Success Tip: Be Careful Who You Listen To

Success Tips are simple rules that when followed, will help you lead a better life.  At least they help me when I use them and prove to me that I need to use them when I don't.

For years I have had a "Rule # 1".  And now with close friends and family, if they ask a question and rule #1 applies, that is my answer.

I think this is going to be "Rule # 2"

Rule # 2 simply states, Be Careful Who You Listen Too.

I can hear you asking "What does that mean anyway?".  "Be Careful Who You Listen To" means just that.  If you want car advice, don't ask a guy who keeps cars for 10 years and thinks the one he has is junk.  Go find the most knowledgeable person you know about cars.  Rarely is that a car salesman, but there is a BMW dealer near me who has a world champion driver working there as a salesperson.

One of my most expensive lessons in business came when I listened to a banker about how to run my business.  Big mistake.  Bankers don't run businesses, they run banks.  Banks are a very sheltered business protected by the government.  I never asked any of the three bankers I was working with if they had run a business.  If I had the answer would have been "No."  I wasn't careful who I listened to.

When you want to learn Yoga, asking your neighbor that took a class at the park four years ago might be easy, but it won't teach you Yoga.  Find a master.  When you want to learn how to hit a golf ball farther, don't ask the four guys in your foursome unless one is a PGA instructor, or is a touring PGA Player or has a wall of golf trophies.  Even the wall of trophies doesn't mean he can teach.

There is a big difference between doing, teaching and being able to do both.  In any area of life you might become a teacher, a master and in some very rare cases, a teaching-master.  I have a wall of trophies and patches from bowling.  My grandfather was a master teacher and produced several champions.  My aunt was an LPGA bowler for many years.

Last night I tried to teach my eleven year old nephew how to bowl.  I could talk him through the steps and throw a strike each time.  When he tried it looked nothing like what I thought it should and in the gutter the ball went.  I am not a teaching-master bowler.

We always like to ask our friends and family for advice because it is easy.  Like anything else, when you take the easy route you are pretty likely to get the easy payback.  Taking the time to go find someone who really understands what you are trying to do or what you want to learn won't be easy.

If you want to learn guitar, a teacher at the local community college, guitar store or even those DVD's at the big box store might get you started, but eventually if you want to move to the next level, you'll need a real coach, a teaching-master.

The biggest trick is knowing who the real coaches are.  As a retired military instructor pilot and airline pilot, if you came to me to ask about crosswind landing techniques in a piper cub, I might just be the wrong guy.  If you want to learn crosswind landing techniques in a 737, 757 or DC-10, I might be the right guy.

Not having children I have a lot more time than people who don't.  Because of this, I now have a couple of different "jobs".  Not because I want them so much as I am just pretty good at them and I am having fun with them.

In todays home market more than ever, being careful who you listen too can save you a lot of time, money and hassle.  Better yet, it can put you into a better equity position meaning you can make money when you sell, and you'll get a better deal if that is important to you.

I am amazed at how many agents in Southern California are still renting.  How can you tell someone to buy or sell a home when you aren't even in the market?  I own my home and and always on the lookout for deals to invest in for the long term or flip. I am addicted to the game of real estate.  More importantly I have made money as a flipper and a long term landlord.  Not many agents or brokers can say that.  You can get all the abbreviations you want after your name, and still not make money in real estate.

This doesn't mean I can teach real estate.  It also doesn't mean I can't.  It does mean I am in a very small group of people, many of whom don't want you to know how to do it.  This is the tricky part, separating the masters from the teaching-masters.  I'll tell you now, don't ask me about bowling.


Keep in mind that most realtors only make money when you buy or sell your home.  Yes I am glad to take the listing if you live in my area, but I also want to make sure I am doing you a service beyond just selling your home.  I want to help you accomplish something.

I find the stock and financial markets the same way.  Financial advisors approach me all the time wanting to "manage" my money.  When I ask what they own or how big their portfolio is or what there returns are I get some pretty funny responses.  Understanding that their job is to "manage assets" or "sell" stocks, their motivation is clear.  It isn't to make me the most money, it is to make them the most money while keeping me as a client.

Warren Buffet is a master of finance.  I found out the books he read, and I read them.  I also read a book with his name on the cover.  Even though I can't afford to hire Warren Buffet, it doesn't mean I can't still learn from him and follow his strategy.

The first challenge of stepping out of the herd is to accept that you won't be in the herd any longer.  This is very uncomfortable for most people, so they won't push to get better.  Once you accept the price of fame and fortune, then you can go seek experts in areas that you want to learn more about.

Henry Ford was famously called out for being ignorant even though he was one of the richest men in the world during his time.  After failing to answer a series of questions, he finally said something to the effect of "Why do I need to know this when I can push a button on my desk and summon someone who can find the answer for me?"

There is genius in the answer.  First know what you know, stick to what you need to know and surround yourself by people who can do or know anything else that might come up.  A simple mechanic at 40, the richest man in the world at 60.  That is an expert you can listen too.