If you have ever wondered why some property investors seem to make money effortlessly while other struggle all their lives to pay the bills, then this will interest you.
After successfully completing hundreds of property transactions over the last 9 years, I’ve had the pleasure to work with many wealthy investors over the years.
One thing I have noticed is that people who make a lot of money do not necessarily have any special knowledge.
They are not luckier or better connected.
Instead, the gap between success and failure often comes down to attitudes and habits.
Wealthy investors have beliefs and daily rituals that almost automatically propel them towards riches.
People who struggle to make money have habits that act like brakes on their success.
The good news is that these ‘bad’ habits can be changed. And if you eliminate them, you can almost instantly accelerate your path to prosperity.
Here are 7 of the most common habits that can hold property investors back and how to start fixing them today.
Habit No. 1 – Lack of Patience
Patience is a virtue, but in today’s world of quick-fix solutions it is a rare commodity.
Many people crave instant results.
They want to get rich fast. They will chase whatever property pipe dream is currently in fashion to make that happen.
Wealthy people on the other hand understand that true success happens over time. They remain patient and focused on their goals.
For example, as a conveyancer I have met several people who retired wealthy by investing wisely in property.
As you can see, if you are serious about achieving financial success, live by the motto ‘Get Rich Slowly’.
Remember, patience is a skill. The more you practice it, the better you get… so start today.
Habit No. 2 – Fear of taking risks
If you have ever seen a child learning to walk, they scramble to their feet, then fall over.
They get back up, try to take a step and fall again.
Children never worry about the failing. If they did, they wouldn’t learn to walk or talk.
Instead, they concentrate on their goal and use each failure as a lesson that moves them closer to success.
Unfortunately, as we grew up, many people lose this attitude and develop a fear of taking risks. You try to play it safe and this holds you back from achieving your dreams.
Look, it’s natural to feel uneasy about taking chances. This is especially true when it comes to property because of the large sums of money involved.
But if you do your due diligence and work with good conveyancers, then this risk is minimised to an acceptable level.
Habit No. 3 – Procrastination
‘I’ll do it tomorrow’ is probably one of the most dangerous phrases in the English language.
As American country crooner Garth Brooks once sang, ‘Tomorrow never comes’.
If you are really serious about creating abundant wealth, then there is no better time to start than right now.
After all, what is more important than your dreams?
As a conveyancer, I have seen time and time again how property investors who get started building their wealth earlier get great long term results.
The longer you wait to invest in property, the less money you will accumulate over your lifetime.
So get started as soon as possible.
Habit No. 4 – Waiting To Learn Everything
Our team at Charter Conveyancing have more than 31 years combined experience in the property industry.
Yet, we are constantly learning new techniques, ideas and lessons.
This is not unusual. It is how the world is now. Nobody can know everything about a topic. There is simply too much knowledge.
Wealthy investors understand this.
That’s why they take action as soon as they have enough knowledge instead of trying to learn everything.
Remember, knowledge is only useful when you use it to move towards your goals.
Otherwise, it is the same as buying sports gear and never exercising – a waste of time and money.
Habit No. 5 – Focusing On Linear Income
Linear income is directly related to the number of hours you work.
If you work forty hours, you get paid for 40 hours. It is the most common way of earning a living.
However, it is also the most problematic.
First of all, linear income ties you to a job.
If you take a day off to spend with your family or enjoy your holidays, you don’t get paid. If you get sick for an extended period of time, you don’t get paid. And when you finally retire, you don’t get paid.
Secondly, it is very difficult to get rich with linear income. That’s because there are only a limited number of hours in the day. So you have to earn a very high hourly rate to enjoy the good life.
What’s the solution to this problem?
The solution is to create a passive income, income that rolls into your bank account whether you work or not.
And one of the most effective ways to earn passive income is through property investing.
Habit No. 6 – Not Using Systems
A common mistake that many investors make when trying to grow their wealth is relying on instinct and guesses instead of following systems.
The problem is that when you don’t have systems or checklists, it is easy to overlook important information, which can cost you money.
For example, one of our first-home buyer clients was about to settle on a property. He had already paid the fees and done the research.
But because he didn’t have a system he overlooked one thing. He didn’t do a planning search with the local council.
Luckily for him, our team spotted his error.
We did the search and we found that the house he was about to buy was set to be demolished.
If our client had settled, he would have lost a fortune.
As you can see, by following systems you can avoid situations like this.
Another benefit of systems is that they help you to reproduce results. So once you find a system that works, you can keep using over and over again.
A famous example of this is Richard Branson. He has built several billion dollar businesses by creating a system for entering markets where customers are underserviced.
Habit No. 7 – Going it alone
To reduce costs many people try to do everything by themselves when they first get started investing in property.
The problem is that this is ‘false economy’. While you may save a little money upfront, you can easily overlook opportunities or make mistakes that will cost you more in the long run.
That’s why it’s so important to build an expert team of conveyancers, agents, etc who will advise you of the easiest, fastest and most cost effective way to achieve your goals.