Derek Copeland

Key pitfalls to avoid in business, investing, and real estate: • Legal - Never toe the line. Consult attorneys often. Jail and lawsuits are real and they happen way more than you think - either can destroy you, your marriage, your biz, your reputation. • Tax - Get a monster CPA. Pay your taxes. Period. Don't get cute on this. • Insurance - Do not buy off the shelf insurance. Find a boutique firm and get a robust umbrella policy. One bad break could crush you, protect yourself. • Partnership - Bad partners not only kill good deals, but they end in drama and lawsuits. If you’ve got a weird feeling, walk. • High-Maintenance/Strings Attached Investors - Trust me. Find other capital or pass on the deal if it’s your only option. • Comparison - Kills happiness. Follow your own lead, compare only to yourself. You’re running your own race. There is nowhere you're "supposed to be". • Deal Obsession - Do not want a deal (or any investment) to work so badly that you adjust your criteria or numbers to make it work. • Doom Obsession - If you are paralyzed by what could go wrong, you’re lost…it’s impossible to move if your belief in the future has died. • Spending As If It Never Rains - Cash up. Keep more dry powder than feels reasonable. Don’t buy stuff with the income you haven’t yet earned in the assumption that the party never ends…rain is inevitable, keep several umbrellas. • Being Cheap - Will destroy you. Never cheap out on insurance, attorneys, accountants, staff, consultants, or education. Being cheap will eventually cost you 100x than doing it right the first time. • Don't Romanticize Gurus - Never meet your heroes. You'll very frequently be disappointed. What did I miss?

Rubio realizing he’s going to be president of Venezuela, governor of Cuba, and the Shah of Iran.