Ep #419 – Tim Shiner – 25 Habits of a Future Millionaire
Here is some of what you will learn:
- Outwork Everybody
- Work ethic and passion – hallmarks of superstars
- Leverage your assets
- How to get great advice
- Mentors come before money
- The value of salesmanship
- The value of owning a business
- The importance of being nice
- The mindset of a giver
- Time is the ultimate value
- The value of a Thank-You note
- The transfer of emotion
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Full Transcript Below:
Ep #419 – Tim Shiner – 25 Habits of a Future Millionaire
Rod: Welcome to another edition of How to Build Lifetime Cashflow through Real Estate Investing. I’m Rod Khleif and I am absolutely thrilled that you’re here. And I’m super thrilled to interview my friend Tim Shiner. Now, let me tell you about Tim. Tim has been on the show before and I did a nice clip. He’s done multifamily but he really bared his soul they were there were some mistakes made in that previous journey and he was kind enough to share them. But the reason I wanted him to have him back on the show, first of all he’s got one of the biggest hearts I’ve ever seen. He has unilaterally donated thousands of dollars to my charity and since we talked last, he’s written an incredible book called the 50 things they didn’t teach you in school about entrepreneurship. He’s a super successful entrepreneur. He’s also got this poster that you can get called that kind of deal you know brings that down to the twenty five habits you make as a future millionaire and there’s some awesome awesome stuff on here and I’m super excited to get into this. Tim welcome back to the show brother
Tim: Thanks man thanks for having me
Rod: We’re gonna have fun today.
Tim: We are.
Rod: So take a minute and refresh people’s memories as to who you are, why you’re already successful, just take a you know just a quick quick bio on yourself and then let’s dig into some strategies that you guys definitely want to listen to
Tim: Thanks for asking so you know your podcast is straight down the middle Multifamily if I say single family home you’ll be fit out like it’s a bad cuss word. So when you and I first did our podcast, I made a lot of mistakes and so, in multifamily, and so I thought people can learn from success and they can learn from failure and I’m a very transparent person. If I stepped in it, I want to warn you so you don’t step in it so we talked about multifamily in a low population, it limits your renters and limits how you’re gonna exit and since then you nod too, have stayed friends but you’re the multifamily guy and I’m the SF guy, single family guy, and so really we’re cats and dogs but because you and I both are charitable we’ve maintained a relationship and you thought that they might be good to do a show with us just talking about how to encourage people to make that first million bucks because you know once your multimillionaire, you kind of forget what got you there. When I turned fifty, four years ago, I wrote a book “Fifty Things They Didn’t Teach You in School”. I grew up kind of middle-class good school district but you know tough skinny jeans not Levi’s. I had to work for everything. If I wanted to buy something, my parents would pay half and I had to pay the other half. I’ve had paper route so I lied about my age to be a busboy when I was 14. That whole nine yards so I wanted to give back like you always do and I wrote “Fifty Things They Didn’t Teach You in School” and then I condensed it down into a free poster, 25 Habits of a Future Millionaire, to help young people get there.
Rod: Well let’s, I love it, and I love your heart and I love the similarities between our story because I’d be asked my way to work as a busboy in Denny’s and at Burger King way back a lifetime ago and so you know that’s awesome. So let’s talk about some of these habits and just get into you know because guys, your success comes from your habits. The things that you do every day, day in and day out. That’s why I love the title of this “25 Habits of a Future Millionaire” because your habits, they either traject your life up or down. And you know we’ve got good habits, we’ve got bad habits around eating, around relationship, around business. But you know let’s talk about business and that’s what this is geared towards and it’s an awesome poster. I printed it. So let’s talk about some of these things you know the first one, oh yeah there’s, oh that’s beautiful okay. So that’s the one they can download.
Tim: Yeah I laminated it like a Denny’s menu
Rod: I love it man.
Tim: For me to be more comfortable
Rod: Yeah I love it and by the way guys, you can go to Timshiner.com to get this but let’s talk about it so the first one on here is outwork everybody. So you want to expand on that a little bit?
