Creating Wealth Through Self Storage

As I hover around the 500-episode mark, I am apparently becoming more philosophical and want to share some insights I have gained over the last ten years or so in the storage business.

I’ve talked about the five biggest mistakes I have made in my career and the five decisions I have made that helped me create my first millions in wealth.

In this episode, let me share with you five things I have learned about creating wealth.

Some may seem obvious, but these are all critical lessons I actually had to learn on my own. I didn’t know anyone who could teach them to me.

I hope this helps you on your journey toward your goals

**My latest book, The Creative Method of Wealth Generation**

**Self-Storage Turnaround Playbook**

**Startup Checklist**

**Cap Rate, ROI & IRR Calculator**

**The 4 Critical Metrics Download**

**Five Mistakes PDF*

**Cap Rate, ROI & IRR Calculator**

**Online Courses at The Quickstart Academy**

**Listen on Apple Podcasts**

**5 KPIs we measure**

**My blog**

Creating Wealth Through Self Storage

**Facebook**

**Twitter**

**The Storage World Analyzer**

**The QuickStart Academy Store**

Here I am at Episode 500. On one level, it means nothing, really, but on another, it shows I can stick to something for a long time and/or you can hang in there with me no matter how bad or off I can be at times.

I hope you have received some value from these episodes.

Last week, I discussed some of my flaws and how they translated into some of the biggest mistakes I have made in my self-storage career.

Today, I want to talk about some of the things I did right. I chose to do this in the context of the decisions I have made that generated the first million dollars of wealth from the storage industry.

**My latest book, The Creative Method of Wealth Generation**

**Self-Storage Turnaround Playbook**

**Startup Checklist**

**Cap Rate, ROI & IRR Calculator**

**The 4 Critical Metrics Download**

**Five Mistakes PDF*

**Cap Rate, ROI & IRR Calculator**

**Online Courses at The Quickstart Academy**

**Listen on Apple Podcasts**

**5 KPIs we measure**

**My blog**

Creating Wealth Through Self Storage

**Facebook**

**Twitter**

**The Storage World Analyzer**

**The QuickStart Academy Store**

As I approach Episode 500, I have been thinking a lot about the self-storage business and my thirty-one years in and around the industry.

I was thinking about what I could share that would be helpful. I had two startling insights. The first was that what would be most helpful is not what I’ve done right, but more importantly, the biggest mistakes I have made.

The second was, as I wrote them out, the realization that none of my biggest mistakes were really about the business itself or about making a bad storage decision, although I’ve made my share. They were personal development flaws in me that had an impact on my business.

Let me share them with you, and hopefully you can learn from them.

**My latest book, The Creative Method of Wealth Generation**

**Self-Storage Turnaround Playbook**

**Startup Checklist**

**Cap Rate, ROI & IRR Calculator**

**The 4 Critical Metrics Download**

**Five Mistakes PDF*

**Cap Rate, ROI & IRR Calculator**

**Online Courses at The Quickstart Academy**

**Listen on Apple Podcasts**

**5 KPIs we measure**

**My blog**

Creating Wealth Through Self Storage

**Facebook**

**Twitter**

**The Storage World Analyzer**

**The QuickStart Academy Store**

There has never been a moment in self-storage history where the gap between well-chosen vendors and poorly chosen ones mattered more than it does today.

We are currently choosing our vendors for a new brand and have discovered one thing… Vendors today can make or break you!

Let me share with you what I mean.

**Self-Storage Turnaround Playbook**

**Startup Checklist**

**Cap Rate, ROI & IRR Calculator**

**The 4 Critical Metrics Download**

**Five Mistakes PDF*

**Cap Rate, ROI & IRR Calculator**

**Online Courses at The Quickstart Academy**

**Listen on Apple Podcasts**

**5 KPIs we measure**

**My blog**

Creating Wealth Through Self Storage

**Facebook**

**Twitter**

**The Storage World Analyzer**

**The QuickStart Academy Store**

You have heard of SEO, pay-per-click, Google algorithms and the gambit of online marketing terms. There is a new but vitally critical term you have got to understand today…the new world of GSO.

Although you may be tired of hearing about AI and how it applies to your self-storage business, their AI hole is only getting deeper.

If you haven’t already, it’s now time to embrace it and begin to understand how it is currently effecting your marketing, operations and getting online customer.

If you want to stay relevant and visible to new customers, you had better get your mind wrapped around this fast.

