| I have a friend who is a really brilliant and successful businessman. Over the years he has diversified himself into various businesses. He’s also an inventor and has patents which earn him regular sizable royalty checks. But success is the result of choices and every now and again his Midas Touch turns sour. Back about 15 years ago he decided to diversify even more and produce a movie. He had five million stuck into it and it was ready to be released when the 2008 market crash hit. Against his better judgment, his business partner convinced him that they should hold off on releasing the movie since there was an economic collapse in the marketplace underway. That turned out to be one of the worst decisions he could have made with that film. Their model for cashing in on that investment included both theater release and home video. For you youngins, we used to go to places like Blockbuster Video and physically rent movies, take them home, put them in our VCRs or DVD players, watch the movie, and drive back to the store to return it the next day. They didn’t take into account the fact that life changes rapidly and technology changes almost by the minute. Streaming turned that business model on its head and my friend was left with no way to cash out his investment. Truth be told, the film is pretty good. He invited me to watch a private screening of the film on one of Hollywood’s back lots. That was a cool experience! Netflix has recently offered him 60k for his film and he’ll get a royalty for every hour that the film is watched. But there’s no way he’s going to make up his five million. Waiting “until things get better” is a recipe for disaster because the best time to take action with the gifts God has given you is today. The market shift has taken its toll on a lot of real estate professionals. I’ve seen so many people who have chosen to step out of the real estate business today because they feel that the time is not ideal, but in reality, things couldn’t be better. Finding success may require you to shift your strategies, but I’ve never met a millionaire who was able to reach their first million without stepping outside their comfort zone and trying to pursue new strategies or explore new niches. Sitting on your hands while the world changes around you is just another way of saying “I give up.” There are fortunes to be made right now. What are you doing to make that a reality? To your success, Ernie “No Time Like Today” Vargas | The Probate Fox |
November 18
My Buddie’s 7 Figure Mistake
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