Why Mindset Is The Key To Wealth
Why Mindset Is The Key To Wealth
As a young adult, someone bought me the children’s book called the ‘Richest Man in Babylon’. It was an entertaining fable which told of how you can create great riches by applying some simple rules for how you spend your money.
Despite its simplicity, I must admit it was quite an eye opener for me. I love hearing stories of great investment success. The 22-year-old young man on an average salary who owns three investment properties. The single mum who bought her first property out of desperation for a better life and accumulated a $5 million portfolio within a few years.
So why do some people achieve what so many others don’t? Why have they been successful beyond the wildest dreams of the people around them? Are they super smart or did they inherit a huge amount of money? Do they earn a huge salary?
As Jim Rohn says “It’s not the prevailing wind, but the sail you set that determines your success.” That is, its not the circumstances, but their approach that give them an advantage. The right mindset is an essential foundation.
Lets review the facts….
According to the Australian Tax Office more than 1.2 million Australians own an investment property. That’s around 1 in 10 adults. However, the number of investors who own five or more properties drops dramatically to less than 14,000 and an even smaller handful own more than 50 investments.
Despite more than 90 per cent of investors saying they thought property was a good investment for them, most have been unable to focus on expanding their portfolio. Why?
The question is how do you avoid being an average property investor?
The answer is to develop a burning desire.It doesn’t matter what you do in life. Whether you are an aspiring Olympic athlete, an artist or property investor, desire is an intriguing aspect of the ability to achieve greatness. Some people are born with extraordinary natural talents, but these are wasted due to their lack of desire or drive to achieve. Some of us are not extraordinary, but with extra-ordinary desire and drive, we can achieve what most would think impossible.
There is a great saying: “necessity is the mother of all invention”.
Bottom line, if your need is strong enough you will find a way to change your circumstances. The flip side of this is that if you are comfortable in life with a fair paying job and food on the table, it can be difficult to create a strong desire to get out and take action.
Almost all of the successful property investors I have worked with have either had, or been able to create a burning desire for success.
It might have come from a need to urgently generate enough money to retire comfortably, from hating their nine to five job or because something rumbling within them wants them to be able to buy an expensive house or a fancy car.
But for many people these goals are not enough. They need something bigger. Have you ever thought about having the financial freedom to take a long holiday every year with your family? What about having the money to help friends or family or others in your community? Whatever it is, the goal has to be bigger than just you if you want the greatest chance of succeeding.
The most important step in setting a path to create wealth is to determine what will fuel your desire. The stronger your emotional responses to this vision, the greater chance you have of being able to break through and achieve it.
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