Ep419: Karen Briscoe – I Can Change Me

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Quick take

BIO: Karen Briscoe is the creator of the transformative “5 Minute Success” concept. Her first book Real Estate Success in 5 Minutes a Day: Secrets of a Top Agent Revealed, offers a combination of information and inspiration delivered through memorable stories.

STORY: Karen took over Huckaby Briscoe Conroy Group (HBC) when Sue Huckaby passed in 2008. The luxury business had high overheads, and Karen was having a tough time running it, but a past client came to her rescue.

LEARNING: Invest in yourself because you are your greatest asset. Take your challenges and turn them into confidence.


“Changing you starts with changing the way you look at things because whatever got you here is probably not going to get you there.”

Karen Briscoe


Guest profile

Karen Briscoe is the creator of the transformative “5 Minute Success” concept. Her first book Real Estate Success in 5 Minutes a Day: Secrets of a Top Agent Revealed, offers a combination of information and inspiration delivered through memorable stories. Karen is the host of the “5 Minute Success” podcast, ranked #1 on Overcast, most recommended in the business category.

Karen is the principal owner of the Huckaby Briscoe Conroy Group (HBC) with Keller Williams. The HBC Group has been recognized by the Wall Street Journal as one of the 250 Top Realtor® teams in the United States.

Worst investment ever

In the early 2000s, Karen went into residential real estate, where she did well and became successful very rapidly. Karen’s success came to the attention of one of the top agents in her market area, who happened to also be number 10 in the entire nation. Sue Huckabee asked Karen to join her and become a partner in her company, which she did in 2006. The business was doing great then.

In 2008, the financial crisis hit the US, and real estate took a turn for the worst. In the same year, Karen’s partner died, and she took over the business.

Running the business was tough for Karen because it was a luxury business with high overheads. She often felt like she had made the worst investment ever. But just as Karen was about to give up, a past client came to her and expressed interest in getting into real estate. Her client’s energy and drive renewed Karen’s spirit, and together they revived the company.

Lessons learned

  • Investing in yourself is worth it.
  • Your knowledge and ability to create value and help people are your greatest asset.

Andrew’s takeaways

  • Confidence is built by overcoming a record of challenges.
  • Take your tough experiences and turn them into your confidence.
  • You can change yourself.

Actionable advice

Take action. What you put energy into is what you’re going to receive back. If you want to attract something new or anything good in your life, you need to take action towards it.

No. 1 goal for the next 12 months

Karen’s number one goal for the next 12 months is to launch four books. She is also focusing on expanding her coaching business.

Parting words


“If I can do it, you can too.”

Karen Briscoe


Read full transcript

Andrew Stotz 00:01
Hello fellow risk takers and welcome to my worst investment ever stories of loss to keep you winning. In our community we know that the winning investing you must take risk but to win big, you've got to reduce it. To join our community go to my worst investment ever.com and receive five free benefits. First, you get the risk reduction checklist I've created from the lessons I've learned from all my guests. Second, you get my weekly email to help you increase your investment return. Third, you get a 25% discount on all a Stotz Academy courses. Fourth, you get access to our Facebook community to get to know guests and fellow listeners. And finally you get my curated list of the Top 10 podcast episodes fellow risk takers. This is your worst podcast host Andrew Stotz from a Stotz Academy, and I'm here with featured guest, Karen Briscoe. Karen, are you ready to rock? Yeah, let's do this. That's my radio voice.


Andrew Stotz 01:01
let's rock you're in the right field. Exactly. I should have had a microphone A long time ago. Let me introduce you to our audience. Karen Briscoe is the creator of the transformative five minute success concept. Who doesn't like that? I love that. Her first book real estate success is in five minutes a day, secrets of a top agent revealed offers a combination of inspiration, information and inspiration delivered through memorable stories. You'll also notice that it's got amazing reviews on Amazon, I believe right now you've got four point. Let's see what do you got 4.7 out of five with 164 reviews, I'd say that's pretty darn successful. Karen is the host, also of the five minute success podcast, which has ranked number one on overcast most recommended in the business category. But beyond all that, and Karen is the principal owner of the Huckabee brisco Conroy group with Keller Williams, the group has been recognized by the Wall Street Journal is one of the top one of the 250 top realtor teams in the United States. My goodness, Karen, take a minute and fill in further tidbits about your life.

