How To Go From a Scarcity To an Abundance Mindset. This changed my life.

[Likwid24]

This is an important topic that I see, but I don't see often enough.

I know I haven't been on the forum much lately, but I feel I need to post this. This was life changing for me and can be life changing for you.

Most of you may know me as The Paint Brush Cover guy that was on Shark Tank. I started posting in this forum over a decade ago when I started with an idea then documented step by step almost daily. It held me accountable while motivating myself, motivating others and also getting some great feedback and ideas from members.

Most of you also may know that I sold my share for almost nothing just to get out of a failing business due to a few factors such as a bad partner, inexperience and, most importantly, a scarcity mindset.

All was not lost though. Everyone fails. Some big. Some small. You learn through failing.

In this case, I failed my way to success and this failure specifically led me to the path of a total mindset change.

The most important thing is that I didn't give up. I knew I would one day become successful. I just needed to figure out how and thankfully I became very close with a fellow gym member (who is now one of my closest friends) and completely changed my mindset about money. This was the key to changing everything.

This mindset switch, made me much better at sales, better at marketing, better at advertising, better at networking, better managing. It changed everything.

And it all started with annoying friend, who is now one of my closest friends.

Before I met Gil, almost my entire network was made up of blood sucking mindset leaches. You can't do this, you can't do that, you can't make that much money, money is bad, just put a big chunk in your 401k and you'll be set, you'll have a pension when you retire, blah, blah, blah, blah blah.

I was getting sick of hearing it and new I needed to level up. That's around the time I started following Craig Ballantyne who always says "Your Network is Your Net Worth".

I understood what he meant at the time but not fully. Now, I completely get it.

I started to say to myself "I need to ditch these leaches and move up to the next level".

When I met Gil, he was a high end watch dealer. Very successful. Amazing at sales. the guy could literally sell anything. He was so good, that he became Alex Hormozi's "Sales Guru" for Gym Launch in the early days when we had partnered and opened several gyms together.

His thoughts about money were completely opposite mine. $30k a month was a bad month for him. At the time, I was dreaming of a $10k month and thought that would be life changing. If only I could get from $5k per month to $10k per month, I would have it made. I wouldn't need anything else.

At that time, I also had this insanely negative perception of sales. Like it was a bad thing.

I also didn't think I would ever have what it takes to make a million dollars. I would constantly have negative self talk in my head.

This was preventing me from succeeding. This was the only thing preventing me from succeeding.

I was spending a lot of time with Gil when we met. Doing CrossFit, running races, doing extreme stuff like skydiving and hang gliding. Even though we were on different levels financially, we got along pretty good.

Except, we would argue all the time about money and thoughts on money.

He called out my scarcity mindset right away. And at the time, I didn't realize how bad it was. He did. And now that I look back, I'm blown away by how bad it was.

He was set on changing that and eventually he succeeded.

He kept on drilling my on abundance mindset.


Misconception - There's never enough money.
Abundance Mindset - Money is a renewable resource. With the right strategies, mindset, and actions, I can always earn more.

Misconception - Others' success takes away from my own potential success.
Abundance Mindset - There's enough success for everyone. Another's success can serve as inspiration and does not diminish my opportunities.

Misconception - I have to hold onto every penny, or I'll run out.
Abundance Mindset - Smart investments and spending can lead to growth. I can allocate resources in ways that lead to further abundance. The way I think now is instead of saving more money, I make more money.

Misconception - Money is the root of all evil.
Abundance Mindset - Money is a tool. It's neither good nor evil in itself but can be used for positive or negative purposes depending on one's choices. There are many really good things you can do with money from as little to making a waiter happier with a bigger tip to making huge donations to your favorite charities.

Misconception - I don't deserve wealth or abundance. This one really got me.
Abundance Mindset - Everyone deserves abundance and prosperity. By aligning my mindset, skills, and actions, I can achieve financial success.

Misconception - Financial success is purely based on luck.
Abundance Mindset - While some elements of luck can be involved, hard work, strategy, and a positive attitude play significant roles in achieving financial success. One of my favorite sayings is "You create your own luck".

Misconception - It's selfish to desire more money. At first, i was embarrassed to be wealthier than all of my friends. You can bet that changed.
Abundance Mindset -Wanting more resources can lead to greater opportunities not just for oneself, but to help others and contribute to larger causes. If I have more money I can help more people.

Misconception - Money will solve all my problems.
Abundance Mindset - Money is a tool to help address challenges and facilitate experiences, but it's not the only solution. Inner happiness, relationships, and purpose play critical roles in a fulfilled life.

Misconception - People with money are greedy.
Abundance Mindset - Wealthy individuals can be just as diverse in character as any other group. Money amplifies who you already are; it doesn't inherently make someone greedy. Gil always said that more money just brings out your true character.

Misconception - There's a fixed pie of resources, and if someone gets more, others will get less.
Abundance Mindset - The world is abundant, and opportunities and resources can expand. Innovation, collaboration, and creativity can grow the pie for everyone.

Misconception - Selling is bad. All salesmen are snakes.
Abundance Mindset - selling is a really good thing. You're giving the person what they need or desire. Ex: weight loss, healthier lifestyle, I nice watch to help improve their status or improve the perception of their status.

Shifting from a scarcity to an abundance mindset doesn't mean being unrealistic or ignoring challenges. It's about focusing on possibilities, being proactive, and recognizing that with effort and the right strategies, growth and prosperity are achievable.

One day, it just clicked. I finally said "Gil. You're right".

I'm go to do anything i can to started thinking with an abundance mindset. I picked Gil's brain more. Didn't argue with him. I read books. Watched videos. I hired a mentor. Meditated.

Ian Stanley's money meditations really helped a lot.

More and more my mindset changed. More and more I got better at everything I did. More and more money flowed to me.

Fast forward to today, I own a branch of a private equity firm, helped 1000's of business owners with covid tax relief, have 10+ sales reps working for me, over 20+ affiliates under me and have made in the multiple 7 figures over the past 3 years.

I am now in the process of building something BIG.

Within the next year, I plan on having 20-30 sales reps and hundreds, if not thousands, of successful affiliates working under me.

With my new abundance mindset, the skys are the limit. I dream big and have been surpassing my lofty goals.

I recently set the biggest goal of my life to make 8 figures+ and plan on hitting that goal within 2 years.

I credit this to one single thing. One simple thing.

A Mindset change. That's all.

And It's not that difficult to do.

Start hanging out with people better than you. Find someone that makes more money than you. Become friends with them. Notice how differently they think about money.

Find a mentor like Craig Ballantyne, or Bedros Keullien.

Start listening to podcasts. Bedros is great. Alex Hormozi, Brad Lea, Ed Mylett. There are so many.

Listen to the Ian Stanley money meditations on Youtube.

Instead of saving money. Think of ways you can make more money, solve more problems, help more people.

