What’s The Most Important Element To Success?

What’s The Most Important Element To Success?
An Editorial By Phil Anderson - Tuesday August 1st

Have you ever noticed that some people tend to get ahead in life?  Success seems to come easily, and challenges that we all face in life just don’t seem to weigh them down. Someone’s mindset can be the definition factor that either helps or hinders success, and successful investing is no different.  Here are some crucial tips that can help you create the habits you need to achieve your goals.

I consider possessing the right attitude for successful property investing more important for creating wealth than access to large sums of money, opportunities or even a support network (though all these things certainly do help).

 If a better financial future is what you want then you need to think differently.  Statistics from the Australian Tax Office tells us that less than 1.2% of investors who own at least one investment property go on to own 5 or more.

From 25 years of investing experience I can tell you that most investors never get past owning more than one property and achieving their financial goals because they have not committed themselves to the right mental processes and framework in order to achieve their goal at all costs.

Here are some stepping stones that can take the average person from dreaming their financial goals to actually living them:

KNOW YOUR WHY - What motivates you?  Be it security for your family’s future, or breathing room in a comfortable retirement it’s important to understand “Why” you are doing what you are doing.  Once you understand the “Why” the “How” will follow.

THINK OUTSIDE THE SQUARE - There is a solution to almost every “problem”, and carrying this attitude into your investing career (as well as your life) will be invaluable.  For example, maybe investing in another state or even in a different property type (such as land for example) could help you overcome requiring large deposits.  You will be amazed by the opportunities that are out there but rarely get taken up due to lack of vision.

EDUCATE YOURSELF - Regularly read books and attend seminars held by potential mentors who have already walked the journey you wish to take.  You’ll be astounded by how many other people are in the same boat as you, and your growing knowledge base will take you far, so start to get educated on the process and learn how to ask the right questions.

CREATE A TEAM - The days of doing it on your own are over. Today all kinds of professionals, such as personal trainers or business coaches, bring years of knowledge to the table.  Having team of reliable and trusted advisors around you to support you on your journey is invaluable, and learning how to leverage off other peoples time (OPT) is a skill.  After all these years I still rely on my team each and every day.

ANALYSIS PARALYSIS - Don’t sacrifice good for perfect. Time and time again we see research overload create a barrier to actually achieving anything.  This can lead to an overwhelming feeling and actually hinder a strong decision making process.  Back yourself and your advisors and the results will follow.

REMOVE THE EMOTION - When it comes to investment decisions allow the numbers to do the talking and push emotion out of the equation.  Less successful investors focus on problems rather than solutions. Does this last sentence relate to emotional state?

CAREFUL WHO YOU LISTEN TO - Self serving advice can be a killer, so I strongly recommend to “google” and research anyone who is providing any kind of help.  In a personal sense family and friends can discourage good decisions because they either don’t share your vision or are simply allowing a bad experience to cloud their thinking. Perhaps those less supportive are not the ones you should be taking advice from.

At our next complimentary MEMBERS ONLY live webinar I will be taking a close look into which areas of the country I think are set to become Hot Spots for investment. I’ll also focus on how to locate the right property types in the right locations so that investments actually pay you each week for owning them!