Follow-through habits for investor non starters
September 17th, 2014 • 6 comments
Property investing isn’t just for people with a truckload of cash or equity, yet these are some of the reasons why people (perhaps you) don’t get started in investing or continue growing their portfolio.
I have seen hundreds of clients start investing with only a little bit of money and now own portfolios in the millions, myself included.
Then there are those that do all the research in the world. They’ve read the books, the magazines and the reports which is all great but when push comes to shove they get stopped.
Taking some time to research, attend events and learn new things are good habits to get into for taking action. Arming yourself with education will overcome many of the hurdles that will prevent you from doing something in the future.
If you want to be successful at anything in life though, you have to take action and, wait for it… follow through.
The world’s greatest entrepreneurs, investors and business people share this problem between starting and learning new things and the habit of finishing and following through.
Here are my four top tips for taking action:
1) Check your finances
You have to know where you are now to be able to move forward. This can be as straightforward as listing your assets, liabilities, income and expenses or it may include needing to set up new tax structures or a self managed superfund. This will give you a great idea of what you have available to invest and also prevents you from not taking action assuming you can’t afford to invest.
2) Use the services of a financial planner or adviser.
These professionals main goal is to make you money and guide you in your financial decisions. They have a wealth of experience and more importantly, they have a financial stake in your success. You don’t have to know everything. Trust the experts.
3) Define completion and set realistic goals
Whether you want to set goals for retirement, where you want to live, the car you want to drive or where you want to send your kids, you need to practice wearing blinders and not get distracted from your goals. More importantly you need to set a deadline as to when you want to achieve these and then you can work backwards.
PS: You may have seen me recommend a great goal book called “five”. This is a fantastic resource for getting clear on where you will be in five years’ time and if you haven’t got your free copy yet do so here.
4) Be ahead of the herd!
The herd instinct is the idea of just doing something because it seems everyone else is. The most successful investors do uncommon things that other investors overlook.
Invest in opportunities when other people are scared to act. In 2008, when the housing crisis hit, the stock market fell thousands of points in the short space of a few months. The smart investor who invested after the market bottomed out would have gained significantly when the markets eventually rebounded. This will assure you are always seeking opportunities to take action rather than waiting for others to lead.
Market conditions change all the time, so your strategies need to be flexible enough to change with them. Remember, this doesn’t mean pausing and stopping taking action!
Hi, just wondering if its possible to get a copy of that "five" book you refer to?
When is the rental & property market in Newman going to recover?
I have 3 properties (4 if include the family home) and I seem to have stagnated, I would like to grow my portfolio more but, having consulted financial advisers (who tell me to try to reduce my debt) and Property Investment consultants (who tell me I can't borrow any more) I don't know how to. How doe people get 20 – 30 properties????
We're sorry Craig… we've run out!
But don't worry, this book retails at $35 and we can offer this book at a very special promotion of only $19.95 with free postage and handling but again this is a limited offer so don't miss out this time!
I understand how painful it can be when banks and advisers tell you to stop, consolidate and basically hold you up from growing your portfolio. As each investors situation is different I would like to invite you to come through our FREE process where we can assess your current portfolio, conduct a financial health check on your exiting loans and structure and see how we can help to assist you to keep growing your portfolio – Please contact Morgan Crawford with our team in Perth on (08) 9438 6400 or via email [u]email@example.com[/u]
I look forward to working with you,
Thanks Ryan, wise words, Please can you send me a link to the goal book called “five”?