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Are you good enough?
One of the biggest fears all of us face every day is that we are not good enough. If you don’t believe me, let’s do a simple test here.
Have you ever worried about that you are not good enough as one of the following:
- A husband or wife?
- A father or mother?
- A boy friend or girl friend?
- A boss or manager?
- An employee or work colleague?
- A son or daughter?
- A friend?
- Etc...
If you are a normal person, the chance is that you would say ‘yes’ to one or many of the above.
Who is the judge here to say that you are good enough or not?
- I can hear some men say “my wife is definitely the judge as she constantly reminds me that I am not good enough.”
- I can also hear some women say “my husband is definitely the judge as he constantly reminds me that I am not good enough.”
Many people believe that other people (not themselves) are the judges for whether they are good enough.
Is it really?
Let’s go along with the assumption that other people (rather than yourself) are the judges for whether you are good enough, and see what happens.
- Let’s say your wife is the judge of whether you are good enough. It is only fair to assume that you are the judge of whether she is good enough, is it not?
- Since you are the judge for whether you wife is good enough, you can simply decide that she is not good enough to judge whether you are good enough!
Can you see that you are always the judge for whether you are good enough? This is why whether we are good enough has nothing to do with others, it is simply a self judgment.
I know you would probably ask what this has got to do with property investing?
A lot! Let me explain.
If you are a normal person who happens to become a property investor, the self judgment of whether you are good enough will be carried through to your property investing activities with or without your consent.
For example, if you have the tendency of worrying about whether you are good enough, you may experience the following 2 sides of the same coin:
- The upside is that you know that you need to improve, so you will be constantly learning and try something new; it is usually how we get started and get better in property investing.
- The downside is that you would probably not allow enough time and attention to make your existing strategies and systems work to their full potential, you may have taken away the momentum required to be financially successful because you keep changing things before they even make you any money.
Here are some downside examples:
- Many investors have made solid money from some boring property and finance strategies they learnt at the beginning of their investing life, now they are chasing strategies that are a lot more fancier, as they feel that the old strategies are not good enough any more;
- Many investors would only go to seminars to look for new information only, they believe new is better, and old information is not worth reviewing as they are not good enough. So they spend most of their time focusing on learning something new instead of understanding better what they already know so that they can put them to practice;
How do you know when you are good enough? ….And when you are not?
Let’s see a comparison between an Entrepreneur and an Investor.
- A typical entrepreneur usually holds the attitude of ‘nothing is ever good enough’. They have the urge for innovation and always challenge the status quo. The entrepreneurial spirit is very important if you want to start something new or set new standards. Entrepreneurs value innovation and challenge over stability and consistency. They believe money is made.
- A typical investor usually holds the attitude of ‘near enough is good enough’. They are more content with average historical performance and proven strategies. The investor’s spirit is very important if you want to allow systems and momentum to work for you. Investors value stability and consistency over innovation and challenge. They believe money is given.
Summary
Each one of us has both the entrepreneur and the investor inside of us, the entrepreneur always says that you are not good enough, the investor always says that you are.
The trick is knowing which one to listen to. My take is:
- When you listen to the entrepreneur for too long, it is probably time to listen to the investor.
- When you listen to the investor for too long, it is probably time to listen to the entrepreneur.
So, are you good enough?
You are always good enough, even when you are not.
Announcing the Investors Direct™ Mid Year Seminars...
We will be running a series of whole day seminars in June and July in Brisbane, Sydney, Perth and Melbourne. This is an educational event designed specifically to address property investors at all levels.
We haven’t run a whole day seminar for more than 6 months, it’s a good time for everyone to come and reinforce what you already know, discover new information and network with other investors to exchange ideas and experience.
"The New Height of Financial Thinking"
Reaching the money others don't see
Proudly sponsored by:
We have designed the day in a way that while some of the information is good for beginners, it is also good for experienced investors to develop deeper level of conviction and understanding.
We will also have a few successful clients that have amassed large property portfolios sharing their investing journey with the audience, some are beginners and others have very large portfolio, they will bring lots of real life experience and inspiration to everyone.
Some of the topics I will discuss are:
- 10 types of property investor... which one are you? And how to kick start your investment activities NOW;
- 11 ways to instantly increase your borrowing capacity - without increasing your income;
- 3 stages of property finance - How to plan ahead with your finance so that you can grow a large portfolio.
- 9 little-known ways to create instant equity - using little or none of your own money;
- 9 ways to create instant cash flow - they are easier than you think;
- 6 deadly traps financiers don’t tell you about - which could hurt your investment;
- 20 most common mistakes investors and financiers make with property finance - and how you can avoid them
- Why finance is the main reason you invest in properties - and property is merely a vehicle to obtain finance;
- Why there ARE no rules in property finance - if you know how;
- The quality of an investment - it is not about growth and yield;
- What is your overall strategy? - Cash flow, capital gain, renovation & development? There is no point winning all the battles in the wrong jungle;
- Home owners buy properties, property investors don't - They buy something else that makes more money;
- The Investors DirectTM 7 year finance model - A demonstration of equity based finance;
- Two ways to make money decision - Realise the unconscious behaviour consciously;
- What is the Security Spectrum? - Your property is not the security, understanding this will lift your investment to another level.
- Buy and Hold properties is not an effective strategy - what is then?
- The hidden structural movement of the residential property market - How sophisticated property investors make use of this hidden movement to quietly go about making their money.
- How do lenders view your property? Investors normally only put in 20% of the money, and lenders put in the rest. Wouldn’t it be logical to find out what lenders think of your investment?
- Have you got a roadmap for your property investment? If you don’t know where you are going, you might end up just about anywhere;
- Emotion vs Systems: they are both useful, the trick is knowing which one to use;
- Money Systems - how do you draw your financial boundary and control the flow of money?
- Property Systems - how do you select and work with residential properties?
- People systems - how do you make sure that you are in control?
- Allowing money to come to you - how do you make money with little effort?
- Allowing money to hang around - how do you stop losing money for no reason?
- Q & A and live case study from successful investors.
The investment for the day is $79 per person, but if you would like to bring a friend or family member along, it will be $79 for you and your guest. All you need to do is to put down their name when you register online. We appreciate your referrals.
The Investors Direct team and I are looking forward to seeing you and your friends and family on the day.
Please click on the following links to register online:
| Perth |
Saturday 23rd June 2007, Mercure Hotel |
| Sydney |
Saturday 30th June 2007, Sydney Masonic Centre |
| Brisbane |
Sunday 1st July, Mercure Hotel |
| Melbourne |
Saturday 7th July, Arrow on Swanston |
It will be a great day for everyone to come, and our generous sponsors www.propertyupdate.com.au, Residex and API magazine and us have put together some great bonuses worth nearly $500 for you at the door as well.
Click here to find out more.
I look forward to seeing you soon.
Kind Regards,
Bill Zheng
This article was written by Bill Zheng, founder and CEO of Investors Direct™, a leading property finance company that provides financial solutions exclusively for property investors and understands that your mortgage is an asset. Bill has been a keynote speaker for numerous high profile property and finance conferences throughout Australia and around the world. For further details about Investors Direct™, please go to www.investorsdirect.com.au.
Copyright © 2001-2007 Investors Direct™.
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