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CASHFLOW Quadrant
excitement is diminished, and all you hear them say is, “That was
a good idea, but it didn’t work.”
It’s not the idea that didn’t work. It was disappointment that
worked harder. They allowed their impatience to turn into
disappointment, and then they allowed the disappointment to
defeat them. Many times this impatience is because they did not
receive immediate financial reward. Business owners and investors
may wait years to see cash flow from a business or investment, but
they go into it with the knowledge that success may take time.
They also know that when success is achieved, the financial reward
will be well worth the wait.
• Have a mentor standing by.
Like those emergency numbers for fire and police that we always
have handy, who is on your list of trusted and knowledgeable
contacts? For me, my financial mentors take center stage. They are
only a phone call away if I have a financial emergency.
Often, before I go into a deal or venture, I call one of my friends
and explain what I’m doing and what I intend to accomplish. I
also ask them to stand by in case I find myself in over my head,
which is often.
I was once negotiating for a large piece of real estate with a seller
who was playing hardball and changing the terms at the closing.
He knew I wanted the property, and he was doing his best to get
more money from me at the last minute. Having a hot temper,
my emotions went out of control. But instead of blowing the deal
by yelling and shouting, which is my normal inclination, I simply
asked if I could use the phone to call my partner.
I talked to my three friends who were standing by. After getting
their advice on how to handle the situation, I calmed down and
learned three new ways to negotiate that I had not known before.
The deal never went through, but I still use those negotiation
techniques today—techniques I would never have learned if I had
not tried to do the deal. That knowledge is priceless.
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