If you cornered me and asked me to come up with one single trait that I have found in common amongst the successful investors I’ve come across… what would that be?
Obviously, there are a number of important factors underpinning success, but after recently speaking with Robert, I’ve come to the conclusion that there really is one critical attribute that stands above virtually everything else when it comes to creating success in your investing, in wealth creation and in fact in all areas of your life.
You see…Robert came up to me after attending one of my seminars and thanked me. He said he learned a lot and was inspired.
He then shared with me that he’d been to almost all of the seminars that I’d conducted in Sydney over the last 10 years. When I asked him how many properties he owned he told me he was still getting ready to buy his first investment. He was waiting for everything to be “just right.”
Of course I couldn’t help but explain he’d be much wealthier today if he had bought almost any property when he first considered investing 10 years ago, even if he had made a terrible mistake in his property selection.
At the time we were paying less than $300,000 for an average house in Sydney; $245,000 in Melbourne; $144,000 in Brisbane; $149,000 in Perth; $188,000 in Darwin; $128,000 in Adelaide and $113,000 in Hobart. Fast-forward 10 years and look what you’d pay for that property today!
So what is this characteristic all successful investors share?
It’s that they make decisions and take appropriate action.
In his classic book “Think and Grow Rich”, Napoleon Hill outlined 17 principles that he found to be responsible for the success of the world’s top business leaders of his day. Way back in the 1930’s, Hill discovered that all of the most successful people had the habit of making swift and committed decisions.
This principle, which is just as relevant today as it was almost a century ago, holds the key to determining the level of success you will achieve.
I’ve found successful investors gather the necessary information quickly, make an informed decision and then take appropriate action. They are able to see the big picture and don’t get caught up in the detail.
And even when they don’t have all the information they need, they believe it is better to make a decision with some information, than not to make a decision at all. They then take action and gather the balance of the information as they move on.
Of course, they don’t always make the right choices. However, over time, the number of correct decisions they make far outweigh the incorrect ones and this propels them to investment success.
It should come as no surprise that others who procrastinate and avoid taking action rarely achieve much success in their lives.
Why is taking action daunting for so many people?
One of the big things that holds back so many potential investors is fear. Especially the fear of making an incorrect decision or of failure.
The problem is that as human beings we like to feel in control. We like to have choices. However, when you take action you’ve made a commitment towards one choice, thereby eliminating a number of other choices that you could have made. So subconsciously we procrastinate, thinking it has left us with options.
The trouble is, we’ve really made a decision not to make a decision. And that decision has it own consequences.
Do you find it easy to make decisions?
Currently the world is riddled with uncertainty and unpredictability. This makes it difficult to be sure of what actions we should take and leads to procrastination.
However, if your life isn’t where you want it to be right now, it’s likely that you are not making the right decisions or taking the appropriate actions to move you forward.
How do successful investors manage to take decisive action?
The fact is that successful investors are faced with just as much uncertainty in their lives as the rest of us, however they manage to take action because they have focus. They have clarity about where they want to be.
Successful investors follow a plan. They know exactly why they are investing in property. They have a property strategy, a finance strategy and a tax and asset protection strategy.
Every time they have to make an investment decision, they evaluate their actions and the potential consequences in light of their plan and their goals. If the action will move them closer towards their goals, they go for it. This makes their investing more predictable, their decisions less emotional and their results more consistent.
It was no coincidence that when I became clear in my goals I began associating with other successful investors who were already very clear in every aspect of their property investing. I don’t know who said it, but…”to become successful, hang around successful people.”
The interesting thing is that when you start associating with successful people, you begin to change without knowing it – you act, talk, think and dress like them. You begin to see things in a positive new way.
The lesson from all this is to make a commitment to yourself to start taking decisive action and move yourself closer to the investment success you desire.
Unfortunately this is harder today in our schizophrenic economic climate. That’s why it’s important to understand that there are..
4 types of knowledge you need to seize control of your financial future:
To make the most of our current turbulent economic and property markets strategic property investors will need:
1. Unbiased economic insights.
2. Education based on proven property investing principles and strategies.
3. Guidance from expert investors who have been there, done that.
4. Insider information so you can spot market trends that are “hidden” from the average investor.
That is why it is critical to learn from experienced and successful property investors, from someone who has already achieved what you want to achieve and has retained their wealth in the long term.
And that’s precisely what you’ll get at our upcoming Property & Economic Market Update 1 day trainings I will be holding around Australia next month.
I won’t be conducting similar seminars until well into next year, so please click here now and get the full details and reserve your place.
Economic and finance specialist Rolf Schaefer, accountant Ken Raiss, as well as local experts and myself, plan to give you straight forward, no nonsense, practical steps and honest answers to improve your property performance this year and into the future.
To reserve your place or to find out more, simply click here now and I’ll give you my personal guarantee your time will be well spent. I’m looking forward to seeing you on the day.
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.