On today’s show we’re talking about the morning after. We have a nation where nearly half the population is elated, and nearly half the nation is disappointed and maybe downright angry.
If you’re a real estate investor, or a real estate developer, you’re probably wondering what the future holds. You might be wondering if Joe Biden will make good on his election promise to increase taxes on business, and whether he will make good on his promise to eliminate the capital gains tax deferral that has been available in the US under section 1031 of the tax code.
You might be wondering if the push to improve the energy efficiency of housing will bring new incentives to build new housing to replace some of the nation’s oldest and least efficient buildings.
If you’re happy or if you’re saddened by the outcome of the election, both those reactions are linked to your hopes and expectations. I said your hopes and expectations.
Those hopes and expectations have only one origin. They were the product of your own mind.
Neither candidate can influence the election at this stage. It’s simply a matter of counting. The election outcome is reality.
If you’re feeling any stress around the election, it’s because there may be a gap between your expectation and reality. Stress cannot exist without that gap.
When that gap exists most people feel pressure to close that gap. Since there are only two variables, expectation and reality, there are only a few possible choices on how to close the gap.
1) You can change the reality. This is possible in some instances, but it’s rare. It usually involves breaking the laws of physics.
2) You can lie to yourself and others that the reality has indeed changed.
3) You can alter your expectation.
Your expectation is rooted in your belief about the way things should be. Maybe you believe that our political leaders should behave themselves a certain way. Maybe you believe that the laws should be written a certain way so as to make them more fair. Maybe you believe that there is an injustice that needs to be corrected.
Some people are so wrapped up in their belief about the way things should be that when they don’t match, something’s wrong.
We’re here in the middle of November, the weather was sunny this past weekend and the temperatures were in the 70’s Fahrenheit, above 20 degrees centigrade. Earlier in the week it snowed. I heard some people in the neighborhood say how it was too hot this past weekend, or that it was too cold earlier in the week.
Do you realize how silly that statement is? Does mother nature care what you think about the weather? Are you going to tell mother nature that you’re right and she got it wrong? There is no good weather or bad weather. There is only weather. The term good weather is rooted in your expectation and has nothing to do with the weather.
Sometimes you can wait a bit and the weather might change. It’s raining today, so I’ll wait for a sunny day before going to the beach. That strategy is called wait and see.
But sometimes you could be waiting for a long time. If you’re waiting to go to the beach, you might be waiting another 7 or 8 months.
My good friend Robert Helms has a great quote. He says ,”Think and Act is better than wait and see”.
If you apply that thinking to going to the beach, then you might board a flight to a Caribbean Island and get to the beach right away .
Given the current reality, what is the best move that I can make for my business, for myself, for my family and for my stakeholders?
Your current circumstances don’t define your destination. They merely define your starting point. The obstacles don’t define your destination either. They’re simply something to be overcome. You decide your direction, and if you’re truly committed to it nothing will ultimately stand in your way.