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"Tom, is it easy to make money?"
That was the question that one of the best mentors I’ve ever had asked me.
I stumbled with my answer.
“Ugh, yes, no—I guess.”
He quickly shot back with, “wrong answer”.
Your answer should be an undeniable YES!
He went on to explain that making money was easy when you resist some key temptations.
Here’s what he shared that day:
Schools, society and our culture teaches us to "do business".
We are never taught how to "design and build a business".
He explained that too many people go into business, real estate or otherwise, so that they can “do the next deal”.
They're just constant...
This question is a common question we get from people who first hear our investing opinions.
And we love tackling it.
You may have heard our story about investing in mutual funds back when they were all the rage in the mid and late 1990’s.
I recall when a friend invested in an “Emerging Markets Mutual Fund” and made something like a 90% return over a couple of years. It was incredible.
So when I had the opportunity to invest in mutual funds through my financial planner I was super excited. I had read a lot of books on investing and was committed to putting 10% of my earnings into mutual funds.
After a couple of years I began to notice a disturbing theme. The management fees *seemed* to eat up a lot of my profits.
So if I made a 7% return I was losing what felt like half of that to management fees and inflation. In th...
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