This morning I wasn't sure what I wanted to say for the last post of our Mastermind's social media challenge. However, after speaking with a potential investor this morning on a networking call, it reinforced to me how you really "don't know what you don't know." This person is a high net worth individual (another physician) who has lost 6-digits in the stock market over the last few months and has the rest of his money sitting in a bank account, literally depreciating every. single. day.
“The rich invest in time, the poor invest in money.” Warren Buffet
I realize my limited time needs to be used in the best way possible to maximize returns. Just today I woke up and had a 2 hour Emergency Department monthly staff meeting. I then had two back-to-back networking calls, then a cost-segregation breakdown review and then two local commercial broker calls. In between I played with our 3 little kids outside on the swing set and then went for a swim with them after two quick Peloton work outs. This is all before coming into work a clinical ER shift from 4pm-1am today. I don't say this to act like I can "do it all," but as a point that when people say "I don't have time to learn about real estate investing," it is your MINDSET saying that. You WILL make time for the things that are IMPORTANT to you.
Something important to me is now teaching others the benefits of real estate investing. Back to the potential investor. He is making 1.1% in his Ally Savings account (this is actually one of the higher interest accounts out there right now). He thinks he's getting a 1.1% return. WRONG. The current (reported) inflation rate is 8.58%. Your money is literally depreciating every day sitting in an account. Your $1 today will not be worth $1 a year from now. The economic definition of inflation is: a general increase in prices and fall in the purchasing value of money. Do I think you should put all of your savings into a real estate investment? ABSOLUTELY NOT. You need a safety net of liquid money. But the age old saying “don’t have all of your eggs in one basket” is absolutely true. I could talk about this for hours. Reach out to me and schedule a call!
“Never depend on a single income, make an investment to create a second source.”