#99: Mindset Is The Key To Successful Investing

Welcome to the Passive Income MD Podcast where we talk about creating your ideal life through multiple streams of income. I'm your host, Peter Kim. If you enjoy hearing about this stuff, make sure to hit subscribe so I can bring it to you every week. Now let's get on with the show. Hey everyone, hope you've had another awesome week. This week has been an interesting one. We're coming off one of our summits and there are a ton of other things that are going on. As many of you know, I have a short term rental that I recently got up and running and that's doing well. Also a ton of construction going on in my own home. If you happen to hear that, you know what's going on. But one thing I've also been focusing on recently is creating a great basket of investments. I've been going, I'd say broad versus deep in my investments. I think it's an interesting time in the economy. I guess it depends on when you're listening to this, but there's always an interesting time in the economy. Things are moving in different directions. There's a lot of uncertainty. People have no idea what's going to happen and what they where they need to be. I found that the way to get past that in terms of mentally feel comfortable with where I'm at is to go pretty broad. And that means diversification. And so I've been thinking a lot about investments and the different types of investments. And ultimately I've been thinking about how can someone be really successful investing in these things? In fact, what is the key to successful investing? And it's a question that I've tried to get answered by looking at so many different people, interviewing so many different people. I mean, one might say that I'm pretty obsessed with understanding the answer to this. And I think I found the answer and it sounds kind of crazy. It's not something that I would have said a couple years ago. Most people would think the answer and the key to successful investing is finding the right strategy. Now I found, yes, that is important. There's a ton that's necessary in terms of the right decisions and strategies. But I found that's only part of the equation. In fact, I've learned that that's probably only 20% of what makes for successful investing. The other 80% I found is really your mindset. Now, I know that kind of sounds crazy, but if you think about a lot of things in life, you know, we just finished the Olympics and we watch all these great Olympians and all these new records, Being set year after year after year. You know, every time you see that, you think, how are all those records, you know, continuing to be set? You think that the human body, at least where we're at right now, we're not evolving that quickly. We're kind of maxed out at our capacities. Now, I know that there are new training methods. I know there are new things like that. But really, it's the idea and the mental mindset that there is more, there is an ability to do better. And so we find out how to make that happen once we kind of set that as a goal. Like, how are we able to do that? I mean, there have been times again and again where people thought that we were at the limits of our human potential, Whether it's athletic feat or a mental feat or a business feat or these kind of things. And one by one, these all get knocked down. I found it's no different in the world of investing and especially in real estate investing. You know, your mindset is just as important in investing. And I found that a lot of the most successful investors out there, I'm talking about whether they're hedge fund managers, real estate investors, a lot of them have coaches. And I found that crazy to begin with. Cause I'm like, they're so successful. Why do they need somebody else? How helping them out. I mean, they're like some of the richest people in the world, but it turns out that they constantly are fighting against themselves, fighting against their own limiting beliefs, and they're always trying to get that edge. And that has to do with mindset. And I know that investing can be really tricky to navigate, But I believe that with the right mindset, you're gonna be able to achieve your goals and really create the life that you and I and everyone's always wanted, both for yourself and the people you love. So we're going to talk about a few things that might help you. When it comes to mindset, the number one thing is that you have to get over the fear of failure. Now, you've probably heard that saying a ton of times, failure is not an option. Now, it's an admirable idea. It's a good idea to feel like it's not an option. But when it comes to personal growth, we know how important failure is. After all, I think that many of us probably have learned more from our mistakes than our successes. And I failed plenty of. Whether it's in business, in my medical career, whether it's in my personal life, I made mistakes. And that's part of the learning process. But there are so many of us that fear failing and especially losing money, that it keeps us stuck, it keeps us where we're at. And you might have heard the saying that either you're growing or you're dying. And that's how things work out in nature. You never see, like a plant just staying stagnant. It's either constantly growing, taking up nutrients, trying to grow, or. Or honestly, it's dying and withering away. And I believe that we're the same way. So if failure and that fear, failure is making you stay stagnant, not taking steps to grow and challenge yourself, you know, perhaps you're actually moving in the wrong direction. And many of the most successful people will tell you that failure is just a stepping stone to success. And I absolutely believe that if you take a step forward and it's the wrong one, you move and you pivot in another direction. In fact, I believe that, you know, failing quickly is. Should be a goal, meaning that when you fail in one way, you know where to go next and maybe you find out where to go instead of just thinking about where you should be going and staying in the same place. I actually believe that for many of us, that first investment, even though we put so much pressure on it, it's not going to be the one that actually changes our lives. It's not going to change your life, it's not going to change my life. It's going to be more of a learning