Patrick Donohoe explains that it’s not about the investments, but more about the investor that makes the difference between success and mediocrity. Patrick explains how important it is to have someone to look up to, someone to mentor, and someone at your level so you have competition.
Patrick Donohoe shares his daily routine and how it’s different from most. His day is broken down into meaningful blocks of time that have an impact on his success.
Mike: Welcome back to the flipnerd.com REI Classroom where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Patrick: Hi everyone. This is Patrick Donohue. I am the CEO of Paradigm Life. You can check out our website paradigmlife.net or our podcast which is thewealthstandard.com. So I’m coming to you today for REI Classroom and the topic is Successful Investment or Invest Store. Now, this comes from kind of a famous quote by Robert Kiyosaki which says that there’s no such thing as a successful investment, just as a successful investor.
Mike: This REI Classroom real estate lesson is sponsored by theinvestormachine.com, FlipNerd’s private investor coaching program and your blueprint to investing success.
Patrick: So if you really look at the difference between Warren Buffet, Richard Branson, Peter Lynch, Carl Icahn, or 30 of the billionaires in real estate that live in the United States, it all depends on who they are as an individual. And really, who you are and who they are, the difference is what you know and who you know.
So I think really with some of the tools that are out there, there are so many, there are so many books on it, I’m just going to summarize my study into how to optimize the asset of you as well as your network which in the end I think is what’s going to be the catalyst between your success and your failure. And you can even say failure is staying in mediocrity which it seems like the majority of our country is in right now. So you as an investor, listening to this right now it says a lot about you because you are taking the time to study and improve you because you consider yourself your number one asset, and I do too.
So what I do is first, I realized that there’s many that have come before me so I always want to operate in this realm of what I call “Plus-Minus-Equal.” So Plus is essentially, you always have someone you look to as a mentor. Now, it could be a business coach. I pay a lot of money for business coaches and really they act as my mentor as a plus pulling me ahead. They’ve experienced more than I have, they’ve done more than I have.
Now, Minus is having someone to mentor, someone to teach, really the education side of things. It resonates and it really sinks in once you’re able to actually teach it. And then Equal is this idea of having somebody that you are, that’s on a similar playing field acting as your competition to keep you accountable and keep you in-check to what your objectives are.
All right, so next thing is I have a morning routine that I live by and I try to ensure that I am at my 10, a level 10 from a scale of 1 to 10, always. That helps me be more engaged with my team, helps me to really think through opportunities, understand how to delegate, manage my time.
So this is what I do, so I wake up every morning between 5:00 and 5:15 and I don’t use an alarm clock. I use a wake-up light. So wake-up light, just search it on Amazon, but it basically wakes you up to light and it’s a very peaceful sound. And there’s a lot of reasons why I do that which I can’t get into today, of course. But wake-up light has totally changed the way in which I sleep and also get up.
Next thing is I do a workout routine called CrossFit. The reason why I do it is because it’s a killer workout and I don’t have to think about it. I show up. I do the workout. There’s accountability as far as pushing me to that limit but I basically get my exercise in, it kind of jazzes my body for the day.
Next, I’m at the office at 7:30 in the morning and I go through a routine of meditation. I use an app called Headspace which is kind of a guided meditation which is really, really good. If you’re not really into that it’s a great way to start.
Next is, those next two hours typically from about 8:00 a.m. to 10:00 a.m. is what I call my magic time or my creative time. And it could be a different time for you, it could be in the afternoon, but this is sacred to me and I learned that from a good friend of mine, Craig Ballantyne, he wrote the book, “The Perfect Day Formula.” And so basically during that two hours is when I am focused all on creating and whether it’s writing a blog or whether it’s doing a video or it’s coming up with a new presentation or new ideas. So that’s really what I focus on.
And then right after that at 10:00 a.m. I then call my assistant, she is my chief of staff. And Whitney really just knows everything about the business and knows exactly what’s going on, knows all the numbers, and knows where to focus me so I can be as effective as possible. So I meet with her from 10:00 a. m. to 11:00. And then at 11:00 I do a standup with my team.
Now, you may not be at this level yet but it doesn’t mean that you can’t have just periodic type of meetings with your professional team. Now that could be your realtors, that could be your mortgage person, that could be your wholesaler, it could be your hard money person. It could be your accountant, your attorney, basically doing a standup just kind of seeing where everything is at, having your numbers set in.
You know, one of the past REI sessions I did was focused on your score card. So really looking for opportunities in your score card and then having a daily standup or maybe every other day with a member of your team or all of your team members. And a great book to do that is with Scrum. It’s an actual book. And so Scrum, I’m not getting into those details either for the sake of time, but this is basically my morning routine.
There’s lots of books out there, “The Miracle Morning.” Tim Ferriss talks a lot about your morning routine. But I’m a firm believer that you are your number one asset and every single day you have an opportunity to make a huge difference. And I truly believe that a lot of what puts you in that space to be able to make a big difference is the way in which you wake up and start your day. So that’s it for today, hope you guys found some value in it and I’ll talk to you next time.
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