controls our outcomes. It's not the circumstance that controls our outcomes. It's our labeling system as it applies to emotions, decisions, actions, and results. So what I want to bring here today is the idea that we're in control of that. We're in control of the outcomes. We're not in control of all the circumstances that surround us. We're not in control of the upcoming recession. It's going to happen. How deep it goes, don't know. Doesn't matter.

Right. If we prepare ourselves to the degree that we can handle anything you can make a lot more money when things are coming down than you can when things are going up anybody can make money going up some of the smartest people in the world you mentioned buffett is one of them right when things are really climbing up quickly they retract they pull back they stay liquid they wait and then they engage when it starts going down the other way never it doesn't scare them they're ready for change and not just change in a way I could take a rock smash it with a hammer it's changed but

has it gotten better no there's no intention to there's no purpose to it however if you can change and evolve or move to a better spot right and it simply just goes to an intentional process of what just happened? What was bad? What did I learn? What am I going to change going forward? Simply, we grow from it, right? That's a process of the ebb and tide of failures and win successes and things that are not so successful. Peaks and valleys, if you will, right? That's the process. Does that kind of make sense? Yeah. Well, one of the key things that you bring up that I'm very aware of and I continue to work on, because by all means, I have a lot of work and growth to do, but your first point is

the action or what happens to you or the circumstance you're going through or whatever, whether it be 9-11, whether it be the travesties in Houston and all of that, whether it be personal, maybe it's a business situation. The first thing is your thought. It's what goes on in here and that voice that says something to you, right? Which is the first initial reaction internally to any of those circumstances. And what I personally always try to do, and I'm not by any means perfect at it, is to not take my first initial thought because maybe my knee jerk reaction personally is the fear, is the hurt, the hate, the freak out, the insecurity, whatever it is. But then I also try to acknowledge that thought and turn it into the positive way to handle it. Because ultimately, I even posted

this today. It's a little ironic that we're talking about it, but I forget the percentage was a saying that basically it's not what happens to you, but how you handle what happens to you. That's the outcome that you're going to receive. And so even if my initial thought is a negative one, I recognize it. I address it and say, no, no, no, hold on. There's an opportunity here, right? This difficult time is going to give me an opportunity to learn, to grow, to see what I'm made of, to make something better, right? There's no lemon too sour not to make something similar to lemonade. There's way out of it. And I think that's something everyone has to understand is, to your point, Pat, that first reaction is your thought.

If you can make sure that that thought has some sort of positivity behind it, regardless of the travesty that may be happening, or maybe it's not that drastic, and maybe it's just something that you kind of wish didn't happen. Make sure that that thought has a positivity behind it because you're the one listening to that thought. And if your thought turns into words, now your words are being put out in the universe, your words turn into your actions and it just becomes a cyclical effect. So that first thought has to be so, you have to be so aware of your thoughts, right? Because you ultimately are listening.

And then if you end up putting that out by words or your actions, it turns bad real quick. It can go the wrong way. So let's use some real life examples, Jay. Okay. I'll use one from last night. I was speaking at an event in a small room, 50 people, really tight. It was at a small entrepreneurial event. And I was brand new to these event. And I was brand new to

these people. And I was bringing on some tough discussions, 10 things all entrepreneurs have to come to terms with in their career, right? And these are real things. And they're not always easy. The truth is not always easy to absorb. Anyways, there was a heckler. And he wouldn't let up. He was actually being a real jackass, real disrespectful to the room, right? Now, an immediate response is you want to attack back, right? You start thinking, you know, this guy's being an ass. He's disrespecting the room. He's disrespecting you.

And everything that's coming out of his mouth is just, you know, it's just garbage. That could be one pattern. And I could have got angry and gone down that path but you know we all know when you argue with a fool nobody knows the difference between the two who's watching it you know what i mean that's the path that ends up there would it my engaging back would have disrespected the room as well and i'm a guest there i'm speaking at this room right so instead you know i realized you know what for him to be lashing out at me,

he doesn't even know me, right? I'm only mad I've been speaking for 25 minutes and he doesn't even know me. This guy is kind of just a miserable guy. He's got a lot of stuff in his life and he's just reflecting it back out on me. And he's also an open fire right now. And anything I say, he's just going to refuel back on doubt. So it changes now my positioning. It almost becomes an empathetic positioning and feeling instead of an angry feeling. So my response is, I was talking to you, Jason, I respect your decision to voice those opinions. And out of respect to the rest of the room, can we please table this conversation, agree or going to disagree,

and can we move on together? Right? Right. And it got us over that impasse. And truth be, you know, he continued to be kind of a nuisance, but tempered for the rest of the event, right? I could have chose a different path. And quite honestly, with a small room like that, it would have wreck of the event, right? It is what it is. I could have chose a different path.