Karen Briscoe 02:19
Well, I'm delighted to be with the worst investment community and you, Andrew, and did talk about a lot of these learning lessons that have come along the way. And I know that you just did the highlights there. So we're gonna get deeper.

Andrew Stotz 02:35
Yeah, exciting. And, you know, here I am in beautiful Bangkok, Thailand. And I'm just curious, since I got an expert on the line, tell us a little little snippet of what the heck is happening in the US housing market property market? What How do you tell us a little bit about that?

Karen Briscoe 02:55
Well, you share that I am a what's known as a mega real estate agent, which means I run a team inside of Keller Williams. And in 2020, our team sold over 100 million on track in 2021. To do the same, so we sell a lot of houses. And I feel like I've through the years I've become kind of a economist of the area, right a market study and obviously author of books and podcasts. So what is going on is several factors. The easiest one to explain first is COVID. So during the early days of COVID, when there were stay at home orders, people found out that their homes, maybe didn't meet all their needs. And if they realize that if they were going to be working from home, educating from home, entertaining for mom exercising from home, everything from home that they wanted to make a change. And I think that it created a lot of urgency for people because they were like, well gosh, if I don't do this now When am I going to do it, I want to be where I want to be if something were to happen. So that started the roll. But we were going to already have a housing shortage in the United States for several reasons. The first one being the largest generation ever in the United States was the baby boomers, and they pop there, that population is about 79 million. And most housing was built for the baby boomers after World War Two, if you it is study, you know the history of, of colonies. And that housing stock hasn't really changed. There is new housing, but it has not kept pace. In fact, the other key aspect of this is that in the decades since oh eight or 920 19 2021. in that decade, the builders built about a fifth of the amount of housing stock that they should have built and I'm talking about new houses, not just replacement house. But actually, and builders need land to do that. They need land for single family, they need land for townhomes, they can go condominiums and generate a lot of housing. But during the time of COVID, people wanted natural physical distancing. Oh, the baby boomers normally would be at a stage in their life where they would be starting to downsize right sighs many of them had started to move towards more of urbanization, and smaller footprint, and then COVID happen and they're like, everybody came home, I can't do that. Now I need to keep all my space. In fact, I think I'll buy a second home. So I have a place to go in case we need a place to go. Silver's, which are the older generation older than the baby boomers now, they really are not likely to want to go into assisted living or nursing homes. Now, they may move in with family, but they're not leaving their housing, which they would normally be doing.

Andrew Stotz 06:01
That's interesting. I didn't think that Yep,

Karen Briscoe 06:03
biggest wave that's coming down the pike is the millennials. So the millennials are 91 million. So there's about 12 million more millennials and their baby boomers. Remember how I said most housing was built for the baby boomers, we were already going to run out of housing. It was coming. We just didn't know when, because the millennials had been delaying their adulting years. And they were extending their, their, their, you know, 20s and 30s. And with COVID. Many said, Well, guys, we're all second how we get a dog get buried by house. And we were going to run out in house. So I mean, this was coming. All came at the same time. Right? What's going to change? This is it? Well, first of all, but a lot of things have to change. I mean, we need more housing built, we need other people on the lifecycle of housing to move into other housing, and people are moving. But we as an industry during that for sure that the three months of most aid or mortars for most of the states lost that three months of inventory going on the market. And we have not caught up. So it's just like gravity. So when is it going to change? It's going to change? Where do you start seeing supply demand in line. But I think this trend is gonna last for a while because I believe that situations like pandemics have very long memories we sought after 911 the safety security needs of Maslow's hierarchy of needs is well, if you think about it, I mean, what was the first is your your just your physical needs, we'll think about what we ran out of first was toilet paper three. Now we're running out of housing. So we're running out of these key or say running out of we just don't have enough of it. You can't build a house fast. And then you have other issues such as construction costs, that kind of thing.

