Most people know him as the Hollywood big-shot but what not many people know is that Arnold made his first million dollars by investing in property. Not from his movies.
You see Arnold wanted the freedom to choose the right acting roles for his career.
When I met Arnold he told me “I always promised myself I would not get into a position where I would have to take a job, or do a role just because I had to make money to get by”
Arnold’s Third rule to follow for success is,
- Don’t Be Afraid to Fail
“Anything I’ve ever attempted, I was always willing to fail. You can’t always win, but don’t be afraid of making decisions. You can’t be paralyzed by fear of failure or you will never push yourself. You keep pushing because you believe in yourself and in your vision and you know that it is the right thing to do, and success will come. So don’t be afraid to fail.”
I’ve had clients come to me wanting to invest but they had no hope since they were struggling to make ends meet with their existing portfolio. I had a couple, Sam and Monica, who already had an investment property and the biggest part of why it wasn’t working for them, was because of the structure of their loan and how they had everything set up. They we’re losing $400 per week! Ouch no wonder they were fearful of expanding their portfolio. By changing their structure and streamlining how the loan was set up, I saved them $350.00 in repayments each week. So now they are only paying $50.00 in holding costs per week, compared to the previous $400, that’s a saving of $350.00 back in their pockets every week. What a difference the right strategy can make!
After this success, they then had the confidence to get their next investment property. Now they have purchased another investment property that’s actually making them money from day one, $14.00 positive per week. Talk about winners.
Knowledge is power, and having the right education and then implementing that knowledge can change everything. If at first you don’t succeed try, try again!
This is one of Arnie’s most important rules, you can’t let fear stop you from where you want to go. If something is holding you back, you’ve just got to find a different way of getting there.
How to save $30,000 in one phone call? We’ll explore in part 5 of this post.