Tim: Here’s the deal, it had to be number one because if people think you’re gonna get there by luck or something else that’s not it. You got to outwork everyone. When you’re young and had no skills at Denny’s and Burger King, the only thing that mattered was your work ethic. Now when you become more successful and you become an investor or a Salesman or whatever that is, you have different skills but when you got nothing, you’re starting from nothing, hustle because you never know who’s looking at you. You never know what guys looking for a new guy to hire and if you’re the guy flying around the restaurant and making everyone look like they’re standing still, you might get recognized. I’ve been recognized, I got my first job in the security industry because I was the hardest-working bartender you know
Rod: Love it. I’m always on the lookout for people myself. I look at you know as you know you know smart entrepreneurs that are building their team, they look for work ethic and passion. The technical stuff, we can train. Ce can’t train the work ethic and the passion you know it’s funny I just saw an awesome video about out working everyone and it had a clip from Will Smith, a clip from Arnold Schwarzenegger, a true a clip from Kobe even and you know and it was, it really hit home for me and I really enjoyed watching it because you know I’ll tell you, I’ll give you a great example for this. I’ve got a kid that was in my master mind. I let him in my master mind which is now approaching 7 billion in assets because of his incredible work ethic. He really didn’t have a you know what in. And he met his now partner who’s got 4,000 doors, they have now partnered because his partner saw that work ethic. So I love that example. That’s a beautiful example and I’ve got, like I said this real world example with David Toopan and Glenn Gonzalez are the two people I’m talking about. That that’s exactly how they came together. All right the second one is leverage. Let’s talk about leverage brother. What do you mean by leverage?
Tim: Alright, so I when I was younger, I was Mr. 15-year mortgage. I used to buy used Honda Accord. I was always good with my money and never had credit card debt and then I had a friend of mine teach me leverage. He borrowed against his alarm company to buy his first storage facility and then barred against that and now he’s got 15. He’s worth about 60 million bucks and he used to run a bread truck route and what I think people don’t realize is, without leverage, it’s gonna take a long long time to get wealthy. I think the two things to help you get wealthy in the fastest and you might want to add or agree or disagree, is leverage and appreciation. You better have appreciation and leveraging your deals or it’s gonna take a long time. So these people to go, man I can’t see putting you know 200 grand down on a multi-family unit but if you put 200 grand and that’s 20%, the bank owns 80%, I mean you control that asset with that leverage of 20% but you have a hundred percent upside. And leverage is the fastest way I know to get wealthy but you’d better be smart with leverage because it can come back at you like a boomerang you know really hard. So you gotta be smart with your leverage
Rod: No question no question. No that’s good one. You’ve also got here, great advice only. What do you mean by that?
Tim: So I’ve got a little saying watch out for the vice and advice. A lot of people will give you a lot of advice. But think about this if you’re just at a cocktail party and somebody’s talking about real estate, they might have only done four transactions and they might have been in four different decades and there might have been of four different cities. So whatever they have to say, might not be very relevant. I mean if if someone’s looking to do multifamily or they better off talking to you or me. They’re better off talking to you. So if my son rode a bike four times.I’m not gonna let him tell me what a great bike rider. He’s not Lance Armstrong. So when you go for advice, go to people that really know if you think about it, 98% of people will never be a millionaire. Sadly, ninety-eight people out of a room of a hundred, probably can’t help you get where you want to go.
Rod: But they may think they’re adding value to you and it’s so important to pay attention to that. That’s a really important one and they’re all important but that one really hits home because you know you’ll have people in your circle that through their fear or through their limiting beliefs, will try to diminish your goals and or to tell you what their opinions of things are and you know it’s like the adage if you if you want to really lose weight are you going to hire a trainer that’s grossly overweight or someone that’s lost a lot of weight knows the path and the map and the blueprint. So you want people that know what it is they’re talking about. So I love it. So stand at the door to your mind yeah
Tim: Can I have one more thing? So think about guy like you. You value time more than anything.
Tim: Wealthy people value time more than anything. So what I do, when I want to visit with someone, I’ve got, I’ve had a decent amount of success. But when I’d want to visit with someone, I like, there’s a guy from Asset Panda. He’s probably worth five hundred million dollars and his name is Rex. He’s an entrepreneur in a group that we’re in. So I want a little bit of his time and so I said to Rex, “So Rex I want to take you for a cup of coffee. I’m gonna write you a $2,000 check to your favorite charity.” So, when our listeners are saying, well how do I get this really successful guy like you to take my time or have a cup of coffee? Well what I always do is I offer to write a check to their charity because no matter how much money you have, you’ll always make time for someone that wants to be charitable to your charity. And most successful people have about five or ten endeavors. They’re always working on that they’re always trying to raise money for. So that’s how I get to successful people
Rod: I love that. It’s an incredible strategy and frankly it worked with me brother. You have been so generous with mine and that’s you know you’ve been on my show twice and I have you know I probably I can’t tell you how many requests I get to be on this show. I mean we’re about 8 million downloads
Rod: So you know, love it and then you’ve got positive attitude which of course is the only thing you can control and success, it’s impossible to have success without it. So that one’s kind of a no-brainer
Tim: Can I give you a couple of things on that though?