Andrew Stotz 08:19
But it just reminded me of how I used to walk straight from my car into the airplane at the Long Beach airport without any security and the Maslow Hierarchy of Needs basically says from 911. Like, everything's got to be locked down. So yes, that's an interesting point. One question I have about what you've said is that when we look at that 79 million boomers coming in, is it possible that it just really wasn't that much supply of houses at that time? And so nowadays, as these millennials come in, there's a huge supply of houses. So is it do they do we really need to build 91 million new houses and 79 million new houses in the boomer time? Or is it about refurbishing old houses? Or is that old inventory is just going to be dead?

Karen Briscoe 09:07
Well, people are living a lot longer. I mean, the people that used to would have passed away and their housing would be revitalized and turned over into the next generation are not passive way. I mean, life cycle.

Andrew Stotz 09:24
Okay, so that's another lifespan.

Karen Briscoe 09:26
That's the other thing. But the thing is, is we already had a Delta loss, or being a delta of not enough, between 79,000,090 1 million so even if they all paired up, we were already short, about five to 6 million. And if you look at the trends of other industries, I remember it when my children were in elementary school they couldn't they couldn't add trailers fast enough. Because the population of the elementary school students built the baby boomers were birthing the millennials. Yeah. that trend followed all the way up, now there will be a change because the next generation after the baby boomers, there's 15 million less of them. So that's when you'll start to see the change. But in the meantime, we need to house all these millennials while we continue to house baby boomers. And the other thing is that you didn't mention is that interest rates have been, you know, kind of all time lows. And that gives purchasing power to a buyer. It does also create some urgency because as interest rates go up, then they want to move forward. Yes, that's true. And when people look at, well, housing prices are going up. And I'm like, Well, actually, if you just took the trajectory of a four to 5%, which is a normal appreciation for housing over the last 15 years since the crash, they were just where we should have been, we just are doing it all in one big swoop. And the market actually needs this, believe it or not, Andrew, this is why housing is valued by lenders and appraisers based on comparables, so comparables that have to close and settle. So if every next sale is based on the last sale, you'll never go up, right? So the market needs new transactions, where buyers will pay over comparables, they will waive appraisals, bring more cash to table, pay cash outright, and not even get alone in order for more sales to be higher, for the next home to be able to sell higher. And this really truly is one of these things that really I believe the market needs about every 10 years. And we haven't had one since, you know the Oh 2205 range. So we're actually 20 years 15 years behind.

Andrew Stotz 11:47
There's so many questions I have because we got an expert on so maybe I'll just ask a couple more, and we'll get into the story. The other thing that you know, what's amazing about the US and it's very different from let's say in developed Asia as an example is there's simply no way a bank could give you a fixed rate 30 year mortgage. But in America, that's, you know, typical, and for a bank to hold a three to three and a half percent fixed 30 year mortgage, they're gonna die. I mean, what happens if rates go up? And so I suspect that most of the banks are pushing this on defending Freddie Mac, they're pushing it hold it. Freddie and Fannie have driven Right, yeah. So that that's the unique thing about the US market where we have a secondary market in the US that just doesn't exist in many, many other countries, which means the federal government, ultimately finances that by funding, Fannie Mae and Freddie Mac through long term borrowings that are close to Treasury rates, let's say, I believe that that's the main source of funding. I haven't looked at Fannie Mae and Freddie Mac. But ultimately, if interest rates rise, it's not going to be the banks that are going to be holding that potential loss. It'll be Fannie Mae and Freddie Mac.

Karen Briscoe 13:05
are sold. Yep. Gold, so their investors are holding it. Yes, I, you know, I, I can see, you would say that if you think about the economy, though, being able to move the velocity of money. So when the bank has to hold the money, hold the paper, then there isn't any velocity. So this creates velocity. And as goes housing, so goes the economy. I mean, think about everything that is generated. Jobs and, and economies based on housing, because so there is some, I say justification for it, I understand it, it really comes out of, you know, the, again, after what happened after World War Two, and they realized they needed to stimulate the economy and housing, it's gonna stimulate the economy. Just about as fast as anything.

