My $40,000 Mistake

In today’s episode, let’s talk about my $40,000 mistake, what I learned from making it, and how you can hopefully avoid making the same mistake. When you start seeing success, it’s easy to start taking on more ventures, but the distraction often isn’t worth it.

In my second year of brokering, I had my own business and I was doing great. A friend came to me with a proposition to buy into his brokering business and come on as management. Of course, my ego started inflating at the prospect of coaching and being in charge of these experienced brokers.

I asked my wife for advice and she told me it was a bad idea and would distract me. I agreed not to buy in and I went to see my friend the next day to tell him. He turned on the sales pitch and I put in my $40,000. Within a few weeks I had stopped focusing on production, the best producers left, and I was high and dry.

What lessons did I learn from this? Firstly, ask for and listen to advice. I asked for advice and didn’t listen. Don’t let ego get in the way and don’t assume success in one area makes success in others. Secondly, double down on what you know works. Refine it - there’s no need to take on more and distract yourself.

Finally, if you really want to make money in the broker business, focus on originating. That’s where the money is. Just because you can move into management doesn’t mean you should.

Find out more about the $25 Million Dollar Blueprint: www.get25million.com
Check out our other podcast, I Love Mortgage Brokering: www.ilovemortgagebrokering.com