Too busy? - Posted by Matt B
Posted by Matt B on January 24, 2001 at 08:29:40:
I spoke to my dad this past weekend concerning the business that he has owned and operated by himself for the past 25 years. Last year, he tried to sell the business so that he could retire since he was having some health problems and did not want to work any more. He financed the sale of the business so that he could receive regular payments until “social security kicked in”.
Now I certainly don’t want to be insulting to my dad in any way, but here is a guy who was making a six figure income at the height of his business. I remember as a kid walking to the bank and making a several thousand dollar deposit almost every other day. Yet here he was, hoping that social security would carry him after the money from the business ran out.
Well, the guy that he sold the business to never made a payment on time. After only a few months, he stopped paying, and I helped my parents, along with their attorney get the guy out of the business and get it back into my dad’s hands. Any way, as I was talking to my dad about the business, I asked how things were going and if he had any more prospects as far as buyers for the business. He told me that he didn’t. My mom then told me that she never wanted to go through what they went through with this last buyer again. He had run up bills in the business’ name that they had to clear up. He then declared bankruptcy so they couldn’t get any money out of him.
So I asked my dad what the plan was. He said, “Well, I guess I’ll just work until I drop”. My mom then said, “Except, he can’t drop!”. She has been working a part time job as well to try to recover from the financial loss that they took.
All this made me think about when my real estate business was going full time, and I asked my parents if they’d like to get involved with possibly either buying or brokering notes that I was creating on various properties. I offered to give them all the information that they needed, but also told them that if they were unsure about the notes that I was creating, they could at least use what I shared with them to go start acquiring notes elsewhere. My mom, who was unemployed, said that she was “really just to busy right now” to try to learn anything “that complex”. My dad had no answer.
I have been trying to think of a way to help my parents out without just giving them money, since I have done that a few times already, and it seems to make them feel very uncomfortable. But what can I do? If they are unwilling to learn anything else that could make them money that they have to WORK ONCE for, and get paid long into their “retirement”, what can I do for them?
I have offered to help several people get started in creative real estate. I don’t claim to be any sort of expert, but I do know how to work the deals and how to get a full time business going doing them. It amazes me that after I tell these people just a few things about how the mechanics of some deals work, they are fascinated, but are just “too busy” right now to start doing them! Tell me this then- when won’t you be “too busy”???
My parents seem to have a lot less time now that my dad has to go to his business every day until he “drops”. My mom has far less free time now that she has had to start working. At what point do you supposed they’ll have some time? At what point do these other people think they’ll have some time to devote to securing their financial freedom? After retirement? After social security “kicks in”?
When I started doing deals, I had the least amount of time of anyone I knew! I drove an hour and 15 minutes to work, worked a 10 hour day, and drove an hour and 15 minutes home! I just found out that one the big producers, as far as deals go, on this board (Steve Cook) had a similar situation when he first started doing deals. Why is it that we weren’t “too busy” and yet some who was unemployed was???
I’m sure that this “too busy” excuse is used by a lot of people to hide other excuses, such as fear of the unknown when it comes to working deals. I was scared as heck to talk to a seller the first time I tried to make a call. It took me 2 days just to pick up the phone!
Any way, for all those newbies out there, as well as anyone else who has become “too busy” to continue doing deals, just think real hard and let me know when you won’t be too busy to concentrate on securing financial freedom for you and your family. I can tell you for a fact it doesn’t ever happen. I feel really bad about my parents’ situation, but it is because of choices that they have made. What choice do you want to make? Being “too busy” and working paycheck to paycheck, waiting for social security to “kick in”? Or use what time you do have for something other than sitting there, watching TV, surfing the internet, or whatever, and be able to CREATE more time by creating the passive income that real estate can provide?
Here’s the really funny thing- IT’S YOUR CHOICE!!!