Andrew Stotz 13:51
I have a theory and that is that Fannie Mae and Freddie Mac could now probably be privatized. And rather than be on the government's side, that government did a great job at setting it up and getting it going. It would cause interest rates, it would cause Fannie Mae and Freddie Mac's funding to rise, the cost of their funding to rise, but it may actually prevent some incentives of super low, you know, being able to do super low rates. But of course, super low rates are fantastic for the consumer. But sometimes that can bring risks like Fannie Mae and Freddie Mac experienced some pretty tough troubling times. You know, in the last the 2008

Karen Briscoe 14:35
mark, it really was different. Okay, because I this is not my first rodeo. I've been through several real estate since early 80s. This is a different rodeo. So what was different about that was that the lending guidelines were so loose, really, you really just had to breathe and show up and sign

up. And right

Karen Briscoe 14:54
now, the lending guidelines do follow the you know, credit and collateral and

Andrew Stotz 14:59
does that mean that I remember FHA was pushing Fannie Mae and Freddie Mac to have more and more loans that were at lower and lower quality, because of a political motive at that time, which was fascinating. And then they had to push the banks to get those loans, which then brought maybe a million new borrowers into the market and homebuyers, which then put a lot of pressure on prices, as I recall that that makes sense as to what happened then.

Karen Briscoe 15:26
Yeah, it was a you know, which was, you know, first wagging the dog. The there was a lot of demand for, and there was demand to keep the economy stimulated. And there was demand, too. So it was it a lot of ways artificial, this is different. So this is different, because we really do have people who need houses. It is real as it is, I mean, I see them and I get back to this is not my first rodeo. And I had been through the savings loan crisis in Texas. And I that was different to that was

Andrew Stotz 16:02
really driven by the savings costs shot up when deregulation of deposit rates. Yeah,

Karen Briscoe 16:08
yeah. So that was the those were different. This is really driven by true demographic need.

Andrew Stotz 16:15
So that's great. And I think that's interesting. And it's a great point. So I I really appreciate the discussion. I have one last little question about this. You know, when we look here in you know, I was just looking across the Asia, the Philippines, economy crashed by 9%, negative. Thailand and other economies, the only economies in Asia that didn't have negative GDP, were Taiwan and China, that which were both roughly about 2%. But all the others had negative and Philippines was worse at minus nine. We're getting crushed over here. There's like this huge economic crisis caused by COVID. And then I'm just looking like, Is there a crisis in America? Or is the COVID like, you'd think like millions of people are out of work. Or like I, I noticed, for instance, mine, one of my nieces, I would call her kind of the zoom, the zoom class or maybe the Zoomers, where she's got a great job, she can work from home, you know, she's getting no cuts in salary, she can travel around the world, in fact, around, you know, around the US and do our job from anywhere. She just borrowed some money and bought a house. But is it really a crisis going on in America? Or is it just just kind of a small blip right now?

Karen Briscoe 17:38
I'm sure there are people that are challenged. I mean, it really anytime you have something, you know, this impact, there are people, the people who are their professions, or their careers are based on intellectual knowledge, in a lot of ways it accelerated their professions in a way that, you know, would have taken maybe a decade to get to, and accelerated some industries, like, for example, Amazon, I mean, I liken it to my my parents or their late 80s. And I never thought I would ever see the day where they would buy something online. A Walmart will deliver it to them, and they believe in Walmart. And so we had some major, major paradigm shifts of people the way they looked at things. And because when people that kind of change happens, there's a lot of disruption. But it can be it can be, you know, it's what it is the symbol of, you know, if a crisis is, you know, danger, right. So there's always going to be some people, they're going to be impacted, and certainly there should be provision for them, but they people that are in professions and industries that are, you know, there's a lot of them that have huge growth, huge growth for the pandemic. I will say the more related it is to that Basil's hierarchy of needs.

Andrew Stotz 19:14
that pushes everybody.

Karen Briscoe 19:16
Yeah, it does, because those are bait when you talk about 911. That's why I feel like that this impact of the pandemic is several years. Yes. We have very long term memory about we as a human race have very long term memory about these kinds of things that changes behavior.

