Do you feel like quitting when you're close to the finish line... well you're not alone. Let's change that today. Lots of us feel like this from time to time but what's important is that we have a crystal clear understanding of where we're going, why it's important, the actions we'll take and how we will measure our results. Find a quantitative goal that you can measure. This is going to help you prove that you're achieving what you set out to do and that you're heading in the right direction. If you have a quantitative approach to setting goals it will allow you to statistically analyze which areas need improvement and plan how you're to improve them. You should also seek advice from the people around you. Make sure to build a strong network and use it to grow... this can be via free groups online or paying for coaching. Don't struggle alone. And remember - all it takes is a tiny shift in perspective to appreciate how far we've come. Hit subscribe to join the community and build your investing knowledge today. Tell us in the comments below: How have you overcome the feeling of wanting to quit?
Do you feel like quitting when you're close to the finish line... well you're not alone. Let's change that today.
Lots of us feel like this from time to time but what's important is that we have a crystal clear understanding of where we're going, why it's important, the actions we'll take and how we will measure our results.
Find a quantitative goal that you can measure. This is going to help you prove that you're achieving what you set out to do and that you're heading in the right direction. If you have a quantitative approach to setting goals it will allow you to statistically analyze which areas need improvement and plan how you're to improve them. You should also seek advice from the people around you. Make sure to build a strong network and use it to grow... this can be via free groups online or paying for coaching. Don't struggle alone.
And remember - all it takes is a tiny shift in perspective to appreciate how far we've come.
Hit subscribe to join the community and build your investing knowledge today. Tell us in the comments below: How have you overcome the feeling of wanting to quit?
KEY TAKEAWAYS
1. We need to be clear on where we're going, why we're going there and how we're going to get there.
2. Ask yourself what you want and get deeper into WHY you want it.
3. Find a quantitative goal that you can measure. This is going to help you know you're achieving what you set out to and that your heading in the right direction.
4. If you have a quantitative approach to setting goals, then it will allow you to statistically analyze which areas need improvement and set realistic goals in order to improve them.
5. Seek advice from the people around you. Make sure you build a strong network and find ways to grow... this can be via free groups online or paying for coaching. Don't struggle alone.
6. When we feel like we're not achieving, we need to remember that it's all about the journey, and recognizing those micro achievements that we're making on a weekly basis. Progress is truly the key to achieving our goals and feeling successful.
BOOKS
The Passive Investing Playbook - https://theinvestormindset.com/passive
LINKS
https://djetexas.com/devin-elder/
https://www.linkedin.com/in/devinelder/
Learn more about investing with Steven at https://theinvestormindset.com/invest
Join the MultiFamilyMBA and get exclusive free training:
https://theinvestormindset.com/mfmba
Steven: [00:00:00] Have you been feeling like you're going through some really tough times and you want to give up? If you're like so many people today, it's not uncommon for you to feel that way to feel like you're doing the actions and activities over and over again, but you're not seeing the progress. On today's episode, we're going to dive into exactly how you can change the way you think about that. So you can start seeing progress, no matter if you're just getting started, or if you've been in the game for a long time, so you're not gonna want to miss it. Let's get into it.
INTRO: [00:00:34] 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 for the most successful real estate investors and entrepreneurs in the nation.
Steven: [00:01:01] You ever feel like giving up, like quitting when you're five feet from the finish line? Well, hey, I'm your host, Steven Pesavento and this week's mindset minutes episode, we'll be talking about exactly that. And if you're just joining us, make sure you hit that subscribe button down below, so you never miss another episode. And what I want to talk about today is something that I feel like a lot of people are dealing with at different stages of their career. And it's this question of, should I keep going, or is now the time to stop? And this really came out of a conversation with a client of mine, where he is so close to succeeding so close to hitting his goal. But in his head, he set that expectation so far beyond what was in reality that he started feeling like he wanted to give up. And I know we've all been there. I know I've been there. I know, I've talked with plenty of other team members and clients and people from my mastermind group and really across the industry that's felt like this. And it's that question you have to ask yourself is, am I going in the right direction? Am I making progress? And if I'm not making progress, how can I start to make some progress today. And so this is anybody who maybe feels like giving up right now, or has felt like giving up in the past and needs a little bit of a reminder of exactly why it's so important that you get super crystal clear on exactly what you want, and why you want it so that you can bust through any of those feelings. And so if you happen to be feeling that right now, don't worry, you're not alone. Lots of people feel that. But at the end of the day, what's really important is to understand how do we move through these kind of feelings, these challenges that we're gonna deal with no matter if you're a passive investor looking to make an investment or dealing with a failed investment, or you're an active investor looking to continue to earn that income and get that cash flow coming in, you've got to get back to that core, the core of being will ask yourself the question, why is this important to me? What do I want to accomplish and why is it at an absolute must that I get there?
