Episode 19 Getting Started

Presented by Lance Edwards and Randy Luebke

In this episode of “Financial Independence – A Better Perspective”, Lance and Randy discuss mindset and what it takes to overcome doubts and procrastination and get started on achieving your long-range goals. They tailor the discussion towards taking steps in the right direction to help start a career as a real estate investor or entrepreneur.

What you’ll learn in this episode:

• It’s a New Year and it seems everyone is eager to get started on something, whether it’s an exercise program, starting a new business venture, or getting involved in real estate.
• It’s not uncommon for people to invest time and money to learn about real estate investing and then sit on those tools for months before taking any action. Lance says it has nothing to do with their skill set, methodology or lack of know-how. It’s all mindset. Even when they’re excited about the opportunity to make money and have financial freedom, they may be blocked by having had the “good employee” conditioning for too many years. Being an entrepreneur goes against everything their subconscious brain is familiar with.
• Another detrimental factor to getting started is that little voice telling them they can’t do it, look how much work it is, what if it’s a mistake, etc. Lance says this is common, and there’s nothing wrong with people who feel that way. It’s the human condition. Our subconscious minds want to put us back in the comfort zone.
• The key to getting started is simple: Start at the basics and just do it one step at a time. Before you think about Step 43, focus on step 1. For budding real estate investors, it comes down to having important conversations with people. You have to be talking to prospects about what you’re going to do for them.
• A good idea is to commit to 15 minutes of conversations, by phone or otherwise, per day. Lance compares it to exercising. It’s easier to think about doing 15 minutes than a full hour. Then once you’re in a routine you can build to double that time.
• Lance explains his #1 fear getting started in real estate was failure. “What if somebody asked me a question I can’t answer?” His suggestion: “If you’ve got somebody to work with, do a three-way call. Work with someone if you can.”
• Another way to combat phone fear is standing up when you make your call because you’ll feel more confident that way. Also, think back to a time in your life (even childhood) when you felt unstoppable. You should also script out a few questions that you plan to ask.
• Adopt this mindset: It’s just practice. The worst thing that can happen is, you’ll do better next time. That takes a lot of pressure off. Lance says, “Nobody expects me to score a winning touchdown here. I’m just practicing. It takes a lot of the pressure off and you’ll just have a conversation. You’re gonna get off that call and say, well that wasn’t that hard.”
• Once you finish that conversation, celebrate somehow! Even if it’s something as simple as treating yourself to ice cream. Just teach your subconscious mind to expect good stuff when you take important steps.
• Lance tells his students he doesn’t want them to be “salesy.” The last thing he wants them to do is negotiate. He wants them to be authentic and just have a genuine conversation. It’s a collaboration. It’s a conversation. It’s good to remember that the people you talk to are just everyday people. Even if it’s an experienced broker, that guy wakes up wanting to take care of his kids, pay his bills and make deals.
• For people trying to adjust their mindsets, Lance recommends meditation. There’s something called the amygdala in the back of our brains that’s the flight or fight mechanism. It screams out danger to us. The frontal cortex is where thought and reason lies. So when you fear, your frontal cortex isn’t even working. Meditation helps provide balance. It’s a powerful tool for silencing that little voice in your head. It reduces stress and puts you back to thinking rationally.
• Lance’s two- part key to getting into the right mindset: A little bit of physical exercise and a little bit of meditation.
• People use perfectionism as a crutch, but it’s really a great hindrance to believe you have to make everything exactly right. It may fit the mindset of an employee because you may be penalized, disciplined or fired otherwise. As an entrepreneur, you get paid to make mistakes because you learn from the mistakes. To be a successful entrepreneur, you need to drop perfectionism.
• Lance’s mantra: “Everything happens for a reason and it serves me.” He adds, “I just needed to take some action. I got to do something. And even if it’s not perfect, I’ll learn from it. I’ll be better next time.”
• Success in real estate and entrepreneurship comes down to a series of consistent, small daily steps. That 15-minute commitment per day is crucial. So schedule it.

IMPORTANT

The information contained in this newsletter is for general use and educational purposes only. For more specific and detailed guidance, or help with implementing these and other financial strategies, please view the links below.

The 4×4 Financial Independence Plan ˢᵐ