Joey Miller has carved out a notable path in the complex fields of real estate and mentorship. With a career spanning several decades, Miller has excelled not only as a real estate investor but also as a dedicated mentor, guiding countless individuals in their professional journeys. Known for his pragmatic approach and commitment to continuous learning, Miller's insights into the dynamics of mentorship and investment are both profound and actionable. In this interview, we delve into his experiences, philosophies, and the advice he offers to those aspiring to succeed in these domains.

Background and Journey

Who has been the most influential mentor in your career, and what lessons did they teach you?

There have been many, too many to list. Early on, it was Warren Buffet and Benjamin Graham via their books. They spoke of remaining unemotional and staying systematic when the markets are volatile. Later in life, I got into stock options and learned how to trade this volatility that was emotionally based. In the world of real estate, I was lucky enough to have many mentors who were opportunistic in their approach. They advised buying in areas of migration movement, where jobs are being created, and adding value in one form or another. They also preached diversification to allow for changes in municipalities, federal or even pandemics that can change the landscape in a hurry.

How do you approach mentoring others within your organization or industry?

Within the organization, we train, retrain, and share the best ideas and concepts. It is essential to change systems as technology changes and stay current with whatever trend we are in while focusing on solid fundamentals. Everyone's ideas on how to better serve our clients are taken into account.

Can you share a piece of advice that significantly changed your perspective or career path?

I've had the luxury of working with some great partners. The main theme is that this stuff is hard. Taking an investment concept through the process and facing whatever challenges arise (and they always do) while keeping people focused and patient through the process is an emotional ride. The market changes, and people's lifestyles change along the way. The one common theme is that change is constant, and this is a marathon, not a race. You're dealing with an ever-changing economy and dealing with people's emotions. Every client will see at one point a loss or a time of frustration since no investment ever goes perfect. It is about the process, and the process is to go through multiple cycles and face whatever challenge is in front of you while keeping the client focused on a portfolio return, recognizing some stocks will overperform while some will underperform. People will forget the winners, but they will remember the losers forever, so having a portfolio return in mind helps get through the process together.

Key Insights

How do you cultivate relationships with mentors and mentees to ensure mutual growth?

It sounds redundant, but the mentor becomes the mentee and vice versa along the journey. You can always learn from those you surround yourself with, and they can learn from you. We all have strengths and weaknesses, but we cultivate the concept of sharing your idea and being flexible to improve the system or communication. No idea is a bad idea, and for everyone to share, but the discussion and the exercise of going through the problem-solving together get multiple brains focusing on the same goal. Be quick to listen and slow to adjust so the adjustment can be implemented and improved upon along the way. The main key is to keep communication open and adjust along the way.

What qualities do you look for in a mentor or advisor?

Experience means everything. The one thing a mentor loves to do is share successes, but the best mentors share the failures as well as cautionary examples of what to avoid. Learning from others' mistakes as well as your own is a great teacher. Humble and without too much pride are characteristics I look for in a mentor. A mentor who is open and someone who isn't afraid of saying, "I just don't know. I don't have the answer on this," but instead offers perspective and advice from experience.

How has your mentoring style evolved over time?

The longer I live, the less I seem to know. I read that somewhere, and the older I get, the more it rings true. I think the point is that the more I learn, the more I am made aware that there is a lot more to learn. Nobody has all the answers, and the person who seems to have all the answers might be a person to be cautious of. Life changes, cycles happen, and bubbles exist. We seem to be always growing and contracting, and so my mentoring style has been one of caution and diversification, and no matter how great an investment looks, only put so much in every trade. You'll never be unhappy with a small profit, but you'll always regret a big loss. Patience and persistence is the theme of experience.

What impact has mentoring had on your personal and professional development?

Like any student in any field, you are never done learning. You put the time in, and it never stops. When you teach, you learn. If you're not willing to learn, then stop teaching and mentoring. Work with those that are coachable and patient. Be cautious of those that have all the answers and prepare people for the ups and downs, as both happen eventually. Mentoring prepares you for the emotional ride that change will bring. Being a part of a group allows you to share the success and learning opportunities together. Don't run from your failures but learn from them as they make you better. Don't linger in your successes too long, just look for steady consistent growth and surround yourself with those with more years of experience than yourself so you never stop learning.

This concludes our interview with Joey Miller, highlighting his journey, insights, and the profound impact of mentorship on his career and personal development.