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Ask Philip: Book Smarts vs. Investing Experience

Do you want to start investing in real estate but don’t know where to begin? Are you desperate for a job? Do you want to invest in real estate in another country such as Switzerland? We’ve got you covered with this week’s Q & A with Philip Michael! For the complete responses, check out the video.

Q: I’ve started thinking about buying land, but I’m still not sure where to start gathering knowledge. Any suggestions, books, YouTube videos or podcasts?

A. A lot of people buy books or courses, hoping that they can buy their way to the outcome. You cannot replace experience through reading; you can only get that through action.  What you have to do is learn the basics. So, keep following my page; you can follow the content we have on Bold. And once you basically know the basics, you cannot read your way out of becoming better.

BiggerPockets is a good page, and so is Investopedia. But don’t get caught up in analysis paralysis. Save some money, start investing, and start seeing the growth. Eventually, once you have enough capital, you go out and do a deal on your own. Don’t overthink!

Q: Can you please assign me a job so that I can make $200 a month?

A. I like this question! Because number one, you are showing that you’re eager to go out there and work. But you’re coming at it from the perspective of “I need $200 a month, please give me a job, I need money.” Think about it instead as creating value where being compensated becomes a byproduct of what I’m doing. So that is just a philosophical shift that a lot of people should make. Then you can figure out how you can make a lot more money.

Q: I’m on the waitlist for the NYCE app. And I was wondering if it’ll be a problem as I live in Europe. I’m very interested in real estate, especially in the States, as I feel conditions are greater than in Switzerland?

A: We haven’t made it available in Switzerland because my German is not that good! When in terms of real estate investing in Switzerland, many people ask me if this will apply. If I’m teaching you breathing techniques, it doesn’t mean you have to inhale American air. The principles are pretty much the same, aren’t they? We have to breathe the same way. Economics and money operate the same way.

There is always an opportunity; the economic apparatus wouldn’t be able to operate if everything is just stagnant. There’s always a trade-off. It’s all about adapting to the culture and finding opportunities within that framework. If you can’t find opportunities within a framework, then the problem is figuring out how to operate within a set of rules. And if it turns out you’re not compatible with this game, you go somewhere else. In Europe, you can pretty much use your passport to go anywhere. So just look for the opportunity!

If you want to hear your question answered live, make sure to follow us on social media. Ask us a question on Facebook, Twitter or Instagram @Bold TV, and you may be featured in our Bold Business show.

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