What is the Investor Mindset? – Steven Pesavento Transcription:
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
So let's get clear on a definition here. What is mindset? The way I see mindset is mindset is the thoughts and beliefs that directly lead to the actions you take, and therefore the outcomes that you experience. And what's incredible about this is when we change those thoughts, when we change what we believe we can actually change how we're showing up in the world, the action that we're taking, and therefore the outcomes we're experiencing. So we look around and we find other people, other people were already successful, and we look to them. And we ask ourselves, well, how do they think, and how can I apply those waves when thinking in my life, you can actually start to have the same outcomes as those successful people. I want to be clear mindset is not a silver bullet. Mindset is the foundation that we build upon. Many of you have been to other real estate events. And some of you may have the belief that what you're looking for here is a strategy, a strategy about how to find a deal about how to raise money, about how to go out and build this business. And that's true strategy is really important. But mindset is where you begin, because we need to build on a solid foundation, we need to believe that it's possible for us to do the things that we're talking about doing that other people don't believe is possible. We want to find other people who believe that way so we can start believing in ourself. And that's what it is. It's mindset plus strategy, that foundation plus what we're building on that foundation is what actually leads to success. So the question is, how do you get started, and I've already alluded to this, but it really starts with modeling other successful people who here has a mentor, somebody that you look up to, let's get a raise of hands.
Steven Pesavento 02:14
Who here is looking to meet someone that you can look up to that you can start believing that it's possible for you to do let's get a raise of hands. For all you guys who didn't raise your hands, you got to step up your game, because there's always an opportunity to find great mentors, right? We need to be taking action. We want to be engaged in this process, we don't want to believe that we already know everything we need to know. So what successful people believe and do differently is that they first they view challenges as opportunities, got a great resource investor mindset.com/success. I'll share that link again later. And we'll dive into what I'm talking about in further detail. But the first thing is they view challenges as opportunities. So what does that mean? It means when they get knocked down, they recognize that it's not the end of the game. They ask themselves the question, well, what can I learn from this? How could this actually be a good thing? Where could this lead me to that I wouldn't have ever thought about had I not dealt with this problem. Because at the core successful, wealthy, rich people, kind of people that we want to be kind of people that are fulfilled in their life, they see problems as profit, they're looking for problems. When I go out and I buy a 200 plus unit apartment complex, I don't want the one that has no problems. Because there's no profit available in that, unless somebody screwed something up along the way. And there's a hidden problem that I can find that I can figure out how I can solve that. And that's where the profit comes into. So leaders know that the past does not equal the future. We all get caught up that you know, we grew up without, you know, the, the right family or the right education or the right this or that. I know when I got started, I had never bought a single family home in my life before the year that I flipped 75 houses. But I went from literally believing that it wasn't possible for me to do this. It took me 10 years after reading Rich Dad Poor Dad, before actually got involved in real estate. Why is because I didn't believe that it was possible for me to do it. I didn't think I had the right connections, the right relationships. I didn't come from the right family. But at the core, I was totally wrong. What I had to do is I had to start opening up this belief that if it's possible for someone else that is possible for me. And so once I started believing this, that the past of what I've experienced thus far does not directly lead to the future good or bad.
Steven Pesavento 04:51
So if you're on a really good trajectory, that doesn't mean that's how the way the future is going to be. We have to constantly be in the state of looking for how is this problem that we're dealing with my Life, really an opportunity that's going to drive me forward. The second big thing is about shifting your identity. Right? So what does that mean? Who here has an idea of how to shift their identity? Who here has ever gone through an experience with a coach or mentor, so just a handful of you? I think it's one of the most powerful strategies that I do with my clients, no hands uses. I know a lot of really phenomenal coaches and mentors use it, I use it with my team, I use it, my friends, I use it with myself all the time. And so this little strategy, I'm just going to give you a little taste of it. But what you want to do is you want to start understanding, who is it that already can do what I want to do? Who is it that is already successful in the way that I want to be successful? And then write down what those characteristics are of that person. So here's a great example of somebody who is extremely successful in the world. And on a level that, you know, most people think, oh, it's not even attainable for me, but Elon Musk. So if you ask yourself, well, if I want to go do something that someone else has not done, that other people do not believe is possible. And I want to do it, despite dealing with challenges, financial lack, you know, bad times in the economy, and I want to continue to persist on then you ask yourself, well, what what would Elan Elan do? How does he think about this? Well, he would answer that with by saying, Oh, well, I believe that it's possible for me to do this. So I'm gonna go find experts that are going to help support me. And for those experts don't believe it's possible, then I'm going to continue to look until I find somebody who will show me how it can be done. And so when I think about shifting identity, I want you to shift your identity into being a successful investor.
Steven Pesavento 06:49
So when you're feeling that feeling of not being enough, of not having the experience of not being 100%, certain, ask yourself Who do you know, maybe it's someone you listen to on a podcast, maybe it's someone you met in this room? Ask yourself, what would they believe? What identity do they have? And step into that? I like to think about it as if you're putting on a cape, like a superhero, you're actually stepping into the costume of that person. And ask yourself the questions. Well, how would they think about this problem? How would they deal with this and then do what they would do? Don't do what you do, don't be in fear, don't feel lack feel like oh, well, they've done this 100 times before. I have the capability of doing that as well. The second big thing is that they're Ultra focused. And so one of the biggest mistakes that I see people make in this industry, but it's true, everywhere you go. And you guys have been one of these people, I'm sure of it. Because I know I've been one of these people. And I have to constantly pull myself back. And it's that person at the event. Maybe some of you guys are doing it right now. That is when asked what they do. When it comes to real estate, they say, Oh, I flip houses, and I'm going to do storage. And after I do that I'm going to do multifamily. And I'm a realtor. And I'm thinking about raising some equity. But I also want to go and do and this and this and this, they've got a lot of ideas, but they're not committed to one of them. So the most successful investors, entrepreneurs, people are great at one thing first, they pick their path, they get really, really good at it, and they expand from there. So if you think about Richard Branson, an entrepreneur who owns hundreds of businesses, he's extended his brand to every type of business you could think of, where did he start? He started in the record industry, with one focus, until he made a shit ton of money. He had a lot of success. And he said, Hey, well, I'm going to take that I'm going to diversify. I'm gonna take the skills that I developed building this business, I'm gonna apply it to other businesses. So the biggest recommendation that I have is focus on doing this, making a decision that if you're here, and after this weekend, you love multifamily. And I love the ideas that are talked about here, commit to it. So when you go to events, you say, Well, I'm a multifamily investor, I'm a syndicator, I'm gonna go out and find properties. If I got to start with two unit properties, or four unit properties, that's where we're gonna start, you want to jump right into 200 properties to under unit properties, great, start there, but make the commitment to go one direction until you reach either, you know, a time bound that you've set that says, hey, in six months, if I don't have some type of, I'm gonna go and experience this. I'm going to taste it and see if I like it. And if if you don't, you know, maybe change your direction, but I'd recommend that you commit until you hit some success before pivoting. Because then you can actually apply all the failures that are guaranteed to happen to Making sure that you can actually get on that path to success.
Steven Pesavento 10:02
I want to share something that's been heavy on my mind, as I'm talking with investor after investor. And 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 harder, 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 11:57
Thank you for listening to the Investor Mindset podcast. If you like what you heard, make sure to rate review, subscribe and share 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.