Key takeaways
One of the most common questions I'm asked by beginning investors wanting to fast-track their success is: "Knowing what you know now, if you were to start all over again, what would you do differently to speed up the growth of your property investment portfolio?"
When I eventually recognised I didn't have to do it myself or learn from my own mistakes – it was one of my biggest "aha's". In fact, I sometimes joke that some of my best thinking was done by other people.
We all need to learn from mistakes – this helps you get it right and move forward. The only question is, whose mistakes? Yours or those of the successful investors who have already achieved what you want to achieve?
In this article i explain a number of other things that I know now, that I wish I knew "then."
One of the most common questions I'm asked by beginning investors wanting to fast-track their success is:
Knowing what you know now, if you were to start all over again, what would you do differently to speed up the growth of your property investment portfolio?
I usually explain that in hindsight I would have spent more time educating myself so that I would not have made the mistakes I did in the first 10 to 15 years of my property investing.
Sure, I have a very substantial property portfolio now, but it would have been much, much bigger if I knew then what I know now.
The first step along the investment path is educating yourself
It's what I still do today to keep growing and it's what all successful investors do.
In my effort to achieve greater success, many years ago I discovered that my own learnings and experiences weren't enough.
So I started to look elsewhere and turned to books, teachers, mentors, and even consultants for advice.
And they all seemed to point in one direction – you can learn from history.
Books recounted stories, teachers explained the research, mentors taught from experience, and consultants cited best practices.
What this meant was that I didn't have to start from the beginning and learn from my own mistakes.
I could start where someone else had left off. I could give up my need to "do" in order to "learn".
In fact, I could learn faster.
When I first started investing I wanted to do it all myself
I guess there were two reasons behind this.
Firstly, I thought it was the best way to learn, and I also thought doing it all myself would save me money – but in fact, it cost me lot.
Experience is an expensive teacher.
When I eventually recognised I didn't have to do it myself or learn from my own mistakes – it was one of my biggest "aha's".
In fact, I sometimes joke that some of my best thinking was done by other people.
Years ago I read a great book by Tony Robbins - Unlimited Power - and he put a name to what I was looking for - modelling.
He described the process for finding these proven models, saying you should look at the very best people in a field and study what they do, how they behave, and how they think.
Then you should do the same because when you do, you can often repeat their success.
The key is to learn how they achieved their goals and then understand why they did it that way
When you grasp these two things, you can start off where they left off.
When I realised this I started to become an avid reader of success stories looking for models to base my own growth on.
I looked for people who had already achieved what I wanted to achieve, studied how they did it, and then tried to work out how their minds worked.
I recognised that we all have personal ceilings of achievement that are based on our current thoughts and habits.
Note: We are restricted by our internal wealth programming.
What this means is that your wealth can only grow to the extent that you do.
An analogy is to think of yourself as a cup.
If your cup is small you can only accumulate a small amount of money, any extra will spill over and you will lose it.
You simply cannot have more money than the size of your cup.
The answer is to grow yourself into a bigger cup so that you attract and keep more wealth
You do this by upgrading your wealth programming – the way you think and react to money.
The universe abhors a vacuum, which means if you develop a large money container wealth will rush in to fill the space.
So upgrade your way of thinking and become a bigger person and you will attract more wealth.
Most Australians want to improve, grow and lift their personal ceilings of achievement.
However, they think they can do this through trial and error – they are prepared to learn from their mistakes.
Sure they can learn and improve this way – but only so far and so fast.
Interestingly we discuss these factors (plus much more) in depth at Wealth Retreat.
- Also read:Avoid these 12 reasons Property Investors Fail to build a Multi Million Dollar Property Portfolio
- Also read:Latest property price forecasts for 2025 revealed. What’s ahead in our housing markets in the next year or two?
- Also read:This week’s Australian Property Market Update – Latest Data, State by State November 12th 2024
- Also read:Everything you need to know about the state of Australia’s property markets in 20 charts – November 2024
- Also read:Melbourne property market forecast for 2025
If you would like to spend 5 days with me why not join me at this year's Wealth Retreat 2024 coming up at the end of April and have Australia's best property, tax, business, finance & share market minds as your personal mentors?
Please click here now and register your interest and you'll get a call to organise a one on one chat with me to discuss if Wealth Retreat is suitable for you - but don't count yourself out!
