Danielle Robison reflects on a Trump quote about learning more in hard times than good ones, then shares her real-estate investing mistake. She argues parents need to explicitly teach kids the lessons behind their failures, not just let them watch the pain.
Donald Trump said when asked would you learn the good times and the bad times? He told the real estate guys, I learned anything in the good times. I learned everything in the bad times. And I would 100% agree with that. When you're coasting and everything's going well, you're not learning anything. And so I want to make sure my kids, I mean, I can't really hide it anyway, but they see the pain. They see that I really regret those decisions I made. But I also learned a lot of lessons, and I make sure they understand what those lessons are. You can teach kids the wrong lessons if you're not verbal about what they're seeing. Right. Because they're watching everything do what I say, not what I do kind of thing. Right. But if you're not saying and doing, then they're just going to learn from what you do. And I've had my kids tell me stuff, my sons, I would never do that. One of them said I would never invest in real estate because he saw the pain associated with me making a mistake in real estate. Right. But I didn't take the time to verbally explain and show that pain is absolutely worth it.
Physicians and High Earners — What Real Estate Can and Can't Do for Your Taxes
