For real estate investors, it is not enough to go through the right steps of investing. True success happens when you have the right mindset—a wealthy mindset. This is also known as a millionaire mindset or a rich mindset.
Related Article: 4 Setbacks Keeping You From a Million Dollar Real Estate Portfolio
When you know how to think about your finances and approach financial decisions in the right way, you will be better equipped to succeed in all areas—whether it is savings, investing, or in everyday, seemingly inconsequential money management choices.
These are seven habits that will help you master a wealthy mindset.
The rich mindset understands that there’s no getting rich quick. This is a poor man’s thought. Most of the world’s great wealth is built slowly, over time, thanks to time-tested strategies...like compound interest. It doesn’t come from Bitcoin (sorry). If you want to have a wealthy mindset you have to really understand the value of patience. That means pouring into something that may not really begin to pay off for ten, twenty, or thirty years.
It takes a mindset that is willing to work slowly and methodically. Save more, invest more, learn more. Make those little striving changes that will impact not only your bottom line but your financial literacy. Be diligent and purposeful in each and every financial decision you make. Don’t be afraid to let your investment move slowly—as long as you are moving in the right direction.
One of the most important things the rich mindset will teach you is the value of doing your homework. Due diligence is something we speak on often, and it is crucial in all areas of finance—not just when it comes to real estate investment. Investigate every professional, every business opportunity, and every buying and selling decision. Part of being a financial detective means negotiating and weighing opportunity cost. Are you paying what you ought to, or getting what you ought to get in return?
The poor person’s mindset acquires money and immediately sees this as a means to accumulate more things. They see it as a way to consume and inflate lifestyle or ego. The rich mindset doesn’t do this. Instead, it sees income as a means to achieve a great goal. Your first goal is gaining momentum. You want to be able to pour into businesses, education, investments, savings accounts, or other long-term goals over short-term pleasures and pursuits.
What does it mean for us to think in abundance? Too many times we get caught up in limiting thoughts. We see our financial goals as out of reach. We limit ourselves by believing we will never reach what we’ve set out before ourselves—whether it’s an investment opportunity, a savings goal, or paying off a significant debt. The wealthy don’t see these things as impossibilities.
That isn’t to say they ignore logistics. It only means that they don’t see the world in terms of their limitations, but instead look for possibilities. They have creativity and a willingness to explore new angles, ideas, and paths where others would write off the idea from the beginning.
Mentors are powerful things. The wealthy mindset never presumes to know everything—in fact, they know that there is much to learn. Even if you never have an official mentor of your own, if you live in a millionaire mindset, you know that you can learn something from everyone and use it to benefit and better yourself.
A poor mindset thinks that there isn’t enough pie to go around. As a result, they often feel threatened by the success of others. By contrast, a wealthy mindset sees the success of others and is inspired. Not only do they see lessons that can be learned, but they understand the value in healthy competition and in making friends in one’s own industry. You can be inspired and spurred on by the success of others—because if anything, their success should make it that much more achievable for you.
Lastly, the wealthy mindset never turns away help. A poor mindset insists that you can do it all yourself—you don’t need anyone or anything, and that your sheer talent or strength of will you can get the job done. But the millionaire mindset knows better. It recognizes the value in partnering with people who have different skill sets, gifts, insights, and talents to achieve what you’ve set out to do.
A team, you understand, is far better than striking out solo. When you have the right support, you can’t possibly fail.
The millionaire mindset is not complex. In fact, it is remarkably simple. However, it is subtle. In that subtly, you have to make very minute and intentional changes in order to master your finances—from your daily decisions to the big-picture plans.
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