This past weekend, I went to a 3 day real estate workshop here in Houston, TX. In addition to learning a ton about investing in real estate, self-directed IRAs, and more, I was very happy to get a lot of “mindset training” from the speaker on how every real estate investor (or entrepreneur in general) needs to think in order to be successful.
A lot of people in the room were getting this training for the first time; I have been getting this kind of training from the types of books I read and podcasts I listen to for awhile now. He did bring up two mindsets that I don’t think I’ve heard explained in detail until now. The two mindsets are scarcity and abundance. I’ll explain what they both are, but make sure to think of the people that surround you and impact you in your life. Ask yourself if they fall under the “scarcity” mindset or the “abundance” mindset, and then consider adjusting who you spend time with accordingly if you think you need to make a change.
What is scarcity mindset?
Scarcity mindset is believing that there will never be enough, resulting in feelings of fear, stress, and anxiety.
People with this type of thinking might think they need to do things themselves to save a couple of bucks. They often have a “lose-win” mindset. They feel that there’s only so much that can go around. These kinds of people are hesitant to part with money on coaching or learning more because the dollar sign cost is all they see. They fail to see the potential return on that investment.
These people are afraid of losing time or money when trying new things.
What is abundance mindset?
Abundance mindset flows out of a deep inner sense of personal worth and security. It is thinking that there is more than enough for everyone.
Someone with this mindset thinks there is always more of everything in life. There are limitless possibilities. Because of this, these people can attract amazing experiences and opportunities.
People with this mindset love trying new things and don’t care if they fail. Their mindset is that failing is learning and getting closer to the end goal.
Scarcity mindset is seeing the glass half empty and hogging the rest of the drink for yourself. Abundance mindset is seeing the glass as half full and sharing with others since you know you can always get more of whatever it is that you are sharing.
One powerful quote mentioned in that workshop was: “Don’t worry about how much something COSTS, think about how much it will MAKE YOU.” This kind of ties in with my last post on expenses versus investments. Anything you spend now to accomplish a goal later down the road is an investment. Time or money put in should not be seen as a waste, but as planting seeds of success that will take time to grow.
There may be an opportunity shown to two people. One person with scarcity mentality will say “oh there’s competition, it’s saturated, it’ll be tough.” The person with abundance mentality will say “okay, the more people there are, the better. There’s more opportunities, and it’s a proven model.” See this difference? It’s black and white, a totally different mindset!
Who do you think will succeed? The person with abundance mentality will succeed every time. Think big, embrace risks, and take chances! Practice shifting your mentality from scarcity to abundance if you lean more towards scarcity mindset at this moment. There is more than enough to go around for all of us.
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