Have you ever tried to change your thinking about any subject? For sure, changing what you think or how you think doesn’t just happen by accident — you have to study it out in your mind. Ask any police detective; if you want to catch a criminal, you have to think like a criminal. So it makes sense to me that if you want to be ultra-wealthy, you need to think like the ultra-wealthy.
About a year ago, I had the privilege of chatting on my podcast with Steven Pesavento about how to think like the Ultra-Wealthy. Steven believes that a person’s mindset is at the very heart of the matter of financial freedom. Steven Pesavento is a high-performance coach and an active real estate investor. Please listen to the interview we had about mindset and how to dissect your thoughts to change your financial future.
Real Estate is Less Emotional Than Wall Street
One of my favorite sayings of Steven Pesavento is that Real estate is less emotional than Wall Street, which makes for a more sound investment. That statement and thinking follow my own path and what I want to communicate to my people, readers, and listeners in The Lifestyle Investor. Steven and I both believe in an abundant type of mindset.
Mindset is the thoughts and beliefs that you have that lead directly to the actions you take and, therefore, the outcomes that you experience and really what’s happening within your life. And so, what’s great about that is that if you change those thoughts and beliefs, you’ll end up having a different set of actions and experience a completely different life. — Steven Pesavento
Your Mindset — The Strongest Tool in Your Toolbelt
Your mindset in life is your easiest and most accessible tool, yet it is the tool you can quickly apply for your best good — without doing anything else. Once that high-power tool is in place, you can begin to strategize what action to take next.
I’ve found that once you’ve deployed your ultra-wealthy thinking, possibilities start to show up in your life, and you’re presented with a path to follow that you can believe in. When you connect with and have deep conversations with the ultra-wealthy — you find out rather quickly that luck has less to do with their success than the person sitting down and thinking out a complex issue and then taking action.
Who Are You Hanging Out With?
The ultra-wealthy can take the action required for greater success because they think very differently. If you want to shift your mindset and emerge with a brighter future — mindset matters. You’ve heard the Jim Rohn quote about how a person is the sum of the five people they hang out with. Who are you hanging out with? What is happening in your mind? Spending time with individuals with the mindset you want is critical to your financial success.
Steven Pesavento says to hang around “people who are comfortable with money and who believe that money is a tool to create a great impact contribution.” You also want to be around people who will allow you to use your money as a tool to live a better life as well — then you’re going to be somebody who will attract money.
Kick Your Former Thinking to the Curb
Steven mentioned that he grew up thinking that rich people were greedy, which held him back. He even wondered if he thought money was bad. These old beliefs can hold a person back and are the thoughts you’ll want to kick out of your mind and kick to the curb when changing your mindset.
When those old thoughts begin to bug you — cut them short. These thoughts will hold you back from taking the action that is critical to financial health, wealth — and ultra-wealth.
Listen to Money Building Conversation to Build Your Ultra-Wealthy Thinking
You will find that the ultra-wealthy talk about money a lot. They will tell you where they are making investments and what’s worked for them and what hasn’t. Where else will you learn these types of lessons than by listening to those who are walking the walk?
Well, our middle-class mindset friends won’t talk about money or tell you what they make or what their returns are. And that’s okay — no criticism here — but they will stay in the same financial bracket (or lower). Start watching this phenomenon and take notes. Make the mindset comparison until you can change yours.
Get Some Coaching for a Better Outcome
There are many ways to get coaching to be able to better your mindset and financial outcome. You don’t have to have a live coaching session, to begin with — reading books can be highly helpful, and some people need go no further. Begin with books in your quest to change your mindset and change your finances.
Both Steven and I do coaching sessions with individuals, however, if you don’t know what we’re talking about and don’t know the language, these sessions will be of little help to you.
Begin with books and podcasts. Listen. Build up your health, mind, and skillsets. Change the things in your life that have to be changed to move forward. When you come for coaching sessions for financial help — there is a deep dive into all of your finances and financial decisions. You will need to know and understand your net worth and your passive cash flow. You absolutely must be clear on what you’re looking for and what you what.
When Will I Be Ready for Investing?
Get clear on your goals. Before you start looking at any investments, Steven recommends getting clear on what you want to accomplish with your investments. Do you want something that is providing you with cash flow from day one every quarter? Or do you prefer to focus on the overall portfolio or equity growth? Once you figure out your goals, you can pair that with your risk profile and start talking to investment managers or syndication firms and start understanding whether what they provide fits into your plan. –Steven Pesavento
Listen to the podcast with Steven Pesavento and see where you can change your mindset to be someone who can begin to set themselves up to move toward taking a piece of the ultra-wealthy pie. Think about your passive income opportunities and make a move to secure a better future for yourself, and your family and friends.
Image Credit: Tima Miroshnichenko; Pexels; Thank you!