Here at Pumped on Property, you’ve been hearing me talk about creating additional income and a better lifestyle for you and your loved ones through property investing.
Because stories are fundamental to how we communicate as human beings and stories are absolutely vital at the beginning of any property investment journey.
Today I want to share five critical components of stories with you, and talk about how they fit into your personal property journey. We’ll start, as every good story does, with the hero…
1. You need to be your own hero
Unless you were born with money, chances are the only way you are going to create wealth through property is to change something. This was such a hard pill for me to swallow, but a year ago I realised the only I was going to create wealth through property was to hustle and learn my way to an alternative future. What I realised as I began to work my way through the property industry is; your going to feel un-comfortable, your going to think your in over your head and sometimes your going to need to take calculated risks. The trick is to keep your end goal in mind and become the change you wish to see in yourself.
2. You need a goal
Good investors solve problems. By this I mean investors listen to what the property market is saying and add something of value.
To be a great investor you need to begin to understand where you are today, and where you want to go.
What is is you’re seeking? Do you want health, wealth, lifestyle or a career transformation?
- What will your life physically look like when your a successful investor?
- What will you be able to do that you can’t do now?
- What will you have?
- What sort of lifestyle will you be leading?
- Who will you be?
Until you understand your goal, you wont have a strong enough reason to go through the pain it takes to create wealth through property.
3. You will come across obstacles
Obstacles are what make great stories interesting. The gap between where you and I are today and where you and I want to go is what makes our stories compelling.
There are often external obstacles to you achieving your goals, but the most the time we are the ones stoping ourselves from living the life we have imagined.
What’s keeping you from buying a property this year? What external elements are standing in your way?
More importantly, what roadblocks have you created for yourself? What inner limitations must you overcome to achieve your property, health, wealth, lifestyle or career goals?
4. You need a mentor
For some reason its human nature to try and do things ourselves. In reality there are people all around us who are 1,2, 10, 20 years closer to our goal than we are. Taking the time to find mentors can save you years of heartache and dramatically speed up your learning and property accumulation curve.
More than this people who have been through similar experiences and get what you are trying to achieve can add light too your life and the experiences you are going through.
What I failed to realise earlier in my property journey is that mentors come in many forms and can be found in books, seminars, online and through people you may already know.
What I’ve learnt through my online mentors, including Dympha Bolt, Steve McKnight and leading Australian property magazines, such as Australian Property Investor, is the results you achieve will be a direct reflection on your own effort.
5. Whats the moral to this story?
Every great story needs a moral, just like it needs a hero, a goal, an obstacle and a mentor.
The truth is that property investing is a learning process. The for most of us is generally education followed by strategy, research, action and results. I personally rushed into my first property, and paid the price of damaged relationships and missed opportunities. Had I spent more time learning from other people I might have arrived at my goal a little earlier.
If you are buying or planning on buying your first, second or third investment in the next 12 months you have an excellent opportunity to make the most of the current market conditions and begin to realise your vision.
Property investing is both and art and a science, and a little research (and practice) on your part will be well rewarded.
For those of you who are interested in learning more here are some more stories on the art and science of property investment:
- How we built our portfolios on incomes of just $40,000
- How To Become Rich From Renovations
- Top tips for making a property purchase less scary
- Avoid being a property casualty
If you have any property success stories please let me know in the comments below…