If you’re like me I bet there’s things you’d do differently today knowing what you know now.
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.
1. The value of education
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
To become rich you must learn to delay gratification as wealth is the transfer of money from the impatient to the patient.
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- Also read:This week’s Australian Property Market Update – Latest Data, State by State November 28th, 2023
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
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
Sure our property markets are improving, but correct property selection is even more important than ever, as only selected sectors of the market are likely to outperform.
Why not get the independent team of property strategists and buyers' agents at Metropole to help level the playing field for you?
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