Mindset, Skillset, Get Off Your Asset with author James Malinchak

Mindset, Skillset, Get Off Your Asset with author James Malinchak

Jason Hartman discusses the advantages of COVID-19 and how happy he is with his productivity working from home. He connects this with how work from home is shaping the housing market. In the interview segment, he hosts author James Malinchak. They discuss his book Mindset, Skillset, Get off your Asset.

Investor 0:00
just invest. It’s still a great thing to do. I know it can be scary to a lot of people. Jason’s been doing this a long time. He’s got a lot of knowledge. We’re in an age of technology and everything’s at our fingertips. You do a lot of homework on your own. But in the end, make sure you’re talking to professionals like Jason.

Announcer 0:19
Welcome to the creating wealth show with Jason Hartman. You’re about to learn a new slant on investing some exciting techniques and fresh new approaches to the world’s most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine self made multi millionaire who’s actually been there and done it. He’s a successful investor, lender, developer and entrepreneur who’s owned properties in 11 states had hundreds of tenants and been involved in thousands of real estate transactions. This program will help you follow in Jason’s footsteps on the road to your financial independence day. You really can do it on Now, here’s your host, Jason Hartman with the complete solution for real estate investors.

Jason Hartman 1:10
Welcome to Episode 1400. Hey, that’s a landmark. That’s a milestone. Congratulations. And thank you for listening. We are an episode 1400 kind of a big deal, kind of a big deal. Remember, we’ve got a whole bunch of other shows. And we’ve got about 5000 plus episodes out there on all of the other podcasts that we have. But on this one, we’re at Episode 1400. And that means it’s a 10th episode show, where we talk about something of general interest and today, we are going to talk about mindset and skill set and getting off your asset. I don’t know how to say that exactly right. But, but that’s what we’re going to talk about. We’ll have a live clip from one of our, our live conferences with James Malin, check, and by the way, we are just waiting for one document back from our venue for meet the masters. And we will be announcing that very soon with a landing page where you can go and register. I think you’ll like the location and the venue and everything about it. There’s going to be a great meet the Masters coming up. And this will be meet the Masters 2020 2020 vision for the future of your investment portfolio and your life in general. And we’re already lining up some fantastic speakers for that. So sit tight, we’re going to announce it real soon. We just waiting for other people and boy, that’s a lot of life, isn’t it waiting on others? No, it does surprise me and this is surprised me for the past, I don’t know 20 plus years in business, how you know life must be and we talked a lot about standard of living and How cost of living impacts that and how inflation diminishes our standard of living? Well, most people’s standard of living, but for the real estate investor, inflation actually enhances our standard of living, because we take advantage of inflation induced to debt destruction. I dB, my technique for that. And if you want to know more about this stuff, listen to our Quick Start podcast. I just want to reiterate that a few times, because if you want the fundamentals, Jason Hartman quickstart in any podcast platform, that’s the podcast you want to be listening to along with this show. So that you, you get the fundamentals, and then you get the news and the goings on and some of the more advanced stuff as well. But one area that it makes me kind of think, you know, maybe it it’s not so bad. Yes, the standard of living for most people has been diminished. But interestingly, it feels like you have to chase people. Give the money. What’s up with that? You know, in earlier times, people really did not have a comfortable life. And if you offered them resources, whether they be money, that fungible resource, or any kind of resource and trade and barter, they would be beating a path to your door, so to speak, because they wanted the resources because resources were scarce. Hey, maybe resources