When we go through personal financial difficulty, picking ourselves up and rebuilding can feel near-impossible, but our guest this week did just that. How did he lose it all, and what did it take to rebuild? What are the key lessons he learned from his failure? How can we avoid the common mistakes many investors make when they start seeing solid monetary returns?
On this episode, Real Estate Investor, Speaker, Mentor and Expert, John Ferguson shares his experience going from success and speaking gigs to selling jeans; all before climbing his way back to the top.
Watch the Full Episode:
Just because you can make and spend a lot of money, doesn’t mean that you should until your revenue is there. – John Ferguson
Change the view we have about money
The conventional knowledge we are given by society about how to spend money isn’t always applicable to our personal circumstances. We should be getting mentorship to change those beliefs for better financial practices.
Don’t eat into profits too quickly
When we make money off our flips, instead of spending it, we should be reinvesting it back into our businesses. Once that money generates revenue, that’s when we have more flexibility to spend.
Never ever neglect tracking your numbers and studying the books
The biggest mistake many people make, especially when the money starts flowing in is that they start ignoring their books. Always look at your books and reconcile appropriately. Hire a good CPA in the beginning so that your books can already be set up, and you won’t have to fix errors further down the road.
John Ferguson is a Real Estate Investor, Speaker, Mentor and Expert with Real Deal Real Estate Investors and a founders advisory board member with Renatus Real Estate. He provides massive value nationwide to new and seasoned Real Estate Professionals.For more information visit https://legendaryclosers.com/, or find him on Facebook.
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