In real estate and business investing entrepreneurs often are faced with natural emotions. Fear, greed and discouragement embodies successful individuals as well as those that have not yet achieved their financial goals.
Learn techniques to conquer negative emotions and override them with ones that exemplify growth, character and maturity.
On this episode of Cash Flow Diary J. discusses the process that is important for all successful people to go through. You may have either faced this process in the past or are facing it right now. If you’ve ever wanted to know how to deal with your emotions, discouragement and still find success, this is the podcast for you!
3.25 Inspirational quote from Francis Scott Fitzgerald (Great Gatsby Author)
[4:40] J. discusses an article on retirement from moneynews.com
[6:00] J. applies the dip process to the retirement problem
[9:39] Piles of cash vs streams of cash
12.14 Dealing with emotions
[18:40] J. answers last week’s Cash Flow question
[19:10] J. introduces this week’s Cash Flow question
20: 25 Techniques for successfully dealing with emotions
Main Questions Asked
- What is enough money?
- What are some of the emotions we have to deal with?
- Have you ever thought about techniques about handling emotion?
Key Lessons Learned
5 Shocking Retirement Facts
- 46% of Americans have less than $10K saved for retirement
- 40% of baby boomers plan to work until they die
- 36% of Americans say they don’t contribute anything to savings
- 87% of adults say that they are not confident bout having money for a comfortable retirement
- Expected retirement is up to 67 years old
Interpretation & Solutions
- When we blame someone else we are disempowered from being able to solve the problem
- The real problem is a lack of financial education
- True value is perception and perceived utility
- Take a moment to think if you know a product or service that you could create, run and manage that could solve any of the above problems
- The article has essentially identified a group of customers that are easy to find by age, socioeconomic status, so you can tailor your marketing materials to find those particular individuals
- Look for potential customers who had challenges that could be solved by using real estate in a strategic way
- You should be thinking in terms of streams of cash rather than piles of cash
- Examples of emotions are; fear, greed, and discouragement
- Its okay to be afraid but it is how we respond to emotions that makes the difference
- When we are afraid and do noting it tends to result in nothing new
- From discouragement we have the opportunity to develop patience
- With patience comes character, maturity, and growth
Techniques For Successfully Dealing With Emotions
- Keep a success journal (also helps to change your state)
- Answer this question in your journal: “5 reasons I am successful today are…”
- Use a journal and get your emotions out
- Create a dream board (pictorial definition of why you are doing what you are doing)
- Adjust your self concept, perception or identity
- People who you consider to be successful still have the same emotions as you. Their success lies in how they deal externally to those emotions with the same stimuli.
- Ask yourself what would the person you admire do. e.g “What would Donald Trump do in this situation?” or “What would a successful real estate investor do?”
- There is value in fully experiencing all of your emotions
Cash Flow Question (listen for answer on next week’s show)
Q: In what country is the island located that Madonna references in La Isla Bonita?
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