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11 things I wish I knew when I started investing | Sky Real Estate News Interview with Michael Yardney

If you’re like me I bet there’s things you’d do differently today knowing what you know now.  Business Patient

I’ve been investing for over 40 years and I’ve certainly made my fair share of mistakes along the way and paid huge “learning fees” because of them.

However, instead of being defeated, I learned from each error and moved forward a little bit wiser.

If you ask me that’s one of the keys to investment success – the ability to pick yourself up from setbacks, learn what you can from them (including your own limitations) and simply try again.

However looking back here are some of the things that I wish I’d known when I first started investing:

1. The value of education  

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My first couple of investments were successful, but the worst thing that can happen to a beginning investor is to get it right the first time – you think you’re smarter than you are, when in truth my early successes were because of a rising market rather than my own “brilliance”.

I still continue with my education and personal development to this very day.

2. Goal setting

Setting goals helps you focus because if you don’t know where you’re going, while any road may get you there, every road may also get you lost.

3. Create a property team.

4. Delaying gratification 36308275_l

To become rich you must learn to delay gratification as wealth is the transfer of money from the impatient to the patient.

5. Overcome your fears

6. Understanding the power of compounding and leverage

The earlier you start investing and the longer you hold your properties, the more time your money has to grow. And with a long-term horizon, you don’t have to be overly concerned about the ups and downs of the market.

7. It’s not a get rich quick scheme

8. Ignore white noise 14011966_l

Learn to ignore the “white noise” and keep your eyes on your long-term goals while not taking notice of short-term market vagaries.

9. Both capital growth and cash flow are important

10. Location is non-negotiable

11. Gratitude is important



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About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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