It’s the name of a great movie and also forms the basis of a great question:
Do you have the right stuff?
And I don’t mean the latest iPhone, car or pair of trainers… I mean do you have what it takes to be a success? To achieve your goals? Do you have any goals and how would you know whether you’re going to achieve them?
We like to fill our lives with ‘stuff’, and with what some call ‘assets’ (really? does your car produce an income, then how is it an asset?). It’s only natural to want stuff to enhance our lives above and beyond those things that are actually essential.
To be a success, is to live successfully – not to live a boring life in the hope of achieving ‘success’ one day in the retired future.
So what does it take?
What is the right stuff when it comes to building wealth through property for example…?
Here are my top three pillars of success which I look to explore, explain and test with prospective clients when we meet to discuss their investing capability:
Number one on the list is mindset – do you have limiting attitudes towards money; do you think that ‘just getting by’ is ok; does thinking this way actually do anybody any favours? Do you instead think that money buys time and freedom; freedom to enjoy (it’s not a sin!), to help others, to explore and grow? I think so – and to love money is OK in this context.
Number two on my list is team – nobody does it alone! The most successful investors in the world have surrounded themselves with the best people to help them achieve their goals. In a world overflowing with information it actually takes a human team to filter out the noise, to build the trust required to push our boundaries – when you’re investing big money you need to know that the team has your back.
Number three on my list is strategy – what are you trying to achieve, by when and how much will that add to your over wealth position. We need to focus energy on these goals every day but be prepared to update and review them periodically – especially when things don’t go quite as planned. This doesn’t make you a failure – it’s called not burying your head in the ‘hope this works’ sand!
Some investing gurus will aim to ‘myth bust’… or tell you in very negative terms what not to do. So, here’s a few simple tenets from our positive investing framework:
– Invest in quality, not quantity – there’s no prize for owning the most rentals. I believe we have a duty to support the investment in high quality rental stock for the betterment of society.
– Cash flow keeps your investment portfolio solvent, capital growth builds long term, inter-generational wealth.
– You have a life to lead, so act like an investor not a landlord. Hire a property manager – don’t be so tight!
Of course it’s harder to get started when you don’t have an income and a credible deposit to start investing.
So, let’s be clear: to invest in quality real estate you’ll need to access in excess of $100,000 of equity (or have the cash) to purchase something worthy; which means you’ll need to be earning above the average income to fund that until the investment is up and running and paying its way – courtesy of a very grateful tenant of course.
It gets easier once you’ve tapped that potential, but getting to that point can be a roadblock which only a team can help with!
Lastly but most importantly:
It’s not rocket science (although rockets are cool) – so say goodbye to complexity and fear, and reach out to a supportive team that loves to keep it simple.
If you have the ‘right stuff’ then you’ll already be taking action. Action speaks louder than words. Or put another way: ‘do or do not…there is no ‘try’ when it comes to building, enjoying and sharing wealth.
To start writing your own property investing success story, come along to a Property Investment Masterclass!
Reserve your FREE seat here – Property Investment Seminars