Well another year is coming to a close and unfortunately for quite a few people, what is also gone will be another year of missed opportunity in moving towards their financial freedom.
The biggest risk with this time of the year is thinking that everything can wait until January or “next year”. After all everything is so busy at the moment no one has any time do anything extra do they?
I was recently asked to present to some property investors on what strategy they can use to accelerate their progress toward financial freedom. Although I was the teacher in this case, I always consider myself to be a student as well, as I am always looking for what I can learn. So I sat down with a few of the group to ask what they had been investing in and what results had been achieved and the responses were quite interesting.
One quite vocal man knew exactly what he was going to do to provide the future he and his family desired. He had done all the training, been to all the seminars, read all the property books and graduated most of the strategy courses. He had set himself up properly for his long term success with all the right trusts and structures (thanks to good accounting advice) and he was full of enthusiasm to roar off the line. While asking him some more questions I discovered that his original plan had been devised 5 years earlier after attending some seminars and beginning his investor education, so I asked how he was travelling with it. His response is something I hear all to often.
“It took me a while to get it moving. Work and life are just so busy (we can all agree to that ☺) After a couple of years I finally got the first development site but haven’t really done anything with it since. I need to look at my next steps……….”
So even with the best laid plans created by him and his mastermind team he was technically still at the starting line so why is this?
The reason is that investing can be, to put it mildly, damn inconvenient:
- it takes Time (sometimes a huge amount, depending on your strategy it can seem like another full time job)
- it takes Administration (keeping all the paperwork in order, maintaining taxes and income verification for the regular finance applications, documenting all your returns so you can analyse which investments you should keep and which have delivered everything they can deliver)
- it takes Money (investing will require a consistent flow of money which can only come out of what could otherwise be spent today)
- it takes Courage (having the strength to regularly look at your finances, where you spend your time, the investment decisions already made to)
- it takes Communication (consistently discussing progress with life partners, investment partners, advisors and mentors to make sure you stay on your path)
- But most of all it requires you to TAKE ACTION (regular consistent action towards your known outcome will always beat sporadic investing.)
Now on the night, I was able to compare this to another investor I was speaking to. He had also known what his end goal was for the family to achieve financial freedom. He didn’t have a defined strategy and his property had performed in his own words “average at best.”
However he had regularly taken action towards his goal and was now in a position where he can live off his rental income if he chooses. That sounds like Freedom to me.
The concern I have for the first time investor who is reading this, is that without doing something you will never get an outcome and therefore you will not be any closer to your goal. Every journey starts with a single step. But you have to take that step. And then you will need to keep going as the only way you will reach your goal is if you keep taking the rest of steps required.
If you would like help with your strategy or direction, or even more importantly if you need help to just get started or maintain your momentum, then please contact us and we can partner with you on your journey.
Your first step would be to contact Natalie to enquire about our seminars. Call 1300 663 836 or email her at Natalie@investorsdirect.com.au
Keep moving and happy investing!