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Top 5 Advice They Say I Have Been Ignoring

Thanks to “Andrew from Canada” for putting together a master list of Top 5 Pieces of Advice I Have Been Ignoring. There are more than 5 but its all good – I will address all of them. My responses are in BOLD.

[Andrew from Canada:] I know people have been asking for to address the “top 5″ so I am reposting my summary (oh and I missed one item the last time I posted this, so I have added that in!).
Ranked by the number of times it made somebody’s “Top 5″ list (number of times is in brackets), here are the top items:

1 – (22) Casey and/or wife should get 1 or more jobs that have a regular income stream

As much as I want to continue working for myself and doing deals full time I do agree that I may have to go back to a stable job for a while in order to provide a stable base from which to launch my next venture(s).

I was making 50k/yr as a Programmer/Analyst at my last job at Pride Industries in Roseville and should be able to get back into something like that if I must.

I have been a little slow in looking for a W2 job last several months because I have managed to make money there and here to get by (a little bit of contract work and other stuff)

But unless I find a really sweet deal very soon, I agree that I need to think STABILITY. My marriage/friendships have been suffering due to the lack of it. I can’t just keep going like this.

My wife told me she will get a job if she must but since I have been telling her that she doesn’t have to worry about it quite yet she has been trusting me to provide.

I want her to focus on finishing school and not have to worry about the money. Besides, her earning potential is pretty low right now and it is not going to make much of a diff considering our burn rate with debt. So she would be just spinning her wheels instead of helping us move forward.

2 – (16) Declare bankruptcy

I am definitely considering it but there are issues with it which I have already discussed. I would rather avoid it and find a way to pay off and/or settle the debt somehow.

I would feel better about myself too if I can find a way to get at least some of the money paid back.

But there are those days when the pressure gets to be too much and I am ready to Chapter 7 all the debt away.

3 – (12) Stop eating out and other unecessary expenses

Regardless how it looks I live pretty frugally already. And cccasional dinning out is OK, especially since most of it revolves around business meetings.

However, I think we can probably cut out some more fat from our budget… I will be tracking every single penny this year via MS Money and/or Quickbooks so I will have better control over the finances.

I also will be going through all the records from 2006 and should have a spending report to show you within a month. I need to give that report to my CPA on Feb 14 so we can do my taxes.

4 – (10) Stop going to real estate seminars and guru workshops

What is wrong with education? I agree not to over-pay for gurus (many are a rip-off) but some have quality education that is what will help me succeed. I just need to be more picky about who I learn from perhaps.

And at this point I already know enough from all the seminars from last year. So instead of more seminars I need to start applying the knowledge I already have and applying it CORRECTLY by learning from my mistakes.

5 – (8) Involve your wife in decisions and keep her apprised of everything

Good idea. Need to get better at that…

6 – (7) Stop taking out more loans

Good idea unless the loan has a business purpose and will make me money. But yes, I need to be more careful with leverage. It’s a double-edge sword. Leverage is a sweet thing but must be used properly.

6 – (7) Get out of the real estate business

I am too determined to succeed in RE/business and do it with integrity. So, no turning back. (Though I need to focus on stability right now…)

6 – (7) Talk to a criminal attorney

Good idea. I started putting the word out for referrals.

9 – (6) Get legal advice before making deals

Very good idea. I need some good legal advisors on my team. Been lacking on this one. Working on it…

9 – (6) Take the time to maintain/fix your properties

I have mixed feelings about spending more time and money on under-water properties…

9 – (6) Live in one of your houses

No. It sounds like good advice but there are many issues with this…

12 – (5) Seek out a medical health professional

Haha… Is this a joke?

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