Learn How to Be a Blue Collar Genius!

Posted on February 8, 2013 by

Blue Collar Genius Defined

A Blue Collar Genius is all of us who have mastered our craft with hard work, diligence, taking action, creating experience, making mistakes, and most importantly never giving up!

That’s a blue collar genius by my definition. How many times have you said I’m smarter than he is, but he’s driving the big Cadillac and you’re driving the little economy car? How could that guy ever make any money?

Perspiration, Inspiration, and Blue Collar Genius’

Thomas Edison said “Genius is 90% perspiration and 10% inspiration”.

The Top Real Estate IRA Investors Know Lack of Knowledge = Fear

How many people do you know that have been to every seminar, they know more about real estate IRA investing than anybody you’ve ever talked to, and when you ask them “how many deals have you done?”, they say “Well, I’m still working on my first deal.” You ask, “How long have you been a member of the group?” You’re not shocked when they respond, “About eight or nine years, but I’m looking.”

Knowledge is wonderful, but you have to actually use it!

Mistakes the Top Real Estate IRA Investors Avoid

  1. You listen to the wrong people, starting with your family and close friends. Familiarity breeds contempt or lack of faith. Your family or friends have a different perception of you because they fail to see you for what you have become and remember you from your past.
  2. Believing or setting limitations.
  3. Accepting the status quo.
  4. A lack of awareness of a subject you want to master.
  5. Lack of exposure. Learn what you do not know.
  6. Not enough research, training, and/or education.
  7. Accepting the first answer. Learn to ask questions to the fifth level.

Top Real Estate IRA Investors Ask Questions to the Fifth Level

  1. What is your business relationship? Do you own property and businesses together?
  2. Are you married to your cousin?
  3. Have you adopted your cousin? You cannot do loans to your children, your wife or your cousin. I said that on purpose, by the way.
    1. Is the cousin married to your son or daughter?
    2. Is your cousin your guardian of an IRA beneficiary?
  4. Is your cousin an attorney, CPA or financial planner who provides services to your self-directed IRA and has or does receive compensation?

If a realtor says it’s a great area, go out there at 6:00 a.m. and find out. Check the crime statistics. Now you’re moving forward. You will be a blue collar genius. It’s simple when you know more than other folks you have an edge and are an expert.

If you followed my point here, then you know that the questions I showed here had nothing to do with ‘cousins’ but rather were to illustrate my point that you should not accept the final verdict until you are comfortable. Once you get the answers three or four times with consistency, then you can assume that it’s probably correct. How many times have you gone to an attorney and one attorney says one thing, and another attorney says something else? One CPA says one thing and another CPA says something else.

How are you going to make an informed decision until you can get a consensus? Someday you just have to sit down and say “It’s a business decision and I’m going to make it.”

For more information, or to explore your options, call American IRA today at 866-7500-IRA (472). We look forward to working with you.

Jim HittJim Hitt is the Chief Executive Officer of American IRA and he has been committed to all aspects of investing for more than 30 years, using self-directed IRAs for his own investments since 1982. Jim’s forte is the financing and acquisition of real estate, private offerings, mortgage lending, business’s, joint ventures, partnerships and limited liability companies using creative techniques.

Contact Jim Hitt

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