Andrew Stotz 19:32
Yeah, that's fantastic. Well, that's when you have little change. Ladies and gentlemen, that is an update on the US real estate market by Karen Briscoe, who is absolutely an expert in it. She's also five minutes success expert, we went over a little bit over five minute but if you want to learn more, go to our podcast, you can come to the to the show notes or just go to your podcast app overcast or on your iPhone in Type in five minutes success and you're gonna find Karen, given a lot of great value. Well now, after that amazing discussion, now it's time to share your worst investment ever. And since no one ever goes into their worst investment thinking it will be. Tell us a bit about the circumstances leading up to it, then tell us your story.

Karen Briscoe 20:19
Well, I told you, this wasn't my first rodeo. So I was in commercial real estate. And when I, it early 2000s went over to the residential side. And it was in a rising market, you know, if there's a quote that don't confuse brains with a right, with a bear market, right. So it may be just you have to be at the right place at the right day, right. And I was doing very well, I've met with success very rapidly. And that came to the attention of one of the top agents in our market area who happened to also be number 10 in the entire nation. So that's Sue how cabeza when you made the introduction, the agent and HBC, and she asked me to join her become a partner. And I did and that was in the Oh, six reign era. And then we, they were still selling houses at like, you know, crazy numbers. But then you could feel the market shifting. And because I was in real estate in Texas, I felt a shift but I will say, you know, didn't move fast enough. But what happened was, I took over this very high end, luxury business with high overhead. And two was ill and she passed away in the summer of oh eight, where she passed away in September we transfer the company the summer we passed away September Wait, you know what else happened in September of Oh, eight, financial markets crash? So looking, you know, at that time, it felt like the worst decision ever. About six or nine months later into it. I was like, Oh my gosh, what have I done? I was considering making other going into other areas of real estate like brokerage or being a broker or bandsmen or something, because it was just it went that far 180 degrees that hard. And that the overhead was just

Andrew Stotz 22:22
what were the main types of overheads that you had to pay like you writing checks and going oh, my god, yes.

Karen Briscoe 22:28
Well, she was running a very high luxury business. And at the time, print media was the way most of the marketing was done. And so there was this one magazine, luxury magazine, that was $5,000 a month for the back covering, and she had always had the back cover. So I was like, you know, if I don't have the back cover, then what does that mean about, you know, my ability to carry on? And I remember calling the publisher and I said, so what would happen if I in the drive like a contract? What would happen if I just because I know, you just need to tell me. And then I called it back I was like, Okay, I'm telling you. And but I you know, there, like I said some of it was hard to move fast enough. It was like a big ship, you know, you're moving it. And I you know, there was a number of times where I was like, No, did I maybe I should have just stayed a you know, a single agent and, and done my deals and taking on this huge business. So that was my, at the time felt like the worst investment decision ever.

Andrew Stotz 23:32
So what was like the worst part, like can you remember the check you had to ride or the time that you just realized that? I can't we can't go on with this business the way it is,

Karen Briscoe 23:43
I was standing outside the elevators with our broker and the other owner of the office and I said I don't think I could do this anymore. And so that was when I started exploring my other options. And I think I would have had a great career doing that. So I wasn't it was good that I had other options but yes, it was that like that one at a staffing. You know, you have employees and you know, what do you do making decisions about people that have been with you a long time and and the the main thing was the market's perception of the fact that I would have failed Sue Huckabee because she was very dear in the community and I knew her from church. And so the idea that I would go to her husband is hey, I again do it and so but that was kind of part of my what I how I got out of it, if you will or how I moved forward is a better description. I did go to him and I said okay, so it's really not going to benefit you or me if I crash and burn. So we worked with me. I had a past client who came to me and said she was interested in getting into real estate. I'm like really, really you want to sell houses now. I mean, this is when so The bottom of the market and it but it was that renewed energy that its spirit and I was originally gonna let her take over the company and I was gonna go do something else. But that renewed energy helped. And you know, we didn't make any money that year in 2009. And but 2010 we, it was the other reason why it was so hard. Andrew was that every deal was so hard. It was the era of the short sales and foreclosures and there's no money out there. Oh my gosh, and the people their stories It was so you know that that really is? It was just emotionally hard.

Andrew Stotz 25:46
Mostly hard to help people through to the side. And God, there's nothing worse than knowing people need help and knowing you can't, you're not in a position to help. You know, well,

Karen Briscoe 26:00
we were able to help a lot of people. It was we found an attorney who started a kind of a program to help people through short sales and negotiate with the banks. And so we learned a lot. But it took several years to work through all that it was not an overnight.