Like I said earlier, I thought $10k a month would be life changing. That when I would be like "I really made it". Then I had a $10k month with my gyms. Then a $15k month. Then I thought "If only I can make $20k" blah blah. Then I had a $30k month. Then a $50k month. Them I made $40k in one day. Then $100k. Then $150k. It kept going.

This past summer I had a $250k+ month. Now, If I make under $100k in a month, my mind starts thinking wtf I did wrong. I didn't help enough people. I got lazy. etc.

My thought process completely changed and now the sky is the limit.

I think this is very important for young entrepreneurs to hear because I don't hear it enough and it can very well be the one thing missing to get you to the top like it was for me.

 

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[MJ DeMarco]

Like I said, unpopular opinion

Actually it is a popular opinion that embraces culture's victim-hood and their scarcity mindset, just like 99% of society. Sadly, you sound no different than them. Your opinion is only unpopular here because your surrounded by people with growth mindsets, and people who refuse to be victims.

Not true, I just have an opinion on the housing market.

This thread isn't about the housing market. No one here is arguing that home prices have gotten expensive, so you're right!

This thread is about the mental prisons we give ourselves, namely the prison of a scarcity mindset and the belief that money isn't abundant.

Your "opinion" is a product of your mental prison, not that housing is expensive (TRUE) but that you'll never afford a house (also TRUE due to your scarcity mindset).

Worse, your solutions are likely centered not in that of yourself (again, a lack of agency) but in political, coercive power. The CCP and their policies? WTF am I reading here? And yet, you likely will vote for the same politicians who are responsible for the inflationary disaster while blaming capitalism, not your government (and mine) who continue reckless policies of printing money and increased spending.

Your mental prison validates that you're a victim, and that money is scarce, and that you can never afford a house, and neither will your daughter. And unfortunately, that's true -- not because of the inflationary housing prices you correctly cite, but because you believe you have no power to change it.

SCARCITY: Money is scarce and I'll never afford a house.

This mentality is exactly what this thread exposes, and you are its target.

Instead, it flew right over your head.

ABUNDANCE: Right now housing is expensive and I can't afford a house, but someday I will because money is abundant and I know if I deliver enough value to my fellow humans, one day I will be able to buy whatever I want.

One mentality is demonstrates scarcity and defeatism.
The other demonstrates abundance and hope.

Even when I was broke, I possessed the latter outlook; I knew one day money wouldn't be an issue.

We both share the same opinion on expensive housing.

But we don't share the same opinion on the solution.

• My solution comes from an growth/abundance mindset and is within my power.
• Your solution comes from a fixed/scarcity mindset and is within the power of others.

It actually is profoundly simple.

I don't expect you to change your ways much less agree, but I do hope someone else who reads this does.

 

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[Antifragile]

Ah, if only there was a definitive guide to life where you didn't have to pick out the information (like this one) over hundreds of days and weeks, and just read it.

But, I will admit: TGGRE got pretty darn close to that guide. Like, unexpectedly really close to it.

By the way... "if only" sounds like a need in the market. Someone older can fulfil it really well.

Allow me to use your post to me as a teaching moment.

When I read what you wrote, here is what I am thinking (hearing from you):

• "Ah, if only there was ..." - you are using external locus of control. You wish it was easier in life. "If only" can apply to winning lotto, being born rich, handsome, with super brain and body and winning Olympics because of your genetic make up. It's also all flawed and false. This thinking is what is and will continue to hold you back from achieving things in life. Read this again please, let it sink in - your thinking is holding you back from having the life you actually want and will continue holding you back until such time when you decide to change.
• "didn't have to pick out the information (like this one) over hundreds of days and weeks, and just read it." A veiled compliment that's not a compliment by implication. There is a chance I am decades older than you and your compliment implies that because it took me decades to realize the things I am sharing with you, I should have looked for a shortcut too. Instead of having read a thousand books, I "didn't have to pick out information ___ over..." in my case - thousands of hours. Do you see how we differ? You wish it were easier, I wish I was better than my competition. Here's harsh truth: I am rich today because I did what my competition wasn't willing to do. There was no shortcut, I've invested thousands of hours to become who I am today. And with that, I can do things that bring value to our investors, our community in a way others cannot. Yet there are also people who bring even bigger value and they are also better rewarded for it. They did what I wasn't willing to do. They worked on becoming better when I didn't and so on...
• "didn't have to pick out the information (like this one)" - there is a genuine compliment to both me and MJ in your post. Thank you for validating that the time I took to write it led to the desired outcome - I want my work to be useful. It was useful to you, fantastic. Now, let's turn this around: how useful are your posts? How much time do you take to think, write, re-write, assess, change etc?
• "sounds like a need in the market. Someone older can fulfil it really well." One, it does not. It sounds like an excuse you use for the life you currently have. That does not make it a market. Two, age doesn't have anything with filling a need. If anything, ignorance that comes from youth can be a huge asset in uncovering a solution to a problem older folk can't. With age comes baggage of "knowing" how thing are and aren't. It can be hard to break that, youth allows you to bypass it through ignorance.

With that, what should you think and do?

• Aim to be the best, it's the only way I know how to become good.
• Your present situation is a direct result of your past decisions and actions: how will you actions now change your future?
• If you lived your typical week on repeat from this day forward, how will your life look like in 5, 10, 30 years?
• To do great work, aim to be useful. How do you know if something is useful? If it is something you'd use yourself, then it's useful. Don't overcomplicate it. Write something you'd want to read. Create something you'd want to use.
• Decide what you want to work, something you have natural aptitude for, a deep interest in and it has scope to be great. The way to figure out what to work on is by working. Guess, start and work on something. It'll be wrong some of the time. It will create bridges across different skills, that's how discoveries are made.
• Develop a habit of working on your own projects. Not something others tell you to do. That's a prelude to entrepreneurship.
• Let your own curiosity guide you. If you are genuinely curious about something, you'll have more energy to go deeper with it and stay with it longer. That's the only way you can chase the outliers (which is how Fastlane businesses are born).
• Think in steps: 1: find a field, 2: learn enough to be good, 3: find gaps that need to be filled, 4: test promising gaps for CENTS.
• To get good at something, it can take years. You may not even know you like it until you get good at it.
• Bad news: to figure out what to work on, you are on your own! No one will tell you. Some people get lucky and work on the right things earlier in life, others aren't so lucky. Yet their time isn't wasted. The test is if you get better and become more interested in the subject, it's the right subject. I'll repeat, curiosity is important. Maybe it's the most important thing, leave that to philosophers to figure out.

Your turn... share something you would want to read yourself!

 

[biophase]

unless my 12-year-old grows up to be a deca-millionaire, or I manage to buy a house and leave it to her, there is zero chance she'll be able to afford a house.

What is sad is that your views will shape your daughter’s thoughts. You just don’t realize what you’re doing.

When I was 8 my mom made me take piano lessons. She said, I wish we could have afforded piano lessons when I was a kid. Then I’d say, then why don’t you take the lessons then instead of me. She said, I’m told old to learn piano. You need to learn it at a young age.

