2017 is nearly over and you’ve been listening to your friends and colleagues rave about how well their investments are doing and about how secure they feel in their futures now. You’ve been talking about investing for years, you’ve Googled and read blogs, you’ve absorbed so much research and you just know you’re ready….but you still haven’t done anything about it. When an opportunity comes knocking, you procrastinate, not sure if you can trust your own decisions, maybe you’re afraid of the consequences, the risks, the what if’s.
Don’t despair, you aren’t the only one. Only six percent of Australians own an investment property, a number that is staggeringly low considering we live in the land of opportunity.
If you desire to be one of the 6%, then I want to encourage you to take action on four key areas.
I recently made a statement that resulted in many of my followers asking one simple question.
The statement was: ‘Nobody ever got wealthy sitting on the fence’
The question so many asked was: How do I go from property watcher to property investor?
When I talk to our most successful property investors, it became clear that there were four decisions that took them from sitting on fences to owning them. Four clearly defined key areas that required them to move out of their comfort zone, safe in the knowledge that doing so would be the catalyst for changing their futures.
Here are those four key areas, to get you in the right mindset. Implement these four key areas, become a property investor and take your next step on the path to activating your prosperity.
Be the Investor
Nothing worth having ever comes without effort. If you want something in your life, you need to make it happen, not wait for it to happen. Be the investor, take decisive action that puts you in a position to invest, restructure your debt, budget efficiently, know the tax benefits and like all good scouts, be prepared. Believe in the benefits of property investing, believe that property investing will change your life and your children’s future. These thoughts will inspire you to remain active rather than allowing you to sit on the fence.
Surround yourself with knowledge
Don’t let a lack of knowledge stop you. You don’t need to know everything, you just need to know people who do. There will always be someone who has been through it before, who understands and who is willing to help you make smarter decisions. They are experts in their respective fields so let them assist. Enlist people who will support you through the process, providing you with knowledgeable advice grounded in factual data. These experts should include a financial planner, a property adviser and a tax adviser.
Develop a Plan
Can you go to big too early? Yes you can, so it is vital that you have a plan and even more vital that you stick to it in principle. Jumping straight in the deep end is never a good idea regardless of the venture you’re undertaking.
Know your what, where and why and appropriate set goals, write down the steps it will take to get you where you want to be.
What does success look like to you? Decide on the life you want to live and work backwards to determine how you’re going to get there. For example what income do you want to retire on? What do you want to leave the kids? How many properties do you need to own? Once you’ve started thinking about the logistics, it will be easier to begin to plan how to get there.
You have a plan, you’ve surrounded yourself with experts and you see yourself as an investor. Now what? Ensure you understand that investing in property is a business decision, not an emotional one and it’s easy to get caught up in the excitement. Choosing a property based on how you feel about it rather than focusing on the financial return it’s going to bring is a recipe for disaster. You need balance, keep checking your plan, consult your team when something unexpected comes up and stay connected to the big picture, the end goal. Remember investing in property is a long term plan, which will have some bumps on the way, but continually imagine yourself living the life you’re building having invested in property and allow yourself to activate the prosperity you desire.
To get started and build your very own knowledge team, contact Steven today.[blog_footer_bio person=”steven”]