January 27, 2023

Process, Groundwork, Success: Real Estate Agent and Entrepreneur Frederick Adams | Episode 14 of Twist of Fate 

Process, Groundwork, Success: Real Estate Agent and Entrepreneur Frederick Adams | Episode 14 of Twist of Fate 

Homeownership, life insurance, and financial planning may seem like secondary goals to the budding startup owner. Being your own boss often means going into debt, and it’s all too easy to get caught up in an endless cycle of borrowing. Douglas Younger III, the host of Twist of Fate: A Small Business Podcast, understands why this is, but he’s not afraid to push back on the excuse either. In Episode 14, he talks to Frederick Adams about what it really means to start building your wealth from where you are. 

A Path to Wealth 

Frederick Adams made a career on his reputation and skills. As an agent and insurance broker, he’s seen how different financial components tie together for people from all backgrounds. He emphasizes how important it is to have a strong foundation from the very beginning, and why that often starts with owning your own home. 

Younger agreed. He emphasized the importance of owning your home and what that can ultimately mean for entrepreneurs. Generational wealth — the kind that can set a family up for centuries of success — can begin with a single property. Barring severe events, like a sudden loss of income, both professionals advised people to buy a home regardless of the market. (Adams also touches on how you can enter into a lending agreement as a self-employed professional rather than the standard W-2 employee.)

Once you have a home, you have options. As an entrepreneur, you have some degree of collateral. It isn’t just helpful if and when you need some sort of financial backing, it’s a resource that you always have in your back pocket. If things really take a turn for the worse, you can always rent it out. 

Stronger Relationships 

Entrepreneurs are people who like to get their hands dirty, and this instinct often leads them to take on nearly every aspect of the job. This is a concept that comes up over and over again on the podcast. As tempting as it is, it’s just not possible. The people who get ahead usually invest in financial planners, insurance brokers, CPAs, and real estate agents who are all supporting them. Without those relationships, entrepreneurs end up paying more. If the odds seem stacked against you, you should know that there are financial rules that can work in your favor. You just need to find people who can show you how to apply them. 

Of course, it's not as simple as hiring people with these job titles. Entrepreneurs have to be willing to network and perform their due diligence to find people they can trust. Adams illustrates this concept by discussing VA loans. There are plenty of lenders out there who will turn up their nose at a veteran loan in favor of a conventional loan. Even though the bottom line will settle out to be the same, the lender will want more money upfront. This kind of short-sightedness can be found across professions, which is why it’s so important to find people who can see the big picture. 

Patience, Rough Patches, Perseverance

There are a variety of inspirational sayings about entrepreneurship that all boil down to endurance. In fact, there are so many out there that they can start to sound meaningless after a while. But the truth is that entrepreneurs need to keep hearing it because it's a tough game out there. There are going to be exceptionally difficult patches. It is going to feel like your back is up against the wall. 

Adams and Younger remind all of the listeners that it’s all a part of the process. Plus, they point out that real success isn’t whether you own your home or have a comprehensive life insurance policy. Those assets are symbols of the commitment you have to yourself, to your dreams, and to your loved ones. The real dream of a small business owner is defining their own life and then building toward it brick by brick. 

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