Of course, being 8, I believed her. Looking back, when I was 8, she was 40. Can you imagine thinking you can’t learn an instrument at 40 because you’re too old?

What if I grew up believing that?

Who knows what other limiting beliefs your daughter is getting from you. I guess she thinks she will never be able to buy a house.

You’re the parent that tells their kid that they will never be able to get a Lambo because those cars are only for “rich” people.

Remember this is not about the price of real estate or money. This about the thoughts in your head on what you can and cannot achieve.

 

[biophase]

My thought process completely changed and now the sky is the limit.

Just a simple example of this from the past year.

A house on my block was remodeled and put up for sale for $900k. I walked by and thought, wow $900k is alot for that house. It sold for $950k. I thought, wow, that guy overpaid.

The new owner immediately gutted the house and started renovations on the home. I thought, wow, he paid $50k over asking and just tore it up. He began to re-remodel it and I thought he was crazy. 6 months later, he put it up for sale for $1.4M. I thought, wow that's crazy. 2 months later it sold for $1.44M, $40k over asking.

My brain was not seeing a $1.44M house even when the house was asking $900k. It was just blind to it. But someone else saw something that I didn't and proved me wrong. This changed how I think about how real estate is valued. I go by comps in the past. This owner obviously was thinking about the future.

 

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[Likwid24]

@MJ DeMarco I was literally about to say almost the same exact thing.

@Roli This post was intended for people with EXACTLY your mentality. There is ZERO you can do about the cost of housing. I agree. Housing prices are insane. I'm looking to buy a new house now and can't see myself paying these outrageous prices for nothing.

But there's nothing I can do about that.

What I can do is MAKE MORE MONEY. This is where the abundance mindset comes in. I control what I can control and don't worry about what I can't control.

The one part I can control is making more money and that's exactly what I am doing.

Years ago I had the same exact mindset as you. Thank god I had the right guidance and everything changed. It's amazing to know that if I go into a store, I can buy anything I want without it affecting my pocket, or I can make a large donation to a charity, or I can spend $20k on a vacation - several times a year!

I do despise the rising prices in housing. But I don't dwell on that. My only thought is to do better.

You have all of the right guidance here. It's up to you to use it.

I highly recommend taking some suggestions ion this thread and working on them. Do this for a year then come back to this post a year from now and tell me what you think.

 

[Antifragile]

For me the issue is the exact opposite, it seems. While I know there is virtually no limitation to the human being, execution, even after multiple mindset shifts is an issue... (although there was one from TGRRE - that if the motivation cycle is not closing, time to invoke the process has really helped.)

Think of it like a Lego.

To build a big structure you need to learn and get good at little structures.

People come to this forum, get stars in their eyes from reading books and want to go from zero to 100mph speed in seconds. The world doesn’t work like that.

Build a foundation first. Learn and practice discipline. You must be able to change yourself to be successful in business. That change is gradual.

Small Lego pieces then are put together into small structures that become bigger and bigger. You don’t build an elaborate castle day 1. You built it with practice. You’ll fail, adjust, try again, do better and better.

Same with execution of a business. Your problems today are typical of someone just starting. And believe me, you’ll come back to this thread in 5 years and see it entirely differently.

There are two ways to waste the most precious resource in the world - TIME.

1. By doing things you know you shouldn’t do.
2. By doing things you think are important but aren’t. Being busy for the sake of feeling good about being busy - but not productive.

It’s easier to fight #1. That’s where you are. At least you know your problem. Solution is discipline.

It’s hard to fight #2 because it requires you to know what is the best use of your time. Most people starting out aren’t even aware of #2.

Hope this helps.

Good luck.

 

[MJ DeMarco]

@Likwid24 - thanks for sharing the wisdom you've discovered on your unfolding journey. Upgraded to GOLD.

 

[MJ DeMarco]

Unpopular opinion incoming...

I knew that before I even read your post, based on your body of commentary posted here over the years.

In short, his post was meant for you. But you immediately dismissed it, as expected.

You're committed to being a victim, to not changing anything in your headspace, while...

I don't usually agree with Chinese social policies, but the one I think they've got right,

...your hopes and dreams are pegged on political, coercive, socialistic power. Yes, housing prices are insane (problem) but the solution isn't found in the policies of the CCP.

unless my 12-year-old grows up to be a deca-millionaire, or I manage to buy a house and leave it to her, there is zero chance she'll be able to afford a house.

I feel sorry for your daughter who has such a defeatist father who has given up his agency, and his power to choose.

And here I thought this place was called, "The Fastlane Forum" where entrepreneurs take control over their life-- not the last-stage capitalism sub-Reddit where everyone has given up, and everyone is to blame.

 

[Subsonic]

Like I said, unpopular opinion, but I'm not afraid of voicing unpopular opinions. I stand by what I said, in roughly 30 years of being an adult, I have seen house prices rocket at roughly the same rate as homelessness.

Did you see that viral video of that Canadian woman going round? She is on a decent six-figure salary and can't afford to live in her city any more.

So my point is people need places to live and if prices keep rocketing way past what people can afford, the amount people have to earn just to live somewhere half-decent becomes astronomical. For example, in the UK where I live, in 1969, three years before I was born, the average house price was £4000 and the average wage was £1600, about 2.5 times earnings. This means you could save half your pay packet for four years and buy a house for cash. Or as most people did in those days, save for two years and then get a mortgage.

Now the average house price is £280,000 and the average wage is £33,000, eight times earnings and the average rent is about one-third earnings. So your chance of buying a house on average earnings is now no longer possible.

If I had a magic button, the two areas off limits for capitalistic runaway profits, would be the housing and medical industries. Some things are more (or at least should be) important than profit.

I like how this all comes from the real cancer in western society: Entitlement.

Houses get more expensive because the value of not having to sleep on the street is extremely high. Medicine is expensive because guess what, people value their life (at least when confronted with death).

People always talk about how great it was "back then". Back then, rape was legal in marriage, getting sick meant playing blackjack for your life with the grim reaper and dying of starvation was a real risk for people.

The fallacy of this comment is that someone inherently "deserves" housing or healthcare just because they are a living human. If someone deserves a house, why don't they also deserve food. If they deserve food, why don't they deserve a car and a wife and children and free time and BOOM. We have entered communism. Mind you, communism would be a great thing to live in, if it worked like it's intended to work. No government, no politics, no money, no economy, just people working together to make each other a good life.
The reality is that nobody deserves anything. I live in Germany, where healthcare is free, and you get government housing if you're too poor to pay rent. I don't deserve this.


If I had to point to an economic cancer, it would be speculation. Wheat, houses and whatever else is getting used as tokens in a massive game of blackjack, played by Wall Street and the other stock exchanges. It's completely pointless to have houses stay empty to increase their value if you're a regular investor. But if you're a hedge fund billionaire with 10x leverage then you can borrow a lot of money against that inflated real estate portfolio, or just brag with your paper money.

