How to Create a Strategy for Wealth and Retirement Income through Property Investment.
Imagine that we want to achieve something. A family member travelling overseas is in trouble and they need our immediate help.
We approach the situation with some obvious steps. The first thing we determine is where they are and impact of any delays in getting to them.
Then we plan the trip in order to get there in the fastest time possible and identify what needs to happen to care for them until we get there.
It’s not too hard; we become focused and determine what resources are needed to achieve this in the shortest possible time frame.
It’s odd that when it comes to property investing, approaches like this are rarely used.
Many times, I have seen property investors take a potluck approach to their property investing based on hearsay, opinion or unsubstantiated reports in the press.
If we use the same approach as we would for our family member in trouble, we will identify what we want to achieve first.
And, if its wealth creation, it may be a better lifestyle, passive income for ‘retirement’ or to have the income to help ‘society’ in some way. In any case I think you will agree that we need the motivation to achieve this.
Motivation can be created through the use of several techniques.
- Educate yourself in Property Investing,
- Create images of the results you want,
- Creating small goals and rewarding yourself for achieving those results – this breeds success,
- Picture yourself as though you had achieved the result – this will keep you focused,
- Create the fear of not achieving this (if you need to) – some people are just as motivated by NOT achieving as achieving the results.
Note that is should not be used as the main motivator as it is easier to move forwards towards a target than away from one. Note that the fear of missing out is also a great motivator: we see the property market moving up rapidly and it’s reported in the press, we want to get in before it reaches the top of the market.
Remember that moving towards a target is more direct.
Now that we have set our goals, we can identify the income or amount of money we will need to ensure the result.
This will mean that we now have a figure that we want which will give us a definitive goal to aim for, or an outcome. This doesn’t mean that we must stop here – it just means that we have reached a goal. This is our road to the result or our ‘EXIT STRATEGY’.
The reality for most of us is that we will never achieve this through our jobs.
But if we create a plan we are likely to be more successful through property investing.
If you need help to create a plan for your property investing talk to Vision where one of our professionally trained advisors can help you.