Rich People Have Big Libraries...Poor People Have Big TV's

Over the years, the one common attribute identified with most successful people in business (no matter what their field) is their insatiable desire to continually educate and motivate themselves.

I have found this principle also applies to the most successful individuals in the mortgage business. I have witnessed a few exceptions, however I would estimate 95% of the top originators I've met are voracious readers and continuously listen and watch material that fills their minds with new thoughts and exciting ideas. They make it their quest to always be looking for new ideas to improve their focus, their memories, their business acumen, and both their mental and physical well-being. They just never ever stop educating themselves.

It is this desire that sets them apart from the rest of us. Jim Rohn, one of my favorite business thinkers has a saying:

“Rich people have big libraries...poor people have big TVs.”

Now that's a bold statement?

However, before getting offended, think about it. Do you spend more time reading and educating yourself or more time in front of the television? Do you spend more money on books or big televisions, stereos and dvd's?

When you think about it, the mortgage profession requires no formal education as a prerequisite, no formal training, in some states no licensing, and if licensing is required...only a very minimal class room requirement prior to testing. Plus, if you work for a lender, licensing may never be an issue for you.

Here is what most successful mortgage professionals do...

They just flat-out dedicate blocks of time to study mortgage and educational material.

They listen to educational tapes and Cd's when driving or riding in a car.

They read educational and marketing material on airplanes.

They listen to an MP3 file if their computer work doesn’t require a lot of thinking.

They read an educational book or printed e-book while having lunch.

They come prepared to wait for services/appointments with easily carried reading material.

They attend meetings and seminars to improve their mortgage knowledge, their motivation, and their marketing ability.

They schedule their time to allow for some if not all of the above activities...and still originate a record number of mortgages.

In the end, if you can establish a pattern of learning and continuing education, you’ll punch your ticket and begin the trip to wealth and success in the mortgage business. Invest in your education and make time for it. It will pay you back many times over.

If you’re not currently dedicating at least an hour a day to learning and improving your professional capabilities, change the cycle and make that commitment now!

Do it not...and you’ll be relegated to an abbreviated mortgage career that is filled with both frustration and mediocrity.

Assembled to the right in the yellow column are foundational books I have both read and recommend to all mortgage and real estate professionals. This list is by no means exhaustive, however in my humble opinion they are essential books that will help you better understand our world and business, plus make you a better person.

Special thanks to Brian Brady for making several great suggestions from his personal library.