opportunity. And it might be that third or fourth or fifth investment that really moves the needle and changes things. But without getting through those first couple investments, you're never going to get without putting yourself out there, without being okay with making some mistakes and failing. You're never going to get to the ones that actually change your life. So when it comes to this, follow Will Smith's advice. I listen to him sometimes. He says, try to fail as quickly and as often as you possibly can, because that's going to lead you to success a lot quicker. Number two, you have to be absolutely specific about your desired outcome. We talk about. I've talked about this plenty on the podcast, but many of us don't take the time to think about what our ideal life is. Is whether you're in the car right now, running on the treadmill with your dogs, whatever it might be, take a moment to envision what your real life or your ideal life would be like. How would you be spending your time? Are you retired? Are you still working part time? Are you sitting on a beach somewhere? Are you with your family, are you traveling without being concerned about money? Maybe again, you're still working, but it's really on your terms. You're not trying to quit medicine, but you want to be free from feeling like you have to do it to support yourself and your family. It becomes really a hobby for you. And then once you get specific about it, you have it in your mind, you write it down. Now, I never understood probably a couple years ago, the power of writing your goals and being very specific about it, writing it down. But it's funny because I look back now at some of the times where someone actually forced me to. Like I was in a conference or in a summit and I was asked to write down certain goals and certain outrageous goals, you know, and then I look back on it and I find those things years later and I find that I've knocked so many of those goals down that I thought were just outrageous. I figured out there must be something to it. I don't know what it is. I don't know if you're in a believer of like manifesting or making it happen. Maybe that's going a little bit too far for many people. And in some ways it felt like actually it's going too far for me. But there is something to writing something down, having an intention and somehow your mind, your action, all the resources that you might have, you. You're able to kind of get that together and make things happen. So I think it's absolutely important to be specific and to understand why you want your desired outcome. Hey, before we get to the rest of the episode, for those of you who are thinking about investing in passive real estate investments or you've tried in the past and you weren't sure exactly how to make a good decision when it comes to these investments and syndications and funds. Wanted to let you know that we have a resource for you that I think will help you confidently invest in four weeks. It's called Passive Real Estate Academy. We open it up twice a year. Right now the wait list is filling up for it. You can go to passiverealestateacademy.com and in that course. And that community will help you get to the place of confidence, understand the due diligence, get you connected to resources and opportunities, and then ultimately connect you with a community of others who are like minded, have the education and are sharing resources and vetting deals together. If that sounds interesting to you, check it out@ passiverealestateacademy.com and hope that you'll be part of it. Thanks so much. The next thing is kind of along the lines of this is to really set those clear, actionable goals. It's setting like, you know, your intention for what you want in life. And then number two, setting like, what some of those exact goals are and really breaking it down. Like, when it comes to setting goals, I've. I've learned to be really, really specific about them, make sure they're reasonable, but, you know, still on the edge of kind of what's comfortable for me, making sure that I put a time limit on it, meaning that I want it within a certain amount of time. And then I figure out a goal that's also very measurable, meaning that there's a goal where it is very specific. And I know that I'm making progress toward those goals. I'll give you an example of it. So many of us, when we want to become healthier, we might just say, look, I want to eat healthier. The problem is from day to day, it's hard to measure that. It's hard to know, you know, when you want to accomplish that by. And those kind of resolutions or goals tend to fall pretty quickly. But I think if you're trying to get healthier, you'll. You'll say something like, hey, I'm. I'm trying to run three times, four times a week. I'm going to do run a mile and a half. I'm going to run in this amount of time. I'm going to make it consistent and do it over eight weeks. What I choose to eat. I'm going to cut out these specific things or I'm going to really try to, you know, put on my plate 70% of, you know, leafy greens versus that. So the more specific you can get it and give yourself something to be accountable to and then, and then, of course, tell other people about it, the more likely you are to accomplish that. So make sure you're setting those goals. Now, the next step with the mindset stuff, I mean, this might seem obvious, but there are so many people, and so many would be investors because of the fear of failure, because of not setting their ideal life, setting their goals, they actually never take action. They never do anything about it. And I don't know if that's any of you out there, and I'm not. There's no judgment here because I've been in that situation too. There have been so many things that I've sat on for so long. For those of you who know how I started my blog, even Passive Income md, by the way, I wrote, I bought the domain name and I was like, I'm going to do this. I'm going to start a blog. And it took me one year to put out my first article. There are so many reasons why I was too busy. I'm not a good writer. Nobody would listen to what I say or do. But I sat on it for a year. So I was in that situation too. And there's so many other things in terms of investing and things like that. I never took action. So I understand why people say it's intimidating. They don't