"Fear keeps many of us from getting what we want, especially in matters of money. It’s true for me and it’s true for you."
Six reasons most property investors don't get rich
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Having worked with thousands of property investors over the years, I discovered that successful investors do things in a certain way that helps them become rich while others continue do things differently and, in general, they tend to struggle.
I’ve come to the conclusion that when you do what most successful investors do, you get to become one of them, and if you don't, you won’t.
So let’s look at six simple reasons most people will never get rich and how to make sure you do:
Reason 1: Most people wait too long to start
Most people can’t wait to succeed yet they are willing to wait to get started on the road to success.
Many investors are waiting for everything to be “perfect” before they get going. They wait for the right time in the cycle, the right property, the right economic environment or the right interest rates. All this means they never get going.
The longer you wait to get started with your investing, the longer it will be before you get the money, success and freedom you want. It takes time to grow real wealth. It takes time for the power of compounding to work its magic.
You need to understand that the timing will never be perfect nor will you ever have all the information you want. You need to develop the confidence to make an investment decision based on knowing enough and realising that you will learn the rest along the way.
Reason 2: Fear stops them
Fear keeps many of us from getting what we want, especially in matters of money. It’s true for me and it’s true for you.
Be honest with yourself and count the number of times fear has prevented you from taking action and, in the process, cost you a lost financial opportunity.
In the matter of property investment fear holds many investors back. Some fear taking on more debt, others fear failure and some even have a fear of success (will my friends still like me?).
Successful investors have learned to harness their fears and rather than focus on the negatives, they use fear to force them into positive action. For example, rather than allowing fear of debt to stop them taking on the commitment of buying a property, they use the fear of not moving forward with their investments to motivate them.
They use the fear of being stuck in their job for the rest of their lives, without the financial independence that they are craving, to motivate them to take on the commitment of an investment property.
Just like a river, fear can be bridged. The river of fear is only as deep and as wide as you allow it to be. And once you’ve crossed that river of fear and experienced the success on the other side, you usually look back and wonder why you were ever afraid.
But here’s the catch. The only people who actually realise this are those that have crossed the river and stand on the other side.
Money and success live on the other side of fear.