G Letter
October 2014
Identify Things You Can and Cannot Control
Do you ever worry about things that are beyond your control? Unfortunately, worrying creates physical and mental problems without providing any benefits. People often worry about both the past and the future instead of focusing what they can do in the present. There’s nothing you can do about the past—the clock can’t be turned back. Worrying about what might happen in the future is equally futile and creates mental monsters that can paralyze you.
The truth is that there are some things that you have no control over and others that you have complete and total control over—knowing the difference and then acting on that realization is one of the keys to personal productivity and satisfaction. Why worry about things you can’t control when you can keep yourself busy on the things you can control? Whenever you catch yourself worrying, repeat the serenity poem to yourself:
“Grant me the serenity to accept the things I cannot change; the courage to change the things I can; and the wisdom to know the difference.”
Letting go of worry will help you to take action and exert more control over your life and circumstances. Action defeats worry, inaction feeds it. When you’re faced with a problem, the first step you should take is to identify the source and cause of the problem and whether the problem is out of your control. If the problem is within your control, come up with possible solutions and options for handling the problem. Weigh all of the facts, evaluate all your options, make the best decision possible, and then take action. This is all you can do. Prioritize your effort and your energy on the things that make the biggest impact first. Being proactive is one of the most effective ways to combat worry.
Here’s to a productive and worry-free month. Onward and upward!
"Suffering comes from trying to control what is uncontrollable, or from neglecting what is within our power."
- Epictetus
7 THINGS YOU CAN’T CONTROL IN REAL ESTATE
• Inflation
• Price of land
• Interest Rates**
• Cost of Insurance
• Price of building material
• Taxes (Property and Income)
• Sale Price (when you sell) and Rent Price (when you rent)*
*The person with the money always decides the price—this is another way of saying that ‘the market’ ultimately controls these prices.
**your credit score has some influence over the interest rate you’ll pay, but you have no say in the Prime Rate which underpins most loans.
7 THINGS YOU CAN & SHOULD CONTROL IN REAL ESTATE
• The terms and contents of any contract that you CHOOSE to sign
• Who you rent your property out to (rule #1 for landlords: screen your tenants!).
• The price you pay to contractors and other professionals you work with (realtors, property managers, inspectors, contractors, attorneys, title companies, insurance brokers, etc.). Remember, the person with the money always decides the price!
• The condition of your property. Real estate is an active investment—this gives you much more control over property than you’d have over other assets, like stocks.
• The price you pay for property. Buyers always decide the price—the person with the money always ultimately decides the price.
• Guidelines you set for tenants, contractors, or anyone else you do business with. Setting rules and regulations for you and everyone you do business with eliminates risk.
• The professionals you choose to work with (realtors, property managers, inspectors, contractors, attorneys, title companies, insurance brokers, etc.). Only work with the best most trustworthy and reputable people you can find.
