Real Estate Investing Weekly Wisdom #284 - Don't be in the penalty box

This week Dean shares a story about a challenge between him and an old friend. Reward wasn't working so Dean had to challenge him another way.

Check out this week's video to see what changed Dean's friend's mindset and supercharged his results!

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Accountability

acinvestments's picture

I have always believed this to be true. There are two types of people in the world when it comes to accountability: Reward Motivated and Punishment Motivated. Neither is right or wrong, but you need to know which is right for each person.

We are doing something similar with Chip's folks currently. If they lose 40lbs each by August 4th (their anniversary), then we'll pay for them to take a dream trip of their choice. However to balance that out, for every pound they put back on they owe us $20. I know it isn't dramatic, but it will help keep them accountable to themselves and their health.

Dean, I hope you're having the most Amazing time in Asia! Can't wait to see you and everyone else at the EDGE!

~Andrea

Reward vs. Punishment

thomgilbert's picture

As Dean and Andrea says above figure out if you're reward or punishment driven. Then set your goals based on that driving factor which maybe punishment and not reward based. I had not thought conscientiously to do it this way before but now as i think about it it makes alot of sense and I will give it a try.

Thanks Dean! Hope you're having a great time in Asia changing even more people lives!

Make it a great week!
Thom

Don't be in the penalty box

MIH Properties's picture

Hi Dean,

Another great weekly wisdom......and another interesting
assignment.......

I like the idea of a penalty box.....as long as I don't have to be in that box ....hehe......Smiling

Thank You for all you do......

Regards,
Sharon

I like it Dean :)

CaliTony's picture

Great stuff Dean humm what shall I put as my punishment in 30 days Smiling my goal is to get a wholesale fee of 5k in the next 30 days, maybe my punishment will be having to post on dg.com that I didn't meet my goal & why-which the only reason could be procrastination or disorganization.

Nice Challenge

Think we need to use in a number of situations, lets just say, if we hold folks accountable rather than giving them a win-win the entire US and political system would change for the better!

ACHIEVING VS NOT ACHIEVING

Great Weekly Wisdom.....looking forward to the Edge...

Reward or Punishment

jokitty92's picture

Great challenge Dean. I'm giving it a try.

Phenomenal

BrianNorris01's picture

Holding myself accountable, Imagine that!!! Dean, Outstanding Info. I Will Hold Myself Accountable. Oh, By the way, You challenged us to eat better and I do, lean meats, fresh/frozen fruits and veggies. I have gone from a whopping 243lbs to 210lbs. I exercise at least 6 times a week (20 mins) get my heart rate to where I was at 20 yrs old (33 yrs ago). I have kept the weight off for over 4 months now. I feel absolutely amazing and I want to thank you for encouraging us.

I do Tony Robbins Incantation "Now I am the Voice" at least twice to three times daily. As a result I've almost lost my voice. The change in me is awesome. Thank you for reintroducing me to Tony Robbins.

Reward

kcw6150's picture

Dear Dean, this is a great way to generate and to
motivate--good job!
Regards,
Kevin

ps--have a wonderful time in China. I had a super
time in Shanghai building a community for them in 1998.

Reward or walk the Hall of Punishment

Dean that was an excellent idea I will administer this ASAP!!!! what could my punishment be..... How a bout a bandit sign with my full name with my phone number on the sign and in big bold letters saying Jimmy......Failed as a real estate investor!!!!!! I think this would keep me completely on my toes!!!!! and never giving up!!!!! again what a great Idea that's why I'm so blessed to have you as a leader and mentor that will teach me many great skills to bring my future my legacy!!!!!! have a great trip and a safe trip home......

reward penalize

smahdavi's picture

That's wonderful, I did that with our buy/flip contractor, rewarded him $150/day if finished earlier that agreed upon, and penalized him $50/day for each day that he was passed his due date, it works!

Setting my goal

TinaScott's picture

Well last year a set a goal that this year we would be on stage talking about real estate.. Well this year we won deal of the month at the Buying Summit this weekend on a deal I finished a day before we left. We set goals to achieve, I will set a new goal for this month. I will have 2 more deals done this month.

Tina

Good one

smurfy's picture

I like the concept, reward vs punishment. It changes things and motivates more, I think.