Andrew Stotz 26:21
How long would it take to you can say okay, we're kind of back to where we were.

Karen Briscoe 26:25
Or we didn't get back to where we were last year. Yeah, yeah, 20 2020 was the first year the team production was back up to 100 million, which is what Sue had been selling,

Andrew Stotz 26:36
That's a great lesson right there. For the listeners, you know, let's look at just the Thai stock market, I came into work in the Thai stock market in 1993, it was at its peak, and it fell by 90%. And it took, you know, almost 30 years, and we're just barely touching that prior p so never underestimate how long it takes to get back to where you were.

Karen Briscoe 27:00
And so that's, you know, where the five minute success came in, because many people you know, learned how to navigate the challenging market, the crash and recovery. And bad I had the added circumstance of my partner dying. And that really had a lot of people, you know, really want to know how I did it. And so I was doing a lot of coaching and speaking and training. And over and over again, I would hear from people that they didn't have enough time. And now that was another one of my big epiphanies along the way was that I felt I didn't have enough time either. So when I came up with this idea of we'll do five minutes a day, the whole five minutes success concept came about. And it was this epiphany that the I was at a training event, a coaching event. And we were all supposed to share what was stopping us from doing being what we wanted to be and I had this lightbulb go off as I was like, Well, I'm the only one stopping me. Because I can change me I kept waiting, I get ready Andrew, for the for the market to change or my husband change or you know people to change or things to change situations change. For me to have more time and money to do. But to write the book and to work on the things that I wanted to work on. And I had a perception, I had a faulty perception, a limiting belief perception that if I took the time to do those things, then my business would suffer. Right. And so that was also part of my whole limiting belief. So what I found over this last, you know, five year journey is that investing in myself is actually the best investment ever. It is the greatest asset and even more Buffett says that so when people ask about what's the best investment he says investing in yourself and your knowledge and your yours. So let's summarize what you learn. Well, I learned that investing in myself is worth it, I am a worthy investment. My ability to create value is my highest ability to do anything much more so than any asset, right? My knowledge of my ability to create value and help people is my greatest asset. I learned that and I also learned that I'm very resilient. You know, when the pandemic hit, it had brought back a lot of memories of the crash. I'm sure you know other people have experienced that as well like what's going to happen to the economy. Are people ever going to buy a house again? Are they ever going to leave their house again and I add some kind of flashbacks if you will. And As we worked through the pandemic, and we did, we worked all the way through Virginia was considered an essential real estate essential service. We were with banking. And we were allowed to conduct business. As we work through the pandemic. We really, that's what we realize is how resilient we are.

Andrew Stotz 30:23
Hmm. That's, yeah, I mean, maybe I'll share a few things that I take away from your story. First thing is, yeah, I mean, that's one of the things that's great about getting older is that we have a, you know, somebody asked me about some about confidence, the young person said, you know, do you ever lose confidence, and I said, I don't lose confidence, you know, I'm more worried about people losing confidence in me these days, and my ideas and my implementations than I'm worried about losing confidence in myself, I can charge on in anything. And I, once you made it through, I say, confidence to me is built by overcoming having a record of overcoming challenges, and then you start to feel better. And I feel like you reminded me of when this whole pandemic came, the first thing that I did is basically say, okay, we're gonna have to cut, but we're gonna make our business better through this. Now, follow me, let's go. And we did make 2020 a great year. Now, my other business, my coffee business, which is a roasting business supplying coffee, you know, suffered tremendously, as opposed to let's say that that intellectual capital business, but we knew my business partner, and I had been through this before. So I think the first thing that you remind me and for all the people that have been through a lot of experiences, take those experiences, and turn them into your confidence. The second thing, you said a couple of things that I wrote down the first one, I, as you said, I can change me. Yeah, I just almost have tears when I think about that. And I just love that quote. And I love that concept. And I just want to tell the listeners, you know, you can change yourself, you can do it, there is no guarantee you can change anybody else or anything else, maybe, but probably not. But you can change yourself. So that was a something I really liked and what you said, Now, last thing is, you remind me of when the darkest hour for our coffee business, it was after the 1997 crisis in Thailand. And I had lost my job as a banker as an analyst. And our business was just, you know, on the ropes, and we moved into our factory, we were out in the countryside and bang outside of Bangkok. And I found a book and the book was called the six month fix, while you were talking, I went to Amazon to go look at it's called the six month fix adventures in rescuing failing companies, I'll put a link to it in the show notes. But basically, it's written by a guy named Gary Sutton. And the first line of this book, just really, really pissed me off when I read it, Karen, Oh, my God. He said, Hi, Hello, Mr. CEO. I'm the turnaround guy, when I come, you leave. And I turn around your business because I can do what you can't, or you won't. And that just got me so fired up to say, I'm going to read and learn everything I can from this guy and show that I can change and I can. And I would say the core message comes, you know, down to the one thing you can control in your business today is cost. And you describe that about having to go and say I've got to cut that advertising budget, I've got to cut. Now you're never going to get rich from cutting costs, you've got to get that upside, but in times of crisis, the first thing that you can do is cut costs. And you can control that. So that's some of the things that I took away. Is there anything you would add that?

