Success doesn’t just happen.
It’s planned for.
You must be intentional about it and that takes discipline
What plans do you have for your future?
For your investments, your career, your business, your life?
It’s much easier to plan than just hoping for things to happen.
You see planning is helping to bring the future into your present so that you can make some things happen right now.
In my chat today with leading financial advisor Stuart Weymss, we talk about how he sets his goals, and plans for the future; and considering that he’s very successful in many elements of his life I think it’s worth hearing what he has to say.
We also share lots of useful information about investing, so at the end of today’s show, you’ll have better direction about how to make 2022 a great year for your investments and business.
2022 Plans and Predictions
I read an interesting quote recently - “The tragedy of life doesn't lie in not reaching your goal. The tragedy lies in having no goals to reach.”
Much has been written about goal setting and there are lots of podcasts about that, so today I won't bore you with another podcast about how to set goals, but I want to chat with somebody who set himself some audacious goals and has managed to achieve them, in order to help you make 2022 a great year.
Recently leading independent financial advisor Stuart Wemyss wrote a great blog on his predictions for 2022 and how he plans to take advantage of the year, so I thought it was worth having a chat with him to see what he believes 2022 might bring us in investment opportunities.
Do you set yourself goals?
Last year’s property boom was part of the design for Australia’s recovery from Covid – low-interest rates and various incentives were aimed at creating the wealth effect: encouraging people to spend while other incentives encouraged first homeowners to get into the market – it will be a very different year this year.
However, I see 2022 as the year many investors try to catch up, realizing that they missed out on the great profits of last year.
The problem is they will get it wrong because this year won’t be the same as 2021.
It means there will be more property casualties this year.
What risks and opportunities do you see ahead in 2022?
- Tightening of lending / APRA interfering
- Rising interest rates – RBA unlikely to hike but banks may.
- Inflation become endemic – unlikely at present
- Another nasty strain of Covid
- Supply chains not freeing up as quickly as many think they will
- Rising interest rates in the US
- Politicians interfering with the housing market to win votes
- Geopolitical risks
Have you used the risks and opportunities that the market could offer us this year to help you set your own business and financial goals?
What goal-setting process do you use?
Of course, you can minimize mistakes by putting together a well-formulated investment strategy and action plan based on your clearly defined financial goals and, most importantly, the reality of your situation.
Planning is key with everything really and investment is no different. You wouldn’t build a house without a set of plans or drive to a destination without first thinking about the best route to get you there. The same applies to investing
Common mistakes that trap the unwary
- Following the wrong financial plan
- Blindly turning your investments over to a “professional” to do your investing for you
- Focusing on the “investment” and forgetting about you the investor
- Focusing on "saving" versus investing
- Falling victim to the prevailing investment myths
- Not treating your investments as a business
Links and Resources:
Stuart’s Book – Rules of the Lending Game & Investopoly
Some of our favourite quotes from the show:
“Having goals and just looking at them works subconsciously, doesn’t it? It’s a GPS, it finds what you’re looking for.” – Michael Yardney
“I think it’s worth setting some audacious goals to take advantage of what – if you do the right thing – could be another good year.” – Michael Yardney
“By developing a simplified way of thinking, of communicating, of performing, you’re going to break through that ceiling.” – Michael Yardney
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