Rod: Yeah please
Tim: So in 1991, Texas where I lived, Dallas, Texas, they started the lottery. So every day since 1991, I’ve had a pocket of lottery tickets. I’m a little low today. I’ve been handing them out. I got a pocket of lottery tickets every single day and I encourage everyone from the McDonald’s worker that’s wiping the side of the glass before they hand it to you or the guy, any one change in a garbage can gets lottery ticket. I said, man thanks for making the place clean. So I control my day every day because I’m constantly doing something to tell people. Another thing I carry around with me is this a Morgan dollar. Its Silver Dollar silver is about 17 bucks an ounce I carry that around with me if in case someone’s having a hard time because I want to listen to what their hard time is but then I’m gonna go this thing scene, were to the Holocaust a stock market crash on and on and on, tell me more about your problem because you’re helping them. And then the final thing I do is as soon as I have a negative thought, I instantly look for someone I can help or I’ll hold the door a little bit longer or I’ll pick up some garbage going into a building. If you had cancer in your body and you could extract it immediately wouldn’t you do that versus waiting a long time? So I have built-in triggers every single day, Morgan dollar lottery ticket. And if I have a negative thought, I help someone immediately, hold the door extra long, or pick up garbage and that fixes it.
Rod: I love that and guys, that is so freaking huge. Let me tell you why that’s huge, because anytime you have a negative thought or you’re depressed or feeling bad about yourself, you’re focused inwardly. And when you turn that around and you focus your love and your energy towards helping someone else, it’s impossible to feel crappy yourself. I love that one brother. I totally love that one. All right so the next one on your list is Mentors. This one I feel very strongly about. I’ve had mentors my entire life. Why don’t you speak to that for a minute?
Tim: So I’ve got a saying that, mentors come before money just like it does in the dictionary. Mentors come before money just like in the dictionary and the reason being is some guy will graduate college and they’ll take the wrong job because it’s paying eight grand more and that wrong job doesn’t have the right guy there. So I always say take a look at your potential boss and see how he’s living and take a look at his boss and see how he’s living because that’s probably five years and ten years down your road. If I was a young guy and I had a chance to meet you, I’d wash your car, I’d mow your lawn. I would do whatever it took to be, I drive your car for you. I’d do anything because what mentors do is, if fast tracks you. It gets you going
Rod: It shows you the window man.
Tim: It really does
Rod: Get you from point A to point B that much faster
Tim: But the other thing it does, it can help you eliminate mistakes right. I mean wait when you’re in a crucial thing, I am thinking about buying this 10 million dollar building and you call in Atlanta and you call someone you trust in a mentor in Atlanta go hey what you see in? Oh you know what they’re redoing this and the roads gonna be closed for five years you know it’s gonna be Beirut there for five years. And they like, oh wow thanks. So mentors are so very important and if you bring value to them, if you’re sincere to them, they’ll help you.
Rod: Yeah no and I’ve had them my whole life. And it’s just so critical for your success love that one. So here’s one that I feel very strongly about and it’s you know it’s one of the things I work with my students on and that is learn how to sell.
Tim: It’s huge. Here’s what I love. I love when people say hey man I tried being a sales guy, it didn’t work out. Well I tell you, the first time I played golf and even the most recent time it didn’t work out too well but you’re not supposed to be good at things right away. So why would you expect to be good at sales? But the challenge with sales versus something else nothing gives you as much negative rejection is not selling something. So the reason why people never go through the journey of becoming a successful salesperson, in my opinion, is they can’t handle the rejection. They don’t realize this part of the process. But the thing about sales is if you think about times are good, everyone’s got a job that wants a job. So a sales guy is valuable. But when I got, sales guy’s the most valuable is in ’08 or ‘09 in the recession. And when I was a young guy, I figured if I invested in myself, Tim Shiner Inc., if I got every Zig Ziglar’s tape, every Tom Hopkin’s tape. If I invested in me to learn how to sell, I would have this ability the rest of my life to create money. And I feel bad for people that aren’t salespeople because it probably feel like their life is predetermined. As a sales guy, I’m optimistic and I know I can make money
Rod: You can do anything, you truly can do anything. You were absolutely right. In fact, it’s so funny you know I’ve got, my son, he wants to start his own construction company. He loves to work with his hands and I’ve got him watching Grant Cardone’s sales tapes, to get to learn sales because the bottom line is, that’s one of the most important skills you can learn. In the multifamily space, guys if you think you don’t need to know sales, you’re sadly mistaken. It’s one of the most important pieces. You’re selling yourself to sellers, to brokers, to property managers, to potential investors. You have to learn how to influence. I prefer the word influence to sell but the bottom line is, it’s the same thing. You have to be able to sell and influence people to take an interest in you and buy whatever product or service or whatever you’re doing. And it’s so critical love it. Okay you’ve got pick a fast-growing line of work. What do you mean by that?
