Mindset for Wealth Managers
Who is Roger Bannister?
How many people know who Roger Bannister is? This story is one of the most fascinating real-life examples of how premise equals practice.
The Four-Minute Mile: An "Impossible" Feat
In the 1940s, a runner completed the mile in four minutes and one second. For years, scientists, biologists, and experts argued that it was impossible for the human body to run a mile in under four minutes. Even Bannister's own professor insisted that it couldn't be done.
For the next 14 years, no one could shave even one second off that time. The belief remained: breaking the four-minute mile was impossible.
Roger Bannister's Breakthrough
Then came Roger Bannister in 1954. Despite a rainy day and less-than-ideal running conditions, Bannister achieved the unthinkable: he broke the four-minute mile. What was thought to be impossible was now proven otherwise.
Suddenly, within a few months, another person broke the four-minute mile. Within a year, dozens followed suit. What changed? Nothing but the belief that it was possible.
Now, hundreds of people run the mile under four minutes each year. Even high school students are achieving this once "impossible" feat.
Premise Equals Practice
This story demonstrates the principle of premise equals practice. If you believe something is impossible, you train to reach that limit. But when someone shows it's possible, the limit expands, and everyone starts training to beat it.
The way you think influences your actions. If you think small, you do small things, leading to small results. And those small results reinforce your small thinking, trapping you in a vicious cycle.
The Power of Community and Belief
Breaking out of this cycle requires surrounding yourself with people who challenge your limits. Just like Bannister's four-minute mile, once you're part of a community that says, "You can do it," your mindset shifts, and you aim higher.
One of the key questions I’ve been asked is:
"Do you think you have a better chance of achieving your goals if you believe everything I tell you is possible, or if you doubt it the whole time?"
The answer is simple: commitment is everything. When you fully commit to your goals, that’s when real transformation happens.
Relentless Commitment to Success
A great example of this mindset comes from the book Relentless by Tim Grover, who coached Michael Jordan, Kobe Bryant, and other NBA stars. His philosophy? If you truly want to transform, you need to commit relentlessly to your goals, just like these top athletes.
Take Tom Brady in the Super Bowl, for example. His relentless mindset led him to incredible success. Sports analogies work well here because we can watch mindsets unfold on a public stage. In business, we experience similar drama and triumphs, but without the public spotlight.
Relentless Mindset in Business
In business, especially in our community, we see this relentless commitment behind the scenes. I love when I get texts and emails from people sharing their wins—a great client meeting or a big case. But behind those wins is the same relentless mindset that drives athletes to greatness.
If you wrestle with the idea of commitment, remember: it’s not just about money. For most advisors, it's about the satisfaction of knowing you're helping people with one of life's most stressful aspects—financial decisions.
Money-related stress is a leading cause of divorce and business failure. Accountants, in particular, often need help navigating these challenges.
Conclusion
The Roger Bannister story reminds us that once the mind believes, anything is possible. It’s about committing to the belief that you can achieve your goals and surrounding yourself with people who believe it too. Break the cycle of small thinking, and you'll achieve big results.