In this fascinating book, Carol Dweck talks about the two types of mental modals that an individual could see the world through: fixed mindset or a growth mindset.
People with a fixed mindset often believe that their abilities are limited. You are either born with a specific skill or you aren’t. People with this kind of mindset often have a tougher time facing failure. Instead of learning from it, they label themselves as failures which inhibits them from improving in the future. This kind of thinking ultimately leads you down a path of self-doubt and can often stop you from achieving your life goals.
Becoming is better than being.Carol Dweck
On the opposite spectrum are people who have a growth mindset. Every ability can be developed by channeling the right kind of effort and motivation. These people realize that every person starts with a different aptitude, but through experience and training, anything can be learnt. This mindset helps you evolve at every age and redefine who you are. Carol provides specific frameworks to help you become a person with a growth mindset.
I have been lucky to believe in the growth mental modal since a young age. It has to do with the fact that my parents are firm believers in it too. However, after reading this book, I realized that I had a growth mindset only in certain aspects of my life. Unknowingly, I had a fixed mindset in others. This book taught me a deeper, truer meaning of growth mindset, one which I could apply to every area of my life.
One of the areas that I identified having a fixed mindset was finance and investments. I believed that I since I had never studied a word on finance, I would need an advisor to guide me through investments, savings and more. After reading this book, I realized that, while having an advisor is not a bad thing, it is not something that would be necessary. I took multiple online courses on accounting, read books on investments and trading and also learnt about managing personal finances through various blog.
No matter what your ability is, effort is what ignites that ability and turns it into accomplishment.Carol Dweck
Over the past 6 months, I was able to identify and learn about the companies I wished to trade in. That gave me the confidence to I have been able to develop a diverse portfolio of stocks. I have been able to participate in forums where I could discuss financial strategies with my peers. Most surprisingly, I started setting financial goals and developed my own trackers to make sure I stay on top of it. I was able to achieve all of this with a simple change in mindset – the mindset to be an infinite learner.