just aren’t that scarce today. Certainly the world is awash in goods, you know, many times a year every year for many years, being the consumer that I am, I don’t know. So it’s kind of a bad habit, you know, and just, I just buy stuff. Sometimes I wonder why. And, and I’m always giving stuff away, you know, a lot of clothing but some household appliances, old gadgets, things like that, you know, I’m always dropping them off at Salvation Army or whatever. You know, bags full of stuff in it, you know, hate This is good stuff. Some of it basically not even used really, you know, I sort of Wonder these charities that run these thrift shops, you know, the world is awash in goods, you know, you go anywhere in the world. And I’ve now been to with my most recent visit to Colombia, 87 countries. And I remember when I was, say 22 years old, and I really started traveling and doing some international travel at that time, you know, I’d look around the world and in resources really were so scarce, but the world is awash in goods and goods are cheap and plentiful, and mostly because of globalization as namely, especially China, manufacturing, everything from t shirts to printed materials and books and electronics and every other gadget you can possibly think of right as made in China. So the is put a lot of goods into the world, the world is awash in goods. You know, it used to be a big deal. If you’d give away your old clothing and your old stuff, people would really want it, it would really help somebody I kind of wonder if it much even matters nowadays. Anyway, in order to evaluate the world today, whether it be from a financial mindset, and a financial view, or from a cultural point of view or societal point of view, you must learn from history, right? We must learn from history. And one of the easy and entertaining ways we can learn from history is as I’ve always asked you to do, you must watch old movies, old TV shows, read old books, and listen to old music and by old I don’t even mean that old, but I want to share with you a couple of recommendations. I recently rewatched I think I’ve seen it three times the alpha Hitchcock movie, vertigo, and you know, that takes place in San Francisco. Back in the day, when was it filmed 1960s or something like that. And I was looking at the date on the movie. And you know, they’re usually set in the present day. And I always like to look at the actresses and actors to see if they’re being depicted at their actual age, because I look at the date they were born, and then they look, I look at the date of the movie. And if their depiction of their actual age, it’s so interesting how the concept of age has changed, right? 40 is the new 25 and 60 years, there’s the new 40, right, or whatever. You know, it’s just really truly amazing how that depiction of age really has changed. And you see it best in old movies, I would say, and then old TV shows to a lesser degree, but Alfred Hitchcock’s movie vertigo, really interesting, you know, you look at it, it’s set in San Francisco. And you think here is this super expensive real estate market, but how nice and pleasant It must have been back then. You know, as they’re driving around, they could just pull up and there’s a parking spot and there’s no parking meter and they could just park anywhere. And, you know, it was just so pleasant looking. And then another movie that I watched just the other night was called romance on the Orient Express. And that was a 1985 movie. And Well, listen, you’re gonna like this one. What we some of you will, because that features the very easy on the eyes. Cheryl Ladd? Wow. I guess God wasn’t artists because Wow, she’s, she’s gorgeous. Anyway, check it out. It’s a good movie. It just shows you Paris. Well, really Europe but mostly Paris, back in the day, just as recently as 1985. When I say old movies, these aren’t really that old. Okay. I’m not saying black and white. Okay, I’m talking You know, movie that you were probably alive when that movie was made. Okay. And you just see how much the world has changed. I mean, it’s really truly amazing. And also, sadly romance on the Orient Express really is a sad statement on the issue of father’s rights. But I don’t want to give you a spoiler so I won’t go into my soapbox about that one. But hey, Cheryl Ladd and her day. Wow, yummy.