Here is a link to a GSO check list:

**Self-Storage Turnaround Playbook**

**Startup Checklist**

**Cap Rate, ROI & IRR Calculator**

**The 4 Critical Metrics Download**

**Five Mistakes PDF*

**Cap Rate, ROI & IRR Calculator**

**Online Courses at The Quickstart Academy**

**Listen on Apple Podcasts**

**5 KPIs we measure**

**My blog**

Creating Wealth Through Self Storage

**Facebook**

**Twitter**

**The Storage World Analyzer**

**The QuickStart Academy Store**

In the most recent ISS Expo I attended, once again I saw that Millennials have become 20% plus of self-storage customers, up from about 16% a year ago.

I remember some of the stereotypes many had a few years ago about the millennial generation:

• Avocado toast and $7 lattes.

Now, given that they are becoming an increasingly larger percentage of our customer base, I decided to do my own research.

Let me share with you what I found out. It may truly surprise you.

**Self-Storage Turnaround Playbook**

**Startup Checklist**

**Cap Rate, ROI & IRR Calculator**

**The 4 Critical Metrics Download**

**Five Mistakes PDF*

**Cap Rate, ROI & IRR Calculator**

**Online Courses at The Quickstart Academy**

**Listen on Apple Podcasts**

**5 KPIs we measure**

**My blog**

Creating Wealth Through Self Storage

**Facebook**

**Twitter**

**The Storage World Analyzer**

**The QuickStart Academy Store**

I hear partners, people I coach, and investors ask the question, “How can a smaller independent owner compete today with REITs or a big institutional player today? They have a lot more money and people, and their cost of capital is so low.”

Valid question, but the reality is, it’s not that hard to outperform them. Their size also creates inherent weaknesses.

Let’s take a look at what they might be and how you can beat REITs.

**Self-Storage Turnaround Playbook**

**Startup Checklist**

**Cap Rate, ROI & IRR Calculator**

**The 4 Critical Metrics Download**

**Five Mistakes PDF*

**Cap Rate, ROI & IRR Calculator**

**Online Courses at The Quickstart Academy**

**Listen on Apple Podcasts**

**5 KPIs we measure**

**My blog**

Creating Wealth Through Self Storage

**Facebook**

**Twitter**

**The Storage World Analyzer**

**The QuickStart Academy Store**

It’s time to talk about square foot per capita again.

I have run into more and more issues with that metric and think it is time to permanently interrupt the myth that still pervades our industry.

That myth is: ….. {explained in video}

**Self-Storage Turnaround Playbook**

**Startup Checklist**

**Cap Rate, ROI & IRR Calculator**

**The 4 Critical Metrics Download**

**Five Mistakes PDF*

**Cap Rate, ROI & IRR Calculator**

**Online Courses at The Quickstart Academy**

**Listen on Apple Podcasts**

**5 KPIs we measure**

**My blog**

Creating Wealth Through Self Storage

**Facebook**

**Twitter**

**The Storage World Analyzer**

**The QuickStart Academy Store**

Let’s look at ways to reduce our insurance cost in 2026 and beyond. This expense line item is doing nothing but going up.

Last week we had Terry Campbell of Johnson Insurance visit us in the Inner Circle. Here are some of the tips he gave us last Friday.

I think you may be able to get some solid things to do that will help you reduce your operating expenses by controlling this line item.

**Self-Storage Turnaround Playbook**

**Startup Checklist**

**Cap Rate, ROI & IRR Calculator**

**The 4 Critical Metrics Download**

**Five Mistakes PDF*

**Cap Rate, ROI & IRR Calculator**

**Online Courses at The Quickstart Academy**

**Listen on Apple Podcasts**

**5 KPIs we measure**

**My blog**

Creating Wealth Through Self Storage

**Facebook**

**Twitter**

**The Storage World Analyzer**

**The QuickStart Academy Store**

Finally!

U-Haul’s President and CEO Joe Shoen took a public stand in opposition to the deplorable pricing practices most of the bigger REITs and institutional players use today, with the absolute worst being Extra Space in my opinion.

I am talking about the bait and switch tactic of luring customers in with lower rates, then raising them exponentially, knowing it is difficult for many customers to move.

U-Haul nationwide is declaring enough is enough and offering a 12-month rent rate lock to new customers.

Let’s explore why I think this is so important and what could be avoided for our industry.

**Self-Storage Turnaround Playbook**

**Startup Checklist**

**Cap Rate, ROI & IRR Calculator**

**The 4 Critical Metrics Download**

**Five Mistakes PDF*

**Cap Rate, ROI & IRR Calculator**

**Online Courses at The Quickstart Academy**

**Listen on Apple Podcasts**

**5 KPIs we measure**

**My blog**

Creating Wealth Through Self Storage

**Facebook**

**Twitter**

**The Storage World Analyzer**

**The QuickStart Academy Store**