Well, that’s it! Another year all but over. Time to roll on to 2017.
2016 was a huge year. Do you agree? So much happened and in particular, so many unexpected happenings.
Who would have ever thought that Donald Trump actually becoming the next US President, the UK would want to leave the EU and 2016 would result in the deaths of so many accomplished and renowned people – David Bowie, Gene Wilder, Prince, Florence Henderson, Muhammad Ali, Harper Lee, George Michael to name a few.
Of course, it’s almost impossible to overlook the civil unrest that is happening around the world. It seems to me that 2016 was the year that fear and doubt reigned and it was common place to expect the unexpected.
In the world of property, 2016 was a year of caution. Which is not unusual considering we had an election, the US had an election and the UK voted on the Brexit. For many, it was a wait and watch year.
Not to mention, despite our interest rates going down throughout the year, mortgage stress and defaults were at an all time high. For many it was simply a case of keeping your head above water.
Will 2017 be the same? Who knows.
No one knows what is just around the corner. That is why it’s important to build a sustainable yet adaptable plan and growth strategy to see you into the future.
So how can you keep control and create a growth strategy in times of change? Here are three simple steps that you can implement:
1. Recognise there will always be change – There will always be uncertainty and risk both internal and external. Recognising that you cannot control a lot of what is going on with the economy, with politics, with the world will help deal with the stress and overwhelm that often comes when thinking about such things. Identifying what you can control and what you can change within yourself will also help immensely. The only thing that is predictable in this crazy world is change. We are always in a state of constant change.
2. Maintain a good buffer – I mention this a lot of times and cannot stress it enough! Make sure you have a good buffer in place to mitigate the elements of uncertainty. Have funds put away to cover the unexpected and have a back up plan if Plan A doesn’t pan out. Buffers are your best friend in times of uncertainty.
3. Know yourself, inside and out – Times of uncertainty often calls for quick thinking and fast decisions. The more you know about yourself, your numbers, your situation, your end goal, the quicker you can make a decision. It’s one of the basic steps you can take to arm yourself against uncertainty. It’s also one of the most effective. If you know what your finances are like at any given moment you then know what you can and cannot afford and can make a quick decision if an opportunity comes up. If you know and understand your risk profile, your skill level, your time constraints etc, this will also help you to factor in all elements really quickly and make confident decisions.
Maintaining optimism and a positive attitude in times of uncertainty also goes a long way. So as we go into 2017, remember to focus on the things you can control and work on making 2017 the best year for you.
Until next time…
Chicks and Mortar – Building property confidence