Overcoming your challenges is a lot easier if you know why you are investing in property. Your initial reaction might be to make more money. But it’s not as simple as that. As I already have shared, we are mostly driven by our subconscious mind. So ask yourself: “Why do I want to make money?” and whatever the answer is, question it with at least four more levels of ‘why’. Let me give you an example:
I want to make money – WHY?
So I can afford to travel and shop for what I want – WHY?
Because I want to have the choice to do what I want to do – WHY?
So I feel the freedom to be myself – WHY?
This process gets you thinking and you might potentially discover things about yourself that you never knew. At the end, your real ‘why’ or high-level reason will come out. It might be fulfillment, freedom, happiness, or serving others, but it is important for you to know your ‘why’. This will inspire and motivate you to keep going and overcome any challenge that is thrown at you.
Apart from taking emotions out and knowing your ‘why’, there are a few more important ways in which investors think differently. Let me share some of those briefly with you:
- Debt is good if it makes you money
- Only numbers count
- Constant lookout for new opportunities
- Plan ahead (failing to plan is planning to fail)
- Have discipline, focus and persistence
- Systematic and organized
- Manage their capital and risk
- Have a positive attitude
- Are flexible and make things work
- Keep learning and upgrading themselves
- Are action-takers
Did you know that fewer than 10% of not so successful people have set their goals in writing, but 97% of successful people have done so? What does that tell you? It surely means that if you want to be a successful property investor you need to specify your goals clearly and capture them in writing.
As you probably have heard before, when setting goals they should be SMART – Specific, Measurable, Achievable, Relevant and Time-bound. You don’t say, “I want to make some money.” Instead, say, “I want to achieve $1,000 per month additional passive income within one year, and $3,000 per month within two years” or such.
Mindset matters most. If you can change your mindset and way of thinking to think like the rich, the battle to become a successful investor is already more than half won. Think about ‘how can I do it’ instead of ‘I cannot do it’ and adjust your subconscious relationship with money. It’s all in your mind.
Important is to suppress your emotions like fear, greed, hope, ignorance, and love in those times when you are making decisions on property investments and to understand your own personal ulterior motive on ‘why’ you are doing this.
Develop the habits of successful people and make them your own. Work on resolving your challenges and set your goals in writing and you have significantly increased your chances of success.
The Property Apprentice Master, Jochen Siepmann, wants to share the wealth of his knowledge easily and effortlessly with you for FREE. Start your journey now to greater wealth through passive real estate income and capital appreciation with one, or all, of these FREE offers:
- Download a FREE Preview of JochenSipemann’s book, The Property Apprentice NOW!
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