Why Does Personal Growth Matter for Real Estate Investors?
Updated: Aug 31, 2019
As a real estate investor, you have already achieved growth and success. You understand how to analyze deals, crunch numbers, evaluate risk and build your wealth.
To create sustainable, growing wealth as an investor, your priority is certainly to continue refining your analytical skills and compounding the success you’ve already attained.
As a successful investor, surely one thing you do not need is continual personal development, right?
At Madison Investing, we are big believers that your professional success is largely predicated on your personal growth. Many people are turned off by the idea of reading books, listening to podcasts or attending events that are geared toward personal growth.
This has happened largely because an entire industry has been built on “self-help” which brings to mind thoughts of positive thinking and idle dreaming.
But this stigma is not helpful, because the idea of growth is something we all need to continue building and challenging ourselves. If we continue to rely on our own thoughts and intuitions it’s easy to get trapped in an echo-chamber and never move forward.
“Income seldom exceeds personal development.” - Jim Rohn
So, why does personal growth matter to you as a real estate investor? We are going to explore a series, diving into this topic and how to approach it the right way. But for now, let’s look at three reasons you should be prioritizing your personal growth.
Entrepreneurship is Lonely
As an entrepreneur and/or investor, you may find it difficult to collaborate with peers who are going through the same thing as you day-to-day. You need fresh ideas and new frameworks for approaching your businesses.
With books, podcasts and events you surround yourself with people who are in a similar position as you and ahead of you. Now you can open up your mind and stop yourself from re-inventing the wheel. The best way to grow is often to learn from someone who has been where you are trying to go.
Investing is a Mental Game
As much as investing is about numbers, it’s even more about managing your mindset. The ability to see deals and markets without emotion is what separates the best from the average.
If you are stuck in your own mind, it’s much easier to fall trap to bad deals or your own blind spots. As you develop personally, you expand your mind to see all the angles and approaches with a neutral perspective.
In Ray Dalio’s book, Principles, he points out that the most important trait of an investor is to approach everything with brutal honesty. If you are able to surround yourself with new ideas, you can be honest with yourself and your own weaknesses that leave you susceptible to problems.
If You’re Not Moving Forward You’re Moving Backward
Finally, personal growth is about keeping yourself sharp. If you’ve built and sold a business, the biggest challenge you may face is growing stagnant or complacent. Being complacent and staying where you are is a killer. As humans we are wired for growth and challenges. Reading a book or listening to a speaker can spark motivation and keep you hungry.
It’s not about always having more and never being satisfied. It’s about growing. As we grow, we can impact more people and keep ourselves sharp which makes us more fulfilled.
We’ll have more on this in two weeks, for now, what’s one piece of personal development content you’ve relied on to help you grow?
Want to Learn More?
If you want to dive deeper in personal growth with a blend of real estate investing strategy, follow our CEO Spencer Hilligoss on LinkedIn. He'll be regularly sharing insights and videos on how to continually sharpen your skillset.