A short YouTube talk by Mark J. Podolsky (The Land Geek) using astronaut Chris Hadfield’s approach to fear—extensive preparation for contingencies—as an analogy for starting and managing a raw-land investment business. Podolsky describes running mental simulations of worst-case scenarios, recounts using this approach to convince his wife to invest $3,000 at a tax-sale auction, and directs listeners to TheLandGeek resources (Passive Income Blueprint, ebook, podcast).
Chapters
Hey, it's Mark Podolski, the lane geek. Let's have a virtual cup of coffee together. Still sticking with my bulletproof coffee. So I was just listening to an amazing interview with an astronaut named Chris Hadfield, and I'll link to his YouTube videos, but basically he's got a new book out and he has gone around the world many times. He's done several space shuttle launches and spacewalks and amazing crazy astronaut type things. The guy is literally remarkable. So he was being interviewed and Terry Gross, the interviewer for npr, is asking him about fear, how he deals with the very real possibility of death in space because so many things can happen in that environment and they're fatal if they're not handled correctly. And I found his answer so interesting. They prepare and they prepare and they prepare thousands of hours for every contingency that can go wrong. So if there's software that goes wrong, they know how to fix it. The space shuttle, something that goes wrong with their equipment, they know how to fix it. There's protocols for every single thing. So how does this apply to the land business? But when I first got started, that's literally what I did. I did mental simulations of, okay, if I'm really going to buy a piece of property in this area, what's the worst thing that can happen? Now, I'm not going to die, but losing money to me could be like a death, right? I could lose money or lose some time. So I ran these mental simulations in my head and every possible scenario. What was the worst case scenario? I'd lose all my money. The best case scenario was I'd make money, but more than that was the actual asset. And this is how I convinced my wife that I should go out and actually spend our last $3,000 at a tax sale auction. Was that at the very worst case scenario? Not that we lose money, it's that we own land. That's the worst thing that can happen, is we own an asset and that was it. Maybe that asset goes down in value, maybe that asset goes up in value, but at the end of the day, I own an asset that I can control and I can improve and do all these wonderful things on if I so choose. So that's how I really dealt with the fear of starting with this business, getting involved with it. So if you want more tips, tricks, techniques on how to make money buying and selling raw land actively or Passively, go to www.thelandgeek.com download for free the Passive Income Blueprint. Get the ebook 3 Fatal Land Buying Mistakes. And, of course, get the podcast delivered to your inbox each week. Thanks for having a cup of coffee with me. I'll see you next time.