Tim: Okay. So you’re a multi-family, what we could do with real estate and you’re sitting behind Sarasota, Florida ocean right there. So you could either buy multifamily in Sarasota or maybe Duluth, Minnesota and you’re gonna be good on either one. But where are people moving to? And where people moving away from? Where is population going to be stagnant or flat for the next hundred years? And where is it going to be growing? So the business analogy of that is get in a business, I wouldn’t want to be in the newspaper business nowadays. It might be a great business 20 years ago but back to a real estate analogy is like Gretzky, skate to where the puck is going get your get your real estate to where the people are moving people are always going to be moving to Florida because of the weather and the tax benefits. So I’d much rather their own multifamily in Texas where I’m at or Florida and the southern states and the states that have great tax advantages. So in real estate, go where the people are moving to. I mean people are moving to Texas and droves
Rod: Yeah we call it emerging markets and that’s really where you want to be is an emerging market. One where population, income, and jobs are growing and certainly anywhere South applies and you know that’s where most of our assets are. In fact, we’ve now got a second asset we’re about under contract with in your backyard there brother. We’ve got one already but yeah absolutely love it okay. So you’ve got own a business. Speak to that a little bit
Tim: You got owned a business. I think sometimes the challenge is people try to do it too soon. The other thing if you’re married and have kids you want to own a business because Tim and Rod said hey, own a business. That can be scary. So if you currently are employed, try to figure out business on the side whether it’s real estate or whatever it is. And then once you have enough revenue from that, then make the switch. I think you’re crazy. I mean I went cold turkey but I was already in the industry in the security industry for I don’t know about fourteen years when I did it. But the only way you’re gonna get wealthy I believe is owning a business.
Rod: I agree completely but what you just said, I you know I have students asked me should I quit my job and do this full-time? I always say no and here’s why, because if you have no source of income and you’re trying to do this cold turkey, you are gonna be in fear. And what does fear do? It paralyzes you. So you need to be doing this on the side but yes you know when you’re getting into the multifamily space, you’re taking off your employee hat, putting on your entrepreneur hat, and you’re becoming a business owner. And that’s a different mindset. It’s a different attitude. And there is no nine-to-five at that point. There’s nine to five and then you start your entrepreneur business. So I love it now you know about, go ahead
Tim: The old acronym JOB stands for Just Over Broke
Tim: You know and then I had a friend lately said, once you turned 40, better have a business coz once you get a little bit older, he called it the tallgrass theory. They’re gonna clip the tallgrass. So if you’re 50 years old and you’re making 200,000 a year and they could get two young bucks for a hundred, you’re the tallgrass is going to get clipped. So it’s important to own your own business
Rod: I tell the story. I show the picture of my dad in front of a DC-10, the first DC-10 that landed in Denver 50 years ago and he worked for Continental Airlines for 36 years. In fact, he used to have us not exaggerating, you could always tell their planes because they had the gold tail and he used to put make us put our hands over our hearts whenever one of those planes flew by.
Rod: After 36 years, he got laid off. That’s what I’m talking about
Tim: One more thing, my dad got slice and dice at 52 years old and I promised myself, I’d own a business someday to avoid that
Rod: Yeah all right. You’ve got be nice and I do want to hear what you have to say about that because that resonates with me
Tim: It’s free. People are attracted whether it’s the law of attraction or whatever, be nice. People want to do business with nice people you know you don’t have to beat the last dime out of something. I’m an extremely nice person. I have something nice to say to everyone. I just I want the aura of a giver. I want the energy of and you don’t know what that person is going through you know what I mean? I mean we got a bunch of zeros in the bank account, we got some nice cars and nice houses and you don’t know what that guy’s going through. So be nice. I mean we’re gonna be some rich mean old guy? No way
Rod: Yeah no no no I love it and guys, you know you don’t know Tim like I do but he lives that as evidenced by you know what he does all throughout the day, giving people nice things and you know the lottery tickets, that the silver dollars, just the love is so freakin important and I will tell you he’s super successful because the way God or the universe or whatever you believe works they both work the same way is that power moves to those that serve others period
Rod: And that’s why you and I are both successful because and it ties right into the next one which is be charitable and because I’m gonna tell you you know and I got this memo, I got that memo I didn’t get it till I was 40. I was totally focused on me. I tell the story I built this giant eight million dollar house on the beach here in Sarasota, two months after I moved in, I was depressed because I was totally focused on me. Iwent and saw Tony that year, started feeding families, now we’ve fed you know seventy five thousand kids and it’s been my greatest gift in life and you’ve been so generous to help me with it but you want to expand on that a little bit?
