Here is the Questions I Should Have Asked?
Have you ever made a mistake and then later wished you would have done things differently, known something different beforehand, or at least asked a few questions? I have! Here are some of the things that could have been asked or that I know I asked after the fact.
Why am I wanting to do this? How will it benefit the other person/people? How will it benefit me? Why will this work? Is it worth my time? Can something go wrong? Is there anything similar that can be researched? What is research? Is this someone I would want to go into business with? If something goes wrong, how will this impact me?
Now I can leave out all the questions that have people do any investment because for over 80 percent of the investing population, per person not per dollar, they move without details. (source: my guess) There are those skeptics, savers, and people who are so afraid they overanalyze and never do anything, but there is a different set of questions for them.
We are told to do due diligence, but most don’t know how to do due diligence. If you don’t know how, who does and how do you get in touch with them? I feel that it is a good idea to have a personal board of directors at least and I have created an Accredited Network to help me with due diligence. This increases my winning percentage and creates a sounding board for anything that I do with investing. In the past when I didn’t use them it didn’t always turn out great, but I have had much better experiences and returns with such a team. I don’t have all the expertise, but I have access to amazing expertise with a board.
If you don’t have a board yet, you can start by asking these questions for any investment that was not ideal and for those that have worked out.