Kevin Amolsch“In every instance where you find a man (or woman) of outstanding achievement in any calling, you will find that he has been a success due to a mastermind alliance.” – Napoleon Hill
Napoleon Hill, author of the seminal work “Think and Grow Rich,” dedicates an entire chapter to the power of the mastermind. I can attest that being part of various masterminds throughout my career has dramatically improved my success. Without the help and support from these groups, I wouldn’t be where I am today.
When I was starting in the lending business, even before Pine Financial, I recognized the importance of such groups. Finding no established group to join, I created my own. I sought out six A players for monthly, hours-long meetings to help each other grow our businesses. The support, motivation, inspiration, and advice from this group helped catapult me forward as the economy crumbled around us in 2008 – the year Pine was born. While I’ve lost touch with most of that original group, I took it seriously and probably got the most out of it.
Since then, I’ve consistently been part of a mastermind group, with only a brief 6-month break during the COVID pandemic. Recently, I was invited to join a small, elite group of successful investors and business owners. They believe I can add value, and I’m determined to do so. As of now, we meet twice a year, but that may increase to four or more times annually.
In this group, we present our entire financial lives and seek feedback. Members offer advice and opinions, and if you request help with a specific problem, everyone collaborates on a solution. I feel like an awkward freshman trying to fit in, but the room is filled with nothing but support and goodwill.
We recently returned from Minneapolis, where seven of us gathered. We relaxed by the pool, shared meals, and spent many hours on our presentations.
While much of our discussion is confidential, I can share some key takeaways:
- Money is important, like really important. But at some point, what does more money do? If making more does not have a big impact on your life, time becomes far more important. Living the life you want is what we all strive for, but for many of us, it is hard to make the shift from working our asses off for assets to enjoying those assets and spending time with those we love. Nothing is more important than our physical and mental health. This group excels at challenging their minds, which is an area I can improve. Have you ever attempted an hour and a half meditation?
- Money won’t respect you. You need to respect it. Managing cash reserves is tough for real estate investors but it is essential.
- Diversification is key. It is ok to pay for cash flow instead of always trying to hit a home run by adding value. Having a little of both in your overall plan may not be the fastest way to wealth but it is a much more stable one. The entire group loved the Pine model with short-term bridge loans to increase cash flow without taking on unnecessary risk. This made me feel proud of what I have been able to accomplish.
- There are some creative ways to manage lines of credit. Two examples are to leverage a brokerage account, which helps you manage the timing of selling the assets in the account to move debt off of properties when possible and putting a line of credit on free and clear property.
- Chasing validation will not make you happy.
- There is a big difference between a relationship and a meaningful relationship. Both sides have to care and contribute, including me.
- The family has to take priority. How do I show that in my current relationships and how can I improve? There were some great book recommendations about being a great father.
These are the main sharable insights from our second 2024 mastermind weekend. I’m already looking forward to our winter gathering!