Cultivating a Financially Successful Mindset

Developing a financially successful mindset and strategy that fits your lifestyle and goals can sometimes feel like a roller coaster.

You got a raise, yay!

The market crashes, boo.

You find a steal-of-a-deal on an investment property, yes!

Transaction fees hit your credit card, dang it!

These days, you can experience all these things on the same day. The highs are high but boy, the lows can really get to you if you let it. Luckily, with real estate, that roller coaster experience can be a bit less bumpy when compared to the alternatives.

Any time you consider making an investment, you are taking on a risk in exchange for the potential upside. You should always do your research. Vet the market, network, and establish relationships with trusted advisors to set yourself up to make informed decisions. At the end of the day though, you never really know what might happen.

To navigate through such uncertainty takes some grit and determination, thick skin, and the ability to talk yourself through the challenges.

The positive thinker sees the invisible, feels the intangible, and achieves the impossible. –Winston Churchill

Today, we’re going to go over several of our best practices for developing a financially successful mindset that has made an impact on how we overcome challenges and get out of a rut.

1. Think it!

Mindset has become a bit of a buzzword lately, but what does it really mean to have a positive, get back on the saddle again kind of attitude when it comes to investing in real estate? Your success hinges on your knowledge, tactics, and mechanical details you think about. The mind is the real weapon, the rest are just tools in your arsenal. As Mr. Miyagi would say, “Man who catch fly with chopstick, accomplish anything.” Yet it is the mind that controls the chopstick.

2. Visualize it!

Make a vision board!

Ready for a science fact? The reticular activating system in your brain recognizes the goals you make physically apparent (by cutting and posting pictures onto a poster board) and subconsciously draws you toward those individuals, locations, and things in real life.

When you have an on-paper visual depiction of your greatest objectives and aspirations, you’re less likely to forget why you’re striving and more inclined to take tiny steps in the direction of achieving those goals.

Maybe those hopes and dreams will come true after years of hard effort, or perhaps you take baby steps toward your major objectives and achieve them in five or ten years. Nonetheless, gazing at your goals every day has scientific, yet seemingly magical power.

3. Speak it!

“Words have energy and power with the ability to help, to heal, to hinder, to hurt, to harm, to build, and to conquer”–Yehuda Berg. Words can move people and armies. Think of the power we wield and the impact we can make if we become more intentional about speaking our success into existence. Changing the habitual vocabulary that we use subconsciously to more positive ones is a way to traverse and change our way of thinking, bringing us one step closer to achieving the goals on our vision board.

Whatever thoughts we keep reciting in our head are essentially a rehearsal of what we are going to say. So, those who have negative thoughts will eventually speak to them.

4. Let Gratefulness be Part of Your Motivation.

Gratitude is not complacency. It doesn’t mean that you have settled into your current situation but rather that you’re grateful for the motivation and tools that you have been given and are willing to put in the effort to achieve your goals.  Even if that means small baby steps in that direction.

5. Use the pain of failure as motivation for success!

There are 3 easy but powerful steps to this exercise.

Step 1- for 10 minutes brain dump all your greatest dreams, goals, and aspirations. Without really thinking about them or analyzing if these are within your grasp at this moment.

Step 2- for the next 10 minutes write a short paragraph under each of the goals and why they are important for you. What value do they hold to you and your family as far as time, relationship building, and the long-term effects?

Step 3- Now for the final 10 minutes, write down the pain that failing to meet these goals can bring to your life. Write beneath each goal what horrible agony you’ll suffer if you don’t achieve it.

6. Allow the Universe to Reciprocate

You’re probably reading all of this, wondering what this has to do with money, financial freedom, or real estate. Well, when your mindset is in a positive place, you’re clear on your goals, and you’ve implemented gratitude practices, energy (often in the form of money) flows to support your desired achievements.

Even if you feel silly, begin using a financially successful mindset to create the life you want. Create and implement a personal financially successful mindset routine. It should make you feel like the lofty dreams you’ve always had are now concrete and achievable. With your goals in focus, you’ll be more likely to notice opportunities and pursue connections to make those goals a reality.

Think it, visualize it, speak it, and claim it with gratitude. Because if you don’t, you’ll never know what might have happened if you did.

 

Additional Resources

How Passive Investors Should Analyze Investment Opportunities with Wayne Courreges III

The Importance of Focusing on Capital Preservation

Jorge Abreu – Untold Stories of Real Estate Investing Podcast – Execute Strategy Through Due Diligence