Its late and I didnt have a lot of sleep. I hope this post somewhat makes sense. Have a good night

 

[Likwid24]

Is it the mindset that produced your current success, or your success that produced the mindset?

Most people underestimate the impact their experiences have on how they think.

I compare myself this year vs last. I made as much money this year already as I made for the past 2.

I’m a lot more gracious than I used to be, and I take offense a lot less often. Two years ago if I had someone miss a payment, I’d literarily hunt them down with my lawyers and drag them to court to get the money I was owed back. Now, I’m a lot more forgiving, and had times this year when I just couldn’t be bothered and prefered to end the relationship rather than get my legal team involved with people who are dishonest in business.

Is it because I needed the money last year, but I don’t this year? I don’t think so. I’d chase someone down with lawyers in court even if I would lose money in the process just to make a point before… So what is it?

Wealth makes many people more forgiving, more open minded, more abundant in how they think. It’s only natural. It would mean you’re unaware of reality if you made $100K/mo relatively easily and yet thought that $10K is a lot of money.

I personally think mindset is bullshit, and it’s just a cope that many of the wealthy use to justify why they’re wealthy (and really, ultimately, why they’re better than others). I’ve met wealthy people with 100% scarcity mindsets — everything was war and conflict to them. And also the opposite. So while I agree that mindset is related to happiness (someone with a scarcity mindset is unlikely to feel good), I disagree that mindset is related to wealth. So long as you do the right things, you will make money — regardless of what you think and what you feel.

Also, wealth isn’t related directly related to morality or being a good person. Many terrible people become very wealthy, simply because they do those things which mathematically lead to wealth.

If this post resonates with you, read more here: https://www.thefastlaneforum.com/co...out-changing-your-thoughts-or-mindset.106227/

My mindset produced my financial success. 100% fact. If I didn't change my mindset about money, I would be nowhere near where I am today. In fact, I may have just given up and went back to my job full time.

I think you are misunderstanding what I am saying. I'm not talking about a positive or negative mindset, which seems to be what you are using in the examples.

It has zero to do with happiness.

It has zero to do with morality.

You can be miserable but have an abundance mindset towards money and be wealthy. You can be the happiest person on the planet and be broke.

It has to do with scarcity and abundance related towards money. Not thinking you're worthy, not thinking this enough money in the world, etc.

It has to do with changing your mindset in relation to how you think of money.

Once this changed for me, everything changed for me.

 

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[Antifragile]

Unpopular opinion incoming...

Whilst it's great for profit, what you described is the cancer that is killing the Western world, unless my 12-year-old grows up to be a deca-millionaire, or I manage to buy a house and leave it to her, there is zero chance she'll be able to afford a house.

There are entire neighbourhoods in London owned by French bankers and Russian oligarchs, none of the houses are occupied and are constantly up for sale, whereby new owners do exactly what you describe above.

It's the most detrimental element of capitalism, homes disappear and in their place property springs up, The difference being one is for living in and the other an investment vehicle.

I don't usually agree with Chinese social policies, but the one I think they've got right, is the restriction they put on second homeowners, you can't charge more than 10% of your mortgage in rent, therefore people don't buy to rent, which keeps the property prices down and normal people can afford to live in places bigger than a shoebox.

@MJ DeMarco nailed it already on the mindset.

Allow me to add a personal example. I was told 20+ years ago that coming to Vancouver Canada (one of the most expensive cities in the world!) was a mistake. I had nothing. And this place was meant for people who were already rich. It was unaffordable and I should have picked a more “suitable location to my situation”. I heard “this is a great place to go, let’s go and figure it out”.

The difference between money and prestige.

Money = unlimited. The more people you help, the more you help them, the more $$ you make.

Prestige = limited. By definition there can only be one president of the USA, can only be one richest person on your street, richest friend etc.

Money / wealth are not prestige, wealth is about freedom. Once you start chasing prestige, you want to outshine your ____. That’s a losing game and most people who write like you confuse prestige with wealth.

There simply isn’t any limit to wealth.

 

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[NathanN]

This is an important topic that I see, but I don't see often enough.

I know I haven't been on the forum much lately, but I feel I need to post this. This was life changing for me and can be life changing for you.

Most of you may know me as The Paint Brush Cover guy that was on Shark Tank. I started posting in this forum over a decade ago when I started with an idea then documented step by step almost daily. It held me accountable while motivating myself, motivating others and also getting some great feedback and ideas from members.

Most of you also may know that I sold my share for almost nothing just to get out of a failing business due to a few factors such as a bad partner, inexperience and, most importantly, a scarcity mindset.

All was not lost though. Everyone fails. Some big. Some small. You learn through failing.

In this case, I failed my way to success and this failure specifically led me to the path of a total mindset change.

The most important thing is that I didn't give up. I knew I would one day become successful. I just needed to figure out how and thankfully I became very close with a fellow gym member (who is now one of my closest friends) and completely changed my mindset about money. This was the key to changing everything.

This mindset switch, made me much better at sales, better at marketing, better at advertising, better at networking, better managing. It changed everything.

And it all started with annoying friend, who is now one of my closest friends.

Before I met Gil, almost my entire network was made up of blood sucking mindset leaches. You can't do this, you can't do that, you can't make that much money, money is bad, just put a big chunk in your 401k and you'll be set, you'll have a pension when you retire, blah, blah, blah, blah blah.

I was getting sick of hearing it and new I needed to level up. That's around the time I started following Craig Ballantyne who always says "Your Network is Your Net Worth".

I understood what he meant at the time but not fully. Now, I completely get it.

I started to say to myself "I need to ditch these leaches and move up to the next level".

When I met Gil, he was a high end watch dealer. Very successful. Amazing at sales. the guy could literally sell anything. He was so good, that he became Alex Hormozi's "Sales Guru" for Gym Launch in the early days when we had partnered and opened several gyms together.

His thoughts about money were completely opposite mine. $30k a month was a bad month for him. At the time, I was dreaming of a $10k month and thought that would be life changing. If only I could get from $5k per month to $10k per month, I would have it made. I wouldn't need anything else.

At that time, I also had this insanely negative perception of sales. Like it was a bad thing.

I also didn't think I would ever have what it takes to make a million dollars. I would constantly have negative self talk in my head.

This was preventing me from succeeding. This was the only thing preventing me from succeeding.

I was spending a lot of time with Gil when we met. Doing CrossFit, running races, doing extreme stuff like skydiving and hang gliding. Even though we were on different levels financially, we got along pretty good.

Except, we would argue all the time about money and thoughts on money.

He called out my scarcity mindset right away. And at the time, I didn't realize how bad it was. He did. And now that I look back, I'm blown away by how bad it was.

He was set on changing that and eventually he succeeded.

He kept on drilling my on abundance mindset.


Misconception - There's never enough money.
Abundance Mindset - Money is a renewable resource. With the right strategies, mindset, and actions, I can always earn more.

