Wealthy Mindset Series #26

Opportunities versus Obstacles   

As you know, one of the most important keys to creating wealth is the right attitude. In Series #25 we spoke about how the wealthy control their money instead of hoping someone else will help them make it grow; control versus hope.

In this series today we will talk about how the wealthy focus on opportunities versus obstacles.

What I am realizing as I write this series of attitudes of the wealthy, and I reflect on my own journey from broke to wealthy, many of these attitudes I adopted are intertwined.

In the first email of the series I spoke about how the wealthy are willing to ask for help, and they turn to experts for guidance. They do not expect to know everything themselves. And this ties into the topic of the previous attitude about control versus hope.

Another example is looking at the Big Picture first and the Details second (Series # 4). I can see how I focused on the opportunity from buying multi-unit real estate instead of the obstacles of not having enough money, which is the topic for today.

At the same time, I realized, I have some control issues, and that plays into both where I invest, and how willing I am to delegate certain tasks to others. Hopefully you can see, how there are both complements and contradictions to some attitudes. Nothing is all black and white; everything has shades of gray. (But not 50 shades!)

Living in Los Angeles I could see we had a growing rental market. Regardless of the regulations or obstacles to starting a business here, people want to live here. Yes, it is tough if you are poor. Yes, there can be overwhelming regulations to operate multi-unit rental housing, but the benefits and opportunities outweigh the obstacles.

The opportunity of investing in rental real estate was to see properties increase in value and for rental income to increase. The obstacle was that I had no money to invest after two divorces and a business failure. The opportunity was to pay myself first (Series #11) and not attempt to do everything myself (Series #1).

In the next email of the series we will talk about how the wealthy delegate and outsource certain functions.

To your prosperity,

Rennie