Successful investors did not build their wealth by chance. Success is the byproduct of meticulous planning, discipline, and important mindset shifts. And if you want to build passive income, you’ll want to replicate these habits.
On this episode of Investing in Real Estate, you’ll learn eight habits that successful investors practice, and how you can implement them into your daily routine. We’ll talk about setting goals, powerful mindset tweaks, and more. If you’re ready to become a successful real estate investor, episode 615 is for you!
On this episode you’ll learn:
- The importance of seeing the bigger picture.
- Why writing down your goals is so powerful.
- What it means to stay true to your why.
- Why you should admit that you don’t know everything.
- Why “self-made” is a misnomer.
- The link between reading and success.
- And much more!
1. Focus on the big picture.
Remember that building wealth is a long-term goal, and it’s something that will take years of dedication. If you get caught in the weeds when life throws you small problems, you’re likely to give up altogether. When something goes wrong, try to envision if you would be as devastated if you owned 50 rental properties. The answer is no! Evictions and surprise expenses are part of the business. See the big picture, and focus on the end goal of building net worth.
2. Create a Goal Journal
You probably already know the importance of writing down your goals. Writing down your goals is an extremely powerful way to change your reality. Try utilizing an actual journal or an app on your phone. Regardless, it is essential that you write down your goals consistently. Successful entrepreneurs know what their plans and exactly how they will make them happen.
3. Remember Your Why
Why did you embark on this journey? What is the main motivator behind your wealth building process? Once you identify your why, the path of how to do it becomes very clear.
4. Don’t Be Too Proud to Ask for Help
The humility to ask for help is a powerful tool. Successful investors ask questions because they have a sense of curiosity! Don’t be afraid to ask questions about topics that you don’t quite understand, and have the willingness to learn from those who possess knowledge in different areas than you. Admit that you don’t have all the answers, and ask people who do!
5. Build Strong Relationships
You cannot become successful independently. It takes a team. I strongly believe the term “self-made millionaire” is a misnomer. There isn’t one single person who has all the knowledge and skills necessary to become successful. Remember this fact, and surround yourself with those who have different expertise. From your tax team to your lawyers and contractors, building strong relationships in your business will help you become successful.
6. Constantly Be in the Pursuit of Knowledge
Cultivate a reading habit, listen to audiobooks, or watch YouTube videos. Learn everything you can about self-improvement, business, investing, and more!
7. Pay Attention to the Trends
Get an online news subscription, and stay up to date with the economy. Always remember to analyze the news through a different lens and consider how it can affect you as a real estate investor.
8. Take Action
In the beginning, it can be easy to spend time overanalyzing everything. But successful investors know not to spend too much time in this phase. Instead, they dive in. Successful people understand that every trial serves as a learning experience.
Episode Resources
Full Focus Planner by Michael Hyatt
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Subscribe to Investing in Real Estate on Apple Podcasts
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Subscribe to the Morris Invest YouTube channel
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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