Are you successful or not? This week we're going to be talking about the importance of working and living with a growth mindset. I go into the difference between a fixed and growth mindset and why the former can be dangerous for your personal growth. Sometimes we make a mistake and get discouraged… but you need to remember that no one can go from being a beginner to an expert with no journey in the middle. If we're not growing, we're dying, and if we're not expanding, we're contracting. Sometimes we need to focus on the destination and not just on the current results. If you answered the question above with a simple “yes” or “no”… then maybe you’re living with a fixed mindset, which no matter how you answered, could be holding back your development. Hit subscribe, join the community, and let us know: What is your process for making sure you’re living and working with a growth mindset?
Are you successful or not? This week we're going to be talking about the importance of working and living with a growth mindset. I go into the difference between a fixed and growth mindset and why the former can be dangerous for your personal growth. Sometimes we make a mistake and get discouraged… but you need to remember that no one can go from being a beginner to an expert with no journey in the middle. If we're not growing, we're dying, and if we're not expanding, we're contracting. Sometimes we need to focus on the destination and not just on the current results.
If you answered the question above with a simple “yes” or “no”… then maybe you’re living with a fixed mindset, which no matter how you answered, could be holding back your development.
Hit subscribe, join the community, and let us know: What is your process for making sure you’re living and working with a growth mindset?
KEY TAKEAWAYS
1. Your skills and abilities are not fixed. You always have room to grow.
2. Ask yourself or your coach about the challenges that you're facing and find out what steps you can take to start moving forward and get past those blocks in the road.
3. If we're not growing we're dying. If we're not expanding we're contracting.
4. Don't be discouraged if you made a mistake... It's your way of learning and growing.
5. You can't go from being a beginner to an expert overnight. Expect there to be some growth... which takes time.
BOOKS
The Passive Investing Playbook - https://theinvestormindset.com/passive
LINKS
Join the MultiFamilyMBA and get exclusive free training: https://theinvestormindset.com/mfmba
Learn more about investing with Steven at
https://theinvestormindset.com/invest
Steven: [00:00]: In today's episode, we're going to dive into one of the topics that I think is absolutely core to building the right type of Investor Mindset. And it's something that we almost take for granted. But let's go back to the basics and talk about the difference between a fixed and a growth mindset. And this is going to be important if you've been living with a growth mindset, because there's going to be some tips, some strategies, some reminders about things you want to be applying and doing differently. And if you're just getting introduced to this for the first time, I think you're going to take a lot away. So let's get into it.
INTRO: This is The Investor Mindset Podcasts, 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 from the most successful real estate investors and entrepreneurs in the nation.
Steven: [00:54]: Welcome back to the Investor Mindset. My name is Steven Pesavento, and I'm your host. And on this week's Mindset Minutes Episode, we'll be talking about the importance of working and living with a growth mindset. And each week, we share mindset tips, investing strategies to help you grow your business and investing career to the next level. So if you're just joining us, make sure you don't miss another episode, and hit that subscribe button down below, hit the notification bell. So you make sure you get those notifications. And if you're listening to us on your favorite podcast, you know exactly what to do. So let's get into it.
Steven: [00:01:27]: This whole idea of the growth mindset reminded me as I was talking with one of my clients, and it was something that is fairly simple. It's something that I think we take for granted. But this idea of living with a growth mindset versus a fixed mindset. And what does that mean really? So what does it mean when we say we should live and operate and coach and mentor and lead our team with a growth mindset at the core, and what the definition from the simplest point of view is, a growth mindset basically means that you believe that your basic traits have the ability to improve that you carry a set of traits. And that things are not either good or bad, or you're either successful or a failure you truly believe and you're operating from a perspective of I can improve, my trades can improve, my team can improve, people can change, and therefore, I have an opportunity to change and to grow. And it's very important because we can often get sucked into having this fixed perspective, this fixed mindset, coming at things from a place of I'm either successful, or I'm not. And what that can do to us is it can prevent us from being able to move forward, or move through the challenges that are going to come up in our investing business. If we're passively investing, and we have one failed project that happens, is it going to knock you off the horse forever, are you going to say I'm never going to invest again? If you're actively investing, and you have some kind of catastrophic event happen, or you have some issue where, frankly, you fail, you didn't know what you were supposed to do. You didn't make money on that project or maybe you got it over your head, the question is, are you going to say, "Hey, I failed, and therefore I cannot move forward or are you going to find a way to fight through it, to grow through it and to be able to look to others to succeed.
