We enter the investing space primarily for the cash flow, but we continue on the path because of the community. More than ever, the power of having a community behind you has become very important in this time of the COVID-19 pandemic. With all of us shut in our homes, creative ways to maintain that connectivity is highly encouraged. In this episode, Paul David Thompson talks about how he is keeping in touch with other investors. As a big believer in masterminds and communities, he shows us the value of how much our network influences us. That is why it helps to make sure that the people that surround you are those who are also trying to become better in who they are and what they do.
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Start For The Cash Flow, Stay For The Community: The Value Of Your Network In This Pandemic
In this show, I talk about the mindset and mechanics of investing so that you can become the master of your own time and lead a life of your own design. In this episode, I’m less about mechanics and more about mindset. Before I get to that, I want to make sure that you are aware that I’ve been hosting live Q&A sessions that I stream on Facebook and then I record and post on my YouTube channel. If you’re looking for more actionable content with specifics on how I run my business and how you could run yours or grow your portfolio, then you can find that content on my YouTube channel. Simply search for the name, Paul David Thompson Real Estate, and I will be the first channel that shows up. You can watch the live Q&A, which can be 60 to 90 minutes long. It’s lengthy. If you’d prefer, you can also watch more distilled versions of the same content that I have specific YouTube videos on that are between 8 and 15 minutes about topics like owner financing, subject to the existing mortgage, how to run the numbers, how to use land trusts and more to come. I’m continually putting content out there. If you like watching YouTube videos, please go and find me and subscribe. To the heart of the topic is I’m talking about what that little voice in your head is doing to you. If you’re like me, you might be a little bit anxious, uncertain. I feel overwhelmed sometimes or you’re bored. You’re dying to get out of this quarantine situation and travel some or do something different than binge Netflix. I’m not sure about you but I have watched everything on Netflix that suits my interests and then a few other things that I would normally never watch simply because I have all this time. I’ve jumped off of these platforms because I have not found them to be useful. I’m worn out. I got to do something else. I got to do something different. Netflix, Hulu and even entertaining videos on YouTube, I am trying to stay away from. Instead, I’m working on projects that allow me to produce content and put something out into the world of value. I’m not only podcasting but I’m also YouTubing. I’m hosting live Q&As in an attempt to connect with people. This is my purpose. I’m surrounding myself virtually with people who are making a difference in their lives and will likely make a difference in my life. I have tuned out most of the news except for once a week I check-in to see if there’s something that’s developed that directly influences my behavior during this time. Otherwise, I am producing interesting content because that’s my intention is to produce interesting, valuable content for others. The information and the people you’re around has such a huge influence on that little voice running around in your head. It can fuel your anxiety or you’re worried, depression lethargy or your optimism or your attitude of becoming better. I am by no means immune to this, so I’m working very hard to settle down the monkey mind, as Tim Ferriss puts it. The three things that I’m doing is I’m first avoiding the news and spending more time reading and meditating. Your network influences you so much, whether you like it or no Click To Tweet I’m spending quiet time without the influence of social media and the 24/7 constant news cycle that is designed to make you click and read. It ends up making you worry and the worry makes you want to click some more. Secondly, I’m consistently exercising. Even if it’s taking a walk or playing with my kids in the backyard, I’m trying to do something to get my juices flowing. We’ve taken to playing ball tag in our backyard. My wife and two kids and I go into the backyard and one of us is “it.” The it person has a volleyball that we hurl, yeet, throw, zip, bounce or whatever to get to the other person and hit them. If you’re hit, then you’re it. If the person catches the ball instead of it hitting them, then they’re not it. It’s a combination of dodgeball and tag to play a game that we call Ball Tag. Without fail, my wife and I ended up heaving from absolute exhaustion because the kids love chasing mom and dad. What they do is they chase us around our jungle gym or place it in the backyard. We end up running around in circles, trying not to get hit while the other person, normally our kids, is chasing us down or sometimes they try and thread the needle and throw the ball through the gaps in the playset so we’re having to dodge and weave while we’re running in circles. I’m getting tired and out of breath thinking about how exhausting that is but that’s good for my body. Afterward, I feel relaxed. I’m hot and tired and everything, but I’m like, “That was good for my body.” Lastly, I’m spending my time “online” with other people like me. I’m very careful about how I’m spending time online. I’m a member of a local investing club and we have meetups. What I’m doing is I’m hosting a virtual meetup that is normally set out in a local coffee shop, but now I’m opening up and making available to everyone online. To get announcements about that, you can go to the website, Meetup.com and look for the group called Self-Directed Investors. You can pay attention to your Facebook feeds, look for announcements there. If you’re already on my email list, then you will get an announcement on my email list saying, “There’s a virtual meetup coming up. Here’s the link to join. There’s no fee for it.” There’s no agenda even. We’re going to go there and talk shop. There is no formal presentation, just a meetup and a chance to get together and be around people who are also interested in becoming a better investor or a small business owner. I’m hosting live Q&As where I’m meeting new people and sharing content. This one has specific planned content that I present and then I open it up to the live Q&As.
