Still broke when they retire - Posted by John Behle
Posted by John Behle on March 13, 2007 at 19:19:10:
I read an interesting article close to thirty years ago in Physician’s Quarterly. I was new into real estate investing and was familiar with statistics about the lack of wealth most people have when they retire. The majority of people are in pretty poor shape. Not too many have met their financial goals or never even had any goals.
I was quite surprised to read how Doctors and other high income professionals faced nearly the same statistics as other people when it comes to retirement. Bottom line is that a small percentage will be financially free upon retirement and a very small percentage will be wealthy. Added to that is the tendency for Doctors to be under-trained in financial areas. Many are notorious for bad investment decisions and fall prey to investment advisors that walk away with the majority of the money.
So, their big income will not result in financial security unless they learn to invest safely, securely and profitably in other words something like real estate. At some point they will have to learn what you have or find someone with your knowledge to be able to achieve their financial goals.
Should they be proud? Yes, they are highly educated. And a smart real estate investor will get a similar education, but unfortunately may not get such exciting initials in back of their name. A CCIM after your name may not impress as many people as a PHD, but it might mean a lot more in regards to a fulfilling financial future.
There’s a lot of good answers in these posts and I think the question is of value for several reasons.
- CONFIDENCE
If you feel the way you do, it’s valuable to know and deal with it now. You need to deal with the confidence factor for your own good and for your success. Keep in mind, your feelings are entirely your own. It’s possible your doctor friend was putting out little of the intimidating or ?put-down? attitude you felt. Remember “ALL PERCEPTION IS PROJECTION”. Your feelings are your own and may have little to do with what someone else is thinking or saying.
But yes, Doctors can be very egotistical and he may have put out those vibes. But, if I was in the same room as your friend I believe I would feel little of it and would not care. I ignore it and even if someone is trying to be intimidating it has little or no effect. A couple years ago I was at dinner with some of the absolute top heart surgeons in the world. My only discomfort was being the only one in a very nice restaurant without a suit as I had not brought one on my trip. If I was not comfortable with who I am, what I do, what I know and my profession, I would have bailed out a window.
People feel what you are going through. If you feel intimidated people feel it and that is going to be harsh on your business and relationships. Immediately read “Winning Through Intimidation” by Robert Ringger. It is one of the most important books you will ever read - or re-read. Otherwise, people will intimidate you and use it against you.
A couple nights ago a couple Dobermans wanted my rabbit for a snack. When I came out I think they decided on a much bigger meal. Within a few moments they were running down the street quite sure that they were now on the menu. It’s about attitude, intimidation, positioning and confidence.
- DEPTH OF EDUCATION
A lot of confidence can come from education. The depth of your real estate education can equal or exceed your doctor friend. And it should. Don’t just read a couple books or take some expensive guru?s training. Learn every day from many sources for the rest of your life. Learn every area of real estate. Know more about real estate than your friend knows about medicine and experience the resulting success. Confidence and success both come from within. Don’t get caught up in the trappings of wealth and the look of it. That is a substitute and can actually be a sign of insecurity. If you need a nice car, Rolex, nice suit, etc. there may be a problem.
Some people might have seen your question as trivial. I see it as essential. Not in the way you asked it, but WHY you asked it. Education will help your confidence, but there is much more. All the education in the world will not make someone confident. In fact, education can be held in the same way as an expensive car. People flaunt degrees like they would a Lexus. Again, educated, but not necessarily confident.
There are inner workings that drive the confidence. No one is irreparably damaged from childhood or other experiences, but everyone is damaged. Someone becomes an adult carrying with them their current level of self confidence created by family, environment, circumstances, etc. Some stay that way. Others move on and create a new reality for themselves through healing the past, developing a strong self image and choosing the beliefs that determine their patterns of success. There are seminars, trainings and methods to help in that area that are too extensive to get into here. But, although my education and experience give me confidence, the personal development trainings I have taken have a far greater impact than any of the real estate education.