E659 - MM - Crazy Statistics About Income Mobility

As someone who is dedicated to helping people get to the next level in their real estate career, I try to watch out for mental potholes that can create a situation where people will fall through them. 

One of the most popular mental potholes in the world of real estate is the assumption that the reason people  are more successful than you is because you were handed advantages that you were not. 

It's easy to fall into the trap of assuming that you can never reach their level and simply give up. 

However, this is a misconception.

While it's true that there are hyper-privileged people that receive large inheritances, and it feels like they could just rub two fingers together and have a hundred million dollar portfolio…

The reality is that almost everyone that is successful in this business worked their absolute BUTT off…and there are lessons they leave behind that apply to all of us.

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The moment that I realized, holy crap, they probably had to do some incredible things that I’m not yet capable of to accomplish this. 

This person probably did have a huge advantage, but man. You can make up for it with skills.

And this is something that's proven in the data. A majority of working Americans who started in the bottom 20% of income earners managed to rise above that bracket.

In fact, more of them ended up in the top 20% than remained in the bottom 20%. Individuals who initially had low incomes experienced the highest growth rate in their earnings, while those in the top 20% had the lowest rate of increase. That's from Thomas Sowell. 

Furthermore, 50% of the people in the top 1% in 1996 were not there by 2005. 

Now why is this? Because it takes a lot more than just getting money. There are skills that you can acquire that can make you overcome things like inheritance, booms, bust, real estate crisis, medical challenges. 

The skills, my friend, are what truly set you free.

Remember, it's not solely about the money. It's about developing the necessary skills to thrive in the real estate industry. Lack of skill is often what prevents people from staying at the top of their game.

Tune in to today's episode to get more insight on this.

Take Control,
Hunter Thompson

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