Tim: Yeah so you know I love being charitable. I always joked that God knows I’m a flow-through entity. He blesses me with some dollars it’s not gonna stop there. It’s gonna flow through so why would you not keep blessing me with dollars. But I look every single year, I want my giving to be more than the last year and it has been for as long as I can remember it. I just think it’s the right thing to do and some people want to tithing to a church. I love tithing to entrepreneurs. I love helping people for random things. We’ve got this little greasy spoon restaurant down the street and there’s a 50-ish waitress there and she’s really sad that her daughter and her grandchildren and her son-in-law moved to India to do some mission work. I got a bazillion airline miles because we buy things on credit cards and so I said I said my wife and I were there, we’re like, know what, we’ll send you to India. And she’s like what? I’m like, yeah we’ll send you to India and she’s like oh my God. I can’t believe you do that. I said, it’s no big deal. To see her come back, she’s came back she was there for two weeks, to see her come back I believe is about 10 days in there, she was glowing just glowing. So how cool is that?
Rod: That’s beyond cool brother
Tim: You can give in a lot of ways
Rod: Wow guys if you’re not blown away by that I don’t know what to tell you. And Tim, tell me if you agree with this, that your financial success actually comes faster when you adopt that mindset and operate that way. I know it’s worked that way for me. Would you agree with me?
Tim: Absolutely. It’s just, it’s funny I was married one time before and I always was charitable and we didn’t have that much money yet and all I told my ex-wife was is all I know is the more charitable I am, the more successful I am and I don’t think it’s a coincidence but she was the type maybe like how you were thinking when you were 40. She was the type that, once I make it, then I’m gonna be charitable.
Rod: Right and that’s the message I want to give, cuz I listen, I got young guys listening to this show, young women you know blood dripping from their teeth. They want it so freakin bad. I’m here to tell you incorporate the giving now because power moves to those that give and serve. It just the way it works. It doesn’t matter if you’re not religious you know whatever you believe, it doesn’t matter, it’s a universal truth and so you know yeah really really glad. By the way guys you should get this friggin poster cuz it is cool
Tim: And the price right
Rod: Yeah I love it man. I love it okay you’ve got good debt only which I was gonna expand on when you talked about leverage obviously you know you wanna you want to use debt to buy assets to throw off cash flow. You don’t use debt to buy a car or you know or things that are gonna cost you
Tim: So Rod, one little thing we do at our house unless somebody else is paying for it, then it’s paid for. So my personal residence is paid for, Lamborghini, Ferrari, Bentley. I’m a car guy, Tesla, all that’s paid for because it’s not generating any money. And now it took me a while to be set like that. I mean if you’re if you use the equity in your house to go buy your first multifamily God bless you and that’s good. But my little rule of thumb, unless is throwing off cash, its paid for.
Rod: Love it man. I love it and that’s the way to do it you know and I love those cars you just mentioned. I’ve got several of them myself
Tim: I wonder why we get along so well
Rod: Love it love it. So you’ve got meet new people. Why don’t you expand on why that’s so freakin important?
Tim: This is so important. So the different version of you, 365 days, there’s only two things. The positive or negative influence from reading, listening to podcasts, doing that and the people you meet that’s it. You don’t meet no one new, you don’t do anything, you don’t read anything, you don’t do anything, you’re the exact same person. I’m proud to say this year has been the greatest year of meeting great people. I mean this amazing entrepreneur group and we joined, I’m not a country club guy, but we joined a country club and there’s so many first-generation really wealthy people that are so down to earth. And I’m energized. I’ll tell you one more thing. I’m intentional about everything so I made a hundred cards this year that says, one of the coolest things in 2020 was meeting you at the bottom isTim Shiner. And I hope to reorder that but I intentionally plan on meeting at least a hundred people that are legitimately cool enough that I can write that thing. And I hope to God I’m reordering by June or July but the response to people that get it, it just shows how intentional you know it’s
Rod: That is so awesome man and I wrote that down. I’m stealing that one.
Tim: Please dude
Rod: I love that man. I love it. I love it and guys, this honestly this is why so many people keep coming back to my events because they’re networking. You know if you go in the Facebook group you’ll see people say this my second one, my third one, fourth one, even fifth one. By the way, early bird pricing still around. I hate to use a plug for this but it truly is it truly is
Tim: Rod, what is it? I don’t know about it so please tell me
Rod: I do three-day boot camp about multifamily investing
Tim: I know that
Rod: By the way, ohh okay I am actually gonna be in Dallas but I don’t want to publicly say when, but I do have an event coming there. And yeah I’d love to actually meet you in person.
