Slowing Down Cost Me 2,000 Apartments

The "Think Big and Fail" Philosophy [0:00]

• It's better to aim high and fall short than to aim low and still fail.
• You will likely fall short of your targets, but aiming big increases the potential for exceeding expectations.
• Successful people rarely advise others to slow down; those who do have often already stagnated.

  "Better to think big and fail than it is to think small and fail because you're going to fail either way."

A Costly Piece of Advice [1:06]

• The speaker, in his mid-thirties, was on a rapid acquisition roll, buying hundreds of apartment units.
• A peer named Phil advised him to "slow down" and that "bigger's not better," based on his own past negative experiences with rapid growth.
• This advice led the speaker to pause his aggressive expansion, which he now regrets as a "major mistake" during a prime real estate market.

  "Bigger's not better. Like this guy had all this advice. Bigger's not better."

The Danger of Bad Advice [2:37]

• Taking advice from someone who has just experienced a loss can be detrimental, as they may be rationalizing their failure.
• When a relationship ends, people often create justifications for the loss, a similar phenomenon to the peer's reasoning for slowing down.
• The speaker's peer justified his pullback by claiming "he didn't get big enough," but the speaker believes he "didn't get big enough" and had the wrong answer.

  "You should never take advice from a guy that just took a loss. Cause he's trying to, he's trying to make sense of the loss."

A Real Estate Goldmine Missed [3:50]

• The speaker was acquiring real estate in San Diego in the late 1990s for less than the cost of permits.
• Properties were being bought for $55,000, while permits alone cost $75,000, including land, income, and tenants.
• He felt like he was in a "candy store" with unlimited opportunities, but the bad advice caused him to stop.

  "It was literally like, it was so obvious."

The Infinite Nature of Success [5:48]

• Success is not a finite resource; it's like a spring feeding a pond, constantly replenished.
• Selling a book doesn't prevent someone else from selling theirs; the market for success is vast.
• The speaker shares an anecdote about a contractor who, after struggling for three years to match his previous salary, was told there are "a million ways to make money."

  "Success is infinite. There's so much of it. It's unbelievable."

Writing Down Your Dreams [8:41]

• The speaker emphasizes the power of writing down goals and dreams, not just to-do lists.
• He writes his goals down every morning and night, believing it's more effective than simply reading affirmations.
• When feeling depressed, disappointed, or discouraged, writing down goals helps refocus on the destination: "Where am I going?"

  "The most important thing I did with Tony was write the message to him."

Redefining Success [13:37]

• Success is not solely defined by business achievements but also by personal relationships and contributions.
• Key measures include being a great husband, having children's love, and adding value to employees' lives.
• This principle applies to everyone, including retired individuals or those with non-business aspirations; setting and pursuing goals is crucial for a fulfilling life.

  "Am I bringing value in them and their family's lives?"

Dominating Through Ambition [15:35]

• The speaker reiterates the importance of setting goals and actively pursuing them daily.
• He concludes by stating that this pursuit doesn't cost anything and emphasizes a mindset of dominance.

  "You should be like materializing them. You should be writing them down, you should be going and trying to make those things happen every day, whatever they are."