Steven: [00:03:20]: And so when we can come at things from this perspective of I can grow, and I can improve, and we can really start to see ourselves enjoying the process of not being great at something, because we first have to not be great at something before we can grow to being an expert, to being the type of investor the type of leader, the type of parent, the type of coach any of these things, we have to have the ability for us to, to be able to grow into change. And so a perfect example is when I was first starting investing, I didn't really know what I was doing, I didn't have any skills. When it came to investing, I didn't think I had the skills, right, I had all this fear and these doubts, these beliefs that maybe I didn't have what it takes so that I could end up going forward and being able to do this successfully. So it stopped me from being able to move forward. And so from that perspective, I was living with a fixed mindset, I believed that I didn't have the experience, I didn't have the money, and therefore I wasn't capable, or I wasn't able to go and do that. But when I was able to be surrounded by other successful people by being in masterminds, and going to networking events, and working with coaches and mentors, and frankly, being able to see other people doing it, that sparked me, that triggered me that moved me into looking at things from this growth perspective to seeing that, "hey, well, if that person started at the same type of place that I started, or maybe a worse place, and they were able to succeed, then what does that mean about my capabilities. And so when we can use other people as an example to be able to model their success, but most importantly, be able to take the belief that they have and be able to run with it. It can be very strong, but how do we go about doing that? How do we live with the growth mindset? And there's a lot of different strategies and a lot of different ways that we can go about making change happen in our life. But at first, what we want to be focused on is instead of thinking about things from what the outcome was, and It hurts me to say this, because I'm very outcome driven, I believe results are the core of what we're actually driving towards. It's the point on the map that we direct ourselves to, it's getting so clear that we know exactly what we're going after, having that destination in mind even if it's just one of many destinations it's key. But the important point to being operating and living and coaching and mentoring and leading your team, from a perspective of having growth mindset is focusing instead of the result on the process that's going to get me to the result. So here's a perfect example, when I was coaching, some phenomenal sales people that were on my team when I was wholesaling and flipping out in Raleigh, North Carolina, before I moved over to Multifamily, before I started raising capital for these large commercial buildings, and pivoted out of this business, when we were still focused on flipping, I was coaching one of my sales members. And rather than saying their real name, I'm just going to call them John. And so I was talking with John, and he was having a really hard time, he kept thinking to himself, well, I'm not sure that I'm going to have the capability or to be able to do this, maybe I'm just not born to be a good salesperson. So in that moment, I was able to recognize, okay, well, he stuck in this fixed perspective, he doesn't believe that it's going to work, he doesn't believe that it's possible for him to go from this place of where he's at right now to the successful salesperson that that John wanted to be in. And John was a young guy who was super driven, and he had a lot of capability. He was definitely growth minded, but he was stuck in a fixed perspective, right? I think we've all been there. I know that I've been there as I've been growing and changing my career and keep going up against new challenges, it can be easy to get pulled into that place to be triggered into that place of coming in a fixed perspective. Some of those things that might come up when you're going into that fixed mindset is that maybe you've got some doubt, maybe that's something that triggers you, maybe it's the thought of failing publicly, and what other people might think maybe it's the thought of being able to fail in your own eyes. And what that would do to you. Maybe it's the thought that what's going to happen if I end up losing money that I invest in this, or God forbid, I lose someone else's money?