Rod: Yeah but anyway but that’s why because in this business, and really in life like you said it’s what you learn and who you meet. That’s it. Otherwise you’re stagnant, nothing changes. And so you know people come and I gotta tell you, the last event I had in LA, I got goose bumps seeing the hundreds of people out in the hallways in small groups connecting and meeting and learning. It was just, it was a beautiful thing to see. All right this next one, I feel very very very strongly about which is read.
Tim: Me too. So you know I was your typical get by student because I didn’t understand how Geometry was gonna help me make my first million. So the first book I ever read I heard him on a radio in an interview and it was Tony Robbins “Unlimited Power”. It was the first book I read. I read it I was 20 years old I bought my first house when I was 19 and I read Tony’s book and devoured it. And that was what got me on the love of knowledge. It’s one thing being a student being forced to read stuff you don’t want to but it’s another thing when the books you love and one of the really favorite things I love are biographies. I love hearing people’s stories. I love it because I’m gonna ruin if you never read a biography? They almost drove it in the ditch, 27 times, and then something good happen and some bad happen and eventually they made it. I mean there’s no fast pass to
Rod: They fail their way too success man. That’s a common common story and guys I don’t know if you’re hearing any similarities here you know how I feel about Tony. I’ve been following him around the planet for twenty years and you know he and I had the same garages. We have beautiful homes. We have loving beautiful families. And if you’re listening, and this is what you want. This is not, please understand this is not ego, this is just, I want to inspire you to see what it takes to be a success in life in multifamily whatever it is. It’s all of these things and there’s so many similarities between our you know he and I in this regard because it freakin works.
Tim: It does
Rod: So I’ve got thousands of books in my library literally thousands. I’m not exaggerating. And I had to I had to go find your book before this interview and I actually had to send my assistant over to find it because it’s not organized as well as I’d like. So I made her come over here to find it so in time for this but yeah
Tim: So there’s two things because I agree. I never want to come across as this guy or that guy a couple things I say. There’s a zillion people wealthier than me there’s a zillion people not as wealthy so don’t take yourself too serious. The other thing is, you know the Lamborghinis and the houses and all that stuff, we are steward of it for a while. That shirt, that house, my house, this shirt, will eventually be somebody else’s. So don’t take it too serious. Your steward of it for a while
Rod: Love it. No, I love it. That’s a great mindset buddy. It’s a great mindset. Talk about not wasting time that’s number sixteen on this thing.
Tim: Well you and I talked before we got on air that the most valuable thing in life is time and I think when you become wealthier you realize it’s time and
Rod: Time is everything
Tim: Time is everything and we all have the same amount of it. It’s just what do we do with it and I just don’t waste time. I mean you know I’m a huge rush fan. Neil Peart just passed away but the song that resonated me when I was a 13 year old boy is, if you choose not to decide, you still have made a choice. It’s always on free will. So people that are thinking, oh you know I’m not gonna do that till tomorrow. Don’t kid yourself. You’ve just made a choice that you’re not doing it. And I’ve got another saying, if I don’t have time to do it now, when will I? So what I’m like thinking about pushing some off, if I don’t have time now, when will I?
Rod: I’m laughing because I have one that says, if not now when? That’s the freaking thing you know it just worded differently. I love it. So you’ve got to solve problems and this is one that I feel strongly about. So give me your take on that
Tim: Okay so I’m a young sales guy, lousy. I’m driving a Sub 900 in Kansas.
Rod: Oh my God I have Sub900 too.
Tim: Mine was white
Rod: Freaking hilarious, a black one, hilarious
Tim: So well as front-wheel-drive. So worked out pretty good up north. So anyway I’m listening to Zig Ziglar and I’m broke man. And I’m a bad sales guy and I was trying to get better and Zig said if you help enough people get what they want, you’re gonna get what you want. And I’m like, I don’t have anything and now you’re telling me I gotta help Rod get something before I can get something? And so ever since then I go into businesses or people and I ask them like, I hate the word problem, I’m like what challenges do you have? And I start off every meeting with that because if you could solve a guy’s challenges. He’s likely to buy what your you’re selling or become a friend or whatever but solve problems. I always say, there’s no money in no. There’s no money in no.
Rod: Love it.
