What I’m Reading
TheDailyDad.com - For hard-charging professionals, maintaining the work-life balance can be extremely challenging and I’m always looking for ways to level up in my leadership as a husband and father. I recently read a great article on DailyDad.com that highlighted “20 Things Great Dads Do Every Day” and it held many great tips that will not only serve you as a parent and partner but in your professional endeavors as well. My favorite reminder was, “They Ask For Help”. Whether going through new scenarios as a parent, navigating a new season in your marriage, tackling new goals, or building a new skill, we must remember that others have been down this path before and achieved the success we desire. Just remember, those who are vulnerable, transparent, and ask for help in finding solutions to their problems are generally the ones who achieve their goals versus those who don’t. Asking for help is a sign of strength, not weakness. I highly recommend you read all 20 parenting tips to level up your leadership game across the board.
Wisdom of the Week
This past week I had a wealth manager give a presentation to my mastermind group and he said a stat that stood out to me. He said, “95% of people who have more than a $20m liquid net worth in America are small business owners. Statistically, most business owners will fail, but the ones who do it right and overcome all the challenges of entrepreneurship succeed in a very big way. If you want to build real wealth, income, and freedom, consider what starting a business, buying a business, or partnering in a business could look like for you.
Question of the Week
Question: “Are Airbnb’s good real estate investments right now and what are the risks you see during a recession?” - Ashley (San Luis Obispo, CA)
Answer: Yes, but it all depends. As we go into a deeper recession and discretionary income shrinks, people will travel less and be a little more discerning about the cost that goes with some much-needed R&R. With that said, I believe “leisure markets” that are drivable and have strong economies around them will still remain stable and prove to provide strong returns for STR investors. For example, instead of flying to Hawaii or taking that family trip to Europe, they may drive to Lake Tahoe for reasons of cost and convenience. Just be careful though. Airbnb is currently under attack with many cities revoking (or not renewing) existing Airbnb permits for STR’s. If this were to happen to you where you lost your short-term rental license AND the travel demand softened on top of that, your hospitality asset could see shrinking returns and further risk. As long as you’re in a strong market, a great location, and your numbers still make sense on that investment if the worst-case scenario we’re to occur, STR’s can still be a great way to build wealth and enjoy the asset yourself along the way.
Pic of the Week
Every week for the last 8 years I’ve gotten on a weekly accountability call with these 7 guys. We set goals on everything from our businesses and personal finances, parenting, and marriages, to health and adventure. This year our annual trip took us to the depths of the Grand Canyon where we completed deep mastermind and planning sessions. What I am often reminded by this group is how special it is to have a peer group that stands for your greatness and holds you accountable for living above the standards that will unlock it. Not only have I continued to grow as a husband, father, and human by having these men in my life, my business, passive income, and net worth have 10x’d as a result. If you don’t have this type of support in your life, I highly recommend seeking it out. If you want to attend one of my future mastermind events where we roll out the red carpet and you’ll meet other like-minded people who want to share in similar experiences like this one above, text “EVENTS” to 844.447.1555 to get on the list to be notified.
Something I’m Excited About:
It’s Fall, one of my favorite times of the entire year. The leaves are beginning to change colors, Halloween festivities are here, and my wife has just about every pumpkin-flavored food, drink, and smell on deck throughout the house now. And while I love all those things and the memories they bring, I am also excited because this marks the beginning of “Separation Season”. Quarter 4 is generally the time of year when most people begin to take their foot off the gas pedal and lose focus, only to get to the end of the year and realize they came up short on their goals. Alternatively, those who remain focused on their goals, disciplined in their habits, and sprint with purpose across the finish line see massive success in their lives and business. Which camp do you want to be in? Let’s finish strong and share a goal you’re working on in Q4 below in the comments section. Public declaration and accountability is the name of the game!
Onward and upward,