LEARN IT. Sean's Success Formula Step 3
“Now I’m looking at daily practices and daily habits that propelled me towards success. As you move up in your business and your life you start to get more granular on what you’re trying to accomplish.”
Welcome to the Next Level American Dream Podcast! Are you ready to start taking your American Dream to the next level through passive investing? The hosts, Sean and Abigail, are a father-daughter duo, trying to accomplish their goal of financial freedom through multifamily real estate. Over the next month, we will be discussing Sean’s ‘Success Formula’. Each week, we will break down one of the 5 phases of this formula: Dream It, Believe It, Learn It, Plan It, and Do It. We are very excited to share this insightful information and hope to help you integrate this Success Formula into your life and business.
Takeaways
You want to learn just enough to where you feel confident to start making a plan and taking action
Learning is a constant and will continue to compound as you 'plan' and 'do'
Production and progress are not the same as gaining more knowledge
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SUMMARY KEYWORDS
learning, accomplish, multifamily, phase, information, book, american dream, business, resources, success, dream, formula, feel, join, podcast, part, dealt, real estate investing, ton, confident
SPEAKERS
Sean Thomson, Abigail Thomson
Abigail Thomson 00:01
Welcome to the Next Level American Dream podcast brought to you by Thomson Multifamily Group. Your hosts, Abigail and Sean will discuss how you can take your American dream to the next level through real estate investing, business practices, and personal development. Join us as we share our experiences as a father daughter duo who are trying to accomplish their goal of financial freedom. We hope you learn more about how to define and achieve your American dream. Here's another episode of Next Level American dream. This month we are doing something special. First, please subscribe if you have not already. We also love getting your feedback through likes, comments, ratings and reviews. Over the next month, we will be discussing Sean's success formula. Each week we'll break down one of the five phases of this formula dream it, believe it, learn it plan it and do it. We are very excited to share this insightful information and hopefully help you integrate the success formula into your life and business. If you found any value from today's episode, then please share it with a friend and help us grow. For more information on our sponsor, visit thomsonmultifamilygroup.com to start taking your American dream to the next level through passive investing. Welcome back to the next one American Dream podcast where we're going to be talking about our success formula. The last two episodes were the dream it and believe it phase if you haven't heard either of those, I highly recommend you go back and listen to both of those before checking out today's However, today we're going to be talking about the third phase, which is learn it. So hi, Dad, how are you?
Sean Thomson 01:44
Good. How are you doing?
Abigail Thomson 01:44
I'm doing good. I'm excited to talk to you about learn it today I have a feeling this one will be a little bit shorter than our other ones. But it's still going to be packed full with a ton of amazing content. So the third phase is learn it, like I just mentioned, and the first two that we touched were a little bit less resources for you how to accomplish this phase, it's more of within yourself, but learning there's way more out there in the world to aid in this step. So one, why is learning a part of this anyway? Because it feels like naturally when you plan or do something just organically you're learning through the process. So why is it important to learn a little bit before you go into anything?
Sean Thomson 02:34
Well, so the the phases all build on each other. Right? So we talked about dreaming and believing and then learning. And learning is the thing you want to do you want to you want your goal should be to to make this as short as possible, right, you want to learn exactly what you need to learn. So that you can create a plan so you can get your action as quickly as possible. The the phase of learning is I mean, you have to understand what you're doing right and and then we talked about belief in the last episode. And one of the things that helped you overcome the fears to where you can believe is understanding what you're trying to accomplish, right. So learning what you need to learn, so that you're comfortable, and you can believe in yourself enough to go accomplish these things that's critical. So you need to learn just enough that you feel confident that you have an understanding of what you're trying to do, and can be successful moving forward. Right. The other thing about learning is it can happen in little bursts. But it's going to happen all the time. I continually learn every day, if you're not learning everything, there's a problem. You need to be learning stuff all the time. I mean, it should just be constant. Every Everybody I talked to I learned something every podcast, I look at every article, I read a blog I read, I'm learning all the time. So you're you should be constantly consuming information. And for me, I'm trying to constantly consume information that is relevant and pertains to my dream and what I'm trying to accomplish and the steps I'm taking to do that, right. So learning while it is you want it to be as short as possible, it's also going to be something that never ends. It that sounds crazy to say that but you want to learn just enough to build your confidence level up that you believe that you can accomplish it and then go start making your plan and taking the actions. But never but never stop learning. That should always be something that you want to do.
