What’s up everyone. Its Captain Kyle Smith and this week I sat down for a Morning Meeting with the CEO of the San Diego firefighters credit union Ed Daley. Ed has been with the credit union for 26yrs and he shares his advice on how to avoid some of the mistakes he’s seen us make over the years. When you’ve been around as long as he has, there’s nothing he hasn’t seen.
He says the biggest challenge he’s seen with us is the herd mentality. We hear about a great investment tip and we all go running towards it. From penny stock investing to business deals gone sideways, we get ourselves into trouble when we fail to do our own due diligence🙋♂️🤦♂️ One area he says he’s seen our folks do exceptionally well in though is in real estate investing🏠 Many of us come from the trades and are problem solvers to begin with so if we can find a property and fix it up, we can improve the value of the asset. We can also improve the value of the asset by paying down the principal and renting it out. Not to mention the tax benefits real estate offers. Try doing that in the stock market…
One huge benefit of working with the San Diego County Fire Firefighters Credit Union is their lending practices. Where another big bank would never be able to get you a mortgage product where the numbers made sense, the Credit Union has that flexibility. If you’d like to learn more about Ed or the Credit Union, you find them both at sdffcu.org
I hope you guys enjoy it!
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