Lacing on your running shoes and pounding the pavement is a common way of keeping fit.
But what about the people who go the extra mile?
You know the ones – they’re the social runners who start out running five kilometres and then keep upping their distance goals.
The next year they might train to complete 10 kilometres and the year after that it’s a half marathon.
Then their focus shifts to the ultimate goal – a marathon – and they spend countless hours training.
I’m sure we all know people like this in our social circles, but what does running have to do with real estate investing?
What can property investors learn from marathon runners?
More than you might think as it turns out.
1. Big goals
Marathon runners share the same mindset as successful property investors because they think big.
They set big, sometimes lofty, goals and then go about achieving them – literally step by step.
You know what I’m talking about – runners understand that it will take time to be fit enough to complete a marathon.
They don’t bite off more than they can chew within six months of completing their first fun run.
Instead, they put in the many training hours required to achieve their goal.
Ditto with successful property investors who set audacious goals, knowing that it will take a long time to reach them.
And that’s because they…
2. Look to the future
Potential marathon runners don’t believe in instant success.
They know they will need to train many times a week, every week of the year, for potentially a number of years, before they’re ready to attempt running 42 kilometres.
The thing is they share that “long-game thinking” with property investors.
Smart investors know that wealth creation takes time, which means they steer clear of spruikers promising “get rich quick schemes”.
Because they’re prepared to…
3. Pace themselves
Just like completing a marathon, property investors know that success involves a huge number of steps.
Let me explain: instead of giving up at the first hurdle, investors and runners pace themselves and never lose sight of the finish line.
That’s because they know that slow and steady often wins the race.
Instead of trying to outrun the pack at the start – or blindly buying a property in the midst of a boom fuelled byFOMO – investors and marathoners adopt a slower, more measured, rhythm.
That way, while others fall by the wayside, they can keep up the pace, and keep buying investment grade properties, to achieve their goals.
And they do it in…
4. Rain or shine
The reality is that to run a marathon you need to train all of the time – in rain, hail, or shine.
That’s why you’ll see serious runners clocking up the miles in all types of weather.
It’s no coincidence that successful property investors do the same thing.
What I mean by that is they move forward with their wealth creation goals regardless of what the market or the economy is doing at the time.
Even in times of restrictive lending, savvy investors will continue to add to their portfolios.
And they’ll do so when the market is soft, too, because they understand that it’s a wise strategy to buy when other, less educated, investors are fearful.
Often they do this by having a…
5. Helping hand
Another similarity between marathon runners and property investors is that they seek out coaches who have achieved the same goal that they have set themselves.
Perhaps they join a serious running group whose members have a number of marathons under their belts.
Likewise, educated property investors understand the value of working with professionals who can help them reach their wealth creation goals.
The key is they only seek out mentors who have mastered what they want to achieve.
They know that looking for guidance from someone who got lucky solely from a single property market upswing makes little financial sense.
Instead, they look for mentors who succeeded over multiple market cycles.
I know what you’re probably thinking…
Does this mean I have to start training for a marathon?
No, of course not. I haven’t run a literal marathon for, well, all of my life.
What I have done, however, is put in the time, effort, dedication and self-education over many years to achieve financial freedom.
And I’ve used property investment as the vehicle to achieve that goal.
At the end of the day, wealth creation happens slowly – just like training for a marathon.
They key is to never give up and to keep your eyes on the finish line.
Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on
If you’re wondering what will happen to property in 2020–2021 you are not alone.
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