Karen Briscoe 34:00
Well, that was a great summary, when you talk about changing you. One of the things that I quote that I that really helps me is the quote by Jim Rohn. And that is change the way you look at things. And the way you look at things changes, changing you and is first going to mean change the way you look at things because whatever got you here is probably not going to get you there. So you're gonna have to change their perspective. And every time something happens, and we're all like feeling like what are what are we going to do? We just start thinking about different ways of looking at it. And you could get kind of creative and fun to with that. But you change the way you looked at things. And that's what enabled you to change.

Andrew Stotz 34:51
Hmm, I love that quote. Just more gold dropping more gold on this episode, Karen. I appreciate it. So based upon what you learn from this story, What you continue to learn what one action would you recommend our listeners take to avoid suffering? The same fate

Karen Briscoe 35:07
is to take action. The what you focus on expands, what you put energy into is what you're going to receive back. And if you want to attract something in a new in your life, and or you want to attract anything good in your life, you need to take action towards it. Hmm.

Andrew Stotz 35:31
Yep. So last question, what's your number one goal for the next 12 months.

Karen Briscoe 35:37
So the real estate success in five minutes a day is birthing other books, the 66 Day Challenge books of each component of the five minute success principle. So the commit to get leads 66 Day Challenge is out as the consultant sell. And then there's two more coming, the Connect, build and grow. That's about creating scale, and systems and leverage. And then the other one success thinking activities and vision. Those are those books are coming out in the next year. And also I'm expanding my coaching business. I if people are interested in that they can go to the website, the number five minutes access and click on work with Karen and you can get a free 30 minute consult and may have looked at for talking to people in your community or interested in, in

how find

Andrew Stotz 36:31
them Fantastic. Well, I'll include that link in the show notes, ladies and gentlemen. And you'll have all the links so that you can learn all about Karen's books, the podcasts, the coaching all of that, well, listeners, there you have it another story of loss to keep you winning. My number one goal for the next 12 months is to help you my listener, reduce risks and increase return in your life. To achieve this, I've created our community at my worst investment ever.com and I look forward to seeing you there. As we conclude, Karen, I want to thank you again for coming on the show and on behalf of Ace Dance Academy I hereby award you alumni status for turning your worst investment ever into your best teaching moment. Do you have any parting words for the audience? Yes, if I could do it, you can do love that. And that's a wrap on another great story to help us create, grow and protect our well fellow risk takers. This is your worst podcast host Andrew Stotz saying. I'll see you on the upside.


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Further reading mentioned

About the show & host, Andrew Stotz

Welcome to My Worst Investment Ever podcast hosted by Your Worst Podcast Host, Andrew Stotz, where you will hear stories of loss to keep you winning. In our community, we know that to win in investing you must take the risk, but to win big, you’ve got to reduce it.

Your Worst Podcast Host, Andrew Stotz, Ph.D., CFA, is also the CEO of A. Stotz Investment Research and A. Stotz Academy, which helps people create, grow, measure, and protect their wealth.

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