Question #
What are the critical lessons learned about creating wealth in the storage business?
Answer #
As I hover around the 500-episode area, I am becoming more philosophical and want to share some insights I have had over the last ten years or so in the storage business.
I’ve talked about the five biggest mistakes I have made in my career and the five decisions I have made that helped me make the first millions of wealth.
In this episode, let me share with you five things I have learned about creating wealth.
Some may seem evident, but these are all critical lessons I actually had to learn on my own.
I didn’t know anyone who could teach them to me.
This may sound like duh…but it really took me a while to get this.
I began to study people who had created wealth and started asking them questions.
I was trying to learn what they actually had their attention on.
I thought I was going to learn how to “make a lot of money.” In my world at that time, I thought to make a lot of money meant I made a good income.
To my surprise, that is not what wealthy people I talked to had their attention on.
They were focused on assets.
How could they own or have ownership in assets.
Now most people know this, but I didn’t.
Now I have also learned the hard way that I must put time and energy into making ongoing income as well, and my wife appreciates this.
But I spend most of my time creating ownership in different assets, primarily self-storage.
