A five-step model for real estate success: knowledge builds skill, skill creates value, value attracts a network, and network opens doors to resources. Skip the steps and you fail. Fill each bucket in order or the whole thing collapses.
We usually start out our professional life acquiring knowledge, and then the knowledge is applied. We call it skill. We then have knowledge and skills. You become professionally valuable to others, and then that creates your network. So in this chapter, he talks about there's a specific way that you have to fill these buckets. When somebody jumps from, say, 1 to the 5th bucket, Eventually things will crumble because they don't have the other ones supported. A lot of us are still in that acquiring knowledge phase. Now it could be in different forms, right? I'm acquiring knowledge in order to grow and scale companies. You guys are acquiring knowledge in order to be able to go buy real estate. So that's why a lot of people fail because they then go get a network and go get resources, but they still don't have the knowledge or the skill sets to contribute.
Episode 575: Redefining Retirement as the Day All Your Choices Open Up with Doug Bennett
