My brother, who is a doctor, had a patient that
claimed to be very, very, very interested in what I
do as a Real Estate Investor. The guy was not
successful financially and said he wanted to
change his life. That's when my brother asked
me if I could spend some time with him and
teach him what I know.
Well, as a favor to my brother, I devoted a
whole day to this person. I drove him around to
all my properties and talked to him about the
rehabs and about buying properties. I even
bought him lunch. It ate up a day of my time
and I really didn't have that time to give away.
After all, as the old saying goes, time is money.
I really needed to be spending my time running
and growing my business, but out of respect
and love for my brother, I spent a whole day
with this guy.
I also spent time on the telephone with him and
he came back one more time and we spent a
couple of hours together. I bought lunch again.
Even though I gave him tons of useful
money-making information, he never did
anything with it. I gave him an education, an
education that I spent thousands of dollars on.
I gave him great information and I gave it to him
on a silver platter but the time spent was
wasted on him because he failed to take action.
Today he is still dead BROKE!
As you get into the business and begin to hone
your skills as you spend a considerable amount
of time and money on your education through
boot camps, and home study systems. Along
the way to building your business, you're going
to realize that there are a lot of people who are
wannabes, who are not willing to work as hard
as you do. A lot of people will be curious about
what you're doing. They will all wish and dream
that they can do what you're doing. A few of
them are going to ask you to help them. The
truth is that only a handful of these folks are
going to be very successful.
It is the other people that I must caution you
about. I have had people come to me with an
interest in Real Estate and I have spent a lot
of time with them.
I learned that there are some folks who will eat
up your time but they never do anything. It is
fear-based. They are too afraid to take that first
So how do you tell between the people who are
motivated and the people who are not?
I don't know how you tell the difference between
people who will help themselves and people who
will not but I do have some strong
recommendations. In retrospect, the ways to
avoid what happened to me, happening to you
A. Charge them! That's right charge them
a consulting fee. They will value the information
more if they have to cough up their hard earned
cash. And whether they do anything with the
information or not, at least you will have been
fairly compensated for your knowledge and time.
B. Refuse! Nicely, but just say no. Might sound
harsh but look at this realistically.
1. You paid for your education, why give your
hard earned knowledge away. You have sacrificed
your time and money to be where you are, why
should you now just give it away.
2. The other thing that you may be doing is
creating your own competitors in the market you're
trying to make money in. If you teach someone
who really wants to be in the business how to be
successful, they could end up growing an
enormous business and become a force to be reckoned with.
That means that you will have groomed and
educated your competitors. You spent money on
your education; they should too. These people will
take the knowledge you paid for and they will take
it for free. And ultimately, they will be able to use
it against you as a competitor in the same business.
I am just pointing out that you need to be cautious
about who you spend your time with. You'll want to
help other folks make money too, but you will find
they will eat up all of your money-making time. This
has happened to me half a dozen times.
Looking back, I realize that helping these people so
intimately was not a practical use of my time. I
don't do that anymore.
Before you agree to help someone out, it could be
something you'll want to avoid in the future.
Make sure you look for the next lesson in 3 days.