The Psychology of Success: Being Willing to Fail to Succeed

[Brian Walters]

I heard an interesting non-real estate specific quote the other day.  In order to be truly successful you need to willing to risk everything and fail.

For those that have been significantly successful in real estate investing, or any other venture, what are your thoughts on this?

I'm married with 2 kids, and they are my top priority.  I like to think that I'm self aware and the psychology around failing isn't what bothers me.  No issues with trying something, failing and trying again.  What I can't get past is monetarily taking significant risk because that will impact my family.  Can't put them at risk because of a decision or risk I have taken.

This is making it harder to pull that trigger on a first investment.  Need to cash flow or at least break even from the start (not the easiest thing in the Las Vegas market) in order to not having this impact my family in any way as this is my goal as a way to make a better life for our family as well as help others.

Looking for any advice anyone is willing to give.  Thank you

[Nathan Gesner]

Quote from @Brian Walters:

I heard an interesting non-real estate specific quote the other day.  In order to be truly successful you need to willing to risk everything and fail.

For those that have been significantly successful in real estate investing, or any other venture, what are your thoughts on this?

It tickles the ears, but it's false. Most people build their wealthy through hard work, savings, discipline, steady investing. I would never put my family at risk. I invest in things that make sense today, knowing they'll only perform better with time. Ever read "The Richest Man In Babylon" or any other financial book? They always teach you to build wealth consistently; it's the get-rich-quick crowd that tells you to swing for the fences. How many of them are still around ten years later?

Even if you're not a Bible believer, here are just a few of the financial tips proven true throughout history:

“Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.” Lottery winners are great examples.

“Whoever works his land will have plenty of bread, but he who follows worthless pursuits lacks sense.”

“A slack hand causes poverty, but the hand of the diligent makes rich.”

“Whoever is slothful will not roast his game, but the diligent man will get precious wealth”

"Poverty and disgrace come to him who ignores instruction, but whoever heeds reproof is honored.”

And my personal favorite:

"Go to the ant, you sluggard; consider its ways and be wise! It has no commander, no overseer or ruler, yet it stores its provisions in summer and gathers its food at harvest. How long will you lie there, you sluggard? When will you get up from your sleep? A little sleep, a little slumber, a little folding of the hands to rest— and poverty will come on you like a thief and scarcity like an armed man."

Work hard. Save. Make wise investments, a little at a time, consistently. Diversify your investments. These are simple financial truths that will build wealth and there's almost zero risk involved.