When you join us I will personally guarantee your satisfaction -and I’m comfortable doing so with our 18-year track record.
Learning from your mistakes is a slow and demoralising way of growing
In contrast, seeking out and learning from mentors who have achieved what you want to achieve can help raise your level of achievement dramatically and in a relatively short period of time.
It's a huge leap of faith to assume that starting at the bottom of the investment ladder, with only their knowledge and experience, an investor could ever reach the place where a proven model begins.
While there is no guarantee of success, following a proven model built on the practices of people who have already achieved what you want to achieve will maximise your chances of success.
Models aren't really new – they are everywhere.
You follow them, I follow them, and everyone follows them.
Most people just aren't aware of these repeatable processes they have developed.
Note: We all need to learn from mistakes – this helps you get it right and move forward.
The only question is, whose mistakes?
Yours or those of the successful investors who have already achieved what you want to achieve?
As our property markets move into the next phase of the cycle, when price growth is more subdued, property investors are going to need to learn from mentors who have invested successfully through a number of complete cycles.
Tips: Remember, building wealth all on your own is not only hard work, but it's slower and riskier.
Alone you are vulnerable and will never reach your fullest potential.
But when you connect with the right mastermind group, the chemistry will literally propel you to heights you never dreamed possible.
Can you imagine how much faster you’d reach your goals and how much more fun you would have along the way if you were part of a community of elite wealth builders who could support you?
Imagine if you could spend an afternoon with Elon Musk or Richard Branson and ask them all the questions you wanted.
Don’t you think you would come out a different person?
Don’t you think you would come out thinking differently?
Well…
At Wealth Retreat 2024 (being held at the end of April ) you will spend 5 complete days (and part of the nights) with some of the sharpest property, tax, investment, business, and share market minds in Australia.
What lasting impact do you think that will have on you?
One of the things you will realise is that when you are talking about earning what the big players earn, it’s not about effort, it’s about their total confidence that they are able and deserving of earning that kind of money.
If this sounds interesting please read about it here and register your interest.
Please click here now and register your interest and you'll get a callto lock in a time with me to discuss if Wealth Retreat is suitable for you - but don't count yourself out!
By the way, if after chatting with you and we feel you, your property investments, or your business would benefit from you attending Wealth Retreat I will take the risk – I’m prepared to guarantee your satisfaction.
Wealth Retreat will cover the 5 areas that help create lifetime wealth
- Knowledge - we will be sharing "high end" wealth creation, business and tax strategies. We have Australia’s leading faculty of property, tax, finance, superannuation and legal experts.
- Systems - we obviously believe in property as the best system for creating wealth and we will discuss advanced property strategies such as property development. Plus we will show you advanced wealth creation and business growth systems.
- Mindset - this part is critical and probably the one where attendees can get the most leverage. In previous years we expanded the delegates Wealth Operating Systems (the way they think) so that they were receptive to a whole raft of new concepts - and judging by the results - it worked.
- The right network of people - we will be a big mastermind group. Some great joint ventures were formed at Wealth Retreat last year. In business it’s not what you know. In fact, it's not even who you know, it's often who you know knows. This is not a typo! Wouldn't you like to have access to the names in my Outlook contact list?
- Contribution - one of the true benefits of wealth is being able to contribute to our community and the world in general.
So in summary...
This 5 day retreat will be for successful business people, entrepreneurs and investors, who want to get to the next level, form a large mastermind group and learn high end wealth creation, tax strategies and business concepts from highly successful and credible presenters.
It’s for people who want to build a true property investment business.
The numbers are genuinely limited- we keep the numbers small on purpose.
All prospective attendees are interviewed to ensure they can benefit from attending and to make sure we selecting the right people to be part of our mastermind network, especially as we hope to facilitate some joint ventures or partnerships with a few of the attendees as we did in the past.
Remember the event is 5 days in the presence of some of the sharpest minds in wealth creation in Australia today including top tax accountants, business experts and solicitors.
It also includes networking with the best mastermind group we can put together in Australia - this will be one of the most important elements of this event. Just imagine the networking possibilities.
Don't count yourself out!
Click here and express your interest and I'll speak with you personally and I'll explain my personal guarantee.
So put me to the test. There is next to no risk on your part - except what you think is missing if you don’t attend!
