Breakaway Wealth: Episode 23 – One way to avoid the high risk of Wall Street is to invest your money and time in your own business. How can you get your business started if you’re inexperienced in running one? What are the benefits of investing in real estate as a business, and how do the risks compare to other ventures?
Join me as I discuss these questions with Greg Dickerson, an expert on real estate and entrepreneurship.
“Hire an expert and get them to teach you how to run your business.” -Greg Dickerson
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Three Things We Learned from this Episode
- Treat your assets like a business
Make sure you know your numbers and troubleshoot issues when necessary. Treat your business as a doctor would a patient: you must have an intricate knowledge of the anatomy before you can solve problems correctly.
- Hire an expert
If your business venture is secondary to your career in another domain, hire someone to run it for you or partner with an expert. You may not have the knowledge you need to run a successful business yet, but someone else will have that expertise and be able to help you.
- Invest in ‘safe’ assets
People will always need somewhere to live and places to buy food. If you own real estate, the great news is you can convert any of the assets you’ve acquired to accommodate these things. Real estate is a resilient investment because even in a crisis situation where currency is no longer used, its tangibility can always be used to barter.
By investing in tangible assets, you’re ensuring you always have them, whether for your own use or to sell. Leverage what you can to the experts and never stop seeing your assets as businesses.