HyperFast Minute | June 3rd, 2022
A Minute on Something I’m Learning:
Growth comes from discomfort and dealing with discomfort is a muscle that we build by doing uncomfortable things. It’s a challenge in modern day society which is designed to be as comfortable as possible. And there are some good things about this of course, but also some downsides. In particular I think it is important to take on challenges that push your physical, mental and emotional sides, a concept I learned from the book comfort crisis.
A Minute on Something I’m Teaching:
Be ready for multiple scenarios, not just your base case. On all of my real estate projects we have multiple plans for different scenarios. The same is true for our real estate team and all of our business. You want to set yourself up to win no matter what happens. (BTW, This applies to more than just business and investing!)
A Minute on Something I’m Excited About:
We just got done with some great family time to kick off the summer! Keri and I took our family to visit her family in Oregon and we got to visit the lake house they just finished rebuilding after the 2020 fires. I then got to spend a few days with my six year old, Braden, in the Idaho mountains. I’m even more excited about what Keri and I are planning for the family at the end of the summer so stay tuned!
A Picture Worth Looking at for a Minute
Here is a picture of me and Braden trying to spot a bear coming out of hibernation in Idaho.
A Minute Answering One of Your Questions:
This is the part where I answer a question someone has texted me or asked on social media (I answer all Instagram Direct Messages).
“Should I consider a HELOC?”
Probably, but it depends on the use. Are you going to buy a car or boat with it? Then no. Are you going to make an investment or start or expand a business? Well it might be a good idea then. A Home Equity Line of Credit for those of you that don’t know is a way to access the equity in your home without selling. It’s like a big credit card with a low rate that you can use when you need. The rates usually vary with prime and right now are around four percent. You can use the money, pay for it and use it again when needed. They usually are quick to get and don’t have a lot of closing costs. I think it is not a great low cost way to access the equity in real estate without having to sell. The key is to use that money to make a higher rate of return than you will have to pay to borrow it.
Thanks for tuning in this week! If you know someone that would like to be a part of this please share this with them and click here to sign up.
Dan
