Mindset

IGNORE PROPERTY MINDSET AT YOUR PERIL!

It sounds odd, but it is probably true. The real reason stopping you from buying your first property – whether as a home or an investment – is probably not your lack of a deposit or your inability to get the mortgage you need.

“Mindset” is probably the culprit.

It is easy to want to become a property owner. What is not easy is forming and carrying through diligently the decision to buy.

Put simple, would be buyers frequently get scared and give up without much of a fight. For all too many, buying becomes something big, difficult and unobtainable. They fold like a pack of cards. 

It is not hard for them to come up with seemingly reasonable excuses:

  • Property prices are unaffordable
  • Prices may crash throwing them into negative equity
  • Deposits are too large and beyond them
  • The responsibility of ownership is something for the future
  • Mortgages are out of reach. 

These reasons are ultimately little more than elaborate excuses.

Invariably the real reason is that they have not programmed their mind to accept and prepare for the undoubted challenge of making the biggest purchase they will probably ever make.

1. What is mindset?

Mindset is the set of assumptions, methods or attitudes which determine how you make decisions and act.

In simple terms it is your learnt way of behaving in any situation you come up against. If you like, it is your natural or default response. 

Your mindset can give rise to any number of characteristics or responses which may or may not help you in any one situation.

Ten of the most fundamental mindset characteristics are:

1.   Positive or negative
2.   Patient or rash
3.   Optimistic or pessimistic
4.   Active or passive
5.   Winning or losing
6.   Bold or timid
7.   Strong or weak
8.   Wholehearted or half-hearted
9.   Hardworking or lazy
10. Persistent or irresolute. 

The more positive your mindset characteristics the better able you are to address and overcome the endless stream of challenges, risks, threats and dangers which you face as part of daily life.   

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2. The importance of mindset     

If your mindset is weak or negative, it will hold you back from overcoming the challenges life throws at you.

It will stop you from achieving your goals – from fulfilling your full potential.

A no-can-do mindset gives you a sicknote for every challenge which will improve the quality of your life, wealth and success.

They say life is never black or white and is more grey. That is true for mindset.

It is never the case that someone is weak or negative at everything. You will be good at some things and not so good at others.

It is the things that you are not good at that hold you back.

By identifying  the precise mindset weaknesses which are obstructing your progress, you can fast forward your goals, dreams and ambitions. 


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3. Identifying negative mindset     

Thankfully, identifying your mindset weaknesses is not difficult once you sit down and honestly assess your strengths and weaknesses.

Consider how you deal with life’s challenges in terms of the 10 mindset characteristics mentioned earlier:

1.   Positive or negative
2.   Patient or rash
3.   Optimistic or pessimistic
4.   Active or passive
5.   Winning or losing
6.   Bold or timid
7.   Strong or weak
8.   Wholehearted or half-hearted
9.   Hardworking or lazy
10. Persistent or irresolute.

Where your response is negative is where you have a mindset weakness requiring attention. 

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4. Mindset negativity and your property goals 

You should work out how your mindset negativity affects your property goals or objectives.

Once you know the nature of the problem, it is so much easier to solve it.

Here is how it could work in practical terms:

After going through the 10 mindset characteristics, you conclude that you are:

  • Pessimistic not optimistic
  • Timid not bold.

They are the real reasons holding you back from becoming a homeowner or an investor, for instance. You need to address them. Why are you like that? What are the causes? What are the solutions?

  • A reason for your pessimism could be your lack of success in the past, perhaps in matters nothing to do with property. Solution: identify what you did wrong in the past, where you went wrong, and devise ways not to repeat your errors or failures. 
  • A reason for your timidity could be due to your lack of knowledge of the whole process of buying a property. Solution: gain knowledge and seek advice from experienced and qualified property professionals.

Whatever the mindset deficit you uncover, take the time to find its cause and carefully work out ways to eradicate it.

If that is something you find difficult or impossible, get your hands on one or two of the countless books on mindset out there and read up on the various ways you can “reconfigure your mindset” for success.

Growth mindset

5. Mindset and repeated failures   

Another way to look at mindset is in terms of your ever-repeating failures or weaknesses in life.

Are you making the same mistakes time and time again?

Are you starting things with good intentions but always seem to end up failing in pretty much the same way?

In terms of buying a property, your repeated failure could be:

  • Not earning enough to get the mortgage you need to buy the property you want
  • Not being able to save consistently and effectively for a deposit or down payment.

Repeated failures are almost always due to mindset failings.

The fact that you are not earning enough to buy the property you want or cannot save the deposit you need is not something natural, inevitable or set in stone.

It is not a story about you being poor, underprivileged or unlucky – neither is it a story about your socio-economic status, race, gender, sexuality or education.

You are where you are – good place or bad – because that is where you have allowed your mindset to put you.

Mindset is something extremely important. It can make you a loser just as much as it can make you a winner.

If you want to achieve your property goals, acquiring the necessary positive mindset is essential. Ignore your property mindset at your peril. 

Are you convinced by the power of mindset? Have you had any success in reconfiguring your mindset for the better? Do you even think it is possible? Please leave your comments below.

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Dalton Barrett
Rebel Property Coach

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My website is: www.rebelpropertycoach.com

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