What are your roadblocks to building wealth:
Does the stress of paying your household bills leave you wishing you were living a more comfortable life?
Most hard-working Australians don’t realise how easy it can be to build wealth. Often there are just one or two roadblocks that are holding you back.
Here’s what I believe are the Top 5 Roadblocks commonly experienced by investors, and how you can break through these barriers to wealth.
1: Time Poor
Are you just too busy to start building wealth? How crazy does that question sound when you really consider what I’m asking. Time restraints are a regular excuse as to why property investors find themselves sitting on the sidelines watching with disappointment as the local property market marches along without them, producing wealth for other families.
Life can get crazy at times, but you shouldn’t confuse any feelings you may have of being overwhelmed at the thought of finding and purchasing a great investment property, with the fact most investors don’t know how to break this process down into bite-size chunks. A well-defined recipe for investment success will not only give you a much better shot at wealth, it can often be the difference between whether you even get started on the road to wealth or not.
2: Fear Of Failure
We’ve all worked too hard to risk whatever wealth we have built. Fear of failure is a common and roadblock for many investors. Personally, I believe fear is a good thing, and any investor that fails to respect the massive decision they are making when purchasing an investment property is being reckless.
I’ve noticed that fear disappears when investors understand what they are doing. Most of the elements that cause fear tend to fade away investors with each small step in a well-planned investment process. In my experience, I’ve seen some of the most risk-averse investors build powerful property portfolios because of their focus on safety.
3: Past Failures
A bad investment choice can leave a bitter taste in an investors mouth for years. If not addressed, it can not only prohibit you from the wealth you deserve but also cause those you love to also avoid investing. Unfortunately, poor investment choices are common, resulting in most property investors experiencing disappointing, or even a destructive impact on their wealth. These poor choices need to be seen as just that, a poor choice.
The good news is that you do have an opportunity to make great choices today and in the future, each of which could springboard you into untold wealth. I’ve made countless mistakes as an investor but chosen to learn from each mistake, adjust my strategy and keep moving forward.
4: Destructive Beliefs
Perhaps you were told as a child that wealth doesn’t come easy? Or your parents instilled the belief that debt is bad? Whatever limiting beliefs you may carry you need to make the decision it’s time to let them go or risk them holding you back forever. Very few property investors ever build portfolios beyond 1 or 2 properties due to disappointing capital growth or lifestyle draining holding costs.
With this in mind, it’s easy to see why even most stories we hear about property investing, even from pro-property investors can fuel negative beliefs that can distort your perspective. That’s without even considering the ‘doom and gloom’ headlines you will see in the media that poorly represents an accurate perspective on the property market in an effort to grab a reader’s attention. I only wish accurate wealth creation steps were taught in our school system, then most Australians would realise we all have an opportunity to create wealth if we open our minds and start fuelling our thoughts with ‘how to’ information rather than negative, misinformed content.
5: Negative People
Perhaps it’s not ‘what’s holding you back’ that I should be asking? Maybe the real question is ‘who’s holding you back? Unfortunately, we have all probably been around someone at some time that seems to go out of their way to bring you down. As investors, we need to identify these people and quickly decide if they can be educated or if they need to be avoided. Of course, this can get tricky when they are family members but the rules still apply. Perhaps instead of avoiding them totally, you may instead just need to avoid all conversations about your aspirations towards building wealth.
Things get trickier if you are married or have a de facto. If you require the support of your ‘significant other’ for you to have the ability to invest in the future, you really need to start preparing them as soon as possible. If they have outspoken barriers to the idea of buying an investment property, this is something you will need to respect. Anyone that has developed these sorts of barriers has typically built up these walls using dozens of events or media headlines as their references. Like bricks in the wall, you will need to encourage them to open their minds to bite-size chunks of information that can address and resolve each of their negative beliefs. Your patience and understanding will often be rewarded many times over as your property portfolio grows.
Regardless of what it may be that has held you back in the past, sooner or later you need to take control of your life and take steps to remove these roadblocks that often unnecessarily hold you back from the wealth you deserve.