Thread by @sweatystartup

I sometimes act like an arrogant know-it-all on here.

But my opinions are loosely held. I do that to get better and I love it when you challenge me.

Keep holding me accountable and making me smarter!

A few things I’ve changed my mind on:

I think folks with no money can start in real estate through brokerage or leasing and make a lot of money to start doing deals.

I used to have a major extreme ownership mentality and if you weren’t successful it’s your fault.

I used to think self storage was superior to other asset classes but I know now I’ll have a diversified portfolio when I’m 60.

I think Bitcoin has a place and is a great hedge.

I think HCoL cities are decent places to earn great yield and appreciation can’t be underestimated.

I’ve learned a sweaty startup isn’t a cakewalk and I got lucky when I did it. Far too many people get stuck with risky stressful jobs instead of success.

I also think technology innovation is a great place to be an entrepreneur if you have the right skill set and network.

I used to think social media was a complete waste of time. Listen to my early podcast episodes. Here’s a quote from me:

“Social media doesn’t make me money so I don’t waste my time”

That aged well and here I am.

I’ve learned I have my own confirmation and selection bias around sweaty service businesses. I filter information that supports my view. Working on this daily.

I’ve learned my emotions and ego can get me in trouble and that I’m not as successful as I think I am.

I used to think online course salesmen were sleezy and greedy.

And now I’m an online course salesman trying not to be sleezy and greedy.

I used to think poor people were lazy and there was no excuse. Now I know that situations are outside of the control of a lot of people and the deck is stacked against them.

I used to think folks complained about things because they wanted help solving their problems.

Now I know that most people complain as a method of coping with tough situations and they need / want / crave sympathy and understanding.

I used to think being a white male was a disadvantage in a lot of ways. Then I saw that the wealthy folks at the top were all white men and it’s really hard to break into that club without rich parents who send you to the Ivy League.

I used to think working long hours for a company was a waste of life.

Now I understand that it’s the best route for the vast majority of folks.

I used to think entrepreneurship was easy and everyone should do it.

I don’t think that’s the case at all anymore.

Should more people do it? Sure.

But many who try aren’t doing it for the right reasons.

I used to think the point of live was to see who could die with the most money.

Now that I have enough of it to live the life I want I realize there is so much more and I was chasing the wrong thing all along.

I used to think there was one way to win: service based entrepreneurship.

I’m a hammer and everything was a nail.

Now I know there are thousands of ways to win and many many many different methods to achieve success.

I used to think the past was a predictor of the future.

Now I know that everything is cyclical and if you can’t change or adjust when the rules are different you’re destined to fail.

I used to think being private and extremely humble was the key to success.

Now I know you have to put on a bit of a show and share an uncomfortable amount to really get ahead.

I used to think the smartest person in the room would be the most successful person in the room.

Now I understand the best salesman in the room has the world at his fingertips.

I used to think the way to learn was to read books and listen to great teachers.

Now i know you can learn 10x as much teaching than you can as a student.

I used to think I could please everyone.

Now I know I have to accept being hated by a few folks to really add the most value to the others.

I used to think business competence could be taught.

Recently I’m not so sure.

There are thousands of decisions every day in the life of an entrepreneur.

Now I see my roll as simply to encourage the folks who have what it takes to give it a shot.

I used to think a new city with flashy things, better weather and a great culture would mean a better life.

Now I know it’s all about the group of people you have around you.

I used to think making friends was something that just happened if you were lucky.

Now I know you have to work at it like you work at anything else if you want to reap the rewards of deep relationships.

I used to think a few big bets paying off was all it took to get wealthy.

Now I know it’s a series of little bitty low risk bets over and over again for years.

I used to think the roll of bosses and fathers was to tell people what to do so they could get better.

Now I know the real winners are good at getting other folks to WANT to do the things they need to do to get better.

I used to think being a cynic was a great way to stay out of trouble.

Now I know being a cynic will never get you anywhere if you don’t have anything to begin with.

Positivity wins every time.

I used to think saving money was the sure fire way to keep money.

Now I know energy is put to a much better use when you focus on making more money.

I used to think being a bear took courage.

Now I know it’s being a bull that takes real courage. And the early bulls get the worms.

I used to think self-made was a thing.

Now I know everyone who claims they are self-made is a liar.

You get ahead by collaborating and pulling others up alongside you. And taking a lot of helping hands along the way.

I used to think there was always some kind of action that could be taken right now to improve something or fix something.

Now I understand that patience is the toughest thing to practice and often the most effective thing you can do.

I used to think the most successful people on twitter had “VC, investor, 3x exit” in their bio.

Now I know the real badasses don’t even want you to know who they are.

I used to think sweat equity was worth something.

Now I understand the golden rule - cash is king.

No cash? Very little leverage and even less equity.

I used to think that ideas were worth something.

Now I know that ideas are a dime a dozen because nobody is willing to do the damn work.

I used to think ideas were what was important.

Now I know execution is 10x as important and finding folks who can execute is 10x harder.

I used to think money was the most important and scare resource in the world.

Now I know money is abundant and TIME is what is scarce.