Manny Khoshbin's Habits for Success
William Durant, the American writer, historian, and philosopher, once wrote, “We are what we repeatedly do. Excellence, then, is not an act, but a habit.” This article will cover Manny Khoshbin’s habits for success.
Manny Khoshbin, president and CEO of The Khoshbin Company, Founder of Contrarian Academy, and the owner of a classic rags-to-riches success story, is a man who fully understands excellence and the role habit plays in it. He has 10 habits he swears are key to his success, and we’ve broken them down for others to gain from his experience into three categories: physical, working, and personal habits:
Wake Up Early
Getting a head start on the day is important. The phrase “the early bird gets the worm” has become popular for a reason. Or, in Manny’s case, the early bird gets the money. Manny wakes up every morning around four. He takes advantage of his kids being asleep and the world being relatively quiet to get a good look at his calendar, check his email, and check his to-do list.
Follow a Workout Routine
No, Manny isn’t suggesting you need to become a bodybuilder to be successful. Working out is crucial to mental health. It sharpens the mind and keeps the body healthy, allowing you to stay on top of your game. It’s also good to have a routine, and developing an exercise routine aids in that. Manny works out four days a week, giving himself a break on Wednesdays and then allowing himself to enjoy the weekend with his family.
Write Goals Down & Create Daily To-Do List
Manny uses a metaphor to explain his reasoning for writing down goals and to-do lists, comparing a life without them to a road trip across the country at night with your headlights off; you don’t know where you’re going. Whether you use a little notebook, a planner, or even the notes section on your phone, it’s crucial that you not only create these lists for yourself but keep them updated daily.
Prioritize Your To-Do List
Just having a to-do list isn’t enough, according to Manny. Time is money, and every minute spent is a minute you won’t get back. Manny pushes for prioritizing with the goal of maximum effectiveness. One of his tips is to always concentrate on the lowest-hanging fruit on the list. This allows you to build momentum and give your day a productive kickstart.
A huge key to success is building a great team. You can’t do everything yourself, especially as your success grows. What you need is a group of people you can trust that you can delegate tasks. Manny compares this idea to trying to win a war by yourself. You can’t. You need your army.
Do Your Research
Whether preparing to buy a property or looking into a potential tenant that has sent a letter of interest to occupy the building, Manny always conducts thorough research. He’s learned from past mistakes that poor research can lead to a significant loss of money. Researching things like property history, the area’s market, and nearby competition is important when looking into buying a property. When looking at a potential tenant, it’s important to conduct research on the tenant or their company, as well as the industry they’re involved in.
Take a Break
Running non-stop is not only bad for your health but bad for your success too. No one can run forever. It’s important to take a break and allow your tank to refuel. For Manny, his break comes at midday for lunch. He avoids scheduling meetings at that time to allow himself time to unwind. He also likes to check his progress and look over his to-do list to re-focus himself before continuing his day.
Expand Your Network
Manny likes to say, “Your network is your net worth.” A key to personal – and even professional – growth is to surround yourself with like-minded people. These people engage your mind and challenge you. They can also provide connections that might help you in the future. Whether it’s social media or in-person events, you should never stop working on your network.
Revisit Your Goals & Make Adjustments
Not only is it important to always have your goals in mind and even written down, but also that you’re always revisiting your goals. Every goal needs to be assessed and adjusted when necessary. The goal for your goals is to have them be realistic. For example, no matter how hard you want to accomplish something, if you find that you’re rolling that task over and over on your to-do lists, you might need to realize that a different task would be more realistic at the time and adjust accordingly. This flexibility is vital to effectiveness, productivity, and success.
As nice as it is to have success, if your only focus is to grow your portfolio and pile up your money, you’ll find yourself burnt out and wondering what the point of it all may be. Manny likes to say, “When you’re climbing the mountain of success, you want to stop and enjoy the view.” For Manny, his very first view was in the form of a $1,400 watch when he was 19 years old. Nowadays, he enjoys buying super sports cars. For you, it might be a bespoke Italian suit or a vacation to white-sand beaches. Whatever your view may be, let yourself appreciate it! It keeps you motivated and aids in future success.
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We care about your success. After buying and selling over $1 Billion in commercial real estate the past 30+ years, Manny Khoshbin has developed his strategies into a step-by-step roadmap that any investor can follow to build a commercial empire.
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