Jason Hartman 9:28
Okay, what else we have to talk about lot going on in the world looks like the financial markets have come back. Oh, by the way, I’ve got I’ve got Harry dent back on the show. And I just recorded today with him an hour and 10 minutes session that will also be on my YouTube channel because we have got PowerPoint slides and, and video and charts and graphs. And I tell you, it was a really one of the more interesting interviews I’ve done with Harry dent. You know, some of his predictions have been spot on and some have been quite wrong, like any prognosticator but regardless of the prediction value, and he’s been right on a lot and wrong and a lot too. It’s still you learn a lot just from learning how he’s thinking about this, and what his research says about it. So we’ll have that coming up soon. Probably split that up into a couple of episodes but really good interview with Harry dent. Very, very interesting. I think that was his his eighth time on the show. What else? Oh, this is interesting. coronavirus, the very scary not pandemic yet. According to the Center for Disease Control or Centers for Disease Control. The CDC does not want to call it a pandemic. They’re not using the P word. But you know, I’ve talked a lot about commercial real estate versus residential real estate and you all know if you’ve been following me for the past 1516 years. What do I love what type of Real Estate do I love? It starts with an H it starts with an H No, it’s not Hartman. It’s housing, housing. And I love housing. in any form. I like single family homes the best, but I certainly like apartments and mobile home parks too. And I always say, Look, they can tell all the workers in a company to go work out of their house, that will dramatically reduce the cost to the company of having workers there and managing the office and providing them with cubicles and coffee and food and, you know, defending against the inevitable, ridiculous many times sexual harassment lawsuit that comes up in the workplace. You know, if people aren’t working on an office together, you just don’t have those problems, right? You don’t have a lot of the politicking problems that you have when you put people together. Right. And you know, no one slips and falls and sues the company for a slip and fall and the office building because hey, they’re not in the office building. It’s interesting with coronavirus, though this is a thing on that, okay? When you look at if you’re a real estate investor in office buildings, that lessens the demand for office space, if you are a real estate investor who invest in retail properties centers, shopping centers or malls, then you know what’s going on with the retail apocalypse. And you know how the internet is putting so many stores I think rather sadly out of business, okay, you know, you can go to any shopping mall in the country, really many around the world. And you see for lease signs everywhere you see vacant spaces, with, you know, many, many vacancies. It’s really, really quite tragic. And then industrial properties, manufacturing gets shipped overseas, it goes to China, etc. So that lessens the need for industrial properties. So This happens. But the one thing people still need no matter what is a place to live, right? They are increasing that demand, certainly with the work at home concept. I mean, look, all of our staff works at home now. We had several office spaces over the years and Southern California and they were very expensive for me to maintain and to deal with tenant improvements and fire codes and building codes. And just I mean, the the expenses that just evaporate when your staff works at home. And in 2012. We moved out of our last office space, the lease expired and we just, you know, nobody really wanted to come into the office anymore. So I just said, What the heck, why am I fighting the trend? Let everybody work out of their house and it’s been great. It’s not perfect. It has some of its own problems, new challenges too, but mostly it’s great and everybody likes it better in their hands. Well guess what with coronavirus? Listen to this. I’m reading an article here for you. It says around the world companies are telling their employees to work from home. Quote soon companies in the United States may have to begin sending workers home or taking other precautions. On Tuesday a top federal health official Nancy mess in a I guess that’s how you say that called on cities and towns to plan social distancing measures, like dividing classes into smaller groups of students or even closing schools. She also said that businesses should arrange for employees to work from home to work from home. At some companies like marketing firms or technology startups that already have generous work. From Home policies, such adjustments should be relatively straightforward. But a company Slack channel is not much help in the hospitality industry, where a long running labor shortage has left many business owners scrambling to find workers. Okay, so now they’re talking about the hospitality industry, but hey, travel is going to be hit by the coronavirus scare. But the point is that even before this, this tragic concern that we now all have is a possible global p word pandemic, right. And hopefully it never turns into that. But the movement was four people working out of the house. And guess what, if they work from home, they need a little extra space to work from home, right? They need maybe that extra bedroom or that extra little den area where they can set up their office. So at the end of the day, everybody still needs a place to live and it actually increases says the demand on places to live. Because if they had a roommate, or maybe they have a kid or two, now they need that extra space. So they got to get rid of that roommate. And you know, use that extra space as the home office. So guess what? you’re investing in housing, let them rent that space from you. All of the other sectors of the real estate market have been hurt by this trend, except the one in which we invest. You invest in it, I invest in it. It’s housing, they can’t outsource the housing. You can’t ship the housing overseas. You can’t outsource it. It’s got to be right here, and you own it. And you’re going to buy more of it. You’re going to go to Jason hartman.com. You’re going to reach out to one of our investment counselors through the website, or you’re going to call one 800 Hartman and we’re going to help you own mobile That housing that is so in demand and impossible to outsource. So it’s the most historically proven asset class in the entire world. And we can help you build a magnificent portfolio for yourself and for your future. Okay, this is a 10th episode show. Let’s talk about that general interest topic, mindset skill set and assets. And we’ve got a live clip here to not too long. I think it’s about 12 minutes from one of our live conferences with James Malin check, and I think you’ll really enjoy this as a motivational talk. So here we go. And we will be back with a regular economics and real estate and personal finance show tomorrow. But here is the live clip.

