Make no mistake, toys are fun. But are they worth it, even when you are successful in business?
Jason Hartman has been involved in several thousand real estate transactions and has owned income properties in 11 states and 17 cities. His company, Platinum Properties Investor Network, Inc. helps people achieve The American Dream of financial freedom by purchasing income property in prudent markets nationwide. Jason’s Complete Solution for Real Estate Investors™ is a comprehensive system providing real estate investors with education, research, resources and technology to deal with all areas of their income property investment needs.
Time Stamped Show Notes
[3:10] Jason talks about a strategy of bidding at charity events. This strategy gives him the chance to be with celebrities and this gives him status.
[5:45] After seeing success in his investments, Jason decided to get some big toys like airplanes and a boat. In the end, these toys became a nightmare.
[7:52] Just because you have the money to buy something expensive, you don’t have to own it, despite the ego boost. A better solution, as Jason has found, is renting and letting the others deal with maintenance.
[11:04] The tendency is the richer you get, the more stuff you own, but in the end your stuff owns you.
[12:45] Letting emotion rule your decisions, you don’t think of the hassle of maintaining your big toy, plus insurance and other expenses related to having something you won’t use daily.
[14:38] For the boat, Jason bought it with a partner and he used it more than Jason, who depreciated it and ended up ruining the relationship because of differences.
[16:20] After two deposits made to the company who was building one of his airplanes, it went bankrupt, so he lost around $182,000.
[17:49] Buying the boat and two airplanes was in different periods of time, so the lessons were multiple.
[19:00] We come with nothing and leave with nothing. Why own it? It’s simpler renting.
[22:10] The sharing economy might be the way to go. It’s not an investment if it doesn’t produce income.
[23:30] Failing Forward Segment
- What is the bottom line reason of this failure? – “It happened because I convinced myself that I wanted to buy all these different toy and I shouldn’t have done it.”
- What is the single most important lesson they and you learned from this? – “My mom used to tell me: don’t let money burn a hole in your pocket. Just because you have it, it doesn’t mean you have to spend it. Spend it on experiences, not things.”
- What are the major ways you protect yourself from future failures? – “Manage temptation and whenever you see something, remember you’re just a trustee from birth to death, all you get is the experience.”
- Who do you turn to when you need help? – “I’m always learning, seeking out mentors, mastermind groups, look for people more successful than you.”
- What advice would you give to someone in a similar position? – “Just find a way to get out. Let someone else own it and deal with all the problems.”
[27:05] You can find Jason’s Creating Wealth Podcast at www.jasonhartman.com along with information to create long-term wealth with investment property.
[29:15] Jason’s final thought: “Spend less than you earn, mature to understand experiences w