I am sure you have heard certain points in time are those when “The rich get richer”!
I know I always used to think to myself, if only I could find them!
Amongst the doom and gloom that is Coronavirus, I have some good news…..
That time is fast approaching.
Here are my thoughts;
See Opportunities Where Others See Obstacles
The successful seem to be able to identify opportunities, while the vast majority seem to either freeze, pause or panic and retreat backwards.
They keep moving forward and take a longer-term view and a big picture approach, while others get lost in the short-term detail and the 24-hour news cycle.
Once concept I have grasped on my journey up the “success ladder” is to not make long term decision based on short term information.
Successful people are still moving forward and as a result are attracting new opportunities.
By the way when I say successful / wealthy / rich, I am talking about the top 2-3% in the nation.
They understand that this too will pass and are ready to pounce.
History
If you are looking for a sign or some comfort and a reason to act, here it is.
A chart showing home values over the last few decades and highlighting what has happened during previous downturns.
After each and every downturn, home values have recovered and moved past its previous peak.
While there are varying opinions on what may happen next – recessions, meltdowns, house price falls…. etc, nobody disagrees - we will come out the other end, sooner or later.
So, if you can move your focus past the next news cycle and into the longer term, opportunities will present themselves.
Improvise, Adapt and Overcome
In The US, the marines have a motto to Improvise, Adapt and Overcome.
It allows them to deal with any physical, mental or spiritual hardship.To my mind, there is no difference in the need to adopt that successful philosophy with business and property.
Business continue to face these challenges on a daily basis.
Think about the likes of failed companies like a Blockbuster or Kodak.
Each of them had a powerful and dominant position in its marketplace but failed to improvise and adapt to changing times.
A quote from our business coach Mark Creedon comes to mind when we talk about the need to change – “But it’s the way we have always done things”
- Also read:6 priceless investing lessons from influential billionaires
- Also read:Redefining Richness: Why Time Matters More Than Money
- Also read:Conquer Your Monsters: Busting the Top 10 Fears Holding You Back
- Also read:Booms, busts and investor psychology – why investors need to be aware of the psychology of investing
- Also read:10 BIG Benefits of setting up an SMSF or a Family SMSF
Perhaps this is your time to pivot.
Is this your opportunity to improvise, adapt and overcome or are you going to keep doing the same things you have always done?
Timing the Cycle
The top 2% - 3% of investors do not wait to try and pinpoint the exact moment the market turns.
I would suggest instead they target a time of Peak Fear.
They want to find the time when there is bad news and then more bad news.
I have spoken to many investors over the last few weeks and many state they will hold off for a month or two or wait and see how things pan out.
That is the mentality of the 97% - 98% of investors or speculators.
When the market does eventually turn and there is some positive news, it is too late and the tide surges as every man and his dog pile into the market.
Meanwhile, the people who are in the market and have taken action ride the wave and…
The Rich Become Richer
To Conclude
Every cloud has a silver lining, the saying goes.
In unprecedented times the successful have a firm focus on the horizon rather than the storm clouds that are currently present.
They are looking for opportunities that present themselves and they are ready to act.
They are buoyed by history and understand what comes next.
They will not wait and attempt to time the market, as they recognise it is in fact, time in the market that is of benefit.
Like the marines, they have the ability to improvise, adapt and overcome, they are able to pivot change direction to adapt to each situation – positive or negative.
While the majority freeze or pause, they take advantage of the moment and continue to increase their wealth over the next cycle.
Now is the time it to keep moving forward.
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’s ahead for property you are not alone.
You can trust the team at Metropole to provide you with direction, guidance and results.
In “interesting” times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that's what you exactly what you get from the multi award winning team at Metropole.
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- Strategic property advice. - Allow us to build a Strategic Property Plan for you and your family. Planning is bringing the future into the present so you can do something about it now! This will give you direction, results and more certainty. Click here to learn more
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