Today we are doing an interview to get to know the man behind The Pursuit of Enough.

Who is a realtor in Northern Virginia, writes on real-estate, investing, and deeper topics on the condition we call life.  Checkout (and subscribe to the excellent SubStack NewsLetter and has been spreading gems of wisdom over on twitter @PursuiteOfEnough

I strongly agree with much of his takes on investments and  the “Pursuit of Enough” concept.  So much time and energy is wasted reaching for more, when in reality we really live in a world of abundance and plenty.  The real question is what is that “Enough Point” that makes you feel comfortable and fulfilled without having to be a wage slave for the rest of your life. 

Now the introductions are done, let’s kick off the interview!

BLP: I’ve enjoyed our friendly banter over on Twitter where we talk all things investing, consistent contributions, and some of the deeper issues of life and consumerism.   

Let’s start with a quick intro from you, who are you and what are you all about? 

TPE: First, thank you for this opportunity. It’s the first interview I’m doing and something I never thought I would do when I started this account. I’m a son, brother, and friend. I live in Northern Virginia and one of my passions has always been real estate. I pursued this passion a few years ago and it opened many doors for me, both on the personal and financial side.

Today, I want to share my success with others, both the bad and the good, so everyone can reach their full potential. I believe once you reach your potential, you find out who you really are and what’s important to you.

BLP: What are you trying to accomplish with your SubStack NewsLetter? Who do you think will get the most value from your content?

TPE: My substack newsletter is a mix between real estate and personal advice. On the real estate side, I want buyers and sellers to get a behind the scene look at what buying and selling a home is all about. I want to cut through all the noise, slogans, and sale tactics many in the real estate industry use and give the client what they really need to know. Then, you can make the best decision for you and your family based on facts, not opinions or someone’s need for a commission check.

On the personal side, it’s kind of selfish because I’m really writing for an audience of one, myself. I write about the things I think about often during quiet moments. I tend to write a lot about contentment and finding ways to stop the goalpost from moving. Success is a weird thing because when you become successful you also lose a part of yourself that made you successful in the first place. Everyone will need to fill the void success leaves by either chasing another goal or contentment by appreciating you have enough.

BLP: Two of my favorite recent articles from your newsletter are “Why Marry The House and Date the Rate is Bad Advise” and the in depth read about “The Future Of Search” .

 What is your favorite piece of content or what would you recommend a new reader start with when visiting your newsletter for the first time?

TPE: Thank you for pointing those two articles out. In fact, “Why marry The House and Date the Rate is Bad Advice” is one of the articles where I try to take the client behind the curtains about sales tactics people in the industry use. As you can imagine, consumers loved the article, but many in the real estate industry did not.

One of my favorite articles to write was The History of Ponzi Schemes. I explain through the stories of Charles Ponzi, Tom Anderson, and Mark Zuckerberg on why the constant pursuit of more can be destructive. I relate that to our personal lives and lay out how it can be a trap any of us can fall into. The article was also one of my most viewed articles.

BLP: I need to go read that one but it sounds good, it’s a nice counter perspective the the “Pursuit Of Enough” that you frequently talk about. 

Since you’re realtor I have to ask, what are your thoughts on raising rates and the change in the housing markets.  Is this short-term pain as supply/ demand comes back into balance or are we seeing a fundamental shift in real estate like we did in 2008?

TPE: We are nowhere close to where we were in 2008, so let’s get that out of the way now. 2008 was the result of bad lending which created an oversupply of homes in the market.

Rising mortgage rates and inventory levels will determine where the housing market ends up this year. Many buyers today are anchoring their expectations to the new mortgage rate environment, meaning 6% mortgage rates are no longer a shock to them like they were last year. With that comes home prices which will plateau and, in some cases, come down slightly. Sellers will have to adjust their expectations when it comes to selling a home and realize the days of bidding wars and above-asking offers are behind us for the time being. I don’t believe we will see home prices crash because many areas across the country have a supply shortage. This is partly due to the fact that current homeowners can afford their mortgages and have mortgage rates below 4%, so they are in no hurry to sell if they don’t have to.

BLP:  What would you do differently if you were to start all over again?

TPE: This is always a tough question because all the decisions I made led me to where I am today, and I’m happy with the results. But if I was to change one thing, I wouldn’t have worried so much about what other people thought about my decisions.

I would do things I wanted to do rather than try to live up to family, culture, and society’s expectations. Once you realize everyone is winging it, you feel more liberated to take risks and learn from your mistakes.

BLP: What would you say to people who say new investors (Real-estate or stocks) should hold off because we are headed into another deep recession similar to 2008?

TPE: I would tell them about someone I know who had to postpone retirement by five years because he stopped investing during the 2008 Great Recession. If you are investing for the long term, five-plus years, then you won’t find a better time to invest than this type of market.

Investing in a bull market is never fun when the party is over, just ask anyone who started investing in 2020. I’d sum it up by mentioning a quote I once heard, wealth is made at the bottom and collected at the top.

BLP: I was reading your post about “The Future of Search” and it really got me thinking about how we as individuals respond to data/info that is curated to us.  How much free choice do you think we truly have in today’s society vs responding to an input intended to guide us a certain way? 

TPE: Not as much choice as we think we have. Our decisions are shaped by where we get our information from. The news outlets you watch will shape your views about politics, the economy, and global issues.

Social media also has an incentive to show us posts that support our ideals in order for us to spend more time on the platform, which translates to more advertisement dollars for the platform. Most people prefer talking in an echo chamber rather than hearing differing opinions on the same topic, which only adds to how much free choice we give ourselves.