Misconception - Others' success takes away from my own potential success.
Abundance Mindset - There's enough success for everyone. Another's success can serve as inspiration and does not diminish my opportunities.

Misconception - I have to hold onto every penny, or I'll run out.
Abundance Mindset - Smart investments and spending can lead to growth. I can allocate resources in ways that lead to further abundance. The way I think now is instead of saving more money, I make more money.

Misconception - Money is the root of all evil.
Abundance Mindset - Money is a tool. It's neither good nor evil in itself but can be used for positive or negative purposes depending on one's choices. There are many really good things you can do with money from as little to making a waiter happier with a bigger tip to making huge donations to your favorite charities.

Misconception - I don't deserve wealth or abundance. This one really got me.
Abundance Mindset - Everyone deserves abundance and prosperity. By aligning my mindset, skills, and actions, I can achieve financial success.

Misconception - Financial success is purely based on luck.
Abundance Mindset - While some elements of luck can be involved, hard work, strategy, and a positive attitude play significant roles in achieving financial success. One of my favorite sayings is "You create your own luck".

Misconception - It's selfish to desire more money. At first, i was embarrassed to be wealthier than all of my friends. You can bet that changed.
Abundance Mindset -Wanting more resources can lead to greater opportunities not just for oneself, but to help others and contribute to larger causes. If I have more money I can help more people.

Misconception - Money will solve all my problems.
Abundance Mindset - Money is a tool to help address challenges and facilitate experiences, but it's not the only solution. Inner happiness, relationships, and purpose play critical roles in a fulfilled life.

Misconception - People with money are greedy.
Abundance Mindset - Wealthy individuals can be just as diverse in character as any other group. Money amplifies who you already are; it doesn't inherently make someone greedy. Gil always said that more money just brings out your true character.

Misconception - There's a fixed pie of resources, and if someone gets more, others will get less.
Abundance Mindset - The world is abundant, and opportunities and resources can expand. Innovation, collaboration, and creativity can grow the pie for everyone.

Misconception - Selling is bad. All salesmen are snakes.
Abundance Mindset - selling is a really good thing. You're giving the person what they need or desire. Ex: weight loss, healthier lifestyle, I nice watch to help improve their status or improve the perception of their status.

Shifting from a scarcity to an abundance mindset doesn't mean being unrealistic or ignoring challenges. It's about focusing on possibilities, being proactive, and recognizing that with effort and the right strategies, growth and prosperity are achievable.

One day, it just clicked. I finally said "Gil. You're right".

I'm go to do anything i can to started thinking with an abundance mindset. I picked Gil's brain more. Didn't argue with him. I read books. Watched videos. I hired a mentor. Meditated.

Ian Stanley's money meditations really helped a lot.

More and more my mindset changed. More and more I got better at everything I did. More and more money flowed to me.

Fast forward to today, I own a branch of a private equity firm, helped 1000's of business owners with covid tax relief, have 10+ sales reps working for me, over 20+ affiliates under me and have made in the multiple 7 figures over the past 3 years.

I am now in the process of building something BIG.

Within the next year, I plan on having 20-30 sales reps and hundreds, if not thousands, of successful affiliates working under me.

With my new abundance mindset, the skys are the limit. I dream big and have been surpassing my lofty goals.

I recently set the biggest goal of my life to make 8 figures+ and plan on hitting that goal within 2 years.

I credit this to one single thing. One simple thing.

A Mindset change. That's all.

And It's not that difficult to do.

Start hanging out with people better than you. Find someone that makes more money than you. Become friends with them. Notice how differently they think about money.

Find a mentor like Craig Ballantyne, or Bedros Keullien.

Start listening to podcasts. Bedros is great. Alex Hormozi, Brad Lea, Ed Mylett. There are so many.

Listen to the Ian Stanley money meditations on Youtube.

Instead of saving money. Think of ways you can make more money, solve more problems, help more people.

Like I said earlier, I thought $10k a month would be life changing. That when I would be like "I really made it". Then I had a $10k month with my gyms. Then a $15k month. Then I thought "If only I can make $20k" blah blah. Then I had a $30k month. Then a $50k month. Them I made $40k in one day. Then $100k. Then $150k. It kept going.

This past summer I had a $250k+ month. Now, If I make under $100k in a month, my mind starts thinking wtf I did wrong. I didn't help enough people. I got lazy. etc.

My thought process completely changed and now the sky is the limit.

I think this is very important for young entrepreneurs to hear because I don't hear it enough and it can very well be the one thing missing to get you to the top like it was for me.

First thing I get to read on the forum today. Such gold, great advice. Thanks so much. Sometimes changing that environment of people around is tough but it's for the best being around those who lift you up and having someone to look up to.

 

[Likwid24]

You don't know me or know this but when I saw your name on the front page I kind of flipped.

Ever since hearing your story in Unscripted , I've looked to the PBC as a source of inspiration. My goal is to build a valuable physical product as well so I hope to follow in your footsteps and learn from whatever you have to say.

Currently I am building a device called the KeepClear that fills an important need for cars.

Also, thank you for the advice. I've struggled with a lack of this mindset at points in my life so I'll get right to fixing that.

(Where can I find your progress thread? I've been searching for it for some time.)

Good Luck! I think you'll find my original thread valuable.

This is the original PBC thread https://www.thefastlaneforum.com/co...-progress-thread-the-paint-brush-cover.30969/

I started another thread on the INSIDERS about my life after the Paint Brush Cover. You can find that here https://www.thefastlaneforum.com/co...er-➡️-the-squat-academy-➡️-prior-2-ipo.92701/

 

[Likwid24]

From my coach:

5 books that will reset your mind for success

Relentless by Tim Grover

10X by Grant Cardone

Man Up by Bedros Keuilian

Atomic Habits by James Clear

Unstoppable by Craig Ballantyne

***
Put these on program repeat and cycle through them to build an Unstoppable Mindset for success, consistency, and persistence.

I still haven't read Relentless or Atomic Habits. They are next on my list after I go through Alex Hormozi's book a few times.

 

[biophase]

There is also no rule that you should get medical care regardless of your net worth. Doesn't mean there shouldn't be though.

Anyways, don't bother replying, I'm not trying to debate, I thought I had unwatched this and I'm still getting notifications.

I get it guys, you're all angry because I dared to give a different opinion on something. It's okay, you can all go back to being right about everything.

Peace X

I don't think any of us are angry. It sounds more like you're the one angry at us and at the world.

I spend my summers in a very small town of 5000 people. When I first came to this town in 2001, the real estate prices were crazy. But I didn't say to myself that I would never be able to afford it, nor did I blame capitalism. I formulated a plan to one day purchase a place in the town. In 2017 I finally purchased a place. It took me 16 years!

Today this town has a median price of around $900k and people here who rent or didn't purchase are complaining about the greedy millionaires and billionaires that drove the prices up. They could have purchased a home anytime within the last 20 years but did not. Why? Why did they continue to rent? Why didn't they formulate a plan? Why? Why? Why?

