At the beginning of this year I talked about filling your cup and keeping it full. And to be honest, I have been working this year to keep my cup full, but in doing so I feel like I have gone backwards.
But in reality, I didn’t go backwards, I just didn’t go forward. I simply paused.
Often in the property world, there is little time for pause. Its a fast paced and competitive driven industry. If you’ve ever been to a property event or seminar and spoken to property investors and property enthusiasts, the energy rises, both in the room and in their voices, as they talk about their latest and greatest deals. Sometimes it even feels like they are trying to out do each other with their property stories.
To me there is always an overwhelming feeling of FOMO*… If you don’t have a deal or build underway then you are missing out. It seems to me that most of the industry is driven on hype and if you’re not buying into it, you’re being left behind.
But, that’s the great thing about property… there will always be another deal. Sure, there might be some great deals that pass you by, but there will always be more great deals just around the corner.
There is actually greater risk to you buying into the hype and hysteria of getting into property investing before you are ready than there is of waiting. It’s a common mistake that many first time investors do… Buy property way before they are ready. Before they have done the ground work. This is why many Australians buy one investment property and only hold it for a short time and then sell it. They bought into the hype, didn’t do the ground work and didn’t buy a property suitable for them.
Of course, some people will feel like they are never ready, but that’s a whole other blog post. What I’m talking about is not really knowing what you want to achieve with property, what will be the best property path for you and most important of all… WHY you are investing in property in the first place.
So, while I felt FOMO to a degree, and you might feel it too… You are not missing out by pausing. There is great power in the pause.
Taking time out to pause is not only a great time to fill your cup, it is also a wonderful opportunity to stop listening to the chatter around you and start listening to your gut. It’s a chance for you to reflect on your path to date and contemplate your path going forward.
Ask yourself what you want to achieve with your property and why. Consider your current situation, ponder your skills and abilities and ask yourself what steps you need to take to get you to where you want to be. Visualise what your future looks like.
It sounds really basic, and you know what? It is basic! But so many people don’t do it. They see what others are doing with property and follow the same path without evaluating if it’s the right path for them, if it will get them to where they want be and if it’s actually what they WANT to do!
Hands up if you are guilty of living someone else’s life right now?
So over the Christmas break and into the New Year, again I ask you to spend time filling your cup and while you’re at it, take time to pause, without the guilt and FOMO, and consider your own journey going forward. Ask yourself what you want to achieve and why.
Trust me, your future self will thank you!
Until next time…
Chicks and Mortar – Building property confidence
*FOMO = Fear of missing out