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- The Borrow Smart Chronicles - The Wishing Well
"Waste no more time arguing
what a good man (person) should be.
Be one.”
Weekly Spotlight: The Wishing Well
Whatever you do, you have a finite amount of time, energy, and money (prior energy that you’ve stored up). If you want to strike oil, you need to dig. To dig is a metaphor for the work and energy you need to expend if you want to do something new in your work.
It is critical to not dig a wishing well. A wishing well is a well that you dig that’s about 20’ deep. It takes a lot of energy to strike oil, but striking oil rarely happens at 20’. Most wells require a lot of time and energy to get a real payoff. You’ll spend about the same amount of time and energy digging five 20’ wells as you will digging one 100’ well, but the outcomes are vastly different.
Invest the time and energy to dig one well, 100’ deep.
Avoid digging five wells, all 20’ deep.
charts from: GRoditiD
a BORROW SMART CONCEPT
Managing Liabilities
It is very important to learn the difference between a house and a home. When you talk to clients, the word house is all about the physical house itself, the gutters and the land, the mortgage, and the wealth it creates. The home is the emotional experience you have living in a house. You can’t have a home without first having a house. The home is all about family, friends, relaxation, freedom, and privacy. The emotional experience of having a house is packaged up into a word called home. Learn to unpackage it for greater impact.
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LIABILITIES
What’s Happening?
in just two years the average mortgage payment has doubled
old lower rate coupons are being replace with higher rate coupons
that said the lower graphs shows the total mortgage growth over time - even with payoffs mortgage total debt is growing larger
in the lower column you see total prepayments have slowed again
all debt, automotive, credit card and mortgage are growing - this is a big part of what may be fueling our economy higher
REAL ESTATE
What’s Happening?
sentiment slipped this past week, dropping from around 7%
this is the greatest risk to real estate - if more people lose their job more people will lose their homes
inventory has kept real estate higher for longer
“One of the most important steps to becoming wealthy is learning to say that this is enough. We wrote a whole course on this called: What is Enough?”
ASSETS
What’s Happening?
one of the best years to invest is after a bad year, there has only been one time in the last 50 years where we had back to back down years
get used to volatility it is part of investing
“Your own Self-Realization is the greatest service you can render the world.”
ON BEING HUMAN
What’s Worth Sharing?
“Let what comes, come.
Let what goes, go.
See what remains.”
DOPAMEMES
And Other Inspirations…
Crypto is now more of a thing - with ETF approval - to the moon…
If a beautiful butterfly lands in the palm of your hand, the temptation is to make a fist and capture its beauty. But this only kills the butterfly. So, in order to enjoy its presence you must keep your palm open while knowing that it may fly away at any moment.
You must then continue to keep it open even though it flies away because it (or another) can fly back in whenever it’s your time again.
AIdeas
Future Hacks…
A favorite AI tool that is changing the way I search and utilize the internet… https://www.perplexity.ai/
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