This week on the Real Deal Podcast, Larry Harbolt discusses the importance of financial discipline. Larry tells the story of “Take a Millionaire to Lunch” where he does just that. It was out of the box thinking such as this that helped Larry learn the skills necessary to be successful as an investor.
Larry discusses taking the time to build a relationship with those who are more successful than you and by doing so be in a position to ask them question that will help you learn. It has been Larry’s experience, that if he simply asks, others will simply capitulate by answering his questions.
Time is a precious commodity, when taking the time of those more successful than you, be respectful of their time, being sure to be on time, and keep your phone OFF. There is a difference between being appreciative and being overbearing. When the other party is speaking, you should spend most of your time (70-80%) listening, and only the remainder talking.
It is meetings like these, that can become the most important meetings you will attend during your investing journey. Be sure you bring a notepad to keep notes, and be sure to pick up the check!
It is important to think like the rich think. “Money” is simply a tool, nothing more, nothing less. Just because a bank is willing to make a loan, does not mean that the loan makes sense for the investment you are considering. Take the time to calculate the costs, in addition to the interest rate and never forget to understand the terms and how it will impact your investment.