The millionaire mindset. Many strive to find it, but few can actually maintain it.
On my journey to become a millionaire, I have found that there are specific skills necessary to maintain the mindset for achieving a high level of success.
Figure out what you truly want
Many people have dreams and goals but don’t actually know what is needed to achieve them. Look at what your dream life costs. Break down all the components of your dream life, from trips to cars to houses. It may actually surprise you how much is needed to attain your level of success. In fact, you may actually be way closer to reaching your goals than you realize. One of the key components for reaching your goals is time. Time is the most precious thing you have. You might be surprised with where you are spending this resource in a way that isn’t productive to your goals. Don’t be afraid to take inventory of where your time and resources are going!
Goals are great for one-time success, but systems are where predictable and repeated success is at. Systems will always be more sustainable and long-lasting than any goals set. When you build systems centered around leveraging others, you’ll be able to go farther than doing everything on your own. It took me crashing and burning before I learned how to build, from the ground up, systems that were able to carry me to more success than just having goals. The key is having systems that can change and grow once they take you to your goals. Systems will help you maintain the level of success your goals created.
Play the long game
I’ve been investing professionally since the early 2000s. When I started out, the market was just going up and up and I genuinely believed that trend would only continue. I remember being told by “salty seniors” to be cautious and that the market wouldn’t just continue to go up. I was skeptical and didn’t believe it. It wasn’t until I fell flat on my face and experienced loss that I understood that my short, positive experience in the market wasn’t the exact way that the market would always function. I had to learn to make decisions that went outside of my timeframe in the market. Studying the market and its trends can help you stay in the game longer and make decisions that will be fruitful in years to come.
People say don’t catch falling knives in real estate, but really, sometimes good sales only come along once a generation.
All limitations are self-limitations
Most millionaires have the understanding that limitations are really just in our heads. Fear is the one ingredient that can cause us to not create big goals or challenge ourselves. I had a friend who came to the U.S. with just a few dollars to his name. He had a dream of building a condo building in Miami and he made it happen. He built a whole building for $70 million and sold it for $120 million. This was his very first deal. His approach and experience completely challenged me and the rules that I had been playing by. What did I learn from this? Just do it. You will find a way.
Look at where the market is headed
New York, Chicago, and LA are all markets that are driving people out to other secondary and tertiary markets. These markets haven’t seen institutional capital yet. Because of this, there is way more space for individual investors to capitalize on these spaces. Most of my successful exits have been to institutional capital that came in later. For instance, I’m investing in Milwaukee because Chicago is driving people out to Wisconsin and Milwaukee.
The pandemic has changed many markets and has highlighted what humans truly need: connection. While working from home has been the new way of operating, it’s costing us human connection. Pay attention to the office building market and the hospitality market. Both of these spaces have a huge opportunity to build into a market that is only expected to swing back and grow.
In short, there is opportunity for you. Don’t be afraid to go out there and grab it!
The most successful people I know are avid readers. I cannot stress how game-changing reading was for me. The ability to gain years of wisdom from a few hours of reading is truly a steal. You can learn so much information that can drastically impact your investing game. Reading has been one of the main elements that has impacted my mindset for the better.
Want to hear more tips on maintaining a millionaire mindset? Catch my interview with Pat Mancuso on The Success Ascent Podcast here.
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