Critically Thinking About Success

Plus some tidbits from my personal experiences

I’ve always had a fascination with why certain people stood out from the crowd and were successful. As I developed my Critical Thinking skills, I researched and paid attention to what were common traits these people had — and applied them to myself. I’m sharing these with you and then will show an example of how I personally utilized this information. {Note: The example I am citing below is financial success, but the traits apply to any type of success.}

Trait #1: They have a specific, high, attainable vision of what they want

Successful people are often called dreamers — as they see possibilities that almost everyone else discards as pie-in-the-sky. But their dreams have at least three characteristics: a) they are precise (not vague), b) they are aspirational, and c) they are within reason (not that you are going to beat Tiger Woods’ golf records). These three attributes help a believer to stay focused on their vision.

When I was 25 my vision was: I wanted to be able to retire by the time I was 40.

I had an interesting job at GE Aerospace (and was soon promoted to management), but I had other interests in life. To be able to enjoy them, I needed to be financially independent, so that I would be able to go where I wanted, and do what I wanted, when I wanted. I shared my vision with some co-workers and friends. They smiled and said: “That’s nice — good luck with that!”

Even though I didn’t know anyone who retired by 40 (through their own efforts), this was a high goal that I was quite sure was doable if I adequately applied myself to it.

Trait #2: They don’t reinvent the wheel

One way or another, almost everything has already been done before. (In fact, many historians look at history as a collection of repetitious cycles. A related famous saying is: “If you don’t learn from history, you are doomed to repeat it.”) There are two primary ways of learning: Education or Experience. I found that those who are successful maximize the education part. In other words, a significant key to success is to learn as much as possible from the accomplishments and failures of others.

After considering (and in some cases trying out) several strategies to bring about retirement by 40, I decided to invest in real estate. A critically thinking person knows that a trial and error (i.e., the experience) approach to real estate investing (or any other such option) likely takes way too long (putting at risk my goal of 40), and will also likely result in unnecessary financial and other setbacks that could jeopardize the whole plan.

I did not have the benefit of knowing anyone who had done this, so I chose to learn from strangers. I went to a local bookstore and bought every book they had on investing in real estate. Over the next year or so I carefully read some fifty of those books. Some books were fabulous and others I maybe only picked up one good idea. However, my perspective was that one usable idea could give me $10,000 profit — so that was a good return on a $20 investment (for the book) and 3± hours of reading.

Trait #3: They see opportunity when it presents itself

We ALL have been presented with (and will continue to be in the future) multiple opportunities. Unfortunately, many people don’t recognize most opportunities until they are in the rearview mirror. Successful people have developed the acuity to recognize a much greater selection of opportunities than others do.

I was in rural upstate NY, which was not identified by anyone as a hot spot for real estate investing. That said, my real estate investment crash course (the 50± books) gave me some ideas about what to look for. Before buying any property I also created my own documents that would help me assess opportunities — like a Return on Investment (ROI) form.

BTW, some of the 50± books I read were on Income Taxes, as understanding (and taking advantage of) tax laws is a very important part of a successful real estate investment strategy. It also clarified for me what category of real estate I should be investing in.

Trait #4: They intelligently take advantage of opportunities when presented

There are talkers and doers… Recognition of opportunities is an essential matter — but it is for naught if it isn’t acted on.

As a physicist, I can tell you that one of the fundamental principles of physics is the Law of Inertia. Basically what it means is that it takes more energy (effort) to get a stopped object to move forward, than it takes to get an already moving object to continue to move forward. The same applies to people. If you are in a moving forward mindset, you will be more open to opportunities than someone who is defensively protecting their turf, or who simply decides a priori that something can’t be done, is too much trouble, etc.

All the planning in the world means little if you aren’t willing to jump into the deep end. Shortly after the book education phase, I started making offers on select real estate properties. The details of getting appropriate real estate brokers, lawyers, banks, etc. is too long to go into here, but I also did that.

Before I got married (age 26) I had purchased my first real estate investment, as well as a home. My wife was on board and was supportive in several ways. We were on our way!

Trait #5: They are persistent, overcoming the inevitable roadblocks that are in the way

Every lofty goal comes with an assortment of obstacles. If they weren’t there everyone else would be doing it, and it would no longer be a lofty goal — it would be an everyday matter. So having a positive, persistent attitude is a key attribute of successful people.

From the get-go, I had several challenges regarding my real estate investing plan. One example is that I had limited cash to buy properties. As a 25-year-old, I had already started saving but had not had enough years to accumulate an appreciable amount. Once again I turned to the 50± books I had read for clever ideas on leveraging, etc.

There were multiple other problems to deal with. For example, we bought a home in November, that had been shut down. The Realtor assured us that the water had been properly drained. I worked on upgrading the unheated home over the Winter. In the Spring when I turned on the water, I ended up having to repair some 40 pipe breaks and leaks — some within walls. Ugh. The water had only been shut off, not properly drained. Lesson learned.

The Takeaway

There are no guarantees in life. Even if you adopt the above five traits, unforeseen circumstances might derail an otherwise good plan. I have a few adages I adhere to, and the most important one is: “Work as if everything depends on you, but pray as if everything depends on God.” This perspective has worked for me, but you decide what’s best for you.

Here is the result of my real estate saga. Since I was paying close attention (not just robotically going forward), I realized when I was 34 that I had attained my goal of financial independence — several years ahead of schedule. So I formally retired from my management job at GE. (I remember at my exit interview the higher level manager told me that he thought my “retirement” was a ploy to get a promotion. Funny.) My wife also retired from her executive secretary position at a major manufacturing company.

Subsequently, many people asked how we were able to retire at age 34. If they seemed to be genuinely interested I would outline the plan I adopted. To this day I’m surprised how many people’s first reaction was something like “You were lucky!”

A careful reader will know that luck had very little to do with it…

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My next Substack commentary will show how success with the failing US K-12 education system is finally in our grasp — but it means applying the above five traits!

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