Have you ever found yourself trapped in analysis paralysis? That feeling of being stuck in your own head, overthinking and overanalyzing things to death and you can’t make a decision and it prevents you from moving forward or taking action. Many of us have been there when it comes to investing in real estate, causing one to sabotage our own success. But the good news is that there is a solution, and it starts with taming and training your inner voice.
When I first stepped into the world of real estate, I was eager to get started. I listened to countless podcasts and attended conferences and meetings, but despite all of this, I was too scared to act. The thought of losing the hard-earned income he had worked so diligently for was overwhelming.
As a first-time investor, I felt real estate was too risky and wasn’t sure where to start. However, as the months passed and I remained stagnant, I realized that nothing changed.
It’s easy to become obsessed with the potential negative results of taking action, but we often forget to consider the consequences of not taking action.
If we choose to do nothing, then nothing will change. In fact, if we fast-forward three to five years, we may find ourselves in the same situation or even worse than when we first considered investing. Realizing this scared me because I was already in a difficult position in terms of my career, income, and overall outlook on life. Reflecting on the consequences of not taking action motivated me to overcome my fears and take the first step towards investing.
Ultimately, it’s about learning to tame and train that inner voice within ourselves. Think positively and optimistically, all taking risks into account. By doing this, you can begin to replace limiting beliefs with empowering stories that will help you take action and achieve your goals.
Step 1: Capture the automatic stories in your head
The first step in taming and training your inner voice is to pick up on the automatic stories that come to mind. These stories may be preventing you from taking action and achieving your goals, so it’s important to learn how to tell yourself the right ones.
I used to tell myself that I was bad with finances during my college and medical school days. I was one of those people who would sign up for every credit card that came my way, just to get the free t-shirt or whatever was offered. As a result, I accumulated a significant amount of debt. I didn’t really understand the concept of insurance, minimum payments and other financial terms. I kept pushing into debt and procrastinating. At one point, I even tried day trading to pay off some of the debt. But unfortunately, I ended up losing more money. I told myself the story that I was bad at investing when it comes to money. Looking back now, it’s funny the stories he used to tell me and the choices he made.
It’s important to pause for a moment and recognize that we tell ourselves stories all day, every day, and often without even realizing it. These stories can propel us to success or hold us back, depending on how they unfold.
Therefore, it is crucial to identify and address these limiting stories as they arise. This is the first step in the process and lays the foundation for overcoming analysis paralysis.
Here are some of the limiting beliefs for a real estate investor that could include:
- Believing that you do not have enough money or resources to invest
- Believing that you do not have enough experience or knowledge to be successful in real estate investing
- Believing that the real estate market is too competitive or saturated, making it difficult to find good deals
- Believing that you need to have many connections to be successful
- Believing that you need to have a certain level of expertise.
- Believing that past failures or mistakes prevent them from finding success
- Believing that investing in real estate is too risky or uncertain to do so
And this is just a short list of limiting beliefs that can prevent you from taking action or making a difference in achieving success through real estate investing. The key is to recognize when you’re telling yourself these stories and actively work to replace them with more empowering ones.
Step 2: Analyze the story in your head
Once you’ve captured the automated stories in your head, the next step is to analyze them. You need to understand where these stories come from and why they are present. Ask yourself questions like: “Is this belief based on facts or assumptions?” and “How has it been the opposite in the past?”
By analyzing the stories in your head, you can begin to challenge and overcome your limiting beliefs. You can identify their validity and determine if they serve you positively or negatively. This will help you replace them with more empowering stories that will allow you to take action and achieve your goals.
When you identify a limiting belief when considering an investment, ask yourself questions like…
- What evidence do I have to support this belief?
- Is this belief based on facts or assumptions?
- How has this belief held me back in the past?
- What new possibilities could you create if you changed this belief?
- What steps can I take to challenge and overcome this belief?
- What support or resources do I need to help me overcome this belief?
By asking these questions, real estate investors can gain a better understanding of their limiting beliefs and take steps to shift their mindset toward success.
Step 3: Decide to tell yourself a better story
When it comes to investing in real estate, many of us have self-limiting beliefs that keep us from taking action. We tell ourselves stories like “I’m not good with finances” or “I don’t have enough money or experience”. But to move forward and achieve our goals, we must consciously decide to tell ourselves a better story.
For me, this realization came when I was struggling at work, found myself feeling down and defeated. But I knew I couldn’t keep feeling like this forever. It was then that I made the decision to change my mindset and tell myself a better story. As a doctor, I have faced my fair share of setbacks and challenges, whether it be a difficult procedure or a career roadblock. But I have always found a way to overcome them.
It is important to recognize that you too have the ability to use information and overcome obstacles, especially under pressure. Think of all the challenges you have faced and conquered to get to where you are today. Remember that you have the power to tell yourself that no matter what, you will succeed.
To follow step three, identify your old beliefs, challenge them, and create a new set of beliefs that will serve you well and help you move forward, especially when it comes to real estate investing.
Step 4: Replace old stories with empowering beliefs
Once you’ve identified your old limiting beliefs, it’s time to replace them with more positive and empowering beliefs.
For example…
- If you have been telling yourself that you don’t have enough money, switch to the belief that you can create or find money and be resourceful.
- If you feel inexperienced or without knowledge, remember that you can learn and become the best learner.
- If you think the market is tough right now, tell yourself that this is the best opportunity to learn, ride the wave, and be ready to invest when the market changes.
- If you’ve made financial mistakes in the past, turn the conversation in your head to the truth that every experience is a learning opportunity that will help you in the future.
By replacing your old stories with more powerful beliefs, you’ll be better equipped to overcome analysis paralysis and take action to achieve your real estate investing goals.
Concluding thoughts…
Remember that your first trade may not be the one that changes your life, but it could lead you to the third or fourth trade that will. It’s important to take action and get through the learning experience of your first deals. Imagine the possibilities if you knew those life-changing offers were waiting for you, but you had to get over that initial hurdle first.
Taking the first step toward investing in real estate can be intimidating, but it’s important to remember that without taking action, nothing will change. Don’t let limiting beliefs stop you from reaching your goals. Instead, decide to tell yourself a better story and replace old negative beliefs with more positive and empowering ones. Remember that every experience is a learning opportunity and that you have the necessary tools to succeed.
If you’re still struggling, know that there’s a community here to support you. Contact us for help and guidance throughout the process.
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