Tim: Solve problems
Rod: Love it and guys, when you’re, let’s equate that to the multifamily business. Some of the most successful multifamily players that I know solve freaking problems. When you take that mindset like he just, like Tim just described, you put on your creative hat and there are very often creative ways to get deals done that unless you’re thinking creatively, you’ll pass them by, and you’ll miss out on an opportunity and sometimes amazing opportunity. So that’s why that one’s a big one. You know you’ve got set goals on here. They’ve heard me talk about that ad nauseam and by the way guys if you did not listen to my goal-setting workshop that I did on January 1st for an hour and a half on my Rod Khleif official page and I even have a goal setting worksheet you can download and follow along, it’s so freakin critical. In fact if you text “2020goals” to 41411, you get the worksheet. You can do your own workshop but so do you want to add anything to goals?
Tim: We’re not gonna belabor that. I’ll just say I’m in my 35th anniversary of setting goals.
Rod: Love it man love it okay. This one’s huge. This one’s so huge love what you do.
Tim: Yeah people you know the reality TV show that I would start, it’s called what I would do with your money? And we’d stick somebody in my house with my stuff and my net worth and then I go to their deal and I’d fix all their stuff but the reason I say that is I’m never gonna retire cuz I love what I do. I mean I love putting people together. I love creating revenue streams. I love doing something once that creates a revenue stream for a decade or for perpetuity. So every day is a great day for me because I love what I do and I’ve also managed to create enough freedom in my life that I have about 30 days out of a year where I have to be somewhere. But the rest of it I really don’t and so it’s like a the key about owning your own business and creating wealth and passive wealth is you basically get a blank canvas so you get to paint. And so the only part I don’t get to paint is the edges that are about 30days of the year because I have to be somewhere because of my business obligations. So that’s why you gotta love what you do and you got to create your scenario so that you can enjoy your life
Rod: I love it and honestly your that’s resonating with me because I have so many commitments right now that I need to put on that lifestyle hat but I do happen to love what I do so it doesn’t feel like work and guys you’ve heard me say this before, if you don’t love multi-family real estate and you can’t learn to love it, for God’s sakes go do something else. Please life is too short to not do what you love. Love it. Okay this one really resonates with me because I had Tom Hopkins on the podcast and he’s such a classy guy and he sent me a handwritten thank-you card. And now I have literally hundreds you can’t even see them all behind me on the wall here them from you know the love that I’ve gotten from people you know that who’s who’ve been impacted by my work and so the next one guys is thank-you cards. He’s got it on the list here because it’s so freaking important
Tim: So here’s the thing on that. It’s funny because you’ve sent me some. I’ve sent you some and how you’ve got a zillion guests but how I learned thank-you cards was a Tom Hopkins seminar in Kansas City, Missouri in 1988. That’s the deal. So but here’s why it’s going to be a more valuable resource just kind of like, when there’s less land the value goes up and the scarcity, because of text messages and because of emails, the value of a thank-you note is at a hundred year high because
Rod: There’s nobody’s getting them anymore they’re not I mean I get that love, I get them all the time and it’s just such a gift and that’s why I save them because they mean so much to me.
Tim: I bag them and tag them every year all the thank-you cards I receive, I bag them up stick of my safe and just try to see if it was a heavier bundle than the year before and
Rod: Love it love it love it. Next one is follow up. And he’s got follow up like crazy and I wrote it down because even in my team where, we’re not doing it the way we should be. And so speak to that please
Tim: So I just spoke to an entrepreneur group a Tuesday ago, 125 people in there and this is my visual for following up. If we think about it, arguably the guy that made a living out of rebounding is Dennis Rodman. He did rebound in the dirty work. Everybody wants to shoot a three everyone wants to slam-dunk but the rebounder is the grinder. The rebounder has to figure out the angle that the balls gonna come off the backboard or the rim and that’s my visual for follow-up is rebounded. It’s not supposed to be pretty. It’s not supposed to be glamorous. Its grinding. It’s making the extra phone call. It’s texting. Its sending another guy that note. So at this talk of one of the mentees is a big basketball fan. So I toss them an autograph Rodman Jersey but I like to visualize something. So when you didn’t get the deal yet and it’s taken forever and you’re closing gets pushed back and you’re worried about falling out of option, all these things, it’s supposed to be like that. You’re supposed to grind it and rebound and rebound and rebound and down a little bit further south and on the other side of the ocean on other side of the state, Pat Riley’s famous line is, no rebounds, no championship rings. No rebounds, no rings. And if you think it’s gonna be any other way in our businesses, you’re kidding yourself
Rod: Love it love it. I met Pat at Tony Robbins Resort in Fiji actually god this is
Tim: Full circle?
