Mindset is like breathing...

I'm set in my ways - my mind is set.

 

It's compulsory homework then

 

One of my fave movies!

 

Ok stop the thread.... Off to civic video you go!

 

Civic video is dead in my area easier to tell me the title and I can Google it

 

Ferris Bueller's Day Off
1986 film

 

... I was not even exist as a spec of DNA yet when this came out. Will look

 

Is it too rude to ask your age..?

Regardless, I think you'll like the movie

 

It's before I was born also...
Still worth the watch.

 

I was 4, but watched it in my teens

 

You can guess

Following Chinese years, I'd be 29 (counting the 9 months in the stomach).

will see if I can find it

 

My fave part:

 

If you don't set your own mind, somebody else will do it for you.
That could be good, but it's usually bad.

 

Saw a large sticker saying on the back of a car "Remember too Breathe",just wonder some one like Shakespeare's ,from a small English country town,no independent money,and no powerful
family old money connections,and without any formal university education,takes the risk because his mindset was already set on who he wanted to be,goes into central London and in a very short time became the greatest playwright of his time,some may say that's mindset,.

 

I don't agree. Someone who will get of their arse and make it happen will do so because they have the right mental attitude to make it happen. Read some of the threads on here about why it can't be done or shouldn't be done. Of course it can be done. It just takes the right mental attitude. It's a 'can do' vs 'can't do' attitude.

I have not bought a mindset and I don't really think about it for myself. But that is because I developed a mental attitude in my teens that I would invest in property and that I would succeed. The "how" came later but without the mental attitude I developed, I would never have pursued the "how".

A concrete example: years ago, my brother in law, in his early 40's, decided he no longer wanted to be a teacher. My parents encouraged him to retrain in a different career but he refused to do so because he was "too old". He has a negative mental attitude ('can't do'). His mindset is holding him back. My parent, post 50, were both completing Masters Degrees. They have a positive mental attitude ('can do'). My brother in law is in a lot of debt from poor property investment decisions. My parents, nearing 80, are still active property investors and have done very well. I consider mental attitude and mindset to be synonymous. That said, I agree that:

Years ago I read 'Rich Dad/Poor Dad' and thought it was a load of bull. I could not disagree more with the authors view on how to make money. I have done the opposite of what he said and I have done better than I expected.

Property investing is faith based. If you didn't believe you would make money from a deal, you wouldn't make the investment.

Yes, but what were the thoughts they had before they took the actions they took to be successful? Did they think 'I can't do this, I will just lose money, this will never work'? (wrong mindset), or did they think 'I will do this and I will make money'?

For my last investment I had the following beliefs:
- that the property had potential
- that I would be able to renovate the property to increase the rental return (I renovated the property and increased the rent from $330 a week to $440 a week)
- that the property would increase in value (it increased significantly in value over a three year period from purchase)
- that I would be able to develop the property and increase my revenue from it (currently going through the DA process)

Of course I had to take many actions to achieve my goals (buying the property, cleaning up the yard, renovating it, finding a builder etc). But without the fundamental beliefs, I would not have taken any of the actions.

I inspected the property over three weekends with a lot of other people. I was the only one to put in an offer. Others saw that it was overpriced, too much work, had no potential etc. These are limiting beliefs. It took a different mindset to see the potential in the property and to follow through with action to make money from it.

Absolutely!!! I have read about the 'think and grow rich' philosophy before. It's a load of bull. Thought and hard work makes money, not fantasies. My last investment as an example:
- thought 'this property has potential', action: put in an offer
- thought 'I can increase the rent if I renovate this property', action: renovate the property
- thought 'I can increase my cashflow if I develop this property', action: find a builder, design an additional dwelling, work with the builder to have it built.

I agree without action nothing will happen. Something for you to consider: what drives people to take action in the first place?

 

Agree 100%.

I prefer mental attidude to 'mindset' but I wasn't born with mine. I learned mine from people who "did". I have never gotten anything useful out of any of the books I have read: Rich Dad/Poor Dad, 30 properties in 4 years etc. Or from any of the 'gurus' - Tony Robbins etc. What they say simply don't resonate with me. I learn from people who "do". I watch what they do and ask them why they did that. That's how I learned to invest in property and to develop the mental attitude that I could do it too.

 

I find that inspirational. What champions.

 

The thoughts are the root, the results are the fruit.

You don't get good fruit from a diseased tree.

 

To me mindset seems a more general term about how one feels about themselves, the way they interpret their surroundings and how they react to stimulus. Where as attitude is the drive that gets things done.

 

Interesting... I had to google the meanings

mindset
ˈmʌɪn(d)sɛt/
noun
noun: mindset; plural noun: mindsets; noun: mind-set; plural noun: mind-sets

1. the established set of attitudes held by someone.