Yes, I'm back; I know, I've been gone for a while with some health issues. I know if I can just buckle down and eat right and take better care of myself that will change, then it can transfer into other areas of my life. I have some challenges, but who doesn't, so I just have to focus on the solutions and not the problems. (I'm 'finally' reading your book, Totally Fulfilled - I've had it for a long time). Anyway, as always, Dean, your Weekly Wisdom is right on and encouraging. Thank you.

Lisa

Hey Dean

lynn hoff's picture

I'm laughing so hard because I can hear it in your voice how embarrassing the deal has to be for your friend if he doesn't lose that weight in 30 days….seeing you crack up/chuckle between your words made my morning.
Thanks … :--))

I started back in a exercise routine and hope to stay on it. Your great to be so helpful every week. Thank you.
Lynn

excellent!

lynn hoff's picture

excellent!

I can't think of a good

I can't think of a good punishment. The idea of one punishing himself doesn't seem reasonable.

What a great weekly weekly wisdom

tcmiami's picture

You are a great Man Dean and I'm glad to let you know that I got inspired by this weekly wisdom. I will let you know how I'm doing in the next 30 days. Good luck to everyone investing.
________________
TC
Miami Beach, FL

excellent weekly wisdom

Thanks Dean: I will let you know in 30 days how I am doing. I want too wholesale a house. Thanks for sharing your book with everyone. Carol in texas

Ill start all over

jools's picture

I have been doing this almost four yrs and no first deal yet. I guess I failed. I feel like it realy doesnt work for me. It will only work for others. My focus is gone, Im back in my own blah life, my realtor is probably laghing at me cause i havent seen him in a while. He probably retired now cause he was an older gentleman when i first spoke to him. I realy want to start again. Ill start with your free book. I also work in a demanding job and my schedule conflics with what i want to do. its tireing, no set schedule, and busy retail place Sad Trying to find time to make a deal work but i failed on that too. i dont like it when it takes a long time to do a first deal that what makes me ****ed then i lose intrest. I want money fast! But i know i need patience.Im tired of living paycheck to pay check, what is wrong with me? Im mad even writting this. There is a lot of compitition here in austin, tx.I guess i missed my window. I havent called my coaches cause had no reason to. Idk whats wrong with me, maybe i have adhd or something. I will start over with your free book. Thanks for your videos, they are great. Have a good day sir.,

Penalty box

firefly's picture

Absolutely phenomenal video Dean!!! Thanks for the challenge

Great tip and a tool that will help you accomplish just that

Great Tip Dean!

There is a website that can help you achieve just that. http://www.stickk.com/howto.php?m=howto

The steps are:

1. Set a goal.
2. Set amount of money associated with this goal
3. If you meet the goal then the money goes to a charity that you believe in.
4. you didn't meet the goal the money goes to anti-charity you you absolutely hate.

Check it out, it's a great tool

WW284 CHALLENGE

I have been your student for four years and like
jools said, I have some of the same issues but like so many times you have stated we need to put that aside and look into the future; and that is what I am going to be doing 30 days as off today your CHALLENGE, and the chat we had last night @ Insider Elite with Carol concentrate on what I want to do and take it from there.

Thank you for your great WEEKLY WISDOM, and have a HAPPY EASTER with your family and friends.

Adamina

I need Help GETTING STARTED!!

Hello Members,

My name is Raymond Aboulhosn and I am a newbie to the real estate world. I am of 19 years of age and found that real estate investing would be my lifetime success. I attended seminars about three months ago, since then I have began to attempt to get started but I don't have any motivation. Im only 19 years old and I don't know that much about taxes and payments and what not. I began to try assignment of contract, but gave up. I need some help getting me started. I would love if someone would be able to help me in telling me what to do on how to get a successful deal...?? please.

Great message, thank you

I am always here and always working at this If I don't do a deal at some point I will experience great shame and sink further into poverty. I certainly don't want that to happen so we will see. At the present time there is no one near me that would give a rats tail if I make it or don't. Plain and simple it is all on me. Hope you are enjoying your trip to Asia.

weekly wisdom #284

Dean,

Thank you again! And I have learned for myself
that you cannot be a dabbler in the game of real estate investing or else it will never become a business.

Thank you! We'll set our 30

bahney's picture

Thank you! We'll set our 30 day goal with consequences!

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