“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.”
Five: Take Risks, Not Gambles. We have a saying in the Army when it comes to combat. “It is always ok to take risks in combat but NEVER gamble with your soldier's lives.” What is the difference you ask between a risk and a gamble? Simply this. A risk is a: calculated yet dangerous action. You weigh the pros and cons. Understand the possible outcomes of your situation and know what and why you are taking the risk. Then act and act boldly. Sure, you could still fail but you won’t fail due to a lack of knowledge or understanding of your situation. A gamble, by definition, is when you take a risky action in the hope of a desired outcome. Hope is not a strategy. When you gamble you aren’t sure of all the perils you face. You don’t fully understand the situation or potential pitfalls. Yet, you acted and acted aggressively anyways. That is also called acting foolishly and we all know what they say about a fool and their money. Take risks when it comes to RE investing but never gamble. (Please note - I am not saying to not take chances or not be bold. I am a firm believer that life favors the bold. However, it also punishes the ignorant/stupid.) Now get out there, take some action, and change your lot in life. Join me at the September MAREI meeting to talk rehabbing and flipping houses.
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