BLP: I just finished reading the book The Invention of Russia: The Raise of Putin and the Age of Fake News.  The book looks at the role of media over the past few decades in shaping the current Russian situation. One of the things I was surprised by was how easily a population can be manipulated, even if they are suspicious of their news sources.  Also, you don’t need every one to fall in line, just a large enough group to force the ones who don’t agree to back down. 

The way information is curated, and presented to us online today makes these sources even less transparent.  Pretty scary stuff when you put it into context with PC language and other identity politics techniques used in the west. 

BLP: Switching gear back to our interview, what would your investment strategy be for those who couldn’t invest in Index funds ? (Stocks, bonds, real-estate, other)

TPE: I would start with stocks and buy strong companies which are household names. I wouldn’t chase startups or risky companies, I would stick to the companies we all know. Then, I would venture into real estate but I would be very careful.

Contrary to popular belief, real estate is not passive income. When purchasing a rental property, you make your money when you buy the property. If you overpay for a rental, you will have a tough time making up the cost later.

BLP: Solid advise, I like to call real estate “Level 2 Investing” .It can be very profitable but as you pointed out, it is neither truly passive and you need to treat it like a business and not “easy money”

I often share some of my personal failures with people to encourage others, and show setbacks are normal, and just part of the process.  What’s the biggest financial setback/ missed opportunity you’ve experienced?

TPE: I had lots of missed opportunities in my investing life. I played it too safe early on and didn’t buy Google when it was IPO’ed at $100, I had an opportunity to buy Tesla when it was under $100 pre-split, I remember when Chipotle was around $80 and I didn’t buy that either. It wasn’t because I didn’t believe in any of the companies, I knew they would all do well, but I wasn’t willing to take the risk and put most of my cash into the stock market.

BLP:  Why do you choose to have an anonymous account?

TPE: I created this account to work on my writing. I wanted a space where I can write freely without wondering what my family and friends would think about my writing. Doing so really helped me take risks, write about things I may not have under my real account, and also make new connections I may not have made otherwise.

BLP: What is the biggest mistake you see new investors making right now?

TPE: The biggest mistake I see new investors make is trying to rush the process of success. The way I see this happening is when a new investor compares their chapter one to another person’s chapter 7.

There aren’t any shortcuts or get-rich-quick schemes, you have to have patience and go through the process. Lastly, if you don’t understand where the profit for your investment is coming from, then you’re the profit. A lot of new investors try to jump on the latest trend, and they end up getting burned.

BLP: What would you tell people who say they don’t have enough money to get started investing? 

TPE: I would say when I started investing you had to pay $9.99 per trade and buying partial shares was not an option. Back then, it was expensive to start investing, and day trading was cost prohibitive. Today, the barrier to entry is so low that anyone can start investing with just about any amount of money. But more than money, in order to be a successful investor, you need time. So, the longer you wait to begin investing, the more you’re wasting your most valuable asset.

BLP: Man, I remember the $9.99 per trade days!  It was on both sides of the trad too so $19.98 to open, then close a position!  I used to only trade in blocks of $5,000 to try to minimize the pressure on profits.  Things are very different now. 

What books have inspired you that you’d recommend?

TPE: There are two books I always recommend. The first is the best business book I have ever read; the title is Shoe Dog by Phil Knight. It’s the story of Nike and it’s so well written that you feel like you’re in a conversation with him. I’m also a huge Nike fan and that was one of the first stocks I purchased, so I’m biased.

The second book is The Courage to Be Disliked, it’s a great book to get over the fear of taking risks.

BLP: What are some of your hobbies when you’re not busy investing, or being a realtor?

TPE: I love being active and having a healthy lifestyle. I enjoy biking, playing basketball, and weightlifting.

BLP: What did you want to do for a living when you were a kid?

TPE: I always wanted to be an engineer. I don’t even think I knew what it meant to be an engineer, but I liked building things and I thought that’s what engineers did all day.

BLP: Funny! that’s what I wanted to be too as a kid! What is the favorite job you’ve ever had?

TPE: By far my favorite job was in undergrad when I worked as a bank teller. I always tell people it was more than a job, it was an education. I learned a lot of the money habits that I carry with me today while working at a bank. The first lesson I learned was that the people who look rich, are usually not. And the second is saving any amount of money is better than saving nothing.

BLP: How do you stay so driven? A lot of people have dreams but I find you need a strong “why factor” that translates into action toward your goals. 

TPE: I remind myself that I didn’t come this far to stop now, that keeps me driven to continue building and trying to be 1% better than I was yesterday. I also give back financially to people around me, knowing they count on me is a strong motivator.

BLP: What’s something people don’t know about you? A weird talent or something you’ve done?

TPE: I’ve done a 100-mile bike ride which I loved. I also don’t mind people canceling plans, I don’t mind being home alone haha.

BLP: if you were to retire but couldn’t stay in United States where would you go? 

TPE: I’ve never been to Portugal, but I’ve heard so many good things about it. I would live in Portugal and learn Spanish. 

BLP: what’s something you splurge on or feel spending extra money is worth it?

TPE: The easy answer would be food, which is something I don’t mind spending extra money on. The better answer, which will get me banned from every FIRE community, is that I splurge on cologne and nice watches.

BLP: What advise would you give your 16 year old self?

TPE: Take more risks. Don’t be afraid of failure or embarrassment. Live the life you want, those who love you will support you.

BLP: Where else can people find you?

TPE: I mostly hang out on twitter @PursuiteOfEnoughand on my SubStack Newsletter

BLP: Thanks for taking the time to sit down with us! Been great getting to know you a bit better! 

-Cheers!

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