And quite honestly, with a small room like that, it would have wrecked the night, right? So now let's come over to real estate, okay? You send out a piece of mail. You get back hate mail, swearing at you, saying you're a vulture, right right that triggers a different response in different people right you could just accept that hey that's just an unhappy person they're just voicing their

opinion which is the truth they're just you know whatever garbage is going on in their life they're trying to throw it on you they don't know you from adam right and you're none of the above right and you dismiss it it's gone or you post it on Facebook and kind of mock it a little you know sure yeah right that's one reaction one response and that would have been a very bonafide legitimate response another one is you could have taken it personally right how dare this guy do this this that for this? And at the same time, you know, oh, is that how people see me? I'm a vulture. I'm taking advantage of people, trying to buy their house for less than it's worth. And actually let their words start compromising your own self-belief.

That triggers a whole other set of thoughts, emotions. You know what maybe that pile of mail you're about to mail out doesn't get mailed out now right that's the decision that's the action or lack there of result no leads coming in next week that simple that important go one step further right you hear in two weeks now that stock market drops, I don't know, a couple hundred points, massive drop in triggers, beginning of a recession. And immediate response is fear. Oh no, here we go again. It's not going to stop. We start thinking the worst, right? And what we generally do in a state of fear is we leave the present and we start thinking in terms of the future and the past what has happened in the past and what could happen in

the future which completely disempowers us about doing anything in the present because it's only in the present that we can get anything done and that's the challenge with fear we don't address things in the present any longer because in the present guess what look around you're like i know they said a recession but nothing changed yeah i can still do something right now i can still take action oh i heard these guys talk about the idea when you're when the market's sliding down there's greater opportunity maybe i should start going back to that right what opportunities are created when things are going down? Well, we all know, especially in the real estate space, it becomes a massive buyer's market, okay? How can you control as much property as possible just with terms now?

That's when terms become really real, right? Lease options come alive during sliding markets, right? It allows you to control a lot of property with little money out of your pocket. Before you know it, you have 30, 40 properties under your control, waiting for the market to turn back around, execute the options. No doubt. Make a fortune on the way back up, right?

All of these opportunities don't exist right now because it's a seller's market. It's still perceived to be a seller's market in most areas. So the point I'm trying to make here is these circumstances happen right and it's incumbent upon us to elevate our emotional quotient our emotional control to the point that we don't let our immediate thoughts trigger an emotion that doesn't serve us we have to kind of

pull back a little so where do the thoughts come from? That's a good question. These quite honestly are comprised of all the software that's layered up in here. And the software is just our belief systems, our core value systems. Where do our belief systems come from? That's all the experiences we experience throughout life. It's lessons that our parents have taught us, lessons that our teachers have taught us, right? Our wins and our losses teach us things and those become part of our belief system. But let me ask you a question, Jason. Jason, Justin, is it possible that we adopted a software,

a belief system back in grade school that may have served us at the time but may no longer serve us now? Is that a possibility? Yep. Not only do I think it's a possibility i think for many of us dude reality a reality and it's hindering our progress i'll give you a perfect example all right what happens in grade school when they gave you a quiz you tried to do something a little funky and you didn't get the answers right. What happens if you... What happens when you failed your test? You get an F.

Yeah. Failure. You get judged. You get yelled at. You get sent down to the principal's office. You keep it up. They punish you. They keep you in from recess.

They teach you that failure is wrong. It's bad. To stay inside the lines. Don't test your boundaries. Do as you're told. Raise your hand when you're called upon. Don't say anything when you're not. Ask to go to the bathroom. Get back in line. That's not how the real world works. The real world works outside of that space right there. Yet so many of us are so afraid of any level of failure. Correct. What are we afraid of? Same thing in grades. We're afraid of getting judged. Our parents judge us. Our teachers judge us. Fellow kids judge us. We weren't on the honor roll. So the whole school got to see how dumb we were, right? Maybe it was just me, but we're

judged across the board. We carry that forward today. That's a belief system that's broken. Our teachers and our parents screwed us with that one early on, right? And it's time to rip that stuff out and start seeing different. You know what we do with my kids? You'll like this. And for those of you who don't know, I have a 20-year-old, a 17-year-old, and a 12-year-old, my little Danielle, almost 13. My boy is living in California now, so he's not here for this.

