Don't limit yourself to the depths of your pockets.
Don't limit yourself to the depths of your pockets.
This is a topic that I am really passionate about, because I believe that it is a huge mis-conception that so many people have and I think that it is really important to let go of this as you continue to develop your property business.
So, what does this phrase ‘limiting yourself to the depths of your pocket’ really mean?
You may be limiting yourself from progressing forward with your goals because of the money factor. For example, you may really want to get into property but feel you can’t because you think that you have to have lots of money. You may want to be an active property developer but are not moving forward because you don’t have lots of money.
For those of you who have followed me for some time will know that this is something that I talk about an awful lot because I strongly believe that this is the factor that holds the majority of people back and if you can let go of this…you will move forward.
What really is money?
When you get down to it, money is just an exchange in value. However, value isn’t just money. There are lots of other things that can also bring value to yourself which will help you develop and progress forward. If you see money as the only and ultimate value, I strongly feel that you will limit yourself and you won’t get to where you ultimately can be.
I am currently the director of a property business called Dapatchi Group which has been going for a few years and it may surprise you that up until recently I have never actually invested my own cash into what we have been doing. I have been working with other people’s money.
So, you don’t have to limit yourself to the depths of your own pockets, because you can work with other people’s money. There are people out there in the world who would love the opportunity to work with somebody just like yourself. The important and key thing to acknowledge here is that it’s the way that you approach them and the way you demonstrate how you can add value to these people. This is what really matters.
I always talk about adding value, because this is what I do, and my company does. However, by adding value to others, it enables us to work with their finance.
There are many values that you need to be aware of. The main values that are going to impact and influence your property progression are going to be …
You may not have developed a large network of people yet, however this is something that you should most definitely be building. I have created a Facebook property group where a diverse amount of property enthused people have come together to connect and share within the same space. If you are interested in joining this particular networking group, then search for (Dan Pattricks property network) on Facebook. Begin connecting with people. If you start connecting with people you will open yourself up too many more opportunities.
For example, I may be someone with a lot of money but very little time to do anything with it and somebody in my network might actually have the time available therefore we could potentially work together.
Time is something that typically the wealthier people in the world tend to run short of because they are focused on what it is that they are doing, and they are employing their time to generate their wealth. Therefore, if that person happens to have wealth but no time, then you can provide a resource to them to something that is equally as powerful as money.
Information is value because it can take you from where you are currently today to where you want to be so long as it is combined with the right action. People often pay others to get some information, for example you may have paid for education.
All of these different values are constantly working together and if you really understand that time, money, network, and information all have equal value then you can stop limiting yourself to the depths of your pockets. Understanding what value, you have and can offer is absolutely vital to your success in the property space.
Something to also mention is the term leverage. This is a term that you need to become really comfortable with in the property space. If you do have lots of wealth then brilliant, this means that you have one of the four key values which will enable you to leverage. I believe there is no such thing as a self-made man.
For example, the property deals that I am involved in, do I have the full spectrum of knowledge to take the property from A to B? I have a lot of knowledge, but it would be wrong of me to say that I can do all of that because I have people around me who can help to bridge gaps of information. So, they are providing me a service. Generally speaking, the way that this works is that I provide money which in this circumstance is my value exchange.
Now it might be that you can’t provide money at this moment, but what you can certainly look to do is provide something else. You may have a strong amount of knowledge about one area within the property sector and therefore you can then use this as leverage to create more money. And unless you accept that you will never get to where you want to be.
For example, Say I have around 15 property deals within my company and they have a rough combined value within the tens of millions. Now although, I have done well, do I have this kind of money in my accounts to just go and do this. The answer is no. therefore I am not limited to the depths of my pockets. I use my information, my network, and my time to produce wealth for others. I work with investors and banks and the reason I can do what I do I because I leverage my values.
This is something that we are taught the opposite throughout our lives, however by not limiting yourself to the depths of your pockets and leveraging your values, you open yourself to more opportunities. There is no such thing as a lack of resource. Instead of telling yourself that you don’t have enough time or money. Start asking yourself how you get more time or money. By doing this you will enable yourself to go much further much faster.