Mentor Moments #2-Mindset Matters

Posted on October 28, 2009 by Roberta
Posted in Mentor Moments Tagged investing, investor, Mindset, property, reasons, uk

Lots of property guru’s, particularly on the seminar circuit, go on and on about the ‘mindset’ of the investor. Many new investors have often asked me the same questions about why mindset is important.

Well, why is mindset so important then? Mindset at it’s very core is about change. Generally speaking, people don’t like change, it goes against human nature.

When was the last time for example that you changed your morning routine? Or, took a different route home? People are habitual by nature, just like animals. But, without change we can’t move forward, discover new things or ideas or make things better.

Sometimes change brings about good, and sometimes it does not.

There is a great little skinny book which you can read in a couple of hours called ‘Who Moved My Cheese?’ It’s written by Spenser Johnson, the same chap who wrote the ’1 Minute Manager’. If you are not a reading type [what are you doing here?? ] then there is a short video of the book here, which is well worth watching.

Who Moved My Cheese Video

Anyway, it’s about how change is essential for evolving. In it, there are two mice and two men who are in a maze and every day they go to find their daily sustenance- the Cheese. They do this over and over and assume the cheese will always be there. One day, they go into the maze and the cheese has gone. The rest of the book is about how they individually dealt with this massive change.The whole book is a metaphor for your own attitude towards big changes.Sometimes changes are enforced on us, and sometimes we instigate them ourselves. Humans are motivated to make change because they are doing one of two things; they are wanting to move away from a situation which pains them or they are moving towards something perceived as better.

How Does It relate To Property?

If you intend to come in to property as a full time career you will have to get used to the concept of change very early on. Property is a fast paced ever changing landscape. If you do not like this sort of lifestyle, property investing is NOT for you. If you are the kind of person that likes a steady routine with fixed money and safety, do not come into the property arena.

Being in property means you will have to constantly look for new ways around things which may have worked fine in the past. The market fluctuates year on year, you have to be in tune with it and the general economics. You will have to get used to constantly changing rules and regulations from the government and official bodies, new tenants with different demands and new ways of finding deals. There will also be a need to continually look for new connections to keep your business flourishing.

Why Bother To Change?

I come across this mind set over and over again in property circles. Investors get used to doing things one way- a way which might work perfectly well for a long while, they don’t actively plan for the future. How many investors have you heard lately bemoaning the fact that financing is so tight? Are you one of them? Well, go and look elsewhere then! What are you waiting for? Look for other solutions outside of the mainstream tools-like we did.

It took us 4 months to find the right finance to carry on investing in a way that suits us, and the journey along the way was littered with things we tried but didn’t work. But, we carried on looking for something better because we knew that once we had found it then we would be able to enter a whole new phase for our business and future. This is what will make you successful, not replicating someone elses plan or system.

The unfortunate truth is that the majority don’t like change in whatever form and will always have to be dragged kicking and screaming to the new world where as others will go off and discover the wonders for themselves.

Watch the video, then answer me these questions:

1) Have you got stuck in one way of doing things ( what’s the ‘cheese’ that’s holding you back?)

2) What excuses are you making to yourself for not looking for new ideas, or ways of working?

My good friend and marketing supremo Lee Smallwood told me this yesterday- on the very subject of accepting change:

QUOTE:

I think Rosanne Cash sums it up nicely, “The key to change… is to let go of fear.” And I know many people, yourself included Roberta, are fearless when it comes to looking for ‘new’ ways of doing things.

Lee went on to say:
“My Dad once told me that there are three types of people in this world, those that watch things happen, those that make things happen and those that wonder what the f**k happened!”

Wise words indeed. Other people call this re-evaluating goals. It’s the reason why goal setting is so important too. Goal setting and review allows you to see what worked and what did not. This information is then useful for you so that you spend time working on the stuff which will drive you forward and bin the not so good. Focussed working produces results.

Quote Of The Day

When You Change What You Believe You Change What You Do.

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Richard

Another cracking blog Roberta

Taking the first step in any action is the most difficult, not because we are not sure where to start but because we have fear about the journey, about how difficult it may be, how long it may last and ultimately about the fear that our dreams may not come true in the end.

To alleviate this initial fear we should use a simple phrase that again works on a reverse psychology, “Once begun-the job’s half done.” This statement is far more truthful than individuals realise, not because the physical part of the journey is complete but because once you start you have passed the biggest obstacle, your fear of failure.

There are two components to the fear of failure. Firstly, letting others or yourself down and consequent financial failure. Well, so what? You may let others down if you act. You may let others down if you do not act. And just how calamitous will utter failure prove to be in any case?