Abigail Thomson 04:35
So I want to actually go back just a little bit use that you want to learn just enough to where you can be successful. That's a really critical piece is you want to just have enough information that you can actually go and do it and still accomplish what you were trying to do because you can learn some and then you just go and do it and it's like well, that didn't work out very well. But there's a piece So where are you just need to learn a little bit more to where you can be successful. But how do you know where that point really is?
Sean Thomson 05:07
I think it's when you believe, right? So when you believe you're ready, then you go. Right. So I don't know that there's a definitive answer to that. It's not like there's five lessons or six lessons that you go through it and you can you you've understood every subject matter on the planet, right. So that just doesn't, that just doesn't work. So if you look at, there's a book called Lean startup or lean something, Get Lean Startup, I think this is the methodology in there. And that book is where you, you just go, and you'll learn along the way, right? So you want to learn enough to get to a planning phase. And as you're going through your planning phase, you're gonna, you're gonna, you're gonna hash out some details, but you want to learn enough to get to that phase. And then you're going to learn, like I said, it's never going to end you're going to learn all the time, and you want to be able to change your plan based on the knowledge that you're accumulating to along the way, right. So learning is learning is really the phase of building enough confidence to get started. That's really the fundamental that you want to have, right? So I need to learn just enough that I'm confident that when I take the next step, I'm going to be heading in the right direction. And I'm going to be doing best practices that are going to accomplish my win for me and my business. Right. So that's really the the I think the measuring stick that you would use there is when do I feel ready to go? I think the problem with learning phase is that a lot of people get into the learning phase, and they never progress out. Right? Right. They start going to conferences, and they start, you know, going reading, reading books and going to podcasts, and they never get to the planet or do it phase, right. And learning can feel like production. You can feel like you're producing or making progress in a business or a dream. In the learning phase, when you're really not you you are just continuing to learn you haven't you haven't gone to the action steps yet. So the pitfall of learning because it's feels like action, you can get stuck in that. And you can you can you can not get to the action phases, right? The actual action phases. So learning isn't action phases in itself. But at some point, you have to take the next steps and start doing the business not just learning about the business, right?
Abigail Thomson 07:27
Yeah. What are some strategies in order for you to not get into there's a common phrase of analysis paralysis, where you're just stuck in the constant learning phase, what are some strategies to where you can kind of remove yourself from that and just start actually implementing the things that you've learned?
Sean Thomson 07:46
Well, I think it's all based on the belief that you can accomplish it, right. So at some point, if you haven't dealt with, if you don't have a clear dream, I mean, like I said, these build on each other, right, if you don't have a clear dream and a direction you want to go or goal that you want to hit, and you haven't dealt with the belief that you need to go and accomplish those things. If you haven't overcome the fears, or worked on your fears, and gotten to where you believe that you can accomplish this, you're going to struggle in learning it because you have to get to where you are ready to go. And if you haven't hit the first two phases, the learning phase, you may you may get stuck in the learning phase, you may just be afraid to move out of the learning phase. So if you haven't done those first two, the learning phase could just be indefinite. The other thing is I think people they see the learning phase is just, it's it's enough action that they feel like they're producing. So you want to you want to be cognizant of those two things, right? So it's hard to really kind of define, you know, what you're asking me, I guess, but you want to make sure that you learn enough to where your confidence is there. But if you'll never get that confidence, if you haven't dealt with your fears in in the believe it phase, right. So it's kind of a catch 22, you need to make sure that you really do believe you can accomplish this. And if you have that you'll know, in the learning phase when you're ready to go right? You'll feel it. And you'll just you know, for me anyway, this is how I this so I kind of do it, this probably very unscientific, but I just kind of know, okay, that's good enough, let's go let's I think we can figure out this on our on our way. The other thing is, if you have that belief, you'll be okay with charging into a situation that you may not fully comprehend every 100% every detail that's going to be necessary for you to be successful. Right. Some people are so analytic that they have to be 100% Confident in in 100% of the issues at 100% of the time, and it's just like that, that just isn't possible. Right? Yeah. So you've got to get to where you're okay with moving forward and doing that and I you know, a lot of people struggle I think at this point to this is the first the first hurdle you have is believing in yourself enough to go do these things. second hurdle is being confident in the knowledge that you have to go and do these things. Yeah,
Abigail Thomson 10:00
and that can, that can be really hard. I know sometimes I find myself in those moments where it's just like I don't, I don't know anything. So I don't want to go do it. And even the small amount of knowledge I have, I'm like, I just I don't feel confident. So I haven't hit that point yet. But that's kind of where the success formula plays a really big role of like, you still have to believe in yourself first, and then go and learn it. And so since those work a little bit more in tandem, it works out in the end, what are some resources that you've used to build our multifamily business that have really helped you enough to get to a point where you felt comfortable and competent into going in making a plan?
