Patience is defined as “good-natured tolerance of delay or incompetence.” They say patience is a virtue. In the business world I would say that patience can be replaced with forget it or replace it. I find in the business world that I am waiting on things and trying to be patient. Me rushing people helps nothing. Me worrying also does not help things. Banks are slow, realtors are slow, everyone is slow. People generally do things when they benefit from them.

So recently I have just been saying forget it. It has worked out for me well in a few cases. I will leave people alone and they end up getting lonely and begging for business. They come up with better offers and better deals. You also give them time to do whatever it was that they needed to get done before your tasks.

A lot of people like to play games in business. I say forget them and their bs. You can not do this in all cases because there are things you have to get done. Do those. For other things try to have multiple options. Be loyal to those that are loyal to you. Evaluate your business and recognize where you are wasting resources. If you are having to wait on people too often maybe it is time to stop being patient. 

“Things may come to those who wait, but only the things left by those who hustle.”  Abraham Lincoln

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If you have not read the 48 Laws of Power I highly recommend it.  The book is highly recommended from all walks of life.  Below is a chapter break down of the book. I could talk about the book for ages, and really get not do it justice.

The 48 Laws of Power

by Robert Greene and Joost Elffers

Law 1

Never Outshine the Master

Always make those above you feel comfortably superior.  In your desire to please or impress them, do not go too far in displaying your talents or you might accomplish the opposite – inspire fear and insecurity.  Make your masters appear more brilliant than they are and you will attain the heights of power.

Law 2

Never put too Much Trust in Friends, Learn how to use Enemies

Be wary of friends-they will betray you more quickly, for they are easily aroused to envy.  They also become spoiled and tyrannical. But hire a former enemy and he will be more loyal than a friend, because he has more to prove.  In fact, you have more to fear from friends than from enemies.  If you have no enemies, find a way to make them.

 Law 3 Conceal your Intentions

Keep people off-balance and in the dark by never revealing the purpose behind your actions.  If they have no clue what you are up to, they cannot prepare a defense.  Guide them far enough down the wrong path, envelope them in enough smoke, and by the time they realize your intentions, it will be too late.

 

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One of the biggest lessons I have learned and been reminded of over the past year is that of location.  Location is key in any investment.  There are a record number of foreclosures in the US right now.  Living beside foreclosures devalues your property.  Buy a foreclosure can bring forth an opportunity, though if 50% of all the houses in the same subdivision later fall prey to foreclosure you could be out of luck. 

I had brought a home in a decent subdivision this past year.  It was the second foreclosure in the 100+ home subdivision.  It was a great deal.  Since my purchase 10 other homes have gone into foreclosure.  The neighborhood has not changed, but its reputation has.  Realtors are avoiding the area.  To say it honestly I messed up.  Could I have seen this happening?

 The subdivision was built by a national builder.  What I found out later was that Country Wide secured 90% of the loans and most of the loans were subprime.  If I would have done a little more research before I had bought I would have been in a better situation as the buyer. 

I was talking with a local builder that also helped drill location into my head.  He has the option to buy two pieces of property.  Both are 3 acres.  One is $50,000 and the other is $100,000.  He can invest $200,000 into a home on both pieces of property.  Afterwards the house built on the $50,000 lot would be worth $250,000.  The house built on the $100,000 lot would be worth over $400,000.  The difference is location.  You are not always looking for the cheapest deal.  You have to look for the best opportunity.  Location can help guide that search. 

In looking forward this year I will be concentrating on the 3 l’s.  Location, location, location.  There are some neighborhoods in Raleigh that are seeing increasing prices while all you read about in the news is the decline.  There are foreclosed houses in Raleigh that are going for $300+ a square foot.  That is what is going on. 

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So what is the deal with buyers these days?  Does it matter to you if your house cost $300,000 or $350,000?  Or does it just matter that your payments are $2,400 a month?  Does the percent of interest matter?

I used to drive around and see new subdivisions with big signs out front with home prices.  The neighborhoods would announce that homes here are between, $250-300,000 or $X and up.  Now I drive around and see new home subdivisions with signs that say $2,131 a month.  These are all new home subdivisions with homes for sale advertising the monthly you would have to pay to be in a home.  Some of these subdivisions previously had signs with home prices, but now the signs just advertise the montly. 

Just off the top, I am wondering what this $ amount really means.  Does it include insurance, hoa, taxes, etc…  What is the price I am paying for the house and what interest rate am I getting on the loan? 

Either I am crazy for not jumping on the new marketing trend and/or buyers are crazy for not caring what they are buying.  Either way I feel it is this type of trend that ruins economies…  What matters most to you, the monthly cost or the homes cost or both?

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You have to set goals and do your best to keep them rolling. 

Don’t get bogged down with the details.  While the details have to be done, make sure you remember the big picture.  Each small goal relates to larger goals.  Do not give up the larger goals because of adversity with smaller goals. 

 It is good to get your head out of the sand and see the big picture.

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“We never finish, we just run out of time”

If this is your business strategy, it might be time to start over from scratch.  Go ahead and forget about the Phantom…

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Sun Tzu
“Opportunities multiply as they are seized.”

It is hard to explain how this really works, but sitting on your ass really won’t get you to far.  And once you start making moves doors seem to open.  You have to watch your back and understand everything from the Art of War.  But the more you hustle the more opportunities open themselves up. 

 

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Sun Tzu from the Art of War

“All men can see these tactics whereby I conquer, but what none can see is the strategy out of which victory is evolved.”

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I always defined f*ck you money as having enough money to not care about what anyone thought.  You could walk up to anyone and say “Fuck you” and not worry about the consequences.  This also applies to not caring what others say, not caring about what anyone else does and not worrying about what you do.  Growing up I felt that having $5 million would be my f*ck you amount.  That number has since risen quite a bit. 

I have also noticed different attitudes about what exactly f*ck you money is…  Some people have the f*ck you attitude and are dead broke living with moms without money or a job.  Others have levels of f*ck you money.  For example they could care less about anyone in a lower social class then themselves.  There is another type of f*ck you money that I was introduced to this week (through a post at living off dividends).  If you are currently working at a job, but have multiple streams of income you could have enough f*ck you money to quit your job.

You can have various streams of income coming from investments, other jobs, or anywhere.  The investments include rental properties, stocks, bonds, or whatever other method you have that gives you monthly income.  Once you make enough money to cover your living expenses coming in separate from your job, you have enough f*ck you money to quit your job at anytime. 

I think this is a goal that people should strive to achieve.  There are many benefits to being able to walk away at anytime.  You will have less stress, which means a lot to you and those around you.  You will probably be more productive because you will be able to work without pressure.  Just imagine being able to have your resignation letter saved on your computer to leave whenever you want.  It gives you the advantage to do what you want. 

Passive income is great.  Being able to walk away from something gives you a great power.  I have always thought that people should get rid of debt not related to assets (or tax deductions), then save up 3 months rent.  Then from there get your game tight, start earning money on your money.  A good goal would be to make an equivalent income to your primary job, outside of your primary job.  Then of-course double and triple that…

This is a level of f*ck you money, not absolute f*ck you money.  But it is a level that you should strive to achieve.  I am a firm believer that once you put something into motion and you get success from it, it is hard to make it stop. 

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I saw these this morning and thought they were worth sharing.   

“It’s not because things are difficult that we don’t dare. It’s because we don’t dare that things are difficult.” Seneque

“The wise man asks himself the reason of his mistakes, the fool asks others” Chinese Proverb

“Man is a pupil, pain is his teacher” Alfred de Musset

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