Not sure if anyone has seen Mary Holms' free little book titled 'The Real Story' (if you haven't I wouldn't bother reading it anyway - or anything written by her for that matter). There is a quote in it by a guy called Frank Pearson which goes "Buying rental property is okay if you can do your own plumbing!!" That has got be be one of the most incredibly stupid statements I have ever heard. The mentality and small-mindedness of this guy is unreal. It is like doing your own lawns because you think you are saving money, when in fact you are costing yourself money, and more importantly your time. By doing these odd jobs on your properties, or even around your own home, you are re-enforcing into your sub-conscious - 'my time is worth almost nothing per hour, I had better do this to save me paying someone else to do it'. If, on the other hand you refused to do anything, which you could pay someone else to do for less than say $50 an hour (to start with), your whole mindset will change. If you enjoy mowing lawns for exercise, that's fine, but don't ever do it to because you think you are saving yourself money. You will always think far too small, limit your potential and be costing yourself big bucks.
When you buy properties for below what they're really worth by $10,000 - $20,000 or more, it may take you say 40 hours of your own time and effort to find such a property to purchase (much less than this when you have bought a few). This would make your time actually worth between $250 - $500 an hour. You would also be increasing your knowledge and experience when looking for such properties. The knowledge and time you invest is an investment in yourself. Your time can either be spent, or it can be invested. If you only ever spend it, you will never be rich. If you invest your time, ie reading books, listening to tapes, your team etc, also investing time in your own health by exercising at least 1/2 hour a day, you will be healthy as well as wealthy. You can never get back your time, each day that passes that you do not invest some of it in your health and financial intelligence and your well being, is time that is wasted forever. Most people only ever spend their time, not invest it. People who value their money over time will never be wealthy. People who value their time over money will be wealthy at a rapid speed. When you invest your time ON your investments (not in them), time is worth MORE than money because you retain your knowledge, know how and experience forever.
Graeme Fowler
When you buy properties for below what they're really worth by $10,000 - $20,000 or more, it may take you say 40 hours of your own time and effort to find such a property to purchase (much less than this when you have bought a few). This would make your time actually worth between $250 - $500 an hour. You would also be increasing your knowledge and experience when looking for such properties. The knowledge and time you invest is an investment in yourself. Your time can either be spent, or it can be invested. If you only ever spend it, you will never be rich. If you invest your time, ie reading books, listening to tapes, your team etc, also investing time in your own health by exercising at least 1/2 hour a day, you will be healthy as well as wealthy. You can never get back your time, each day that passes that you do not invest some of it in your health and financial intelligence and your well being, is time that is wasted forever. Most people only ever spend their time, not invest it. People who value their money over time will never be wealthy. People who value their time over money will be wealthy at a rapid speed. When you invest your time ON your investments (not in them), time is worth MORE than money because you retain your knowledge, know how and experience forever.
Graeme Fowler
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