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Posted over 9 years ago

Mindset Really Matters...Really

Just read a very interesting article that centered around some sociology experiments, but really supports the idea that mindset is critical.  In a series of experiments, a researcher asked groups of older folks to basically "time warp" back to when they were younger by sending them to a house that was retrofitted to look like it was when they were 20 years younger (i.e. books, magazines, pictures, TV etc from that era).  They were told that they would have to carry their own belongings, do household chores, etc.  

The people who went through this experiment had markedly improved physical characteristics in just 5 days.  They were better able to walk, grasp objects, and various other signs and symptoms of aging had reversed themselves.  The full article is here if you want to read it.

How does this apply to REI?

There are two main types of education in REI that I've come across: the first is "nuts and bolts" type "how to" articles and podcasts.  These explain the step by step processes for exactly how to execute certain strategies in real estate investing.  If you listen to any podcast long enough (BP possibly excluded), you will find lots of these types of episodes in the beginning, but tapering out after the first couple dozen.  The reasons (IMHO) is that (a) this business is just not that complicated, and there isn't that much to talk about, and (b) the few "secrets" or "proprietary methods" that there actually are will not be revealed by those who know them because they don't want the competition doing exactly what they do!  This makes sense, right, because if you know something that few others do, why would you give it away?  Everyone knows or can learn the basics, but if you have something special that produces extraordinary results, it will cease to do so if everyone does it!

Back to the main point of this post.  The second type of article/podcast is the mindset one.  You have to find ways to stay motivated in this or any long term endeavor if you want to be successful in the long run.  While those "motivational" podcasts/articles can get very, very repetitive after a while, the fact is that mindset is just as crucial as knowing the mechanics of how a REI deal happens.  

Quick tip: in my podcast player, I can set the speed, and I generally listen to those types of episodes at 1.3x or 1.4x - you still catch any nuggets that might be there, but spend less time doing so.


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