James Malinchak 17:52
give a warm welcome to James melon check Come on.

James Malinchak 17:57
Guys Come on. Don’t even know if it’s gonna Good yet. Alright.

James Malinchak 18:05
Alright, let’s get started with a couple of questions and I need some quick enthusiastic response to these questions. Here we go. Are you ready? Say yes. Hello folks timeout put some juice into the watch how your spiritual Are you ready? Say yes. Question one. How many of you ready to be more successful in the future that you’ve been in your past? Raise your hands? I am. Oh my gosh, you’re tired. Question two, how many ready to make more money? Raise your hands. I am. Question three. How many of you ready to enjoy life more? Raise your hands. And finally, how many of you are ready to walk out those doors better looking than when you first walked in? Raise your hand.

James Malinchak 18:39
Some y’all didn’t answer that.

James Malinchak 18:42
And I saw somebody waving to him.

James Malinchak 18:45
All right. I’m excited to be here because I get fired up and juiced up anytime I’m blessed to travel around the country around the world for that fact I was just in Scotland not too long ago. Stand in front of an amazing group of people like the one we have assembled here today, and share a few thoughts and ideas that might be helpful, and I appreciate you, Jase. I believe whatever your beliefs are, I believe things happen for a reason. There was a reason I walked into that Starbucks on that day. And I see Jason sitting there who interviewed me some seven, eight years earlier. And I believe you all are here for a reason. I believe there’s one of you here who needs to hear this message I’m going to deliver today. Anybody else that catches something? It’s gravy. It’s bonus for me. Okay, I’m here to touch one life one soul. Got it? I got it. A lot of times throughout my presentation I’ll say got it you say got it. I’ll say Good. Let’s try it. Got it. Got it. If somebody is not participating pointed out to me, I’ll put them on stage. Oh, I know what you’re thinking. And he’s one of those motivational dudes. Man I don’t want to do any of this callback stuff. Well, here’s why I do those things. I believe in life here is on the way or in the way we get you on the way is playing full out participating got it. Got it? Good. I gotta give a shout out to Jason. I love Jason. I’ve admired him for many, many, many years. Love what he does? And has this been a great conference? And those of you who are around his circle of influence? Isn’t he awesome? And hasn’t his trainings been awesome for yesterday? Yeah, give it up for Jason and his team. Alright, so as we get going here, I’m going to make you two promises today. And then I need to ask each and every one of you for one little promise, first promise, I’m going to make tools I absolutely will not bore you, everyone. Take your hands like this. Put them together. Say thank you. Second promise, I’m going to make this I’m just going to remind you of some reasons, your mindset, some simple reasons what kind of reasons simple, simple reasons why your mindset is so important when it comes to doing anything you want to do in life, creating wealth, the real estate deals, or succeeding personally. But before I do that, I need to ask all of you for one little promise and here’s the promise Just have an open mind. You don’t need to believe me you don’t need to agree with me just have an open mind just have an open minds a few thoughts and ideas that can make make a positive difference in your life. The minute you walk out these doors, and have you in turn make a positive difference in the lives of others. Got it? Everybody got it? Alright, so let’s get cranking. You know, I gotta tell you that I admire and respect all of you for being here because you didn’t have to be here. You might want to write this down. You are abnormal.