You know, I don't need to be right about things like healthcare or real estate. Fortunately, I have the funds to afford these things because I cared and worried about NOT being able to afford them. So I made it my mission to DO something about it.

 

[Likwid24]

@Likwid24 - thanks for sharing the wisdom you've discovered on your unfolding journey. Upgraded to GOLD.

Thank you MJ. It really all started with your book and your forum. =)

 

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[Likwid24]

For me the issue is the exact opposite, it seems. While I know there is virtually no limitation to the human being, execution, even after multiple mindset shifts is an issue... (although there was one from TGRRE - that if the motivation cycle is not closing, time to invoke the process has really helped.)

So this is not about motivation. It has nothing to do with It at all. This is for people who are in the process and having trouble getting past sticking points. They are already motivated. They just don’t believe they are worthy of money or some other self limiting money belief. This mindset shift can change everything.

 

[Black_Dragon43]

Ah, if only there was a definitive guide to life where you didn't have to pick out the information (like this one) over hundreds of days and weeks, and just read it.

What would be the fun? If everything were handed on a silver platter, you wouldn’t get to grow and become a bigger person.

There are no shortcuts in life. The moment you stop looking for shortcuts and start doing the work, you’ll begin making progress. It will be slower than you want — that’s 100% guaranteed. But it’s progress.

And while you’ll overestimate what you can achieve in a month, you’ll underestimate what you can achieve in 5 years. If you keep your head down and do the work.

 

[LightHouse]

Absolutley love this and agree with everything 100%. Our minds are our greatest limiter in life. The great thing is, we have full control over it and can change it in an instant with the right tools.

So glad you posted an update Sal and glad to hear the ERC & PE stuff is going well for you!

 

[Likwid24]

Amazing wisdom. Reading this makes me realize just how much of a scarcity mindset I have too, time to get working on that.

I always hear a similar saying along the lines of, "You are the sum of the 5 people closest to you". As someone just starting to figure out their Fastlane journey and am surrounded by similarly scarcity minded people, do you have any tips for an introvert on meeting and befriending people who will put you on the right direction?

Yes. This is easy. Attend seminars, meetups and similar events.

For me, it all started when I attended my first "Beer and Pancakes" meetup, which was the original fastlane forum meetup.

I met a bunch of like minded individuals who have become friends for life.

 

[Black_Dragon43]

Is it the mindset that produced your current success, or your success that produced the mindset?

Most people underestimate the impact their experiences have on how they think.

I compare myself this year vs last. I made as much money this year already as I made for the past 2.

I’m a lot more gracious than I used to be, and I take offense a lot less often. Two years ago if I had someone miss a payment, I’d literarily hunt them down with my lawyers and drag them to court to get the money I was owed back. Now, I’m a lot more forgiving, and had times this year when I just couldn’t be bothered and prefered to end the relationship rather than get my legal team involved with people who are dishonest in business.

Is it because I needed the money last year, but I don’t this year? I don’t think so. I’d chase someone down with lawyers in court even if I would lose money in the process just to make a point before… So what is it?

Wealth makes many people more forgiving, more open minded, more abundant in how they think. It’s only natural. It would mean you’re unaware of reality if you made $100K/mo relatively easily and yet thought that $10K is a lot of money.

I personally think mindset is bullshit, and it’s just a cope that many of the wealthy use to justify why they’re wealthy (and really, ultimately, why they’re better than others). I’ve met wealthy people with 100% scarcity mindsets — everything was war and conflict to them. And also the opposite. So while I agree that mindset is related to happiness (someone with a scarcity mindset is unlikely to feel good), I disagree that mindset is related to wealth. So long as you do the right things, you will make money — regardless of what you think and what you feel.

Also, wealth isn’t related directly related to morality or being a good person. Many terrible people become very wealthy, simply because they do those things which mathematically lead to wealth.

If this post resonates with you, read more here: https://www.thefastlaneforum.com/co...out-changing-your-thoughts-or-mindset.106227/

 

[Lyzmin]

What is sad is that your views will shape your daughter’s thoughts. You just don’t realize what you’re doing.

So so true.

As a kid I always wanted to be a professional football player. I worked hard and scouts told me I had the potential.

My parents on the other hand told me everyday that the chance would be closer to 0. Only one in a million make it bla bla.. go to school, get a job bla bla..

I never really went for it. I believed their opinions and it became my reality. Only big regret I have in my life.

 

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[Kevin88660]

A lot of it has to do with how you define scarcity.

Many times, a scarcity mindset can be good because it gives a sense of practicality and being grounded.

It is like playing chess and games, do you prefer an aggressive style or a defensive style. There is no right and wrong.

Abundance mindset: I can drop out of college and start a business early to make millions, and come back to school later and finish it like Mark Zuckerberg.

Scarcity Mindset: I can start a side hustle outside the time . And when I choose my field of study I make sure I choose a field that makes me find a job easily to fall back on.

Scarcity Mindset: I only have 24 hours a day and I make sure I don't waste any hour of it. Let me start the day with doing work to start the day!

Abundance mindset: Productivity is not about hours of input. It is about being smart and creating leverage and outsourcing them (even though I haven't tried it yet.) Let me start the day with waking up for lunch and 1-2 hours of computer games!

Abundance mindset is a double-edged sword.

 

[MattR82]

I can't understand how this thread has had a bit of a weird, argumentative and negative turn. I think we should keep in mind the positivity and intention from the OP rather than get into semantics about what deserve means and politics.

I've been making such a big effort to catch and change my inner narrative voice and it's such a gamechanger. It's embarrassing to think back to how I used to think, even only a few weeks ago.

Obviously you still have to put the work in, but some of the changes I'm seeing and things happening are wild. 2 off the biggest issues I've had with my business since starting 12 months ago have disappeared and have been replaced by something I could had dreamt about, and what was supposed to be happening from the get go. I don't really want to go into detail about it, but it's significant.

Thanks to Shaman @Likwid24
I'm quite liking the Craig Ballantyne content suggested as well.

 

[luminis_]

I always wondered who the allusive "Pain Brush Cover Guy" was from the books. Thanks a lot for this post and can't wait to look through your previous ones!

Curious, how much time do you spend specifically working on your mindset everyday? From my understanding, the mindset should be 10-20% and putting actions in the world is 80-90% but interested to hear your thoughts.

And congrats on all your success! It probably doesn't mean much from someone just getting started but its pretty surreal seeing people like you and countless others with similar successes on the forum. It's a true blessing

 

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[Aidan04]

This is an important topic that I see, but I don't see often enough.

I know I haven't been on the forum much lately, but I feel I need to post this. This was life changing for me and can be life changing for you.

Most of you may know me as The Paint Brush Cover guy that was on Shark Tank. I started posting in this forum over a decade ago when I started with an idea then documented step by step almost daily. It held me accountable while motivating myself, motivating others and also getting some great feedback and ideas from members.

