In this episode, Baylor discusses the difference between an asset and a liability mindset. He explains that an asset mindset brings benefits to our future, while a liability mindset finds something wrong with every situation. Baylor emphasizes the importance of associating with assets and minimizing exposure to liabilities, and suggests asking yourself three questions to determine if you have an asset or liability mindset. He also highlights the importance of measuring the return on investment in social currency and putting others in a position to win in their lives. Overall, Baylor encourages listeners to adopt a future mindset and become assets to those around them.
Asset vs Liability Mindset [00:00:08] Baylor discusses the difference between an asset and a liability mindset, and how it affects the direction of our lives.
Associating with Assets [00:02:30] Baylor emphasizes the importance of associating with asset-minded people and minimizing exposure to liability-minded people.
Determine if You are an Asset or a Liability [00:05:15] Baylor provides three questions to ask yourself to determine if you have an asset or a liability mindset.
Future Mindset [00:05:59] Encouraging a future mindset by focusing on the benefits of hard work and how it helps others.
Measuring Return [00:05:59 – 00:06:40] Different ways to measure the return on your work, including social currency and the impact on those around you.
Building Up Others [00:06:40] The importance of putting others in a position to win and how it can make you an asset.
(00:00:00) – You are now listening to Shark Theory. I’m your host, Baylor Barbee.
(00:00:08) – Hey, what’s up everybody? Hope you, uh, listened to yesterday’s podcast. Hope you’ve already started increasing your own stock via working on your productivity. But while we’re on the topic of, of stocks and and things like that, if you think about in traditional sense, stocks, uh, or should be an asset. But if we think about the mindset and we think about the stocks of productivity that we talked about yesterday, you know, I wanna discuss today the difference between an asset and a liability mindset, right? Just like assets which bring value to your life and liabilities which could potentially cost you. Uh, the way we approach life through our perspective on life, uh, has a bearing on on the direction our life, life heads. So, you know, when you think about a asset minded person, and then I talk about this a lot in these leadership seminars, um, somebody, an asset minded person is somebody that sees the future benefit.
(00:01:00) – Meaning, I’m investing this now because I know what it’s gonna lead to tomorrow. I know that if I invest this money now, it will grow tomorrow. I know with teachers say, if I invest in this child now, they’ll be a, a, a productive citizen later on. You know, they see the benefit of what they do now. And, and really what it’s saying is an asset minded person is a cause minded person. Meaning I’m planting the forest not for myself, but so that others can enjoy the shade, uh, one day. And, and I say that because if you’re gonna do an assessment of yourself right now, do you have that personality or do you have a liability mindset? Uh, a liability mindset is one that, that finds something wrong with every situation. You know, they find the thorn in the rows, uh, the people that if I don’t get the credit, I’m not gonna do it.
(00:01:45) – That’s a big one for me. If somebody’s always worried about the credit before we’ve even, you know, done anything, that’s a no-go for me. The woe is me. People, you know, and the people that are always there for you when they need you. Those people, the people that don’t listen to anything, right? And then wonder why people, uh, you know, don’t wanna be around them. Like, do you know those people that are just an obligation? Like every time they call or every time they show up, you know, it’s about to be a problem or something that they’re gonna try to add onto you? That’s a liability minded person. And so you have to a, make sure first and foremost that you have an asset mind. Uh, and then you have to start asking yourself like, are the people around me assets or liabilities? Notice it has nothing to do with money, has everything to do with perspective.
(00:02:30) – I’ve been around people that had absolutely nothing and the energy that they brought inspired me and helped me out. And I’ve been around people who had more money than money knows what to do with, and you couldn’t pay me to be around them cuz they were just so negative. So, uh, down wanted to be a victim, wanted the credit, it was all about them. And so you gotta associate as, as best as possible with assets. Now it’s impossible to go through life and not have any liabilities around you, right? Even on a balance sheet, there’s gonna be liabilities, but we have to minimize our exposure. Like if you start looking at how they do portfolios, like some people are high risk, high reward, uh, some people are low risk, low reward. But in, in life, when we get to choose the people that we’re around, you can have low risk, high reward relationships, meaning I don’t have to worry about them on the, the downside, but they have tremendous upside.