But every week, at least one time during the week, we sit down to dinner, and everybody's got to bring to the table a list of their failures since last time. And we celebrate the failures. Because failing means that we stepped outside our boundaries. Try doing something we haven't done. We're growing. We're expanding. Because every time you step over that boundary, something we haven't done. We're growing. We're expanding. Every time you step over that boundary, whether you succeed or fail, you're growing.

You're learning from it. Because you know what? When you succeed, oftentimes the lessons that are given to you are not as crystal clear as the ones that are given to you when you fail. When you fail, you find out exactly what not to do when you don't get the results you desire. You know specifically what doesn't work immediately. It's the beauty of it. So why not celebrate those lessons and understand that's a growing process so i'm completely changing the way these this this this software works in my kids heads right so when you get to our age doesn't get in their way anymore yeah fail forward as fast as you can

it's the fastest path to success you look at some of the people we look up to. You look up Richard Bronson for example. Nectar Island also the stuff. Guess what? He has in his career 14 or 15 corporate bankruptcies. Businesses that failed. That he went for and lost millions of dollars

in. One of the most respected entrepreneurs on the planet. doubt you think he worries about what you or i think about his failures no no and why should he without them he couldn't get where he is today yeah that all kind of makes sense it does and i think you just kind of to the last point i think a lot of people think other people care. In reality, no one gives a shit about your life. Now, your friends and your family, they love you and want the best for you. But when you go for something and fail, besides maybe your friends and family that are going to

help you get back up and support you, besides the people that really care about it and help you get back up and, you know, support you, besides the people that really care about it and help you, you know, get back up, no one else gives a shit about it, right? We all think we do internally, selfishly, we're those people that think we are the center of the universe. That's how a lot of us, if not all of us are built. The reality is, if everyone thinks that,

then no one cares about anyone else's failures, right? They don't care. So don't go into something saying, what if I fail? Who cares? To Pat's point, to my point, to many people's point, fail fast and get back up because no one cares about your failures. No one's going to bring it up again, right? No one's even going to really hear your failure. So, I mean, this couldn't be better timing, right? Because if to bring it up again, right? No one's even going to really hear your failure. So, um, I mean, this couldn't be better timing, right? Because if we bring it back into the real estate world, there are changes coming. There is no doubt in your mind, in my mind, in everyone's mind, for anyone who's been doing this long enough, there's no doubt. And for the people who are

going to sit there and clam up, run away from it, be fearful of it. They're not going to be able to take advantage of what could potentially be another huge, massive opportunity to build incredible wealth, to gain a ton of cashflow in your pocket. And I'm telling you guys now, the reason why this conversation, this episode is so timely is because it's inevitable. This change is coming and you guys need to be ready. You need to look at alternative ways of doing your business, alternative ways of marketing, getting in front of sellers, buying homes, raising capital, all of those. You need to start immediately looking at that and how to be able to transition, how to be flexible, how not to be

just steadfast in your business model. Because I know from experience, I'm sure Pat, you have several of these. I've been the guy that's down at auction buying five to 10 homes every single month at the auction. And when the hedge funds came into town and that was our only business model, almost died. There was no, we didn't know how to change. We didn't know anything. That was our model. And I'm telling you guys now, if you are doing, and you're crushing a certain model, that is awesome, but get ready to change. Start opening your eyes, start looking around other models, other marketing strategies, other capital. So you can still and continue to be profitable and increase your ability to win

when this change comes. That's how you got to be mentally thinking about change, right? Yeah, no doubt. Change is upon us. Let me share, can I share four things that work together? Absolutely. As we kind of wrap this call. And before I show this thing, I'll say along what you're just saying. If you guys are saying, okay, well, what is it we should be looking at? And I know we don't have time to go through

the strategy side of real estate right now, Jay, maybe we can do this on another call. But when things are down and you become, and you slide into a buyer's market and it's unpredictable, when you have unpredictable values going forward you always look to control versus own unless you get such phenomenal deep

opportunities um that you know you're you're you're you can buy in and and wait on okay it's got to be strong so now we come off of the idea of buying everything we go on to the idea of controlling and and start studying the different controlling mechanisms from leases to options a combination of these options land contracts subject to owner financing owner financing is a form of ownership but it's still a little less exposure right but looking at all these methodologies ways to control real estate without having the exposure you do until we've gotten through some of the bumpy roads you know um so just a just a thought on that guys to go forward so these i'm going to give you guys four steps so this is kind of an action step we can we can

leave this call with right four things that the best way to describe is for four steps to achieve anything you want but it goes goes deeper than that it takes a little thought on your part write down the steps i'm trying to film in right now but write down It takes a little thought on your part. Write down the steps. I'm trying to fill them in right now, but write down and then spend a little time on them. And you'll see if you apply them properly, right, they provide the exact blueprint to achieve anything you want. Very simple. You'll love this trick. So step number one, okay, determine what it is you want.

