Wealth Building with the One Thing – Jay Papasan

Jay Papasan is the vice president of publishing and executive editor at Keller Williams Realty, Inc. In 2003, with the release of The Millionaire Real Estate Agent, co-authored by Gary Keller and Dave Jenks, Papasan became a best-selling author when the book spent time on BusinessWeek’s best-seller list.

In 2005, they co-authored their second bestseller, The Millionaire Real Estate Investor. After working on Rick Villani and Clay Davis’s best-selling FLIP: How to Buy, Fix and Sell Houses for Profit in 2007, he co-authored Your First Home with Gary Keller and Dave Jenks in 2009.

  • Aligning your dominos
    • Having a clear priority
    • Align priorities overtime, can have huge momentum and leverage in your actions
    • Save more than you earn, invest the rest
    • Extraordinary success is sequential, not simultaneous
  • 20% of effort will lead to 80% of your success
    • Prioritize your to do list and make it a success list
    • Identify a handful and prioritize the most important tasks first
    • Achievers always work from a clear sense of priority
  • Framework:
    • Identify your “Why”
    • Begin with the End in Mind
    • Prioritize your Options
    • Adopt the Investor Habit
    • Set Aside Income to Invest
  • Identify your “Why”
    • Money is good for the good it can do. It is only a tool.
    • Definition of financial wealth: the unearned income to finance your life mission without having to work
    • If you don’t know your passion, start by analyzing your history and your path. This will help you identify what you are trying to work towards
  • Goal questions:
    • Why is that goal important to you?
    • What will accomplishing that go do for your life?
    • What will happen if you do not accomplish this goal?
  • Begin with the End in Mind
    • Why do we set goals and create plans? To be appropriate in the moment
    • Farther away a goal is in the future, the less motivated you are to achieve it today
    • Goal setting to the now: work back from 5 years (5y, 3y, 1y, 1m, 1w)
  • 4 conditions of money
    • <4% = Poor Returns
    • 5% – 8% = Modest Returns
    • 9% – 12% = Solid Returns
    • 13%+ = Active Investing + Where Wealth is Built
  • Habits of the wealthy
    • Write down their goals
    • Focus on a single purchase
    • Don’t procrastinate (& are action oriented)
    • Wake up 3 hours before they have to be at work
    • Read 30 minutes a day
    • Read 2 or more books per month
    • Network 5 hours or more each month
  • Summary of the Millionaire Real Estate Agent
    • A successful real estate business is based on 3 L’s: leads, listings, and leverage.
    • There’s no finish line in the race towards becoming a better human being.
    • Don’t spend all your time working in your business, work on your business to save time.
  • Summary of the Millionaire Real Estate Investor
    • Millionaire real estate investors take luck out of their business by learning how to invest and investing to win
    • Thinking Big: Big models with big goals lead to big success
    • Five models of millionaire real estate investors: Net Worth, Financial, Network, Lead Generation, and Acquisition
    • Dynamic trio of CTN: Criteria, Terms, Network
    • Four stages of millionaire real estate investing: Think a Million, Buy a Million, Own a Million, Receive a Million