And how am I going to define and decide for myself that I have actually succeeded? How do I know that I have succeeded? How can I measure that success? Because right there on that measurement is a huge portion of the people that I end up speaking with that end up feeling like they're failing, when in reality, it's just a quick little turn, just as Tony Robbins talks about a two millimeter shift. And that little shift is what allows you to start recognizing and appreciating where you're at where you've come. And, frankly, what you need to do in order to get where you want to go. And so as you're asking yourself that question, What do you want? And why do you want it? We want to get deeper below the surface, you might start answering those questions. You might say, well, I want to be successful. Well, what does success look like? And then you might say, Well, I'm looking to have more freedom, more control, I'd like to close more deals. And I'd like to feel like I'm making progress. These are all great things. But we need to dive deeper than that we need to get to what that specific measurement is, how do I know that I'm successful? How do I know from a numerical standpoint? How do I know from a qualitative standpoint for something that I can feel? And how can I answer that and remind myself that that's the expectation that I'm shooting for. So if you're running an active business, and maybe your monthly income number needs to be $10,000. That's the minimum number that you need to be earning and creating in your business in order for you to feel successful? Well, then what you want to do is you want to make sure that that's crystal clear on exactly what it is that you need to accomplish exactly what that goal of cashflow is per month or per year, or what kind of growth you're needing to get and then you can back yourself in to understanding how am I going to get there? What is the process of activities that I need to be doing and how can I determine that I am actually heading down the right path and I am actually making progress. So in that example, just going back to the house flipping days, if we're talking about making $10,000 A month, and you're buying houses directly from homeowners. And you're a flipper, you're a wholesaler, well, you know, without a doubt that one contract is equal to $15,000. One contract is for surely worth at least $10,000. One contract might be worth 20, 30, or even $40,000. So, in this case, how do I know that I'm getting there? Well, I need to be taking specific actions in order to get closer to actually achieving my goal of closing a deal and starting to see that income coming in. So what are some of the activities or actions that I might be able to assess and how can I keep track of what that metric is? So you know, an example from a cold calling example, it might be, well, I need to make 300 phone calls, in order to get one lead and out of one lead, what I need to do is I need to have at least 25 leads before I get an appointment out of 25 leads to appointment out of 10 appointments, maybe one out of 10 appointments ends up turning into a deal. So we're able to back in and start understanding Well, if 10 appointments leads to a deal, and it takes me 25 leads to get one appointment, then that means I need 250 leads, and if it takes me 300 phone calls to get one lead, then we can start backing in and start understanding Well, how many phone calls am I going to need to be making in in total, in order to get there so that I can start tracking every step of the way. And that tracking can feel cumbersome sometimes. But you know, the same thing could be true in the multifamily space, if you're looking to get your first deal, or you're looking to get your third deal under contract, and you're able to talk to some other operators in the space. And what they share with you is that, you know, in order to to get that deal you need to be, you know, working with and building relationships with brokers. And so let's say that number is 90 be talking to 10 brokers a week, why need to be communicating, connecting with 10 different brokers in that market. And then once I've gone through the process of communicating connecting with those 10, brokers, I need to be underwriting five deals a week, well, maybe there's not five deals a week in order to underwrite so then I need to focus even more time on going out and connecting in order to bring in those five deals. And then once I get to the opportunity that I'm starting to see those deals coming through, I need to be sharing that feedback with the broker. So every time I get a deal, within 24 hours, me getting that feedback back to the broker. And then as a result of getting that feedback back, I'm building that relationship, right, so it doesn't feel like we're actually getting closer to the result. But when we can break it down into these specific actions, we can see that we're slowly strengthening slowly building that relationship, both with either the home seller and finding that right seller or with the broker who's going to be able to bring that deal to us and be able to have confidence that we're the person to bring that off market deal to.
So whatever space you're in, you can start understanding how you can back yourself into what the process might be to get that metric. But at the core is you've got to start getting clear on what you want and why you want it. And you've got to lean on the people within your community when you're feeling like giving up when you're feeling like maybe now is not the time for me to keep going, maybe I should go back to my w two, maybe I should give up on real estate altogether. Maybe I should stop passively investing because I invested in one bad deal out of 10. Whatever that challenge is that you're dealing with, it's super critical that you build a very strong network of people around you. It's important you can do that through coaching. You can hire coaches. You can work one on one with people just like I work with my personal coaches. I have multiple people that I'm getting coached on and trained on and people that are keeping me at the top of my game in different spaces and in different skill sets that I'm growing in. And I have clients that I work with one on one that are leaning on me for that exact same thing. And maybe it's a mastermind, maybe it's a Facebook group that's free online, and you know, every single week or every day, you're going in there and you're interacting, engaging and looking at building relationships, and then you're trying to take those relationships offline into a 10, 15 minute phone call to connect with people so you can build a community so that when you're dealing with a challenging time when you feel like giving up, when you feel like, man, I keep on pushing, but I'm not making the progress that I want to. I feel like I'm pushing, but I just don't feel like I'm successful yet. Sometimes all it takes is backing in and understanding Well, what are the steps for me to feel that progress towards that goal? Understanding what are those milestones along the way to getting there and leaning on the community, on your coaches, on your mentors on your mastermind, on the people around you or your peers that are also dealing with that so that they can share with you and say, hey, you know what? I've seen you work in day after day. I've seen you pushing really hard. I feel like you're making some really strong progress so let's keep at it. Are you clear on the metrics? Are you doing those activities on a day to day basis? Are you starting to feel the results of those micro little movements because, as we talked about previously, when we do little things over and over again, and when we're pushing for that doubling effect, even when something so small, the smallest segment, you could possibly see a millimeter, it doesn't seem that big when we go from one to two millimeters from two to four, from four to eight, from eight to 16. But all of a sudden, after 19 segments, we're at 500, and some 1000. And at 20, we're at a million. So you can see that over time, and we do the right activities day in and day out, when we start to start to recognize the micro actions that we're doing that are leading the progress, we can start to recognize that we are heading in the right direction that we are doing the right thing. And if we're not, it's okay to pivot. But we need to be making sure that we're tracking and we're clear on where we're going, why we're going there, and how we're going to track the progress along the way so we can get there. I hope that you guys can take some action on this and let me know in the comments below. If you've dealt with any problems like this in the past, have you ever felt like giving up and what was your takeaway? What pushed you through to the next level? I want to see it down below. Love you guys appreciate you very much and I'll see you guys soon.
OUTRO: [00:11:22] Thank you for listening to The Investor Mindset Podcast. If you like what you heard, make sure to rate reviews, subscribe and share with a friend. Head over to theinvestormindset.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.