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The Company You Keep

‘It's better to hang out with people better than you ... Pick out associates whose behavior is better than yours and you'll drift in that direction.’ ~Warren Buffet

How interesting! You might wonder what he means by “better.” And how do you interpret that word and the implications that are involved? Try not to get offended, though. Just perceive remarks such as those from different perspectives to achieve a wider understanding.

Warren Buffet has many great ideas, one of which is this: whatever you’re doing, pretend as if someone will read about it tomorrow morning on the front page of the newspaper. If you find yourself in a situation where you question the moral consistency of your decision (“Is this the right thing to do?”), then use that moment of hesitation as your guide.

Tell yourself, “Everyone who reads the paper will learn about this decision tomorrow.” In other words, use good sense.

Another great idea of Buffet’s is only investing in things that you understand. If you don’t understand something, then research it! But don’t stop there. Learn a little more about the topic so you feel more confident about the industry and the direction in where it’s headed. Buffet spends most of his time reading and researching other possibilities, looking for a vital piece of information that will show him that a company or business has value.

In addition to your own personal research, you’ll need to ask lots of questions. Participate in online forums and maybe even send an E-mail to a reliable and dependable expert.

You never know what kind of information will come your way, so keep your eyes and ears open. You should even ask your parents, neighbors, friends, people at the coffee shop, and anyone else that might not at first appear to be a likely source of information. You’ll quickly discover that everyone has some sort of knowledge that might be useful. You’ll never know if you don’t ask.

So if you want to start buying property and investing in real estate, start talking to people who have successful bought and sold real estate and managed income properties, or still do. See if you can find a mentor, someone who you can bounce ideas off of and get advice on properties you're looking to buy.

See what Latin Dad has to say as well.

Helpful Books

  • Rich Dad, Poor Dad - by Robert T. Kiyosaki (Not all of his advice should be followed, but he does make some intersts points about starting your own business)
  • Getting to Yes: Negotiating Agreement Without Giving - by Roger Fisher, William L. Ury, Bruce Patton
  • Bargaining for Advantage : Negotiation Strategies for Reasonable People - by G. Richard Shell

 

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