(00:03:14) – You ask yourself how it’s simply by asking yourself these questions, are they asset minded or are they liability minded? And then limit your exposure to the, to the, to those type of mindsets, right? And, and if you want to kind of figure out how you know which of these you are, if, if, if you can’t figure it out from those, those earlier questions, um, or if you wanna like pull the people around you, if you wanna have a good litmus test of figuring out somebody’s asset or liability, ask them about their outlook, uh, on planning. Meaning when they say, Hey, you know, I’ll ask people, what are we looking at in one years and three years? One of these leadership tracks? I a lot of times wanna know where somebody wants to be in 18 months, right? And if somebody’s like, I don’t know, I mean, I’d like to be, they don’t really have an answer.
(00:03:57) – Okay? Well, you know, they’re not probably operating from a, from a asset minded perspective, at least not as much as the level that they could be, right? And I’m not saying you have to have your whole life figured out, but if, if, if you are around people and when you talk about the future planning and their eyes glaze over or they say, oh, it’s nine to get there cuz this x, y, and Z’s gonna happen and this and that, that tells you a lot about that person’s mindset. So be sure that the people you’re around see the value in the future and the reason they see the value in the future. Not because we know which way the economy’s going, or we know who’s gonna be in charge or we know it’s gonna happen over here, but asset minded people say it’s all good because I know with what I can control, I’m gonna make something happen.
(00:04:37) – It’s not gonna be a barren wasteland around me. It’s not gonna be a woe is me situation around me, what I can control. We’re moving forward with what I can control. I’m putting good in the world. What, what I can control. My expertise is gonna shine. I’m gonna be a light. Those are the people you want to be around. And like I said, it’s all perspective. You get to decide right now, and you might have been a person who in, in some stage of your life, area of your life, or maybe all of your life, you’ve been a liability. You can change that right now by just telling yourself, Hey, no, look, I, I understand that. I recognize how I’ve been, but it’s time to be an asset because assets hang out with other assets. And that’s how you build wealth. And again, wealth’s not just about money, it’s about health.
(00:05:15) – It’s about, uh, your spirituality. It’s about so many different buckets of life, but you want the maximum bat of that. You have to be optimistic in the future, and then you have to work to that. Here’s three questions that you can ask yourself to determine, uh, if you are an asset or a liability. Number one, what is the work that you’re doing gonna produce if you don’t have an answer to that? That’s why a lot of people that feel stuck or, or, or get in a rut or don’t know, you know, kind of get depressed is because they don’t know what the work is producing, right? Meaning a lot of times you’re either doing meaningless work or you’re doing work that’s not meant for you. You shouldn’t have answer that. What is it? What is coming out of what I do? Right? The work you’re putting into your relationship, the work you’re putting into your job, the work you’re putting into your personal development, what is the goal of what it’s supposed to produce?
(00:05:59) – And that allows you to start looking at a future mindset. Okay, you know what, yes, this is hard work, but I see the benefits that’s gonna happen if I continue down this, uh, this, this path. Second, uh, what are the benefits to those around you? Right? How does my work help other people? For me, I’m in leadership development. I like to think the experiences I’ve had helped create better leaders. But you know, like I said, if you’re a teacher, you know that the work you does helps the next generation. If you’re in the medical field, you know that the work you’re doing is helping to, uh, relieve people of, of ailments and, and, and find cures and whatever aspect you’re doing right? You just gotta know that it’s doing something. You gotta know that it’s producing something. And then how do you measure the return, right?
(00:06:40) – Uh, you know, a lot of people in business, the return, it’s, they look at the roi. We spent this much money spent this much time, we got this much in return. But in our social currency’s, like, okay, I’ve put my all into my, my partner or you know, your spouse and, and, and I see them happy, I see them thriving. I see the, the relief of stress that’s coming a around for them, or I see that every time I’m around them, they turn to a negative Nancy and I’m, I’m head sending them the wrong direction, right? You can see by the, the, the look of the people around you in the direction that other people go, uh, a lot about yourself. You know, the, the, the, the realest thing you can do in life is to put somebody in a position to win in their life. So if you’re in a position where your hard work and what you’re doing is building up other people, you’re an asset. If it’s taken on the wrong way, you know what? You might be what you need to change. Great day.