What real estate lessons can investors pick up from playing Xbox with their kids?
Now that we’ve generally gotten over our kids playing video games, it might be time to sit down and play a round or two with them. Real estate investors might find it offers both some much needed quality time and a few business insights.
While some parents may still have issues with a lot of video games, it’s worth noting that the video game industry is more lucrative than the movie industry. If you can drag yourself away from playing Candy Crush or Clash of the Clans on your own device long enough to hobble over to the Xbox; here are ten takeaways that can be applied to the world of real estate investing:
There’s never really an end in most video games. There’s always a new level. Always another upgrade or map to explore. It’s great to win, but the fun is in the challenge. Take time to enjoy the journey.
If you’ve have ever felt you just need to wake your brain up or jolt it into high gear to figure out how to structure a deal or market a property, adrenaline is a great fix. You might find it in trying to escape hordes of digital zombies, or in taking your teen out for an afternoon of rollercoaster rides, jet skiing, or paintball.
It takes time to get good at anything. Don’t feel bad if your teenager totally kicks your behind the first couple of times. Practice greatly improves your skill, so don’t get discouraged if you haven’t been beating all of your competitors to deals yet. It’ll come if you stick with it.
Whether it is playing a video game, negotiating a real estate deal, or building a property business that will last – strategy is important. Real estate coaching can help develop your strategy. Playing other strategy games with your kids and friends can help build your strategic thinking capacity. Chess, dominoes, pool, or Texas Hold ‘em can all help.
There are numerous online forums for finding help. You can find tips for everything online. Whether it is Xbox games or real estate investing, there are interactive forums, blogs, tutorials, and YouTube videos to check out. For real estate, you can even get entire courses, books, and attend training seminars.
Just like gaming forums, not all real estate advice is equal. Sometimes it can be hard to tell who the expert is at first, but it’s worth investigating. When your financial future is on the line and you don’t have unlimited lives, it only makes sense to seek out the best advice possible.
It only takes a few clicks to rebuild a shelter in Call of Duty. A couple of swipes in Minecraft and a 4 year old can build a home from the ground up. It may take a little more training and time to renovate homes in real life, but you can do it. And it can be as fun as it is profitable.
It’s amazing how much real money is splurged on virtual games and ‘free’ apps today. It’s more bewildering to see adults spend real dollars on building virtual forts, but skimping on real investment education. If that app will provide for your financial future, go for it. But isn’t it worth investing in your real estate education in proportion to its importance? While there are ways to invest in real estate with no money down, it can also pay to invest in better tools, and use leverage to get ahead as you earn profits.
Kids that hack or cheat, and then boast about it in online gaming forums get busted. Some even get caught by vigilant monitors. The same goes for real estate. We’ve seen enough proof of this. We’ve seen just how severe the consequences can be. Real estate can put you on the fast track to wealth building and a better income. There’s no need to push it and sabotage everything you’ve built by cheating.
10. It’s Better with Others
Gaming through the night solo until the sun rises can be fun for a couple of weekends. Sooner or later it can become a grind. Those parents that put off fighting their kids about the amount of hours they game have found they quickly burn themselves out. Eventually they want to go outside to play with others. Real estate investing is better with others too. You can get to higher rounds, and the game is more enjoyable. So partner up, build a team, or put together a mastermind group. You’ll enjoy it more.