6 min read
Posted on November 1st, 2022
“Too many of us are not living our dreams because they are living our fears”
Les Brown
When it comes to investing in property, and achieving long term wealth, it is a long-term journey, but have you asked yourself whether you have a compelling reason to reach your goal? If you do, you’ll do what is needed to get there and the faith to do so. If you don’t have a compelling reason, this is why you’ll continue to fail. What’s driving you? Fear or Faith?
No matter who we are or what we do, it’s fair to say the past couple of years have been a hugely challenging time for everyone, and even those of us with the strongest of minds were put to the test after we were faced with so many unknowns.
Fear became a real driver of emotions, and thanks in part to the non-stop fearmongering of the media, it’s disheartening to see people still allowing fear to undermine their dreams.
Whenever there is high inflation, of course there is going to be more caution. But my fear is that having been bombarded with negativity by the market or the stats, people are too afraid to do anything.
Letting fear drive your decisions, whether it’s to stop building your property portfolio or not getting started at all, is, in my view, tantamount to letting go of the steering wheel and hoping your car doesn’t crash.
The fact of the matter is, you’re still going to want to build a financially secure future and retirement will eventually become a reality, and if you give up now, your future might not look anywhere near as bright as you would have liked. And that is something to fear.
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Don’t look back
How many times have we heard property investing stories that begin with “in hindsight, I should have …” You certainly don’t want to be telling your own story this way when you reach retirement.
I’m not a great believer in looking back, but if there’s any real benefit to hindsight, it’s realising that property investing has shown us to be one of the most, if not the most, effective, proven method of building long-term wealth. Look at the last 20, 30, 40 years, ever since there was computer data, we have seen constant growth. You just have to stay in the game. To keep the faith, no matter what.
I’m not suggesting it’s always easy. Like anything in life, from learning an instrument, to getting fit, losing weight or changing bad habits, you’re going to be faced with moments where you may want to give up or feel that it’s too hard. You may get so far, and then lose faith when you plateau.
It’s no different with property investing.
3 tips to help you avoid fear on your property journey
1. The better the property, the better the growth
I’ve always believed that whether it’s a house, townhouse or apartment, if you build a portfolio of quality properties in locations where people are willing to spend more to buy or rent, you’re going to reap greater rewards.
Before I make a decision about any property, I ask myself this one fundamental question, “why would someone be willing to one day pay twice or three times as much as I did for this property?”
This is where price vs value comes into play.
Don’t be tempted to buy something cheap because you think it’s a bargain. If you’re using property as a long-term asset to generate family wealth and also give you a strong return in cash flow when you stop work, the key thing is to find the right location where people want to live, in the right property. A property that stands the test of time in terms of its quality, long term capital growth and inventory storage return.
2. Look for the opportunity, not the price
If you buy in an already established premium location, or a location that is in a burgeoning hot spot, consider the long-term opportunity rather than the price. You will attract quality tenants who are willing to pay more for the lifestyle your property offers, which in turn will boost your cashflow, your ability to hold onto the property longer for greater capital growth and continue to build your portfolio.
3. Remember why you’re doing this and recommit to your goals
Just like everything we do in life, there are reasons you’re taking the leap in property investing. The most compelling reasons I hear every day is that people want to live a better life, live free from financial worry and enjoy the fruits of their labour well into their retirement.
Building long-term wealth isn’t all about dollars – it’s about having the willingness to see beyond fear to reach the peace of mind and happiness you’ll feel knowing you can take care of yourself and your family.
Plateau vs Pain
If you have the financial resources to increase your portfolio but are stuck wondering what to do next, chances are you’re letting fear drive your indecision.
While there’s nothing wrong with playing it safe to avoid any potential pain, this strategy (or lack of) is not one I would personally recommend.
Yes, there are sacrifices and a price to be paid for building wealth. But it doesn’t have to be as hard or as painful as you think.
And if you persevere, there are great rewards to be had.
I’ve often spoken about the importance of finding a mentor, or partnering with someone you trust to help you navigate the peaks and troughs of this journey.
One of my greatest achievements is that I’ve built a company with people who share my own commitment to helping others reach their financial goals by showing a genuine interest in what our customers want and how they want to get there.
Investing the time in finding people who are supportive of your journey, who care about your success just as much as you do, is as important (if not more so) than investing in actual property itself.
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The simplest truth that if you change nothing, nothing will change. If you continue to be so fearful of making the wrong decision that you make no decision at all, you’ll be giving someone else the power to determine your financial future.
My advice is to think about that instead and use that as motivation to push through fear and find your way to freedom.
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