The Science of Building Wealth
My slogan for this blog is “The Science of Building Wealth.” This is an allusion to the classic financial book “The Science of Getting Rich” written over 100 years ago. Many of you and probably heard of the self-help book called “The Secret.” I have not read that book myself but from what I’ve heard of it many of its concept are based on The Science of Getting Rich.” When you boil it down, this book says that if you want to become rich, you can through the power of your mind.
Now that may sound like a bunch of baloney, and of course there are a lot of detractors to this unorthadox statement. Based on my experience though, there is a powerful effect caused by focusing your mind on building wealth. Rather that saying that you can simply think your way to riches, a more appropriate way to put it is that your ability to become rich depends greatly upon your outlook, for positive thinking is key. Use your experiences and learn from them. If you make a mistake that sets you back, be sure to learn from your experience and if you do then the mistake will be a blessing to you. Case in point: On the first income property I bought, the building was originally empty but once I made an offer that was accepted there were suddenly tenants in the building. I thought that was great, because I didn’t have worry about renting the places. However, the tenants were a disaster, both had to be evicted and both left big messes for me to clean up. Now I could have simply given up on investment properties as being too much trouble, and left it at that. But instead, I used what I learned from the experience (know your potential future tenants before you buy a building) to become a smarter investor and I’ve had much better luck. From the same situation, two very different outcomes can result, and it’s all about how your outlook that determines your successes.