James Malinchak 21:32
Seriously, you and I are abnormal. You know why most people don’t do things like this. I believe that the entire population is broken down into two types of people. There are 97 percenters and their three percenters. 97 percenters are out there right now. It’s easy to be a 97% of just wake up do the same old same old and those are the ones that bitch whine, moan and complain about how life gives them lemons and life doesn’t give them what they want. It’s you and I, the three percenters who read books who come to events like this who get into masterminds Get into coaching. Because you understand I understand you don’t go to school once in your life you’re in school every single day of your life. The minute you choose hear me the minute you choose, hear me the minute you choose to stop learning, you will stop earning everybody go. You can’t expect your income level be here and your knowledge level will be here doesn’t work that way. You got to raise this the raise that got it. Good. Yeah, one of my favorite quotes is Ben Franklin and investment in yourself always pays the best interest. Another favorite quote, If you think investing in yourself is expensive. You should try ignorance. Got it? Good. Yeah. Remember, if you want to go more, you got to grow more. So you never stopped putting great stuff in here. You can get all the real estate strategies you want. But if your mindsets not right, it’s like driving a car and the wheel is out of alignment. The front end is out of alignment. Keep drifting no matter how bad you try and how strong you think. Try to steer that back on. If you don’t fix the alignment, you just keep drifting. And it all starts with our mindset. And I will tell you, I’ve been very, very blessed to be around some amazing folks, that seven and eight figure entrepreneurs, seven and eight figure real estate entrepreneurs think way differently than everybody else. I’m going to share with you a couple of those stories of folks I’ve learned from how many of you read the great book, Think and Grow Rich? Right? Napoleon Hill study 500, successful wealthy people found 13 common characteristics, right? I’ve been shoulder shoulder, elbow to elbow, knee to knee over the last, let’s say 15 years or more. With some amazing folks doing my own research. I have found one thing they all have in common, not 13, not 17, not 22. One thing, and I’m going to share that with you and I’m gonna share with you some of the folks that I’ve been blessed to be around that I learned these things from that. I believe that like Jim Rohn said, success leaves clues. You choose which wagon you walk behind and which clues fall off that you pick up. Got it? Good. That’s why you never stopped coming to things like this. This is why I never stopped coming to things like this. Okay? Remember you don’t go to school once your life you’re in school every single day of your life. So, I had the honor and privilege to have lunch with this amazing man, Mr. JOHN wooden Wizard of Westwood before he passed away, arguably the greatest basketball coach in the history of the game of basketball, arguably the greatest coach in any sport. And for those of you who don’t know, coach, wooden coach and UCLA basketball, coaching folks like Lew alcindor, that became Kareem Abdul Jabbar, Bill Walton, when all those trophies all the national titles, so I’m sitting with him in his Encino condominium before he passed away. One of the biggest thrills of my life just picking the brain Sitting at the feet of the wizard. Not played High School in college basketball is a pretty good basketball player. Let our High school to a first ever state championship play University of Cincinnati out of high school, I was pretty good player. So be Sitting at the feet of the master was such a big thrill for me, thought I was gonna learn all this basketball stuff and behind the scenes of what happened with Kareem and all these folks, I learned more about life than anything else in our six hours together. At the end of our time, I asked him a question. I asked everybody at the end of our time together. Here’s the question. I said, Coach Woodman, you got all these success principles, you have your entire pyramid of success with all these stacking blocks of success. If you can only give me one idea, one tip one suggestion to be successful. I know it’s gonna be hard because you got all these success points. What would that be? He said, Oh, man, James, that’s easy. He says it’s what you learn after you think you know what all that counts. Whoo. But take your finger like this. wiggle it and go. Oh, that’s hot. Yeah, I see so many people who go through life like this man. I’ve been doing this for 35 years. Got regrets older than you James.