Rod: Yeah exactly. All right there’s three more guys. Stick with it because they’re super important. The next one is be passionate. Speak to that please
Tim: Obviously, you’re passionate. I’m passionate. The old saying that sails is, “Nothing more than a transfer of emotion.” I’m very passionate and what’s good about my personality is if I’m into it, I’m into it and it shows. If I’m not into it, unfortunately what’s bad about my personality, it shows. Be passionate. Nobody wants to follow somebody that isn’t excited. Your only chance on the planet, be passionate, be on board. I’m super passionate about every end
Rod: Let me tell you those of you in multifamily why this is so important and why I’m really glad that that’s that you’ve got love what you do before this one because honestly, if you don’t love what you do, you can’t be passionate and if you can’t be passionate, how the hell are you gonna inspire anyone to work with you, to invest with you, to sell to you, you can’t. That’s why loving what you do is so critical so that you can be passionate and inspire others. Love it
Rod: Alright second to the last one is what’s in it for them.
Tm: Okay so many people until they learn another way tend to think only what’s in it for them. How much am I gonna make on this flip? What type of commission am I gonna on this? You need to think about what’s in it for the other person. If you can be in their shoes and focus on what they’re getting, you’re probably gonna get what you want but it’s a giver trait. If you’re a taker, you’re probably never gonna master this one. It’s a giver trait but if you really focus, like my wife is uh selling I got a commercial building she’s out doing it right now and it’s a million six commercial building and she’s gonna reduce her commission from three to one point five the gentlemen have bought a lot of stuff for but she just thought you know what he could have went somewhere else he did a lot of the legwork finding the buildings. She’s not having to do that much and so she’s like I’m just gonna give him half my deal back because she thought about what’s in it for him and it’s quite a smart move because they’ll probably refer a lot of three commission deals but she thought what’s in it for him. That’s an example for
Rod: I love that man. I love that. That speaks to her so strongly. I freaking love it. So last but not least the best one, and honestly the most important one, honestly in my opinion in and I’m gonna speak to this after you do but it’s like once you’re a millionaire, then what?
Tim: You helps many people become millionaires and my visual for that because I’ve been given a lot of analogies and visuals. We’re all in the ladder of life and so I’m pretty sure you’re worth a lot more money than me. So you could literally reach down on the ladder and grab me and pull me up a couple rungs. Now the gentleman I’m mentoring that owns a valet parking service and DFW Airport. He’s right at a million bucks I can reach down and grab him up and pull him a few runs. I just taught him how to do a personal financial statement because he was judging his wealth by what he made that year instead of net worth. So if I bet if I asked you if you could have ten more million in the bank on your deathbed or you could have known that you created ten more millionaires, which would you choose?
Rod: No question
Tim: But when we’re all struggling to get that first million, you don’t think about that but that it’s legacy
Rod: But let me say this, and I’m gonna say this and the caveat to this in my opinion, I don’t think you have to wait till you’re a millionaire. If you learn a trade, if you learn multifamily, or just a piece of multifamily for us just as an example it could be anything. But as an example and you help someone else learn it, not only are you power will move to you, you will learn more in that in that educational process you’re helping someone else you will get further faster trust me on this. You know use the analogy we have two hands one to help ourselves up one to help other people up. You do not even have to wait till you’re a millionaire to this process. Okay, well listen guys this is on Timshiner.com, it’s a free download for God’s sakes go get it. I think you can buy the poster if you want to get the actual poster but I just downloaded it. It’s right there. It’s beautiful. It’s “The 25 Habits of a Future Millionaire”. And every one of them is super important. Brother it’s so good to see you man. The next and shame on me the next time I’m in Dallas I will definitely let you know I’d love to have dinner with my wife and your wife and see you my friend.
Tim: You can count on me this Christmas for your bear charity
Rod: Wow thank you
Tim: Can we talk about that real quick what you do because you’re pretty modest guy
Rod: Oh thanks. Thank You Man. You know I feed families and that’s it and we feed we feed at-risk families with my foundation, the Tiny Hands Foundation and you know and like I said it’s really what turned my life around instead of focusing on me to focus on other people and you know it’s been incredible and you know it’s something I love doing. And I’m sure we’ll do somewhere between 1,500 and 2,000 families and somewhere between three and five thousand children. So it’s just. It’s my love. It’s my passion project. It gives my life meaning. It was my life fulfillment and I love it. But thank you for
Tim: You can count on my check this year again and I’m sure a lot of people listening to this will probably start writing you a check
Rod: You know I appreciate its tinyhandsfoundation.org if you have an interest and thank you for allowing me to say that because I really don’t talk about it as much.
Tim: I know you don’t
Rod: I guess yeah thank you. Alright brother, it’s great to see you my friend. It was great to meet your son earlier and I’m sure I’ll talk to you soon brother
Tim: See you soon
Rod: Bye-bye. Take care.