by David Finkel on June 19, 2009
Last night was an amazing online workshop – thank you again Bill! Also, thank you all forthe feedback you shared, I’m appreciative that it was so well received.
What I wanted to do today was share my personal insights from the session with Bill.
For those of you who missed out, I’ve made arrangements to post the replay of the online workshop (all 75 minutes of it) through next Wednesday when it will be taken down off the site.
Click Here To Watch the Replay
Insight #1: While you may have taken a hit on your asset values, the money you have now to invest will go a LOT further. In other words, assets are still on sale. Bill shared on the webinar how he was able to buy back one of the projects he sold to a developer for 25 cents on the dollar. But for a word of caution, see insight 2.
Insight #2: Just because the price went down doesn’t mean the asset is a good buy. Now is a time to be very picky and cherry pick the best assets at the best prices. This requires that you get very good at determining the real value of an investment so that you know if it really is a good buy or not.
Insight #3: Going to be some real bargains coming up in world of commercial real estate and some major “pain” as commercial values are going to continue to take a hit (lack of financing, dropping rental values and cash flow, increasing vacancy factors…) Commercial real estate market has NOT bottomed out yet.
Insight #4: Residential markets in many areas HAVE approached bottom. (Impossible to call it exact, and very location specific, but Bill made a compelling case last night as to some of the markets he is following, and why he sees them at or close to bottom.)
Insight #5: Bill’s most memorable line from the call, “I’ve paid millions for my education!” Meaning he’s taken some MILLION DOLLAR LUMPS over the past 24 months. Why in the world would he jump to a new niche when he’s just paid for those lessons? Now is the time for you to INVEST your lessons in your niche investment vehicle and turn your lessons/pain into profits for yourself.
Insight #6: Your real seed to invest are your Advantages. Let your Advantages guide your investments.
Insight #7: Another very memorable quote Bill said, “If the deal can’t afford some lawyering, then you can’t afford the deal.” GREAT bit of advice. Don’t be cheap on your documenting and contracting in your investment deals… You’ll pay a hundred times more in the long run to be cheap.
This is my short list of personal insights from Bill. What about those of you who attended, what were your best insights? Please add your thoughts for the rest of us to learn from.
And for those of you who want to listen to a guy who in one 5 year stretch made himself and his investors $145 million in profits, I strongly suggest you listen to the online workshop replay and take very good notes!
Click Here To Watch the Replay
by David Finkel on May 15, 2009
Hi everyone.
I’m doing my final prep for teaching on how to intelligently manage and invest your net worth for maximum wealth. Just sat reading through my notes on traditional investments pushed on most individuals and I noticed i started getting a little bit angry.
Hence I thought I’d “blog it out” and share my 3 biggest reasons why I hold traditional financial advice to be so potentially dangerous:
1) Most financial advisors are really securities dealers with NO fiduciary responsibilty to you. They only have to give you advice to investments that are “suitable” and that standard is just not acceptable to me.
LESSON: make sure you ask, in writing, if they are a fiduciary role for you or not… that term matters… it has legal force.
2) For those of you who invest in securities (think stocks/bonds/mutual funds), study after study show that Index funds held over long term and NOT actively traded will outperform over 80+% of the actively managed funds for total returns over the long term… If you are going to use this vehicle (and personally I’m a commercial real estate and business guy so I don’t, not where my personal advantages are) why would you go any other way?
LESSON: if you are going to invest in securities, then appropriate LOW COST index fund (i.e. expense ratio under .3 percent) is the way to go… and DON’T actively trade it!
3) “Stocks… Bonds… Other…” and the myth of diversification. I do not believe that you manage investment risk by investing in a huge cross section of areas… I think the best way to manage risk is to educate yourself and cultivate investing advantages… this requires you t oFOCUS not diversify. You can’t be great in all areas, choose the area that best meets your goals, your Advantages, and your current starting point. Then out of strength you can choose to broaden your niche over time. In the interim, 1-2 index funds gives you plenty of diversification if you want to just take the average market returns (and DON’T just take this unless you have a LONG — think 10+ years– window to needing your money.)
LESSON: Invest in yourself. If you asked me, David I have $20,000 where should I invest it?” My simple answer would be for you to take 5-10k of it and over 12-24 months invest it in your financial,business, and wealth education. This means getting the books, taking the classes and workshops, and going through the home study courses. This is one investment that to ignore could cost millions…
Thanks for listening… I feel a bit better.
by David Finkel on January 27, 2009
We’re talking about a principle here, not an organization for you to join. The principle is simple: in every walk of life, including wealth building, we can do more together than we can alone. If you won’t take my word for it, let me call in some higher authority:
“Two are better than one, because together they can work more effectively.
If one of them falls down, the other can help him up… Two people can resist an attack that would defeat one person alone. A rope made of three chords is hard to break.” Ecclesiastes 4:4
Or closer to home, the wealthiest man of his time, Andrew Carnegie:
“No man is smart enough to project his influences very far into the world without the friendly cooperation of other men. Drive this thought home in every way you can for it is sufficient unto itself to open the door to success in the higher brackets of individual achievement.”
So the concept of the Millionaire Club is really that your journey to wealth begins with the connections you make. Surround yourself with a mindset of poverty, and you will stay poor. Conversely, surround yourself with dynamic, creative people who refuse to surrender to any obstacle, and you will find yourself swept towards your dreams — on a current stronger than yourself. Here’s how I put the principle in my own words:
“We learn to know who we are inside of the social mirror of our peers.
One of the most powerful decisions we can ever make is to consciously
Choose who our peer group is going to be based on the person
We consistently are when we are in their company.”
Look around and ask yourself: who is in my Millionaire Club today? And who would I like to see there? By asking — and living — these questions, you will immediately understand what Maui Mastermind is all about.
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