And this part is so important that it lays a guideline for the next three steps. Clearly what it is you want don't say i want money because money is not a goal money's a measuring stick it's great it's a barometer to show you where you're going right that's not a goal to find the outcomes with absolute specificity um as to what you want example i want to go on vacation. That ain't a clear goal, okay? It's not actionable. And that's oftentimes why our goals are not actionable. They're not crystal clear.

Hard to take, like where, I go on travel, where would I get tickets to? My only guidance was I want to go on vacation, right? Couldn't do it. Decided where I want to go, who I want to go with, how long I want to go for, what my budget's going to look like. I couldn't even pack clothes because I don't know if I'm going to Alaska or Hawaii. I couldn't even begin the process.

Get clear on what it is you want. We did this little exercise last night in this room about picking out colors. I had people, I said, hey, listen, I want everybody to focus in the room right now and pick out everything in the room that's red. Red, red, red, red, red, red. Now cover your eyes really tight and scream at the top of your lungs, white. The room was dead silent. So now open your eyes.

Look around. It's white everywhere. Yeah, but you told us to focus on red. I did, and that's my point. You'll see exactly what you focus on, but you won't see what you're not focusing on. Meaning if you're not clear on what you want, you won't see it. Everything you want is already in front of you. And this is true. You just got to get clear on exactly what it is you want. Okay. Step number two, once you get the want down, right? Now you start going through the,

how do I do the what? What do i have to do how do i get it done and you don't exhaust this process so you can't answer that question any longer how do i go on vacation i gotta get gotta get airline tickets how do i do that i go to travelocity how do i do that boom you finish that how do i afford it how am i going to go you answer all the questions you write out the blueprint okay and And that becomes your day-to-day tactical to achieve the what. And you should not stop that process so you can't answer the question any longer.

You bring it to finality, okay? One of those answers might be, I got to get educated on term investments. How to invest with terms. Good. Put that on your to-do list. How do you do that? Well, come back and visit Justin here because he's going to talk more about that going forward.

Boom. Put that on your to-do list. That becomes part of the how to do the what. Okay? Third step. And this is an important one. I'll tell you why. And I know you've done this a thousand times, but just hear me out.

Why do you want the what? I'm not asking you what your why is. Why do you want the what? You told me what the what is. Why do you want the what? And this is what that does for you, okay? Make no mistake, just like the whole basis of this call right here is that entrepreneurs run into challenges. We run into barriers. We run into obstacles that's our life okay there's two things that happen when when that happens one the most common especially for a younger entrepreneur has not been beat up and beat down we focus on the obstacles like driving down the road we see the potholes and man i'm gonna avoid that pothole i'm gonna avoid that pothole i'm gonna damn it i hit the pothole right right'm going to go, damn it, I hit the pothole. Right. Right?

Because we focused on the obstacle. And that's what we tend to do as entrepreneurs. I'm going to just crush that thing and bam, we run in and we get held up by it. Whatever the obstacle is. I don't have enough money. I don't have enough knowledge. I don't drive enough leads. I don't have, everybody hates me. Whatever the obstacle is, we get hung up on it.

What your why does for you, okay, is it's like x-ray vision to never lose sight of the what, the outcome you desire. So instead of focusing on the obstacle, you focus on the outcome. You see right through the obstacle, which gives you the power, the ability, the desire, the push, the inspiration, the confidence to just keep driving through and never lose sight of the outcome. Second, you lose sight of it, man, you get lost. You start challenging yourself, questioning yourself, doubting yourself, right? Those are the three base steps.

Now, the fourth one is a little interesting. You'll appreciate this, Justin, right? Because even with that written out, even with a clear why behind it, there are still times when we'll turn it off. We won't do what we're supposed to do. We'll lack the discipline. My definition of discipline is simple. Do what you have to do when you have to do it, even though you don't want to. Doing shit you like to do when you like to do it is not discipline.

