Transcript excerpt from a September 2024 YouTube discussion (panel format) about resilience and financial preparedness in real estate and business. Speakers reflect on daily struggles, learning from setbacks, the value of saving/building buffers, and designing companies to generate passive income to weather market changes. The tone is conversational and motivational, with a cautionary legal/financial disclaimer at the end.
If you were to talk to somebody, if you had somebody in front of you that was wanting to do something for the very first time. And as you know, you know, even running your business, not just that example that you just gave us, just running your business day to day, there are struggles that come every single day, especially in real estate. It's just crazy. It just hits you all the time. So what would your piece of advice be? Because you have gotten up every single day and faced it, right? You faced the downs and. Which led you to the ups. And the lessons that we learn are the reason why we're successful, Right? Because it's not the successes. Like, the successes don't teach us much, and we don't even often celebrate them very much. But those lessons, like, really get us going. So what's your advice to people and how you've made it? Like, what's the big thing and why you've gotten to where you are?
Just knowing that every day is different. Every day has its own challenges. But the old saying, this too shall pass, is what comes to mind. You know, some days are harder than others. There's more good days than bad, bad days. Thank goodness. And just know that every day is different. And there are more good days than bad days. And the bad days are what makes the good days good. Without the bad days, you wouldn't realize you had good days.
Yeah, I always tell Danny, I said that, well, the bad days make the good days gooder.
Gooder. Yeah.
That's a really, really important lesson. There's always tomorrow. Tomorrow's a fresh new day. And I agree with you that there's more good than bad. We have experienced something very similar. If you could go back and start again, is there anything that you would do different?
I think I would prepare my more for the future than I did as far as building a buffer. Put more back for those bumpy days or those rainy days. Invest more or save more. So that when stuff like that happens, we're a little bit more prepared. We've got a little bit more time. We don't have to instantly do anything. We can take our time and figure it out slowly.
Yes. Yeah. I really love that. Flip and I, when we built company number six, we said that exact thing. They said, this company is to build the wealth for the company, the passive income for the company. Not just for us personally, not for our investors personally, which was really what we were building from the very beginning. We wanted passive income for us. We wanted to create passive income for our investors. But the company needed it. Too, to weather the storm when the market changes or economy changes, so that you can take a little bit of time to shift and adapt. Because you're always going to do a shift and adapt. Things will never stay the same. They will always change. That's what we can predict.
We can predict that things will change.
And so having that, you know, having that extra buffer, like you said, I think that's really, really powerful. So thank you. That's a powerful lesson. I think everybody needs to Foreign.
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