Without a clear understanding of what your vision is and the purpose behind the actions you are taking, you are setting yourself up for failure. Steven discusses the components you need in order to create your success by knowing where it is you are headed.
- Discover the questions to ask yourself to have a clear vision and purpose.
- Steven shares how he got out of alignment in his business back in 2016 by creating a business that could not exist or operate without him.
- You’ll create errors if you don’t be intentional about what your end purpose is and what your goals are in what you are doing.
Investing to Hedge Against Inflation – Free online training at https://investormindset.com/start
Steven Pesavento 00:05
This is the Investor Mindset podcast and I'm Steven Pesavento. For as long as I can remember, I've been obsessed with understanding how we can think better, how we can be better, and how we can do better. And each episode, we explore lessons on motivation and mindset for the most successful real estate investors and entrepreneurs in the nation.
Steven Pesavento 00:32
We talked about this earlier. And we all know the idea of we need to write some really good goals, right? We all know, hey, I should have goals, I should make them measurable, I should be able to have a time bound, you know, date on them by when am I going to complete these a lot of people know these things. And we know about the idea of starting with y, of getting clear on your purpose. And I think all of it's important, but at the core of it, we need to have a core vision and purpose. And the way that we get there is simple. We ask ourselves this question, we ask ourselves this question, we think about what we want to do with our life. And we ask ourselves this question when we're going to go into a conversation with somebody at an event. So before I stepped up here, I asked myself, What do I want? Why do I want it? What do I want to deliver to you? What do I want you to feel? What do I want you to experience? What I want you to take away? Why do I want that? Why is that important to me? Do I want to give myself fulfilment by helping other people down the path that I've been on? Do I want to feel significant by being up at the front of a room, and having a camera person recording the thing to be able to share with others? Do I want to attract investors? What the core of what I was interested in doing here today was I was interested in inspiring some other people to take the same path that I've taken, and hopefully take one idea away. So my goal is to inspire. And so the conversation I'm having is sharing some ideas that I have been really beneficial to me. But you need to ask yourself what you want from investing in real estate. Because a lot of people end up going down a path. And it is completely out of alignment. And so I want to share a little bit of an example of how this happened to me in my business.
Steven Pesavento 02:18
So back in 2016, you know, I had this realization, this moment of clarity and belief that I could do this, that I could go out and make this happen. And so I asked myself, What do I want? Why do I want it? Well, I want to prove to myself that I can make real estate of business, I want to make money in real estate. And I don't want to go get another job. I want to continue to work for myself, I want to prove that I can do it. So that I can show myself why. So I can show myself that I'm capable of it. So I can show other people that I'm capable of it. So I can learn some skills about business. Rather than going in an MBA, I can spend, you know, hundreds of 1000s of dollars building a business, that's going to teach me a lot of skills. So I went out on a path and I flipped 75 houses a year for three years. And I built a business where I made a lot of money. And I made income. But this is where I fucked up. This is where a lot of you guys will screw up as well, if you don't be intentional about what the end purpose and goal is of doing this, as I looked at my business as I sat an event similar to this, but with about 1000 times more people. And I sat in this event and one of the speakers was talking about this concept of your ideal client and building a business that's going to serve you and your initial needs and what you actually want and work with the type of people that you really want to work with and care about. And as I'm looking at my business, I'm seeing I've got 15 People in two different states. And we're we bought 200 houses from individuals, you know, never bought one from a real estate agent until I bought my first single family home here in Denver, which is my personal home. But I didn't buy that until I had flipped 150 houses. So I had gone down this path. And I recognized that I had built a business to create income. But the whole reason I got into this business was to create passive income, to create more freedom to create more wealth to create more options. And what I had done was I created a new job. So it was a very big realization that what I had done was create something that could not exist or operate without me. It was project based, but I how much money we're spending every single month on marketing. There's no stepping away from sending 100,000 mailers a month, or spending 6200 grand a month on expenses. That's a machine that has to keep running. If you stop running that machine and you are not in that business running it tightly. It's it's not going to work out well.
Steven Pesavento 04:53
I want to share something that's been heavy on my mind as I'm talking with investor after investor I continuously hear this concern. It's the concern about inflation. We've seen some of the highest inflationary periods in the last 20 years up 7.5%. Some believe inflation is actually closer to 20%. But what does that mean for you? What the core means when money is sitting in your bank account, or it's not an assets that are hedging against inflation, that you're actually losing buying power? So what does that mean? It means other things around us are getting more expensive. And the dollars that are sitting in your bank account are becoming less valuable. So what do you do about it? Well, one of the best hedges against inflation is investing in real assets, specifically, real assets like multifamily. And why is multifamily so powerful for hedging against inflation? Well, we've put together a phenomenal 30 minute purely educational webinar to be able to share with you why multifamily is such a powerful opportunity right now, why it makes sense to invest in a very hot market, because inflation is so much hotter, and exactly how you can get involved. Now if you're interested in learning more and and educating yourself and potentially having the opportunity to get involved and actually hedge against inflation yourself, then I encourage you head over investor mindset.com/start That's investor mindset.com/start. And you can register for this 30 minute presentation. That's gonna be able to bring you through all of the reasons that you need to know and understand to avoid some of the biggest common pitfalls when it comes to investing, while also setting you up to invest to hedge against inflation.
Steven Pesavento 06:48
Thank you for listening to the investor mindset podcast. If you liked what you heard, make sure to rate review, subscribe and share it with a friend. Head over to the investor mindset.com to join the insider Club, where we share tools and strategies from the top investors and entrepreneurs and how to take it to the next level.
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About The Show
What separates those who succeed from failures? Join thousands of listeners who learn the mindset of real estate investing and how to create multiple income streams. From busy professionals interested in passive investing or the real estate entrepreneurs who are primed to scale all come together to learn the mindset of creating financial and time freedom.
The Investor Mindset is a mix of interviews, and solo shows from Steven you’re not going to want to miss. Hit subscribe, and get ready to change your life.
The Investor Mindset Podcast & President VonFinch Capital
Steven Pesavento has always been obsessed with understanding how we can think better, how we can be better and how we can do better. He is an active real estate investor who curates Commercial Real Estate Investments for clients.
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