The path to financial freedom is really not complicated, yet at times it can be challenging. Learn what the path to financial freedom looks like and the steps you can take to become financially free in this step-by-step training taught by Braxton Fears who is an entrpreneur achieved financial freedom all before turning 36Sign Up to Watch
[MUSIC PLAYING] codeacademy for mindset
-Now, Braxton, every successful person I have met never stops learning. They're never done. It seems like-- is that your philosophy, too? You're never done?
-Oh, never. Yeah.
-You actually-- to me, my experience has been that you actually learn more the older you get if you make a point to never stop learning. You actually learn more, and you look back at things that you thought and you say, I'm getting better. I mean, the law here of the universe, this is the way it works is that things are supposed to get better for us.
And if we look back and be like, well, I learned that in college. But that's what I learned in college, and always go back to that time when we were in school, then you are missing a huge benefit to just getting better and learning more.
-Well, there's a shameless plug for a book I wrote-- and I make like $1 if you buy it-- but it's called "Will Not Work For Food," and I use it for a lot of-- I speak for HR groups or groups of employees. And the book talks about the average person and what we do, what we don't do. The average college graduate, after graduating from college, never reads a book again. From cover to cover, they never do.
They might buy a book, it might sit on their other nightstand, but they never read again after getting the degree. So there's kind of that philosophy like, I went to college, I learned everything I need to know, now I'm done learning.
-When you actually pick up the book, or watch the documentary, or listen to the podcast, you'll notice, over time as you do it, not just once or twice, but as you make it an active thing in your life, your confidence will go up and you'll have just a sharper mind than you do when you don't do that. I've gone through periods of time where I haven't read enough or when-- a couple months or whatever.
It's just, I've looked back and been like, I've been a little bit lazy and it's-- the sharpness of mind and the confidence that you get from consistently learning and consistent-- you find enjoyment out of it, and it brings a huge benefit.
-I a final, kind of, capstone thought on that. I know, for me, I schedule 30 minutes every single day to read, and sometimes I don't want to. I say sometimes, most of the time, and then once I do it, I love it. I do it first thing in the morning, it gives me new ideas, it keeps me from getting stuck in a rut of bad thinking. I think it's absolutely huge, though, that we're always learning. Now we move on to principle number three, onto step three, is we all learn by doing, though. Aristotle, the famous philosopher, once said, "Anything that we have to learn to do, we learn by the actual doing of it." What did he mean by that?
-I think the concepts that are specific are great, but even though they're specific in your mind, they can still be abstract until they get into the doing portion, and the doing makes them concrete. You actually see what you've got up here. You see it in action in all of us, humans, and we-- until we actually do it, it doesn't really become reality.
-I guess an example would be, I love reading the story of Hobby Lobby and how he built his business, and there is something about going on to his facility and seeing him. I think he rode a bike around the facility. And you see a million square foot of space, and you see all the products being shipped, and you see how he actually manages his schedule. There's a big difference between that and then reading it.
There's an even bigger difference about trying to go back to your own home and do those things.
-Right. It's like having a schedule up here, versus writing it down and putting it on paper. I mean that's a very simple, basic thing that a lot of people-- they don't actually put it down on paper, but anything that we read, any service profit chain, or soft sell in a hard world, until we actually do it, we don't really know how it works.
-Here's an example of one, I'd like for you hit on this if you can. There's all these books out there about, well, you just get rich quick buying some real estate. It's a late night commercial. It's 2:00 in the morning, you've had too many-- I don't know why. I don't do this anymore, because I'm married and I have kids, but I remember there was a time in my life where it's like 2:00 in the morning and you're like--
You know, just kind of watching channels, and you're eating, and maybe have some-- you bought a one pound bag of Twizzlers, and you're just eating them, and you're like, oh man. I do want to get a shake weight, and I do want to make-- I do want to make a $1 million in 10 minutes.
And there's some guy who's like, well, I live on a beach now in an exclusive resort. I make millions of dollars a day, and all I did was I went to this seminar and I buy real estate, and money just comes to me. And for $19.99, you can buy the program, and then you-- and then there's real talk. You're actually like, OK. I'm going to buy an actual house and flip it.
So when you bought-- I know you and I did a project together. So let's get into it. So you decide, OK. I'm going to flip a house.
BRAXTON FEARS: Right.
-What kind of realities do you run into when you actually buy the house, and you actually are trying to flip it versus the theory of flipping? Like, what kind of things did you learn real quick there?