know how to make that first investment, they don't want to screw it up, they don't know how to take the first step. I will tell you, there's always a level risk with anything that you do, especially something that's new. You've encountered that in your life. When it comes to being in medicine, putting yourself out there for applications, trying to go for the match, you know, these kind of things. You will put yourself out there and there's risks there, there's reputational risks, there's risk hurting your emotions and your pride. And then there's also the risk of not knowing where you're gonna be and these kinds of things. But you took action anyways. Cause you knew you had to do that to accomplish your goals. I feel like absolutely, with investing, it is the same way. You can get all the knowledge that you want, you can have all the resources at your disposal, but if you don't take that first step, you're never gonna actually truly learn and you'll never get where you want to be. So when someone tells me, hey, I've been having a tough time getting started because I don't want to lose money, I'll say that not taking that first step actually has a true greater cost. You know, one of the biggest motivators for me that I've in terms of shifting my mindset, it's simply thinking about where I'm going to be years down the road, months on the road, whatever it might be, if I don't take action. You know, it's very, very easy for us to think. If I take an action, I could screw up these kind of things and go down the rabbit hole of the worst case scenario. But what about the other side? Have you ever considered the cost of what they call inaction, of not taking action? Where are you going to be in 5 years, 10 years if you don't make that first investment? If you don't take that chance? For some of you, if you want to Start that private practice or whatever it might be. I know I've talked to so many people who want to go out on their own. What if you don't take that chance? Number one, where's your life going to be? Are you going to be in the same place? Are you going to be even more trapped, less control financially? Are you going to be in a better place or worse place? Where's medicine going to be? Where society going to be, these kind of things? Are you going to be where you want to be in 5, 10 years if you don't take action? I'll be honest with you. Making a decision not to take action is already a decision. Like when you make a step, it's either forward, it's either backwards. And I believe there's really, really no middle ground. If you're not moving forward, life is moving, you know, it's passing you by and you feel like you're. You're actually moving backwards, in my opinion, because I want everyone to think about it right now. So what are some of the decisions that you've made? Maybe a small decision, maybe a bigger decision that has changed your life for the better. Maybe you decided to apply to a certain school, a certain residency, or maybe a job that maybe you made a big decision on, and now your life trajectory has gone in a totally different way. Good or bad or whatever it might be. Every decision you make changes your life in some way, whether that's to go forward or not to do anything. So I really want to challenge everybody. When you think about your life and you where you want to be, are the decisions you're making or not making, helping you get closer towards your goal. And I'll tell you, that first step, whatever it might be, doesn't have to be big. It could be simply reaching out to somebody, connecting with somebody, making a phone call, sending an email, reading a book. It's all these little things that start to add up, give you that momentum, break out of that inertia, and help you get closer to where you want to be. So when I talk to people who have made the shift, and there are so many people now having done this in terms of the blog and podcast and the courses and conferences now, for a couple years, I've been able to see such amazing transformations, transformation in people. There are people that had no investments and now four years later, are completely financially free. There are people that have just started investing and now are starting to make some income and starting to see some opportunities. And there are still some people that are still waiting to make that first investment. Now, when I talk to the people that have actually taken action that are being, that are extremely successful or getting where they want to be, I ask them, I say, like, what was it? Like what was the shift? What was the change? And I would say every single one of them will tell me that it had to do with the way they thought about themselves as an entrepreneur, as an investor, and really not being held by the fear and the limiting beliefs. It was their mindset that changed, that allowed them to get where they want to be. And so I really want to challenge everyone here. Is that what's holding you back? Is it not having the resources? Is that truly the case with all the resources out there today available to us? Is it not having the, the strategy? You know, because again, all those strategies are out there for free in courses and books. Is it really the strategy? Or is it that maybe you haven't invested and spent time in getting your mindset where it needs to be? Because I'll tell you, if you're listening to this, you're already very, very successful in life. There's no doubt you've gotten to where you are because you were ambitious, set a goal and made it happen. And I absolutely believe that as doctors, as high income professionals, you, if we made it that far in that career, we can do it for other things. And I absolutely believe that. And I can. If I can support you in any way, please let us know. Thanks for listening and have an awesome week. Thanks everyone. Enjoy the show. Let me know by dropping a review in the podcast app you're listening to us in. And if you haven't already, make sure to hit subscribe. Are you a part of our community yet? Join thousands of physicians who are also on this journey to create their ideal lives through multiple streams of income. You can join us on our Facebook group Passive Income Docs and you can always learn more at our website, passiveincomemd. Com. Thanks again for allowing me to be a part of your journey. See you next time.