Right. Doing hard stuff when you don't want to, that's the discipline. No doubt. Right. The fourth step here is finding a driver. The driver's there for when we don't have what it takes to do it on our own. And it's time to humble ourselves knowing that we will be weak. We're human. Humans have weaknesses. We're not Herculean and strong all the time. And the quicker we can humble ourselves to that fact, the more success we'll attract into our lives. Doesn't mean you shouldn't prepare for it. The way you prepare for that weakness is lean on somebody else. But there's some key parts here. Oh, Pat, just an accountability

partner. No. Accountability partner, let's be honest, accountability partners usually don't end up doing too much work. They may give us reminders or something. You have to empower someone to inflict, be able to inflict enough pain on you to get you to take action. That's more than an accountability partner. Whatever that pain may be, take something from you. Maybe you have 10 checks each written out for $1,000,

and each time you don't do it, they get the cash one. Whatever it may be, but something where the pain is greater than whatever's causing you to avoid doing what you know you're supposed to be doing. Now think about this for a second. We've just written out exactly what we want, exactly how to get it, our reasons behind it, which means it's what we want. We know it written out exactly what we want, exactly how to get it, our reasons behind it, which means it's what we want. We know it's good for us. So a choice not to do it is really a treason against our own soul. Think about that for a second. Yet we still make decisions not to

do it. And I'm not preaching right now. I get it, right? In there, do it. If I don't rely on drivers, guess what? I fall prey to it too. I'm human. I'm not Herculean, okay? And if you want it, you're committed enough to achieve it. Committed, another definition, doing whatever it takes no matter what. You put all three pieces together and then you find a driver. You'll empower the driver with the ability to inflict pain.

Pain is our biggest motive to move. It's like sticking your hand in a fire, man. If the fire's hot enough, you're pulling it out no matter what. What about pleasure? Pain and pleasure. Pleasure is good, too. Pleasure is not enough to get us moving from a standstill, and it's certainly not enough to get us out of a rut.

How many of you have a vision board? You look up and go, wow, that shit's really nice, but it ain't inspiring me. It ain't getting me to take action. That's not the way pleasure works. Pain gets us moving. Pain starts a locomotive stuck on a track. Pain gets it rolling down the track. Pleasure keeps it rolling. Once it's got some momentum, it's a juice, it's a coal, we keep feeding it. And that's how the two balance off of each other, right? Those four steps there. And I would encourage you all, spend a little time in it. Go back and visit it.

Tune it up. Make it a little better. That's a blueprint, an absolute blueprint, an action blueprint to achieve pretty much anything you want in this world. Make no mistake, dude. This world is generous. It's abundant. People talk about money and lack of money. There's more money than there is air to breathe.

It's just a function of we got to stop chasing it because whenever we chase it, it runs. It's time to start attracting it back our way. Amen, dude. That's it. Drop the mic. We're done. Take notes. Rewind.

Re-listen. Dude, you're not preaching, but boy, go to church with it. Wow. That was amazing, dude. That's why you're on the podcast, man. That's why not preaching, but boy, go to church with it. Wow. That was amazing, dude. That's why you're on the podcast, man. That's why I'm on a podcast, dude. That was awesome. So let everyone know where to find you.

I know you have a bunch of different cool stuff that people can get, especially for free. I know you're patprecourt.com, right? Or is it patrickprecourt.com? Pat at Patrick, then precourt, P-R-e-c-o-u-r-t.com okay what else what i mean what if they you know if you're listening on a really cool um ebook it's all about our our lit big methodologies right just how just how to expand our lives on a regular basis um where's it at i think that's like a workwithpat.com okay workwithpat.com and it you don't do by logging you're not that you're not committing

to work with me all it's doing is you log in you get to download the free ebook there it's pretty cool awesome i highly highly highly encourage you to go get his ebook i mean like i've said over the last 10 years he's been uh one of the predominant mentors I've had just to work on thoughts, you know, uh, emotions and how to grow and how to handle business and life. And so guys, I mean, if I look at him and I'm looking for the advice, at least pick up his free ebook is he's, he's the dude, man. You're the man. You're the dude, dude. Appreciate it, bro. And, and your listeners, I would heed Justin's advice here. Stay tuned to some upcoming podcasts on the experts he'll bring on investing in down cycles. It's where the most money is made.

The opportunities are there. It's where terms come back into play. We're not all looking at cash buys. It's actually really opportunistic, particularly for newer investors who may not be as cash strong. No doubt, no doubt. There's a lot of cool things coming. Stay tuned. Keep listening to the podcast episodes

because change is coming and I'm going to help you get through that change and make a lot of money and create your life. So Pat, I appreciate it, buddy.