In addition to all that, I host my real estate-specific mastermind for investors who are looking to take their lives to the next level with their real estate business and I enjoy that because I get to know a few people well and see how I can best serve them. Since I’m such a big believer in masterminds and communities, I’m also a member of two paid masterminds for which I’m a member that helps people grow online businesses and become better business owners. I’m always trying to work on myself. One of the ways I find that I’m a better person and I contain that monkey mind is to be around other people who are also trying to become better people. Your network influences you so much whether you like it or not. It is incredibly important to make sure that your network is a good one so it influences you in a good way. Over and over, we’ve seen that people around you affect you. They can make you happier, healthier and more successful or the complete opposite. Most of this influence is passive and gradual. It doesn’t happen all at once and you won’t even notice it. If you look back historically like, “I am a better person, I’m a worse person because of whom I’m around.” Your mom told you not to hang out with the bad kids and she was right. The data confirms it. A researcher at Yale studying this very notion and found that data shows a network amplifies anything that is in it, whether it is good or bad. Surround yourself with people you want to be like. The first step in networking is maintaining the relationships that you already have. How do you go about doing that? Research also has shown that gratitude is the quality that makes people want to spend the most time with you. When you are a person who is gracious, people enjoy being around you and they want to spend more time with you. Gratitude creates the largest feeling of happiness and is the cornerstone of long-lasting relationships. It is that simple. It’s taking time to say things, “I appreciate your friendship, I missed hanging out with you. I enjoy your company.” My wife has an incredible small group of close local friends. They’ve been doing incredible things for us. They offer to run to the grocery store with us to pick up something since they’re already out, “What are you short on? What can we get for you?” They text each other. They bring us meals that they prepared at home and they’ve done this on several occasions and they dropped it off at our doorsteps. We feel so loved and appreciated by those acts of service that naturally, we’re drawn to those types of people. Those are the type of friends that you want to be and surround yourself with. Taking time to reach out to a friend and say, “I saw that post on Facebook or Instagram. That’s so funny. You’re so funny.” I don’t mean to like or comment. I mean a DM, a separate text, email, call, FaceTime message or whatever it takes to connect to those few people that you want to grow the relationship with. Gratitude creates the largest feeling of happiness and is the cornerstone of long-lasting relationships. Click To Tweet Simple things like, “That is so funny. You keep me in stitches.” You know those people that make you feel better after hanging out with them. Those are the kinds of people that you want to be, so be that person. The effect of making someone else happy is monumental on your personal mindset and it keeps that anxious, nagging voice at bay. I was listening in on the community that I’m a member of and was shared this advice from one of the members from his mom that has passed away. One of the things that he remembered her saying is, “Find one thing a week and change it.” What could I be working on? What I’m working on changing is putting myself out into the universe and surrounding myself with the people that I admire and enjoy. I’m actively creating a community of people that I want to serve, the kind of people that I want to be around and the people who are a pleasure to help. Wouldn’t it be nice to live in a world like that? It turns out, we can. We have access to the entire world without that much effort if you put yourself out there. We’re starting to relax social distancing and I’m hopeful we can keep the spread, check and focus again on our lives. I’m bullish on the future. I’m cautiously optimistic that we can find a balance between having a viable economy while people get to work and while we also contain things and keep the infections at bay. What I noticed is we all found out what’s important to us during this time. I believe it’s relationships with other people. This is a great reminder of how important the community is. A network amplifies anything in it. When I first got started in real estate investing, my goal and purpose was to serve me. It was to create financial independence and escape my day job. Now, that I’ve done that, I still want to continue and grow the business but I also want to amplify the people I’ve met and formed relationships with. I have more friends from business and entrepreneurship than I have from my hometown, school, college and the people I used to work with and from where I happen to live. I have more friends from real estate business than I do from all those other things combined. I say 80% of my friends are from this community of people who are so generous and of like mind. We share common goals and interests. If you want to also share those common goals and interests with me and the community, check out the virtual meetups and join us on the live Q&As that I’m hosting. Text the word, Investor, to the number 33777 or you can email me. I’ve started a close-knit community of investors and small business owners who are learning to adapt, change and grow together. You can learn more about that and what I’m offering on my website, PaulDavidThompson.com. It starts with the community, only connects. That is the message I would give you. Thanks for sharing this time with me as you lead a life completely of your own design and connect to those closest to you.