Everyone Has Expertise. Everyone Has Incentives. Who Do You Trust? | Ep. 73 w/ Nico Lang

But based on our conversation, I want to talk about maybe one move listeners can run this week.

And I want to call it The incentive audit.

And I think it can be used for real estate.

It can be used for leadership, business decisions, hiring, financial advice, anywhere someone is guiding you.

And it's just four simple questions.

You know, the first is who benefits if I say yes.

The second is, who benefits if I say no? The third is, what advice would this person give me if they made the same amount either way? Then the fourth is, where do I need objective guidance before I need execution? And I think that last one is the unlock we covered today.

Sometimes you don't need someone to help you move faster.

You need someone to help you decide whether moving is even the right move.

Nico, what might you add to that list of questions, though?

Yeah, that's terrific.

Gosh, you really nailed it.

I think there's a thing called a moratorium.

I might butcher this, but I've heard of a concept called a praetorium, which is effectively what it looks like if you make the wrong decision.

and asking yourself, if I make this decision and it was the wrong one, what does my life look like? And I survived making the wrong decision.

And that's not to be a fear mongering, whatever, it's just really asking yourself the worst case scenario, can you survive it? Because sometimes in real estate specifically, you'll have guidance, for example, rates are high.

A lot of times the guidance is, oh, buy now and just refinance later.

Okay.

What if the market changes and you can't refinance? What if you're on an adjustable rate mortgage and it goes up and you lose – maybe you lose a job, maybe you don't.

But the point is that can you actually survive if whatever hopeful narrative you were sold or told doesn't come to pass? That's the question I'd ask is what does the worst-case scenario look like and can you survive?