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Do you have a poverty mentality?
| | Monday, December 05, 2005 @ 12:20 PM EST
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Contributed by: John Michael
John Michael Properties
Read more archived articles about Managing
Many of us enter the game of real estate investing with what I call a poverty mentality!
A poverty mentality is simply when one is focusing on what they do not have and in time this mentality can easily turn to greed!
I have preached for years that real estate investing is mostly made up of ones state of mind with a mix of knowledge, luck and hard work.
The game of real estate investing is both exciting, inspiring and frustrating.
Exciting because of the potential to make large somes of money that most of us desperately need!
Inspiring because normal people like you or me have built wealth by investing in real estate.
Frustrating because you have not made it to the level of success you are seeking simply because we are feed in this business by many teachers of how easy it is to make money in this business, how any one can do it, how property owners are willing to just give you their property and we could go on with this.
Many of us have read testimony after testimony of how thanks to ???? They now make tens of thousands of dollars every month, How thanks to ???? I am a millionaire, How wonderful it is to have money, and how easy it was to become a millionaire!
The truth of it all is the simple fact that the only easy part of real estate investing is how to loose money!
No education can make you a success, only you can make you a success!
You must get your mind in order, you must believe in "YOU", you must seek out that vehicle that will help drive you to success and most importantly you must study and study and study again everything you can about real estate investing.
I have been apart of 100's of real estate training seminars over my 20 plus years as a real estate investor and teacher and for me the most frustrating attitude to overcome with potential students is the "poverty mentality"!
You attend an introduction seminar to real estate investing or you are online researching and you read or see testimony after testimony of how someone learned so much from so and so that they are now a millionaire or making $1,000's of dollars every week.
So you get excited and you are ready to sign up!
Than comes the cost $50 for a book, $100's of dollars for a home study course or the big one $1,000's of dollars for a seminar or boot camp and your excitement just went out the door, you jump into the "poverty mentality" and say
The heck with that
It's a scam
If it's so great give it to me now and I will pay you later!
I need money to pay my bills
I can't afford that.
Why is it so expensive?
Can't I learn this stuff somewhere for free?
You can spend countless hours, days, months, years seeking after knowledge or you can spend time making money!
I have seen over the years 1,000's seeking after knowledge wasting countless hours, days, months, and years all but to fade away because of the "poverty mentality".
You simply have two ways you can invest in your business! You can invest time or your can invest money.
It doesn't take a rocket scientist to figure out that time simply takes longer.
What am I saying to you is simply loosen up the purse strings mixed with sound decision making when it comes to education.
So what price tag are you willing to place on your success? What would it be worth to you to become a success? What are you willing to do to become a success? What risk are you will to take?
The largest sector in America makes between $20,000 to $29,000 per year and our poverty level is at around $19,000 per year and this is what they are willing to spend each year on:
Eating out $1,483
Alcoholic Beverages $247
Tobacco $324
Entertainment $1,517
Let's see $3,571
However, the average person is only willing to spend $95 per year on education!
WOW what has more value eating out, alcoholic beverages, tobacco and entertainment or education?
You tell me what you value more! You see if you take a look at folks who make $70,000 plus per year they spend an average of $1,902 per year on education vs folks who make less than $30,000 per year spend $95 per year on education
Don't take my word for it see http://www.bls.gov/cex/csxann03.pdf />
I wonder who is the smarter group?
This is why the rich get richer simply because they understand the value of education and time!
What do I know, I'm just a little guy building wealth one deal at a time!
THINK ABOUT IT!
Something is knocking at your door!
Will you open the door to success or provety!
Note: John Michael is the author of many guides that can help you become more successful as an investor. See http://www.thecreativeinvestor.com/ChanPart-JohnMichael.html
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