Still, potential loss is always an important consideration. Everything will depend on the degree of desire and belief to an enterprise. What are you willing to sacrifice to achieve it? How great is the sacrifice in reality, as opposed to your nightmarish fears at 3 o’clock in the morning? Does such a venture really risk that much loss? Or is it that you fear the embarrassment of failure more than the possible financial penalty?

It is very important to surround yourself with successful individuals; this fear of embarrassment is even more prevalent if you surround yourself with the wrong individuals. Yes many people might wish you well, but deep down they often speak with a forked tongue. They constantly give you the pitfalls, they will tell you to be careful, but what they are are doing is portraying their fear into your dream.

Just ask yourself next time that you are in the local and somebody says “oh that’s too risky,” “you cannot do that,” “it’s bound to fail,” Then ask yourself, “will they still be here in 5 years time?” “Will they still be commenting in the same way?” or will they then be calling you “lucky?” or saying “you were in the right place at the right time!” If you understand this then “the job’s half done”, because you will have dismissed the fear of failure.
http://www.mypropertymentor.co.uk Roberta Ward

Thanks Rich & Merv for your comments. Fear is often worse than the action of doing. The decision to do something new is always the hardest part.When you get to the 'doing' part it's all about a series of practicalities. Other peoples fears can be projected on to your own self which in turn can paralyse you into doing nothing. Gad you got so much from the blog.
Mortgages_uk

Hi Roberta

Great blog. I read “Who Moved My Cheese” atleast once a year just to help me keep focussed. I was given a copy by one of my old univeristy lecturers. Mindset has alot to do with whether you achieve your goals or not as well as conquering your fears…(Rich Dad, Poor Dad).

My brother in law is an accountant, and when one day he analysed how i was buying property he started saying to his sister (my wife) that what i was doing will get me into financial trouble. I suppose because he could not understand the process…ie bridge and remortgage…but i am sure fear had alot to do with it. He stills says that he has never met anyone as motivated as me.

I have asked him a few times to JV with me but alas he still doesnt understand my passion for Property Investent.

Regards

Wasim
Richard

Another cracking blog Roberta

Taking the first step in any action is the most difficult, not because we are not sure where to start but because we have fear about the journey, about how difficult it may be, how long it may last and ultimately about the fear that our dreams may not come true in the end.

To alleviate this initial fear we should use a simple phrase that again works on a reverse psychology, “Once begun-the job’s half done.” This statement is far more truthful than individuals realise, not because the physical part of the journey is complete but because once you start you have passed the biggest obstacle, your fear of failure.

There are two components to the fear of failure. Firstly, letting others or yourself down and consequent financial failure. Well, so what? You may let others down if you act. You may let others down if you do not act. And just how calamitous will utter failure prove to be in any case?

Still, potential loss is always an important consideration. Everything will depend on the degree of desire and belief to an enterprise. What are you willing to sacrifice to achieve it? How great is the sacrifice in reality, as opposed to your nightmarish fears at 3 o’clock in the morning? Does such a venture really risk that much loss? Or is it that you fear the embarrassment of failure more than the possible financial penalty?

It is very important to surround yourself with successful individuals; this fear of embarrassment is even more prevalent if you surround yourself with the wrong individuals. Yes many people might wish you well, but deep down they often speak with a forked tongue. They constantly give you the pitfalls, they will tell you to be careful, but what they are are doing is portraying their fear into your dream.

Just ask yourself next time that you are in the local and somebody says “oh that’s too risky,” “you cannot do that,” “it’s bound to fail,” Then ask yourself, “will they still be here in 5 years time?” “Will they still be commenting in the same way?” or will they then be calling you “lucky?” or saying “you were in the right place at the right time!” If you understand this then “the job’s half done”, because you will have dismissed the fear of failure.
http://www.mypropertymentor.co.uk Roberta Ward

Thanks Rich & Merv for your comments. Fear is often worse than the action of doing. The decision to do something new is always the hardest part.When you get to the 'doing' part it's all about a series of practicalities. Other peoples fears can be projected on to your own self which in turn can paralyse you into doing nothing. Gad you got so much from the blog.
Mortgages_uk

Hi Roberta

Great blog. I read “Who Moved My Cheese” atleast once a year just to help me keep focussed. I was given a copy by one of my old univeristy lecturers. Mindset has alot to do with whether you achieve your goals or not as well as conquering your fears…(Rich Dad, Poor Dad).

My brother in law is an accountant, and when one day he analysed how i was buying property he started saying to his sister (my wife) that what i was doing will get me into financial trouble. I suppose because he could not understand the process…ie bridge and remortgage…but i am sure fear had alot to do with it. He stills says that he has never met anyone as motivated as me.

I have asked him a few times to JV with me but alas he still doesnt understand my passion for Property Investent.

Regards

Wasim