Steven: [00:07:27] Very important questions to be concerned about, but things that you can't let prevent you from learning how to be the best at your field. But you can never go from a place of I have no experience and I'm not good at anything to a place of I'm an expert, without having some growth along the way. So when you recognize that you're going into that perspective, when I was talking with John, he was coming from that place. So how did we get out of there? Well, we started talking about what he was doing successfully, I started praising the process, and something I talk about with my clients pretty regularly, but I definitely really hone this coaching mound team members, right? As a leader, as a sales manager of an organization that was buying and selling 75 houses a year, flipping and wholesaling. we've got to be out there prepared every single day. And so how can we get into that place where we can look at well, what are you doing well John? John, what are you doing well, in your role right now? Well I'm really good when I get in there, and the person's excited to see me or are they really wanting to sell the house? Well, where is it falling off? Okay well, it's falling off when I start feeling that challenge, right? For him, his trigger was that he would be speaking with a seller, and that person would have some kind of confrontation, maybe they'd be upset about the price, or maybe they'd feel like he didn't have their best interests in mind. And that was an opportunity for him to recognize in that moment to know, okay when I feel triggered, when I feel the pole in the direction of thinking from this fixed place, that I don't have this skill, or I'm not good enough at this thing, how can I actually work through that? So just by being able to recognize it, he was able to say, "Oh, hey, that's another one of those moments." And he was able to then think to himself well, in the future, how am I going to handle that differently? And the answer was, as the answer often is, is he needed to learn some skills, and practice those skills until he was great at those skills, but he's going to start from a place of being awful and terrible, and maybe be able to move to a place of good and then a place of a little bit better than good. And then finally a place of great or an expert. And over some time in John's specific scenario, John was able to practice some scripts, specifically talking around some of these objections that he was dealing with some of the things that were often coming up there, we're knocking him off his game.
Steven: [00:09:49]: So by him being able to practice and think about it from this perspective of, Hey, I can grow I can improve my skill set and therefore I will and I must in order for me to get to that end destination, that way-point along the, along my path that he was able to then start seeing some of that success. And the truth is of course, John's a made-up name for a real team member of mine. But John was one of my best salespeople. He was delivering in the field consistently working with folks to be able to not only buy houses, but also be able to work with investors on the other side. So, at the end of the day, when it comes to coming from this perspective of growth mindset, the most important thing is to remember that you want to be thinking about the process, you want to be thinking about, how can I focus myself on the process, that's going to end up getting me there, and that every step along the way, I may not feel success in regards to getting to that end result or that an outcome, which is ultimately what you're going for, but that I can start to feel myself moving in that direction, because I can feel myself improving on the process, I can feel myself moving closer and closer to being better at the skill that I need to grow at. And most importantly, remembering that at the core, your traits, the skills that you have, your abilities are not fixed, that they have the ability to ebb and flow and improve, and that you want to continue to bring yourself back to that place.
Steven: [00:11:19]: And so for all of you guys who are thinking to yourself, I've been here, I'm in this spot right now, I totally understand what I highly recommend is do the audit that we just talked about, ask yourself some important questions or go talk to your coach or one of your mentors or somebody that you trust about the challenge that you're going through and ask them to ask those important questions. Those questions are going to help you get clear on what steps you can take in order to start focusing on the process. Sit down, get clear, start making some of those changes, you're going to start seeing those things happen, those changes that are moving you forward. And when you're growing, you're going to feel like you're succeeding, because that fulfillment happens in flow while you're in that process of growth, right? If we're not growing or dying, if we're not expanding or contracting, we want to be focused on continually moving that ball forward, continuing feeling that momentum, because that momentum drives more momentum. So bring that into your day, apply this and I invite each of you to take some action. And if you liked what we talked about today, definitely shoot me a message on Instagram or LinkedIn @stevenpesavento. And I look forward to seeing you guys in the next episode.
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