How to Develop a Successful Mindset to Help You Reach Your Goals
Planning for your financial future and ensuring that you have financial security can feel like a bit of a wild ride sometimes, especially these days with the economic turbulence we’re all experiencing. So, having a healthy, positive money mindset while avoiding the trappings of a scarcity mindset is a good first action step going forward.
There are lots of highs and lows in all areas of your life at any given time, but those that don’t have concrete financial planning and the right mindset in achieving their long-term goals will have a trickier time reaching their full potential.
Having the Right Money Mindset
At the end of the day, you really don’t know if your financial decisions will get you to your money goals, that is why having the right money mindset is important. If you are coming from a place of fear, scarcity, and lack then trusting that you will have financial success may be hard work. Everyone makes financial mistakes at some point, but it will be the positive mindset that moves you through to understand that there is no reward without some level of risk.
Personal development experts and others have studied the habits of successful people and have found that your subconscious mind and your mindset combined with a positive financial focus will account for roughly 80% to 90% of your success.
That’s pretty amazing right? Yes, only 10%-20% of your success comes from your knowledge. The rest is your state of mind. So how do you train your mindset to become a successful person who will incorporate the good habits in the long run that fosters your investing success?
This article will share ideas on how to have and cultivate a financially successful mindset. Some of these ideas may seem a bit strange and a bit “woo woo”, but trust the process because they can absolutely have a positive impact on your financial goals.
Make Your Dreams and Wishes Physically Visible
You hear stories all of the time about someone with extraordinary business success who lost everything but then a short time later rebuilt their wealth better and faster than ever. That’s because they didn’t let negative thoughts and negative emotions dictate their future.
I know of one real estate investor who had over $50 million dollars in assets and lost it all in the Great Recession. He was able to rebuild his fortune because of his positive fixed mindset and the use of what is called a vision board.
I personally have created vision boards for years. They absolutely work in helping you stay focused on your objectives and goals. The reason is that when you create a vision board, the reticular activating system in your brain is activated when you are cutting out pictures and putting them on a poster board. Sounds a little crazy but your subconscious mind will start moving you toward those people, places, and things that you identified as being important and something that you want.
A vision board is a constant reminder visually of what you are trying to achieve, which helps you to conceive those very things in your life.
Use Your (Anticipated) Pain As A Tool
Intentional journaling can help you achieve your life goals by keeping you focused on making better choices. This is a very powerful goal-setting exercise.
So, let’s dig into how this works.
Set a timer/phone for 10 minutes, and grab a couple of sheets of paper and a pencil. Use these 10 minutes to do a brain dump of your biggest goals and aspirations and jot those down on one piece of paper. Just write down what comes to mind, don’t overthink it. Write these ideas down as quickly as possible. Fill your paper with every place you want to go and all of the things you want to do, what you want to own, and all of the impactful and meaningful ways you want to impact others. Nothing is crazy and nothing is impossible. Just write.
Next step, when your time is up, underline the most important overall goal, then circle the top three goals that you want to achieve in the next year. On another sheet of paper write these four items down with lots of space between the ideas.
Now, again, set the timer for 10 minutes. What you will do in this step is write a brief paragraph underneath each goal and WHY YOU MUST achieve each goal. Knowing your “why” is as important as any other aspect of this exercise, so think hard about your “why”. Put all of your emotion into this exercise as you write.
When the 10 minutes are up, set the timer one final time for another 10 minutes. Under each of those paragraphs, write down the terrible feelings or possibilities that may occur if you don’t achieve these objectives. You’ll want to detail the painful feelings you might experience if you fail at these goals and what that might mean for you in your life and for the life of your family.
People naturally move away from pain more than they move toward pleasure. People make decisions based on emotion oftentimes because they perceive the decision as helping them in some way to avoid pain. This technique is powerful because, by focusing on pain points to motivate you, you will want to work toward alleviating any anticipated suffering.