Most of you also may know that I sold my share for almost nothing just to get out of a failing business due to a few factors such as a bad partner, inexperience and, most importantly, a scarcity mindset.

All was not lost though. Everyone fails. Some big. Some small. You learn through failing.

In this case, I failed my way to success and this failure specifically led me to the path of a total mindset change.

The most important thing is that I didn't give up. I knew I would one day become successful. I just needed to figure out how and thankfully I became very close with a fellow gym member (who is now one of my closest friends) and completely changed my mindset about money. This was the key to changing everything.

This mindset switch, made me much better at sales, better at marketing, better at advertising, better at networking, better managing. It changed everything.

And it all started with annoying friend, who is now one of my closest friends.

Before I met Gil, almost my entire network was made up of blood sucking mindset leaches. You can't do this, you can't do that, you can't make that much money, money is bad, just put a big chunk in your 401k and you'll be set, you'll have a pension when you retire, blah, blah, blah, blah blah.

I was getting sick of hearing it and new I needed to level up. That's around the time I started following Craig Ballantyne who always says "Your Network is Your Net Worth".

I understood what he meant at the time but not fully. Now, I completely get it.

I started to say to myself "I need to ditch these leaches and move up to the next level".

When I met Gil, he was a high end watch dealer. Very successful. Amazing at sales. the guy could literally sell anything. He was so good, that he became Alex Hormozi's "Sales Guru" for Gym Launch in the early days when we had partnered and opened several gyms together.

His thoughts about money were completely opposite mine. $30k a month was a bad month for him. At the time, I was dreaming of a $10k month and thought that would be life changing. If only I could get from $5k per month to $10k per month, I would have it made. I wouldn't need anything else.

At that time, I also had this insanely negative perception of sales. Like it was a bad thing.

I also didn't think I would ever have what it takes to make a million dollars. I would constantly have negative self talk in my head.

This was preventing me from succeeding. This was the only thing preventing me from succeeding.

I was spending a lot of time with Gil when we met. Doing CrossFit, running races, doing extreme stuff like skydiving and hang gliding. Even though we were on different levels financially, we got along pretty good.

Except, we would argue all the time about money and thoughts on money.

He called out my scarcity mindset right away. And at the time, I didn't realize how bad it was. He did. And now that I look back, I'm blown away by how bad it was.

He was set on changing that and eventually he succeeded.

He kept on drilling my on abundance mindset.


Misconception - There's never enough money.
Abundance Mindset - Money is a renewable resource. With the right strategies, mindset, and actions, I can always earn more.

Misconception - Others' success takes away from my own potential success.
Abundance Mindset - There's enough success for everyone. Another's success can serve as inspiration and does not diminish my opportunities.

Misconception - I have to hold onto every penny, or I'll run out.
Abundance Mindset - Smart investments and spending can lead to growth. I can allocate resources in ways that lead to further abundance. The way I think now is instead of saving more money, I make more money.

Misconception - Money is the root of all evil.
Abundance Mindset - Money is a tool. It's neither good nor evil in itself but can be used for positive or negative purposes depending on one's choices. There are many really good things you can do with money from as little to making a waiter happier with a bigger tip to making huge donations to your favorite charities.

Misconception - I don't deserve wealth or abundance. This one really got me.
Abundance Mindset - Everyone deserves abundance and prosperity. By aligning my mindset, skills, and actions, I can achieve financial success.

Misconception - Financial success is purely based on luck.
Abundance Mindset - While some elements of luck can be involved, hard work, strategy, and a positive attitude play significant roles in achieving financial success. One of my favorite sayings is "You create your own luck".

Misconception - It's selfish to desire more money. At first, i was embarrassed to be wealthier than all of my friends. You can bet that changed.
Abundance Mindset -Wanting more resources can lead to greater opportunities not just for oneself, but to help others and contribute to larger causes. If I have more money I can help more people.

Misconception - Money will solve all my problems.
Abundance Mindset - Money is a tool to help address challenges and facilitate experiences, but it's not the only solution. Inner happiness, relationships, and purpose play critical roles in a fulfilled life.

Misconception - People with money are greedy.
Abundance Mindset - Wealthy individuals can be just as diverse in character as any other group. Money amplifies who you already are; it doesn't inherently make someone greedy. Gil always said that more money just brings out your true character.

Misconception - There's a fixed pie of resources, and if someone gets more, others will get less.
Abundance Mindset - The world is abundant, and opportunities and resources can expand. Innovation, collaboration, and creativity can grow the pie for everyone.

Misconception - Selling is bad. All salesmen are snakes.
Abundance Mindset - selling is a really good thing. You're giving the person what they need or desire. Ex: weight loss, healthier lifestyle, I nice watch to help improve their status or improve the perception of their status.

Shifting from a scarcity to an abundance mindset doesn't mean being unrealistic or ignoring challenges. It's about focusing on possibilities, being proactive, and recognizing that with effort and the right strategies, growth and prosperity are achievable.

One day, it just clicked. I finally said "Gil. You're right".

I'm go to do anything i can to started thinking with an abundance mindset. I picked Gil's brain more. Didn't argue with him. I read books. Watched videos. I hired a mentor. Meditated.

Ian Stanley's money meditations really helped a lot.

More and more my mindset changed. More and more I got better at everything I did. More and more money flowed to me.

Fast forward to today, I own a branch of a private equity firm, helped 1000's of business owners with covid tax relief, have 10+ sales reps working for me, over 20+ affiliates under me and have made in the multiple 7 figures over the past 3 years.

I am now in the process of building something BIG.

Within the next year, I plan on having 20-30 sales reps and hundreds, if not thousands, of successful affiliates working under me.

With my new abundance mindset, the skys are the limit. I dream big and have been surpassing my lofty goals.

I recently set the biggest goal of my life to make 8 figures+ and plan on hitting that goal within 2 years.

I credit this to one single thing. One simple thing.

A Mindset change. That's all.

And It's not that difficult to do.

Start hanging out with people better than you. Find someone that makes more money than you. Become friends with them. Notice how differently they think about money.

Find a mentor like Craig Ballantyne, or Bedros Keullien.

Start listening to podcasts. Bedros is great. Alex Hormozi, Brad Lea, Ed Mylett. There are so many.

Listen to the Ian Stanley money meditations on Youtube.

Instead of saving money. Think of ways you can make more money, solve more problems, help more people.

Like I said earlier, I thought $10k a month would be life changing. That when I would be like "I really made it". Then I had a $10k month with my gyms. Then a $15k month. Then I thought "If only I can make $20k" blah blah. Then I had a $30k month. Then a $50k month. Them I made $40k in one day. Then $100k. Then $150k. It kept going.

This past summer I had a $250k+ month. Now, If I make under $100k in a month, my mind starts thinking wtf I did wrong. I didn't help enough people. I got lazy. etc.

My thought process completely changed and now the sky is the limit.

I think this is very important for young entrepreneurs to hear because I don't hear it enough and it can very well be the one thing missing to get you to the top like it was for me.

