What is Your Financial Thermostat Set For, & why that is important?

Have you ever wondered what your financial thermostat is set for?

Finance MoneyPerhaps the thought has never crossed your mind?

Let‘s look at it a different way…

What is your Air Conditioner temperature set for?

I know where we live in Brisbane it runs at a consistent and cool 23 degrees Celsius.

If the kids leave the door open (which they often do!), no matter how much hot air gets in, after a short amount of time the AC regulates and cools the room back to 23 degrees.

Likewise, in Winter, if a cold gust of wind sweeps through the house, the the heating kicks in to bring it back to – 23 degrees.

Interestingly, your mind works in the same way to regulate your level of wealth.

And I can tell you what it is set for right now.

But first, here are my thoughts;

What is My Financial Thermostat Set For?

There is a very simple way to find the answer to this question.

Your financial thermostat is set for the level of wealth you currently have.

I am sure there are a number of excuses you could come up with to justify why this may be incorrect….. but it is often reality.

And the quickest way to change your thermostat is to accept this reality and find a way to adjust it, preferably upwards!

The Cup Analogy

Another way I have heard this explained really well, was by Michael Yardney, who often uses a cup analogy.

Your mind is like a cup, once it is full of water, it overflows, and you are unable to put in any more water into the cup.

To take on more water, you need to increase your cup size.

So, to increase your financial thermostat – your wealth, you need to increase your minds capacity.

If you liken the water to opportunity and your mind to the cup, once your mind reaches capacity, you may miss or be open to opportunities that come your way.

So how do we increase our minds capacity?

Self-Education

Probably the easiest and most efficient place to start.

Online Education

It could be as simple as reading a book or listening to a podcast on your way to work or while exercising.

Warren Buffet still reads 5-6 hours per day, from books to newspapers and a range of corporate reports.

Bill Gates reads 50 books a year.

Begin to educate yourself in the area you have a passion or desire to succeed in.

I know for me that was property and after reading How to Grow a Multimillion Dollar Property Portfolio, it quite literally changed my life.

Get a Mentor

A mentor is someone who has generally already achieved what you are seeking to succeed with.

Business Coach.

They assist you to learn from their mistakes and keep you accountable, assisting you to reach your goal significantly faster.

The old saying goes, if you are the smartest person in your team, you are in trouble.

In a recent podcast, the legendary Robert Kiyosaki made a great observation in that you can hire a mentor or mentors from anywhere in the world!

While what may have been impossible over recent decades, it is something that is available to everyone today!

We now have more resources at our fingertips that at any other time in history.

FAIL… aka Experience

In that very same Podcast, one of Kiyosaki’s mentors told him he would need to fail at, at least 2 or 3 businesses before he would succeed and it turned out to be very accurate.

We all make mistakes and we all fail.

Business Man With DrawingBut learn from it, fine tune, get a thicker skin and develop a stronger mindset.

You just cannot beat that level of on the job experience – real life.

Many see failure as a reason to stop, successful people learn, overcome and adapt.

They know eventually, no matter how many failures they face, they will succeed.

In Conclusion

As confronting as it may be, most people’s financial thermostat is set for their current level of wealth.

It may be close to, or at capacity and as a result, opportunities that come their way may be missed or overlooked.

They need to improve and increase their mental capacity.

Some of the world’s most successful people, still self-educate and learn.

Reading and listening to podcasts is a simple and effective way to boost your mind.

Beginner Investor LearnAnother way is to hire a mentor, someone who may have blazed the trail before you and someone who can see your blind spots.

At the end of the day though, you just can’t beat life experience.

Understand failure and use it as a learning experience, not an excuse to quit.

By increasing your minds ability, you will increase your financial thermostat.

You may begin to find solutions to problems and identify opportunities that may have previously passed you by.

Solving more problems and bigger problems, will result in greater wealth and set you up for a level of success you would never have achieved with your old mindset.

Time to adjust that thermostat!

Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on.

Metropole

If you’re wondering what will happen to property in 2020–2021 you are not alone.

You can trust the team at Metropole to provide you with direction, guidance and results.

In challenging times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that’s what you exactly what you get from the multi award winning team at Metropole.

If you’re looking at buying your next home or investment property here’s 4 ways we can help you:

  1. Strategic property advice. – Allow us to build a Strategic Property Plan for you and your family.  Planning is bringing the future into the present so you can do something about it now!  This will give you direction, results and more certainty. Click here to learn more
  2. Buyer’s agency – As Australia’s most trusted buyers’ agents we’ve been involved in over $3Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective – that’s something money just can’t buy. We’ll help you find your next home or an investment grade property.  Click here to learn how we can help you.
  3. Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
  4. Property Management – Our stress free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years and our properties lease 10 days faster than the market average.
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Brett Warren

About

Brett Warren is Director of Metropole Properties Brisbane and uses his 13 plus years property investment experience to advise clients how to grow, protect and pass on their build their wealth through property. Visit: www.brisbanebuyersagent.com.au


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