Sean Thomson 10:45
Well, I think the best thing people can do for themselves, if they're trying to do something like we did, is to go find someone that's done it, or that has accomplished some of those things, right. And there's a ton of resources for that there's there's just a multitude of guys that are out there that have education components to their business for multifamily, you know, multifamily investing is one of those things, you can't really do it unless you've done it before. So there's kind of this apprenticeship structure in multifamily. But all real estate investing is that way too. So there's conferences, you can go to their masterminds, you can join their coaching and training programs that you can, that you can become part of, the best thing you can do for our business is buy as many books as you can get your hands on that are good books for what you're wanting to accomplish. And then go find a group or a person that can coach and mentor and and guide you through this process. Right, the fastest path to success is to just copy whatever someone else has done to be successful at what you want to accomplish. You know, I think that's probably the case for almost every field of endeavor. But I know for us in real estate, there's there's a lot of those conferences you can go to and learn more about what you do and, and how to do it. And then those those programs have coaching and mentoring. And that's, that's really the fastest way to do it. If you're trying to do it on your own. You can but you know, it's tough. It's tough to do just this lone wolf out there on your own. But but there's, you know, the internet now. I mean, you can learn, you can learn anything on YouTube. And there's sites like bigger pockets and things for real estate and the information information is not our problem anymore. You can you can consume as much information as man, it's, it's, it's crazy. I, I read an article a couple years ago, that one Sunday in New York Times is equivalent to the entire information that someone from the 1890s would get in their entire lifetime. Right. So Wow, that's crazy. Yeah, so the amount of information that's contained in one New York Times up to this, that's the amount of learning and information that someone went in the 1890s would take in for for their entire life. So so the information today is just it's it's overloading, right? The hard part now is to find the information that is relevant to what you want to accomplish that is coming from a source that is I don't know what you call it a real I guess, you know, it's a it's legit, you know, someone that you agree with how they're going to do things, they're you know, they're synchronized in your, in your core beliefs and things like that. So you want to start start, start finding those kind of resources. That's more important. I think the information is everywhere, but finding good information from good sources that are willing to help you along the way. That's, that's the hard. That's, that's the hard part. Once you find that, I would join it up and join up and learn more from them.
Abigail Thomson 13:33
Yeah, what are some of the books that you would attribute some of your learning to?
Sean Thomson 13:39
Well, in multifamily, you know, Joe Fairless, his book, The Best Ever book is probably the most comprehensive initial startup book for someone trying to get into multifamily, but there's, there's just tons of them. And, you know, we read you read a ton I, I read a 10th of what you read, but I you know, I've read I've read quite a bit, but I think those you know, that that's probably one of the best ones to get started with if you're looking at multifamily. But if you're trying to just accomplish things, I don't know, I'd have to look at my bookshelf and you know, find those different things, but then you're always refining Right? So there's, you know, now I'm looking at daily practices and daily habits that that propelled me towards success, you know, so you get the as you as you kind of move up in your business and your life you start to get more granular on what you're trying to accomplish and the daily things you're trying to do so it changes right so the books I read now are different than what I read, you know, years and years ago but the book lists for people so that we should come up with a book list Yeah, I don't I don't know off the top of my head anything that other than like the best ever book that's that's the easy one. But there's I'm sure there's a ton of books we could we could give people as resources.
Abigail Thomson 14:41
Okay, awesome. All that was a great learn it phase. We want to make sure that we're aware of not getting too stuck in constantly wanting to acquire more knowledge and as well as we're going to, I'm now going to go and create that book list for us to share with everybody so you can have some resources is to begin your learning phase and next week we're going to be talking about planet. This is mine and my personal favorite phases. I love the organization and the planning of dreams and businesses specifically. So I'm excited about our next episode, but we're so excited that you joined us with our third phase of the success formula. Learn it. So see you guys next week. Thanks for joining us for another episode of Next Level American Dream. If you would like to learn more about what we talked about today. Want to contact a team directly or interested in passively investing and being a part of our deal room? Head over to our website at www.thomsonmultifamilygroup.com Before you go please leave a review your comments help us create more episodes for you to enjoy.