James Malinchak 26:03
I didn’t know that just because of our age or experience that we just wake up and magically things happen for us. We don’t have to keep putting good stuff in the mind. It’s called good go GI Joe garbage in garbage. That’s not true they lied to you garbage in garbage stays garbage in garbage grows garbage in garbage manifest. And then garbage comes out and affects your life and the people you love and care about people you’re doing real estate deals with in a negative manner. It’s also called Gago GI Joe great in great states. Great starts to grow. Great manifest and then great comes out influences your life the people you love you care about people you do business with deals with in a positive manner. You got to be very careful what you choose. Hear me what you choose to let go in your ear gate. Got it. You know most of you are six inches away, especially with Jason’s training six inches away, of achieving what you want to achieve and Real Estate in life, but if I go like this that’s about six inches right now everybody go like this. Ready? Go. Yeah, it’s what you put here. Right? And I believe there are three things that make you as successful if I could be so bold, taking it all try to narrow it down to like three principles we should follow you got mindset, which we’re sharing a little bit with here. Right not pie in the sky, wishful thinking not sitting on the couch in a lotus position going on. I hope the window opens up and real estate deals walk through the window. No, hope I get financing. hope hope. No. There’s a movie that was out a few years ago jacked everybody up. So you get everything you want. Right? All you gotta do is just hope for and you get everything you want. Everybody hear that before? That’s not true. Because if that were true, I would have been a girl by the time I was 14. I mean, you get everything you want every day of the week now, but you got it. So it’s not The sky thinking it’s mindset, it’s changing the way you think, as a real estate professional, as a real estate entrepreneur on a daily, weekly, monthly yearly basis. But that’s not enough. A lot of people talk about mindset, and then goes to the second part, its skill set. Right? You can have the best mindset in the world, but you got to have skills. That’s what you learn from Jason and his team and the other boats, right? You’re gonna have a skill set, you got to know how to actually do things, negotiate deals, get financing, etc, etc, right? But that’s not enough. It’s mindset. It’s skill set. There’s a third component that’s missing it’s get off your assets and do something. And those three keep going together mindset skill set, get off your assets got it. Good. What you learn, though, after you think you know it, all that counts. That’s why you never stopped coming to these great events that Jason does. How are you with me on this? Go like this? Yeah, remember? Gago? gfg? Oh, so I just want to remind you have two reasons why your mindset is important. And let me just share this with you. I’m not going to talk to you about anything that you don’t already know. So many times in our lives, our fuel tanks get low on fuel and our internal batteries get low on juice on energy. And all I want to do here is to put some fuel back in your tanks and recharge your batteries so that you could operate at your highest best level would that be great or that’d be great that would be first thing I want to remind you about mindset why it’s so important is mindset is what shout it. choice. The mindset you wake up with every single day is a choice. It’s a James, I know that. Yeah, but we don’t always do what we know. And I think we all need a kick in the rear to get us a year. Be two to the mindset he is about to self determine your mindset about life about real estate about financial and your income. I can always tell someone’s financial future by based on how they talk to me. I listen to their words, their languaging I spent $10 on that book on Amazon. I spent money to go to Jason’s conference I spent, you know when I call somebody when I hear him talking like that I spent I spent you know what I call that person a bath would be a fo broke ass folk. I haven’t spent money on myself and 25 plus years. I’ve invested $10 on a book in my future success. I’ve invested to go to events. I’ve invested money in masterminds and coaching I’ve not spent. It’s a mindset. Got it. Good. Got it.

James Malinchak 30:21
Thank you so much for listening. Please be sure to subscribe so that you don’t miss any episodes. Be sure to check out the show’s specific website and our general website heart and Mediacom for appropriate disclaimers and Terms of Service. Remember that guest opinions are their own. And if you require specific legal or tax advice, or advice and any other specialized area, please consult an appropriate professional. And we also very much appreciate you reviewing the show. Please go to iTunes or Stitcher Radio or whatever platform you’re using and write a review for the show we would very much appreciate that. And be sure to make it Official and subscribe so you do not miss any episodes. We look forward to seeing you on the next episode.