-Well, I mean, the reality is that a house is going to have lots of problems no matter what, no matter what house you buy. And so it's not a quick thing. It doesn't work that way. It takes a lot in order to make money in real estate. It's a good example, because there's so much out there about getting rich quick, and there's no getting rich quick in real estate. It just doesn't work.
I mean, closing costs, and commissions, and contractors that don't show up, and water heaters that break in the middle of your project and flood the whole thing. I mean, just, it happens. Insurance, and taxes, and all of these things that people don't take into consideration. I mean, getting a loan, and how much it takes to pay that off while you're getting it fixed up.
There's so many variables in there that you've got to think of and realize that it takes a lot of work, and it takes a lot of planning and a lot of thinking through in order to get to the point where you actually make money.
-I remember I had talk to a buddy of mine who was wanting to flip houses. He went out and bought a house. No money down. This is before the loan crisis or whatever. He buys a house, no money down. And he's like, well, you just buy it lower than it's worth and then you sell it. So he chooses to buy a house in North Tulsa which-- just so you know-- North Tulsa has perpetually low real estate prices. It's a community that's struggled and it's just not a necessarily great spot to buy a property.
So he bought the nicest house in a terrible neighborhood, but it was half off. Well, then he buys it and he didn't factor in that someone would break in all the time. He didn't factor in that the closing cost would be outrageous. He didn't factor in that the contractor-- he would pay a contractor to do the work and he would disappear and never come back and never do the work. So he had to pay. And all of a sudden he emerges from that with a new understanding of what it means to invest in real estate.
But ultimately, we learn best by doing.
-We learn best by doing. I'm glad that's the first rental property I ever bought, I took a step and it was a big deal at the time and I really am glad I did it. I didn't make much money. I made a little bit of money and it was a lot of work. And I know how to do it. But if I hadn't taken that first step in actually doing it, then I would have never done the next thing and the next thing and the next thing. And so I'm glad that I did it, but having ideas that you're going to get rich quick by doing those things is a terrible way of thinking.
But getting rich in education is something that you can get.
CLAY CLARK: Well, I want to put this down here. This is huge. Any entrepreneur I've ever met, what we do is we define, then we act, then we measure, and then we go in there and we-- ah, I can't write. Oh, man. So the deal is though that we basically define what we want to do, then we act. So I want to invest in real estate. But then we actually have to do it. And then we have to measure, am I making any money here?
And usually right here, this is where you go, aw. Because this is fun. This is fun to say I want to start a business. And then we do it. And then we're like, oh no, I'm not making any money. And then we have to refine and come on back. And I think most people love doing this. We love talking about I'm going to start a business. Someday I'm going to start a videography company. Someday I'm going to start a landscaping business. Someday I'm going to do. Some day.
Someday I'm going to do it. You've got Monday, Tuesday, Wednesday, Thursday, Friday, Saturday, Sunday. Someday is not actually a day on the calender. But we say someday I'm going to do it. Then we act. And then we act. We measure it. And then when we measure it, we go that didn't work. And a lot of people get out of the game right there. But you have to refine it and do it again. So now we get into this here. So sometimes it's tough to start doing something when you're paralyzed by fear.
And we find ourselves waiting for that perfect time to make the moves. In fact, Napoleon Hill, who's my favorite self-help author-- the famous author once famously wrote, "the time will never be just right. We must act now." In your mind, what's he talking about?
-Well, I'm a very analytical person. I like to do a lot of measuring in the define stage. And you got to be careful on doing too much measuring because then you'll never act and never do anything. It's important to measure and define and spend the time. Get as much information as you can as quickly as possible. But you can talk yourself out of any good opportunity. It's important not to just jump in. I don't jump in. That's not my nature.
But it's important that you actually get to the act phase of something.
-I had one of the mentors in my life-- he said, get the facts and then act. And to me, that's always been my move. I can make a decision very quickly if I have all the facts. So some people will meet me and they'll say, man, you made a decision on that really quickly. Well, I had all the facts. Some people will say, man, you took forever. So an example-- on Thrive, on the set, Dan Rob, our beautiful man did some filming today.
