Updated: Mar 5, 2021
This blog is written by Jen Josey, Real Estate Investor, and REIGN Coach. She is not a professional writer and writes as she talks so put your red pen away. Jen is extremely opinionated but reserves the right to change her opinion at any time because, well, that's the way she rolls. She may also use colorful language so don't be offended. Jen does not claim to be an expert, she is just sharing her personal thoughts and adding a perspective on investor topics that may benefit her readers. Jen also finds it strange to write in the third person. Enjoy!
Growing up, I was raised to get an education, get a job, work my ass off, retire, and then die. Sounds ridiculous even as I type those words but it is so true! If you can relate to that first sentence and you're fine with that existence, this is not a read for you. If you are appalled as I am to see that in black and white, stick with me, and let's work some magic...
Fixed Mindset vs Growth Mindset
First thing, you need to learn the difference between a fixed mindset and a growth mindset. Have you ever witnessed two people that are of equal talent and one is so much more successful than the other? The one that has tons of talent yet can't seem to take it anywhere has what we call a fixed mindset. People with a fixed mindset are limiting in their beliefs. They are afraid of challenges, they give up too easily, they are threatened by other's success, and they ignore feedback. The other person has a growth mindset. Their mindset leads them to an innate desire to constantly grow and improve. They embrace challenges, they accept criticism, they persevere during a failure, and find inspiration in other's success.
People who tend to struggle financially have a fixed mindset. They live paycheck to paycheck because they believe that's just the way it is. Many people with a fixed mindset also have the desire to succeed, they are just afraid of change. They avoid challenges because they are too afraid of failing so they rather not try.
Wealthy and successful people all have a growth mindset. Like everyone, they too experience obstacles and setbacks yet they view them as learning experiences. They are more open to learning from other people's feedback because they are less likely to take it personally. They are not afraid of a challenge because they reach higher levels of achievement thus creating a positive feedback loop that encourages them to keep learning and improving.
If you currently have a fixed mindset, here's where the magic happens...YOU have the power to change.
Here are five simple steps to shift your mindset...
1. Rephrase Your Limiting Beliefs
There's a lot of power in the stories we tell ourselves. As you grew up, it could have been a coach, a teacher, or even a parent that may have handed you your first limiting belief. Maybe you were scolded for receiving a bad grade which in turn made you feel stupid. Maybe you didn't make the school softball team and you decided you would never be good enough for any team sports. Maybe you were cut from the school play because you couldn't memorize your lines so you decided it was just too hard. All of this negative self-talk builds up over time and can be completely debilitating if you don't get a handle on it. Here are a few suggestions on how to rephrase limiting beliefs...
I better stick to what I know. --> I am willing to learn new things.
I can't do it. --> I can do it.
I'm afraid to fail. --> I can learn from my mistakes.
I will never learn how to do this. --> I want to try and won't give up.
I'm too old to start something new. --> I can do anything at any age.
2. Set Process Goals Instead of Outcome Goals
Successful people with a growth mindset focus on the process instead of the outcome. An example of an outcome goal would be, "I want to lose 20 pounds in 12 weeks." Instead, give yourself some daily process goals that will contribute to losing weight. A process goal would be, "I will exercise for 30 minutes a day." In your investment business, a goal may be to get more properties to flip. Instead of saying, "I will flip 12 properties this year" say "I will evaluate 10 properties and submit 1 offer a week." By shifting to processes, we can consciously choose a path in which hard work, effort, and persistence will be the key to success.
3. Invest in Your Education
You cannot switch from having a fixed mindset to having a growth mindset in just a day. It takes a lot of practice and hard work. People with a growth mindset never stop acquiring knowledge and continually invest in themselves. As stated previously, people with a fixed mindset can also have a desire to succeed, they just don't want to pay for it. When you make a financial investment in your education, you are going to value it more. The wealthy and the successful understand the educational process never stops. Your education can be in the form of books, coaching, masterminds, online courses, and more. The key is to be consistent by spending a few hours each week educating yourself.
4. Remove Toxic People From Your Life
Motivational speaker, Jim Rohn said, "You are the average of the five people you spend the most time with." If you had a fixed mindset to start with, you probably have others around you with a fixed mindset. As you start to improve your life, you will quickly see how much they drag you down. They will witness your prosperity increase and make you feel bad for achieving something they don't have the courage to do. When you start spending more time with others that have a growth mindset, they will not only applaud your efforts but challenge you to do even more.
5. Celebrate All Wins
A growth mindset advances through positive feedback allowing for higher levels of achievement. Take a moment from time to time to reflect on your growth. A big frustration for many is focusing on how far they have to go instead of looking back and being proud of how far they've come. When you add daily habits or processes, those continuous improvements add up over time and produce positive results. When you reward yourself for your efforts, this creates a positive feedback loop, setting yourself up for more success.
Commit right now to shifting your mindset. What you are not changing, you are choosing. Today, choose to be a badass...
If you would like to listen to some blogs narrated by Jen herself, search for "Real Estate Investor Growth Network" anywhere you listen to podcasts.
Now go out there and make it a great day!