Millionaire Mindset- What does it actually mean?

[House Hunter]

A lot of books on wealth have a chapter named something like "the millionaire mindset" etc.

Some of them just say you need to program your thinking like a rich/successful person.

What does this actually mean in concrete NZ examples in property investment?

[orion]

A lot of books on wealth have a chapter named something like "the millionaire mindset" etc.

Some of them just say you need to program your thinking like a rich/successful person.

What does this actually mean in concrete NZ examples in property investment?

Lots of things such as: -
Habits - such as saving, investing, not buying on credit cards and paying high interest etc.
Think big picture, don't get caught up in the small things. Be prepared to make mistakes, and not afraid to take action.
A focus on what you want, rather than listening to friends, family etc.
A knowing that you will succeed, not just a hope or a wish.
Willing to give more than you take, helping others etc.

Probably a whole lot of other things people can think of too, that's just a few.

[Damap]

The number 1 and 2 things I think house are:
1. Believing and internalising the fact that creating and having wealth is not bad, evil or immoral.
2. Learning and acting upon the truth that one has to make money to create wealth not earn it.

The list is endless but there are a bunch of basic principles that make it much easier to create wealth for yourself.

[orion]

1. Believing and internalising the fact that creating and having wealth is not bad, evil or immoral.

Mmm, that could be your very problem right there Dean!!
Interesting the way you worded it. Internalising something that is not bad, evil or corrupt.
You can't internalise something that is a 'not' in other words, what you don't want.
But if you focus on what it 'is' you want i.e. wealth is good, deserved, expected etc, rather than what it's 'not' - you are much more likely to become wealthy.
It might seem totally insignificant the words you use, but it's actually everything.

[House Hunter]

So basically it just means setting yourself up for success by creating good daily money habits, having goal setting and reviewing these periodically, having short term and a bigger picture long term goal and then getting good advice through professionals, mentors, other investors, books, etc?

Essentially just having your ducks in a row so you stay focused and set yourself up for success to not get distracted and fail?

E.g. Buy and hold property, long term horizon, minimum yield, get good tax and legal advice, socialise with other investors and read books on
Investment.

Am I getting the right idea here?

[orion]

So basically it just means setting yourself up for success by creating good daily money habits, having goal setting and reviewing these periodically, having short term and a bigger picture long term goal and then getting good advice through professionals, mentors, other investors, books, etc?

Essentially just having your ducks in a row so you stay focused and set yourself up for success to not get distracted and fail?

E.g. Buy and hold property, long term horizon, minimum yield, get good tax and legal advice, socialise with other investors and read books on
Investment.

Am I getting the right idea here?

Mostly, but not minimum yield
Have a read of the 'Goal Setting' article in the sticky section at top.

[Damap]

That's a part of it yes but not entirely. Usually people have to go through a process of perturbation until they fundamentally change the way they think in certain areas. You'll find your ceiling in due course as you embark on the journey. The challenge then is to turn your ceiling into your new floor.

[marklowes]

I remember reading and re-reading 'think and grow rich' when I was younger. Good basis to start i recon from a mind set point of view.

Desire is important. Actually think this was the theme running through that book. You've asked the question so you obviously have some level of desire which already separates you from the 90% of people who spend their time watching Netflix and would never spend time seeking advice goldmines like this forum

[rojo6]

If you're interested, Michael Yardney's book Guide to getting Rich covers this well.

[donna]

Another book is 'Wink and Grow Rich' by Roger Hamilton. Actually I have a signed copy (signed by Graeme). I've just decided to read it again today. You can get through it in a couple of hours. It has some gem quotes in it...

Think it, ink it, do it, review it

What you see is always what you get

Wealth is the beginning not the end

Your passion is your compass

To know and not do is not yet to know

You are the result of your choices

Not sure what Roger Hamilton is up to these days but he has written a couple of really good books.

cheers,

donna

[Kirwee]

Yes, a good book Donna.
There is the hidden message in that book....and that is you have to work on your business and not only in it.
Cheers,
Brian.

[fredt]

I think House Hunter is confusing the millionaire mindset and property investment. That mindset is not related to property investment in any way.

It is about your personal development, and once you've developed your mindset to gain wealth, then investing in property becomes one of the natural options for gaining/retaining wealth.

[Cossack]

In my opion, the 2 most important things to remember when starting out is vision (blueprint) and sacrifice (foundation).


Vision - You have to see it before you can receive it. It is like the blueprint for your sucess. It might start out real hazy, because you can't see the details. But the most important part is to see the end goal. What do you want want from property investment? Is it freedom to do anythng you want? Is it chasing the deal? Is it providing accomodation for others? Is it to look like the Donald?


Sacrifice
To achieve success in real estate investing you will probably have to give up; time, money, pursuit of other interests etc to reach your goal. If you don't sacrifice you won't get it.
Other millionaires around here would probably not even consider how they got to where they are now as a sacrifice. But let me assure you they have. It is just that they did not see the sacrifice as a burden to bear, but they saw the vision before them and pushed through to achieve success. Sometimes sacrifice can be enjoyable. That sounds sick right? Sacrificing helps you to fill in the gaps of your blueprint of your vision.

[donna]

Very good first post Cossack - welcome to PropertyTalk!


cheers,

Donna

[Nick G]

Play to win. Don't play "not to lose". I got that from "Secrets of the Millionaire Mind" book years ago.

That doesn't mean "win" by beating all the other property people, truly successful people try to collaborate with others, not screw them over.

It's more the mentality that if you are laser focussed on being successful then what you should and shouldn't do with your time and resources becomes a lot more apparent. There are fewer paths because you can eliminate a lot. It highlights where you need more knowledge and you can begin to seek that out..

Some property examples are:

Buying the best possible investment property you can that you are certain will make you money and increase options long-term, vs the "not to lose" mentality of buying a house that "while it may not give you a great return at least you could live in it should everything turn to custard."

and

Buying a deal that wasn't really good for you just because you had pre-approval and you hadn't managed to find something was great but felt you had to buy something, saying "it's ok if it goes south because I'll just pay it off". That fallback is fine (and healthy) but shouldn't be the rationale behind buying a property that moves you sideways at best.