As he's filming, he wants to make the best quality video for you as the viewer. And so Dan Rob will say, hey, we need to buy this mic. Well, I don't know what this mic-- because I think it was like-- was it $2,800 for this mic. It's a beautiful microphone. Just beautiful. He's like $2,800 for this microphone. So I'm like, talk to me about how much this microphone-- tell me why we need this mic. Sell it to me. And then once I know the facts-- and I talked to a guy, Mr. Mitchell, and he says, well, that's the mic you need.
And. then I talked to another guy and he says, that's the mic they use on TV program everywhere. Then I can make the decision.
-Now, how in your career have you been able to take that leap of faith at a time when it wasn't convenient? Because the time will never be just right. How have you been able to-- the time is never right to take the $37,000 and reduce that to $22,000. How have you been able to take that leap, Braxton?
-Well, I kind of go off of this analogy that I've heard and probably you've heard-- you guys have heard as well-- you can't steer a parked car. And so I like to get things done and I like to do a lot of things as quickly as possible. And we live once and we only have this limited amount of time. So I'm not going to sit parked forever. And sometimes it's tough to get that car going, but you just have to will yourself. I'm going to do something.
I'm not going to jump into something stupid, but I'm going to define what I want to do, not just what I think I should do, but what I want to do. I'm going to find an opportunity. I'm going to define it. And I'm going to start moving in the right direction. And the measure phase afterwards always looks different than the measure phase in the beginning. But that's OK. That's where you do. You refine and you make it better. And the next time you get it better and better and better. And that's the way it should work.
-I want to give just a couple examples real quick here, just so we don't lose this. I think it's really important. Walt Disney lost it all. So if you look over there, Walt Disney, he says, "the way to get started is to quit talking and begin doing. All of our dreams can come true if we have the courage to pursue them." He lost it all. Real talk. If you look up-- just Google Walt Disney and the word dog food. You'll quickly discover that he actually ate dog food because he didn't have enough money to provide for his family.
So he resorted to eating dog food to basically reduce his cost of living. Henry Ford lost it all. Donald Trump basically has lost it all a couple times. I challenge you to look into the history of these people. Conrad Hilton basically lost it all. The Hershey guy went into bankruptcy. The Heinz ketchup guy lost it all. There's very few people that have just-- they start a business and win. So you say it looks very different. It's always you define what you want to do, you act, and then you go, uh oh.
-I remember when I first got into commercial real estate, I worked with a company that me-- again, the landscaping commission based thing, it prepared me for real estate where I made quite a bit of money. And it was in a situation where I got paid a very low salary at first and then plus a commission. And ultimately the goal was to go on full commission. And that was a big step. And I remember at that point going, I could lose it all because I don't have anything to fall back on.
And I defined it. I have the facts. I know that the deals that I've got going in the pipeline that I have, I'm going to do OK. But ultimately there's that fear that can creep in. And I defined it. I measured it. But then I took the action to go out on my own, go on 100% commission, and I was willing to fall on my face. But I took that action. And then I had to refine. I had to get better. I had to measure all along the way on a weekly basis. But that's where things got really good, was when I took that action to step out of that fear and take it to the next level.
-And I don't know whether you've ever make a conscious decision to do this, but I will say this. You-- because I've partnered with you in real estate-- you are one of the fastest learners I've ever met, where you don't know what you're doing. And then you will go from not knowing what you're doing to learning quicker than almost anyone I've ever met. And just as an example, recently you had an opportunity to take a dream job to work for an outstanding ministry here in Tulsa.
If you get a chance, check it out. It's called Church on the Move. It's awesome. Just awesome. Even if you don't like church or want to go to church, if you'll just check out-- just from a production value. It's phenomenal. And you find yourself ministering to kids. You actually teach kids. And you had to learn to do teaching for kids. Talk to me about how you learn so quickly. I mean, do you just dive into reading everything you can or watching?
How did you go from not really knowing how to teach kids into being outstanding at it, frankly?
-Yeah. I think I just like life and I find something I like to do, I think, I can do that. I just need to learn as much as possible. And so almost like a daily evaluation-- how can I get better in the situation I'm in right now? How can I get better at communicating? How can I get better at communicating in a simple way? How can I take what I'm doing now and leverage it to do something else? And not everybody likes to jump around and do a lot of things at once.
I like to do lots of different things at once. And so in order to dive in and start taking action, you do have to be confident enough in your abilities to gather as much information as possible, but then always evaluate how you can get better. Because you're learning on the job.
-You're self-aware, though, whether you're good or not good at something.
-You have to be honest with yourself. You have to tell yourself that wasn't good and then make it better.
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