Tim Bratz shares his insights on starting a business, starting over, making your time count, and maintaining balance through it all. Here are some of his top tips:
- Humility is key. After liquidating his portfolio and starting back at square one, Tim realized that spending money to display wealth actually keeps most people from truly achieving wealth. Today, he prefers to spend money on vacations and experiences with friends and family.
- Audit your time. Tim wanted to see how much time he was actually spending generating revenue each day, so he performed an audit. Every 15 minutes, he wrote down what he did, followed by either a zero or a dollar sign to indicate whether or not that activity made money. His next move was to hire an executive assistant with all of the “zero” items in their job description.
- Focus your energy on things that are fulfilling to you. Tim did another thing when he audited his time — he followed each task with either a happy face or a frown to indicate whether or not he enjoyed it. Items that received zeroes and happy faces included spending time with family, exercising, and walking the dog. He made sure to continue to prioritize these things as well.
- Learn to time block. Tim says that the greatest indicator of your priorities is how you spend your time. He realized that, while he constantly blocked off time for work, he didn’t do the same when it came to spending time with his family. He began time blocking evenings, weekends, and Fridays to do just that. Although he might miss out on a deal, he says he is no longer willing to miss out on his relationships to make an extra dollar.
- Don’t be surprised if you become more efficient. When Tim began time blocking, he condensed his work schedule to seven-hour days, four days per week — and he noticed that he was suddenly much more efficient. Because he had less time, he was able to focus and prioritize better than he ever had before. His business also grew as people noticed and respected the fact that he valued relationships over money.
- Life isn’t about what happens to you — it’s about how you respond. Tim’s Best Ever advice is to take 100% ownership of your life and your business regardless of what might stand in your way. Doing this, he says, will move you in the direction you truly want to go.
Tim Bratz | Real Estate Background
- Previous episode: JF1471: From Credit Card Investment To A $90 Million Real Estate Portfolio with Tim Bratz
- CEO and founder of Legacy Wealth Holdings, a multifamily and commercial real estate investment company.
- Portfolio: GP of 4,000+ doors (approx. $400M)
- Based in: Charleston, SC
- Say hi to him at:
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