Breaking The News

Ryan's father bought rental properties, lost them to foreclosure, and isn't making any money at his job. How should Ryan approach him to tell him that the career is not working?

QUESTION: Ryan in Tennessee has parents going through a divorce over money. His father bought several rental properties and poured his money into them. He lost them to foreclosure and is not making any money in his new commission-based job. How should Ryan approach him to tell him that the career is not working?

ANSWER: The saying that winners never quit is a false statement. Winners and successful people quit all the time. They quit doing things that aren't working. It doesn't mean you quit on your dream, but you quit the methodology that you're using that isn't working even if it used to work. I quit borrowing money, but I didn't quit on real estate.

I think part of being an entrepreneur is to realize when something isn't working and change it. There's probably a zero percent chance of a 25-year-old going to a 50-year-old father who is getting divorced and is broke and wrung out and convincing him of that. It needs to be someone like a pastor or someone he looks up to that speaks into his life and tells him that he needs to do something different than what he's been doing. The chances of him hearing that from you are pretty slim.

The only other way you can do it that I know of is to lay a good book on their table that inspires them toward responsibility. You might read a book and then give it to him saying that you read it and enjoyed it.