When I hear or read the word “guru,” my mind starts pinging like an arcade game.
Every investment seminar I attend has discussions about gurus.
Every magazine you read references them, and the frame of reference is always different, from “They are great and made me a fortune,” to “They scammed me out of $$$,” to “All they want is your money,” or “I have learned so much, yet after $20,000, $30,000 or $40,000 I still own nothing.”
All the different perceptions about these gurus make my head spin.
The term guru has taken on a pretty negative connotation, and interestingly enough, often that is attributable to the gurus themselves. By definition, a guru is “someone who is a teacher, guide or master,” with certain knowledge. So why do gurus themselves speak negatively about gurus? Perhaps it is in reaction to the negative perception given by those who feel they were wronged by a guru, and they want to differentiate themselves or separate from that persona.
Like in any area in life, there are always bad apples that ruin it for everyone
There are self-proclaimed gurus in any arena of knowledge who will prey on those with high hopes with promises to make you rich by teaching you simple and automated ways to make money. They often bring you into a free two- to three-hour seminar, then upsell you to a two- to three-day boot camp, which leads into more sales, and the sales process never seems to end. I believe this process is the culprit that gives the term guru a bad rap. There are also very reputable companies that do this, and the ongoing upsells leave a bad impression in the minds of many.
How to benefit from the gurus
- Know exactly what you want from a guru: It is easy to listen to a sales presentation or read a description of everything you will learn and think, “Yes, that sounds good. I want to learn that.” Do you really? Is this what you set out to learn? In the absence of a clearly defined objective of what you want to get accomplished, you may pay big bucks to learn and not get what you truly need. Before shelling out one dime you should have clearly defined the investment criteria and identified what knowledge you are lacking and set out to find education that will teach you that and only that.
- You must share in their passion. Just like working with a coach, you will only get out of it what you put into it. I have had thousands of conversations with wannabe-investors over the years who were interested in learning about investing, and yet two or three years later they still had not made any investments. Their No. 1 reason is always the same: They were busy. If you do not have the passion and burning desire to truly accomplish what you think you want, then the most passionate and expensive gurus in the world will not help you become successful. A guru can only teach. It is up to you to take the action and accomplish your goal.
- Ask great questions upfront: The most important question to ask is, “If I buy this program or course, will I acquire the necessary knowledge to invest on my own, or will you try to sell me another program in order to get started?” It is always important to identify up front what you are buying into, what exactly you will learn and what you can accomplish once this education is processed. True gurus, in my opinion, should be able to empower you to make great investments by focusing on actual investing. There is no better training than on-the-job training. Books can only teach you so much. Practical experience will be your guide.
- Look for genuine mentorship-type programs: I believe the good gurus want to help you do deals, and as long as you do your part, they will work hand-in-hand with you though the process. The gurus who tell you, “Once you complete this course or this book you will know everything you need to invest in real estate,” is a BIG RED FLAG. Getting that first deal completed is paramount to your success, and there is no course or book that can illustrate all the different nuances of investing. I have seen many investors who freeze in their tracks when an unknown situation arises. That is the time when you need a true guru.
Red flags to watch for from gurus
- A guru tells you it is easy and anyone can do this: Investments worth owning require hard work and passion. Sometimes the passion will make it seem like it is easy work. So a passionate person may think, “This is easy work.” Investing is like golf. The concept of golf is easy. You hit the ball with a club and put the ball into the hole. It sounds simple, but it is not necessarily easy. The same goes for investing. It takes serious diligence to invest in properties worth owning, and there is a lot at stake, so it requires passion and dedication.
- Fully automated or invest while you sleep: Today’s modern technology makes the process easier. But any investor will tell you there is no substitute for personal engagement, diligence and experience. There seem to be more and more programs out there selling automated investing techniques. I think a lot of these automated programs are questionable from an ethical standpoint. And sellers, investors and Realtors quickly understand that they are dealing with automation and will just as quickly discredit any of this activity.
- Examples of money you can make: Perhaps it is just me, but I believe the reality is that no one knows how much money you can make until they know you and how much time and effort you are willing to contribute. The reality is you can make as much money as you want in real estate. Look at Donald Trump, or any of the 20 richest real estate tycoons of the world all who made billions investing in real estate. So the reality is, if you are only limited by your own desires, then any attempts at luring you into their programs by telling you how much you can make and showing you past checks is head games which begs the question, “How many other games are being played?”
So gurus: friend or foe?
The success of interacting or working with a guru starts with you. If you have realistic expectations, based on the amount of time and effort you are willing to contribute to your success, along with a clear understanding of what you want you can create the great questions to find the guru suitable to assist you.
You must be willing to work diligently toward what you want, and if so, you will be able to differentiate the friend from the foe.
Great gurus perhaps are ones you go looking for, instead of ones that come looking for you.
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