After 35 years in the Finance industry I’ve met a lot of people. And I’ve come to the conclusion that there are basically two types of people in this world.
There are those who do things and there are those who don’t.
Those who do things tend to be motivated, interested and committed.
Right now, these kind of people are out in the market buying up properties and setting themselves up for the future. They are taking advantage of market opportunities because they are prepared for them and are moving into action.
Meanwhile, those who don’t do things, are filled with doubt, are procrastinating and trying to second guess their own decisions. Even worse, are those who are trying to second-guess the professionals they approach for advice. These people are worrying about whether it’s time to refinance, fix their rates or whether they should wait for things to go even lower, before they act.
Now I’m not saying that these particular traits are necessarily good or bad. But what I have observed over the years, is that action causes results. Naturally, results occur whether you take action or not. The question is whether you want to have control of the process and make the actions happen or sit back and let the actions happen to you. Of course, to take any action you must make a decision.
Any decision you make simply leads you to a result. It’s that result that leads you to another decision. Are you happy with the result or not? If you are happy with the result, then naturally you will decide to continue and if you’re not happy then you can decide to make changes. Some people are afraid of making mistakes and so are paralysed into taking no action at all. Usually there is an unjustified fear of being wrong. Somewhere along the way they bought into somebody else’s idea that being wrong is, well… wrong.
I don’t believe making mistakes is wrong. Mistakes just mean that you have found a way not to do something. There will be other ways and you will find them. There is no right or wrong involved.
So, do those people who do things make mistakes? Of course they do.
For example, prior to the GFC I bought properties using Asset Finance and I accumulated a good sized portfolio. After the GFC, Asset Finance dried up, so funding properties became much more difficult. I had to sell some of my properties which was quite painful at the time. But you know what, I knew it was just the result of decisions made with the best of intentions based on what worked at the time. The result wasn’t what I wanted so I changed the plan to reflect what I wanted to achieve. I learnt from it and I gained experience. There was no right or wrong involved.
Accumulating mistakes gives you experience and experience helps you to understand the world much better so you can make smarter decisions.
It’s not the mistake that stops someone, it’s the accumulated experiences you have during your life that determines how you face any challenge.
Do something today by making the decision to review where your finances are at. In fact, make a decision to contact me at firstname.lastname@example.org and let me give you the benefit of my experience!
Now that’s something to do!