You don't know me or know this but when I saw your name on the front page I kind of flipped.

Ever since hearing your story in Unscripted , I've looked to the PBC as a source of inspiration. My goal is to build a valuable physical product as well so I hope to follow in your footsteps and learn from whatever you have to say.

Currently I am building a device called the KeepClear that fills an important need for cars.

Also, thank you for the advice. I've struggled with a lack of this mindset at points in my life so I'll get right to fixing that.

(Where can I find your progress thread? I've been searching for it for some time.)

 

[Likwid24]

I see what you mean and I’m happy it worked for you. For myself, I’ve never thought of myself as worthy of wealth, but that has never stopped me from seeking and doing my fair share of acquiring wealth. When I first saw a guy wearing a Rolex at a restaurant I was jealous, and I thought “how come this retarded looking prick wears a Rolex”? When I got one too, it stung less, though I’d still be annoyed if I saw someone I considered stupid as wealthy.

There are world champion boxers for example, who become the best, although they don’t feel they deserve it and experience a lot of negative emotions in the process. For example Tyson Fury.

Success has little to do with your mindset. Maybe you perceived mindset as being important to you and correlated to your success, but if what you are saying were true universally, then people like myself and Tyson Fury would be impossible. And yet, here we are.

One reason why I love MJ’s book is that it makes success objective rather than rah rah you can do it if you believe you can hype. The wealth equation: sell low value to millions or high value to a few. That’s what produces wealth. Mindset is irrelevant, if that wealth equation isn’t met, you don’t make any dough, regardless of how “abundant” your mindset about money is.

I think your meaning of "Mindset" is different than what most people. You are thinking of mindset as only being positive and negative or having a positive and negative life.

I can't say i know your "mindset" or Tyson Fury's because I don't know you personally but I'm sure you have the drive to succeed which is part of your mindset. Drive is a major factor.

99% of the people in this world are "worker bees" because they don't have the mindset to be an entrepreneur. I would say a large percentage of them would say they are happy, or positive. The rest are unhappy or negative.

However, the entire group doesn't have the mindset to be an entrepreneur, or to make money.

You either have it or you don't. However, if you don't, it's possible for a percentage of people who don't, to train their mind to think differently.

I think success has everything to do with your mindset. If Tyson Fury had the mindset that he couldn't fight or stand up to the best, he would have never gotten in the ring.

I'm sure if you didn't have the mindset to think you can do what you are doing, you wouldn't be successful either.

Some people need the mental training and some don't.

Just like everything in life, there are exceptions to the rule and maybe you're that exception in this case.

 

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[biophase]

Unpopular opinion incoming...

Yes because it’s literally the opposite of the title of this thread. In your mind there are not enough homes or money for everyone.

Whilst it's great for profit, what you described is the cancer that is killing the Western world, unless my 12-year-old grows up to be a deca-millionaire, or I manage to buy a house and leave it to her, there is zero chance she'll be able to afford a house.

There are entire neighbourhoods in London owned by French bankers and Russian oligarchs, none of the houses are occupied and are constantly up for sale, whereby new owners do exactly what you describe above.

So the person bought it and improved it and resold it. What’s wrong with that?

It's the most detrimental element of capitalism, homes disappear and in their place property springs up, The difference being one is for living in and the other an investment vehicle.

The home is the same. It’s still a house. I don’t understand your point here. I have no idea if the person that paid $1.4m is living there or not.

Are you saying the home should have stayed at $900k? Is the person that bought and flipped at $1.4m the bad guy? Or is it the person that paid $1.4m?

I don't usually agree with Chinese social policies, but the one I think they've got right, is the restriction they put on second homeowners, you can't charge more than 10% of your mortgage in rent, therefore people don't buy to rent, which keeps the property prices down and normal people can afford to live in places bigger than a shoebox.

FYI, there’s no way the person that paid $1.4m is making a good ROI on the home. That home would prob rent for $7000/mo.

 

[BizyDad]

Unpopular opinion incoming...

Whilst it's great for profit, what you described is the cancer that is killing the Western world, unless my 12-year-old grows up to be a deca-millionaire, or I manage to buy a house and leave it to her, there is zero chance she'll be able to afford a house.

There are entire neighbourhoods in London owned by French bankers and Russian oligarchs, none of the houses are occupied and are constantly up for sale, whereby new owners do exactly what you describe above.

It's the most detrimental element of capitalism, homes disappear and in their place property springs up, The difference being one is for living in and the other an investment vehicle.

I don't usually agree with Chinese social policies, but the one I think they've got right, is the restriction they put on second homeowners, you can't charge more than 10% of your mortgage in rent, therefore people don't buy to rent, which keeps the property prices down and normal people can afford to live in places bigger than a shoebox.

I told this story a couple of times on the forum. And Ben Franklin's autobiography he talks about a friend of his but he knew living in Philadelphia. Don't hold me to these details, feel free to read the book for yourself. It's been years since I read it, but I believe what I'm about to say is generally true.

When Ben was going to buy his first house, his friend cautioned him to wait. Housing prices were skyrocketing, this was completely ridiculous. Be smart and buy on the dip.

Some years later another friend of theirs was buying a house, and this same friend gave the same advice. Prices were unsustainable. No way the growth would keep up.

The guy waited 20 years to buy his first home. By that point, Ben's house had more than tripled in value. Of course Ben shares this as a cautionary tale.

When I read that some years ago it really opened my eyes. I was living in Phoenix at the time, and I was surrounded by people who were having the same exact debates 300 years later.

I think about how I grew up in the '80s, interest rates were in the double digits. Stagflation was a term regularly mentioned on the news. That also was apparently a bad time to buy houses. That also was a time where people bought houses.

And here we are, 40 to 300 years later and people are still saying the same things.

There are always naysayers. There are always reasons not to do things.

Much like Ben's friend, you can choose to be the smarter person. Doesn't mean you're making the right choice. It doesn't even mean that you're seeing the world clearly.

there is zero chance she'll be able to afford a house.

Why?

I don't usually agree with Chinese social policies, but the one I think they've got right, is the restriction they put on second homeowners, you can't charge more than 10% of your mortgage in rent, therefore people don't buy to rent, which keeps the property prices down and normal people can afford to live in places bigger than a shoebox.

I did some light fact checking. Shanghai real estate prices seem comparable to major western cities. (There's so many different ways to look at this, I didn't want to drive down the rabbit hole deeply).

But if this headline is true, then I'm not sure these policies are really doing what you say...

Chinese investors are reconsidering real estate as a means of savings | Fortune

Homes are de facto retirement funds in China. It was a lucrative strategy—until recently.

fortune.com

Regardless, if your daughter can't afford to live in London, then don't live in London.

Why can’t you be the one to take care of that burden for your daughter?

Why would he deprive his daughter of the motivation to do it herself? The joy of having accomplished it on her own?

It sounds nice to just hand things to your children, until you end up with spoiled children who expect you to always hand things to them.

 

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