Make Your Dreams a Reality by Verbalizing Them
By continually verbalizing your goals you will start to develop a growth mindset. Your family members may think you’re a little nutty but that’s alright. The results will speak for themselves. When you verbalize your goals out loud and with conviction and emotion and truly believe that you can achieve them, then you will be much more likely to reach your objectives.
Another way to incorporate a more positive mindset is whenever you find yourself saying “can’t” or “won’t” or find yourself not having the confidence in being able to achieve something. Turn it around and say something like: “I am grateful for the opportunity to be able to learn and develop these new skills”.
It can be difficult to think in a positive way all of the time, of course, but the best way to approach changing your mindset is to notice when you have limiting beliefs and use exercises such as these to turn that around. Also, you can begin talking as though you have already attained your goals. There is such power in believing and feeling as though you have already achieved your goal. This will make a big difference in your goal setting as well.
Implement A Gratitude Practice
Gratitude is fundamentally at the core of virtually every achievement you pursue. You can practice gratitude for all of the success you have had in your life to this point even if you’re not where you want to be. You can practice gratitude for all of the wonderful experiences you have had in your life, and for all of the achievements that you will accomplish in the future.
You can do a gratitude practice through meditation by taking 5-10 minutes every day to close your eyes and sit in silence. Then thank the universe for all of the amazing things you are able to do every day, for your health, for everything you have, and for all of the wonderful people that you love who are in your life. You can also journal your gratitude as another way to acknowledge your appreciation.
Achieving Financial Goals Through Investing in Real Estate Syndications
Investing in multifamily real estate syndications can give you positive financial results for your investment portfolio with fewer financial risks than some other investment vehicles.
The first step is to understand that every single investment strategy requires some level of risk in exchange for the possibility of improving your financial situation.
You should always conduct your due diligence on any potential investment. You will want to understand the real estate market where the syndication is located. What the returns are going to be and how long your capital will be tied up in the investment. You will want to review the track record of the operators who are managing the real estate syndication.
There is quite a bit of due diligence any investor will want to conduct before they embark upon any investment, so that is why having an experienced syndication team at the helm managing all aspects of the asset is so important.
It may seem like there is a lot to learn about investing in real estate syndications, but as with any sound investment it takes understanding the risks and the rewards as much as possible before you dive in.
You can learn more about investing in real estate syndications here.
Allow the Universe to Return The Favor
What does this have to do with investing in commercial real estate syndications and financial freedom? Well, when you have these new habits and are cultivating a mindset of success, then the energy you are putting out to the universe flows to you and assists you in achieving your goals.
This might sound sort of “out there”, but there is so much information to substantiate that the key to your life is simply right between your ears. How we think and what we think about and what we focus on grows and compounds. So, no matter how crazy this may sound, just try it for a while and see if this can help you build the life you are seeking for yourself and your family.
Just a small change that you implement in your mindset here and there can make a huge impact on your personal finances.
So, for example, maybe you work toward earning and saving an extra $50,000 a year to invest in a stable, cash-flowing multifamily real estate syndication each year so that you can build your net worth. Begin with your end goal and start developing habits today that will help you achieve it.
Follow the steps of practicing gratitude, and conduct this powerful 30-minute goal-setting exercise. Get crystal clear on your goals and “your why”. Make sure to verbalize your goals and objectives. Create a vision board, go in with an open mind and an open heart, and see what develops. You might just be really pleasantly surprised.
Note: we are not financial advisors and are not offering financial advice of any kind. Please consult with your advisors before making any investment or financial decisions.
Ready to Learn More?
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Through the PCRP Passive Investor Club, you’ll get a priority review of all the deals we offer. We’ll work with you to determine your investing goals and then present you with the best deals to meet those goals. We’ll then guide you every step of the way as you invest in those deals.
So if you’re ready to start investing passively in institutional-grade, commercial real estate in fast-growing, climate-resilient markets in the U.S., join the PCRP Passive Investor Club – IT’S FREE! – and get started on your path to EARN PASSIVELY and LIVE ABUNDANTLY!
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