By Dr. Peter Kim of Passive Income MD, WCI Network Partner
Have you ever found yourself stuck in analysis paralysis? That feeling of being trapped in your own head, overthinking and over-analyzing things to death. You can’t make a decision, and it keeps you from moving forward or taking action. Many of us have been there when it comes to real estate investing, causing us to sabotage our own success. But the good news is that there’s a solution, and it starts with taming and training your inner voice.
When I first delved into the world of real estate, I was eager to get started. I listened to countless podcasts and attended conferences and meetups, but despite all of this, I was too scared to take action. The thought of losing the hard-earned income that I had worked so diligently for was daunting.
As a first-time investor, I felt that real estate was too risky, and I was unsure of where to begin. However, as the months went by and I remained stagnant, I realized that nothing was changing.
It’s easy to become fixated on the potential negative outcomes of taking action, but we often forget to consider the consequences of not taking action at all.
If we choose to do nothing, then nothing will change. In fact, if we fast forward 3-5 years, we may find ourselves in the same or even worse situation than when we first considered investing. This realization frightened 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 push past my fears and take that first step toward investing.
Ultimately, it’s about learning how to tame and train that inner voice inside ourselves—to think positively and optimistically, all while considering the risks. By doing this, you can begin to replace limiting beliefs with empowering stories that will help you take action and achieve your goals.
#1 Catch the Automatic Stories in Your Head
The first step to taming and training your inner voice is to catch the automatic stories that come into your head. These stories may be holding you back 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 across my path just to get the free T-shirt or whatever was being 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 the debt off and procrastinating. At one point, I even tried day trading to pay off some of the debt. Unfortunately, I ended up losing more money. I told myself the story that I was just bad with investments when it came to money. Looking back now, it’s funny the stories I used to tell myself and the decisions I would make.
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 either propel us toward success or hold us back, depending on how they play out.
Therefore, it’s crucial to identify and address these limiting stories as they arise. This is the first step in the process and sets the foundation for overcoming analysis paralysis.
Here are a few of the limiting beliefs for a real estate investor:
- Believing that you don’t have enough money or resources to invest.
- Believing that you are not experienced or knowledgeable enough 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 a lot of connections to be successful.
- Believing that you need to have a certain level of experience.
- Believing that past failures or mistakes prevent them from finding success.
- Believing that real estate investing is too risky or uncertain to pursue.
And this is just the short list of limiting beliefs that can prevent you from taking action or making all the difference in your achieving success through real estate investments. The key is to recognize when you’re telling yourself these stories and to actively work on replacing them with more empowering ones.
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#2 Analyze the Story in Your Head
Once you’ve caught the automatic stories in your head, the next step is to analyze them. You need to understand where these stories are coming from and why they’re present. Ask yourself questions like, “Is this belief based on facts or assumptions?” and “How has the opposite been true 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 whether 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 you are considering an investment, ask yourself questions such as . . .
- 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 I create if I 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.
#3 Decide to Tell Yourself a Better Story
When it comes to real estate investing, many of us have self-limiting beliefs that prevent 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 need to consciously decide to tell ourselves a better story.
For me, this realization came when I was struggling at work. I found myself feeling down and defeated. But I knew I couldn’t keep feeling that way forever. That’s when I made the decision to change my mindset and tell myself a better story. As a physician, I’ve faced my fair share of setbacks and challenges, whether it’s a difficult procedure or a career obstacle. But I’ve always found a way to overcome them.
It’s important to recognize that you too have the ability to utilize information and overcome obstacles, especially under pressure. Think back on all the challenges you’ve faced and conquered to get to where you are today. Remember that you have the power to tell yourself that no matter what happens, you will be successful.
To follow step 3, identify your old beliefs, question them, and create a new set of beliefs that will serve you and help you move forward, especially when it comes to real estate investing.
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#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’ve been telling yourself that you don’t have enough money, shift to the belief that you can create or find money and be resourceful.
- If you feel inexperienced or lacking knowledge, remind yourself that you can learn and become the ultimate learner.
- If you think the market is tough right now, tell yourself that this is the greatest opportunity to learn, ride the wave, and be ready to invest when the market turns.
- If you’ve made financial mistakes in the past, change the conversation in your head to the truth that every experience is a learning opportunity that will help you out in the future.
By replacing your old stories with more empowering beliefs, you’ll be better equipped to overcome analysis paralysis and take action toward your real estate investing goals.
The Bottom Line
Remember that your first investment may not be the one that changes your life, but it could lead you to the third or fourth deal that will. It’s important to take action and get through the learning experience of your first couple of deals. Imagine the possibilities if you knew that those life-changing deals were waiting for you, but you had to get through the initial hurdle first.
Taking the first step toward real estate investing can be intimidating, but it’s important to remember that without taking action, nothing will change. Don’t let limiting beliefs hold you back from achieving 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 tools necessary to be successful.
If you’re still struggling, know that there’s a community here to support you. Reach out to us for help and guidance throughout the entire process.
What stories have you told yourself that have kept you from investing in your future? Have you successfully replaced those stories with more positive tales? Has it felt more empowering? Comment below!