As the world holds its collective breath, waiting to see what else might befall us throughout the remainder of 2020, it’s understandable that many are feeling anxious and uncertain right now.
Social, political and economic unrest and upheaval have marked the beginning of this new decade like harbingers of doom, and the media’s fear mongering certainly hasn’t helped to ease tensions.
From a property investment perspective, it’s tricky to predict what could be around the corner. Unprecedented times such as these generally cause two completely divided camps to pitch their entirely contrary points of view, and now is no exception.
On the one hand, some analysts insist that here in Australia we are relatively sheltered from a crippling market slump due to our already, tighter housing market conditions.
While others suggest we’re only just starting to see the ripple effect of the entire world being shut down, like a wave gathering offshore. And when that economic tsunami gathers momentum and hits, so too will a global depression.
Maintaining a positive, success mindset as a property investor is challenging at the best of times, given the constant “noise” that always seems to surround residential real estate. And these “left of field” X-factors have made it that much more difficult.
So how do you avoid making reactionary decisions, based on all the current chaos and fear filling the ether, and “stay in your lane”, to achieve the success you desire?
Be alert, but not alarmed.
Do you remember this catch cry? It followed the Twin Towers terrorist attack that occurred at the beginning of the century and quickly took hold in our collective psyche.
The reason I bring it up here is two-fold. First, as a reminder that we’ve already survived many unprecedented, highly disturbing and disruptive events over the last 20 years alone, including a worldwide financial crisis.
While many felt the devastating financial fallout of some of these occurrences, others continued to thrive in spite of them. These events demonstrate how resilient and resourceful us humans can be. We tend to get back up, and come out swinging again.
Chaos and disasters – natural or man-made – are not new to our species. Hence, it’s a good idea to be aware and alert to any possibilities that can arise. The good, the bad and everything in between.
However, walking around in a perpetual state of fear, as though you’re waiting for the next shoe to drop, will only cause you to react from that state, rather than respond to your current circumstances in a considered, logical way.
Remembering that this too shall pass, and determining that you’ll come out on the other side having learnt and grown from this experience, is the best way to maintain personal power over your success journey.
Don’t believe everything you read, hear or watch.
Take all of today’s media hype with a grain of salt and for goodness sake, do not base your investment – or any other financial decisions for that matter – on what you’re currently observing.
Staying informed is important yes. But keep in mind, you’re not buying a global market when you invest in a piece of real estate. If you’ve done your homework and crunched the numbers, there’s no reason to doubt yourself, or your assets right now.
Don’t let popular (or unpopular) opinion sway you on your path to success. Continue to forge ahead, despite the naysayers, as those who’ve paved the way to their own property riches over the last decade or more have done.
Don’t discuss details of your deals with friends and family.
We all want to be loved and accepted, and thus have a tendency to seek approval and validation for our choices, particularly from family and friends.
If Great Uncle Bob has built himself a property portfolio worth millions and knows what he’s talking about, then by all means, seek his counsel. However, it’s not generally a good idea to talk over your investment plans with just anyone. Particularly those who might be feeling afraid right now.
Fear does an interesting thing to people. It causes us to recoil from the unknown. To seek out past problems that affirm the hidden dangers of attempting to step outside our comfort zone – remember when you tried investing before and it was a disaster?
Often people tell others about their plans, not necessarily seeking out support, but confirmation that they shouldn’t do it, because they might fail. Then you can blame Aunt Harriet for steering you away from that million dollar deal you declined!
We don’t do this consciously of course. But our unconscious mind has this habit of trying to protect us from ourselves. When you’re tempted to tell everyone about your next big deal, pause for a moment and ask yourself…why? Is the person you’re telling going to contribute to your success or cause you to doubt it?
Be aware of the potential for sabotage.
Not from anyone else…but from yourself! This follows on from my last point about the unconscious mind trying to protect you from yourself.
One thing humans hate – other than change – is the perception of failure. What might others think of me if I try that and fall on my face? Will I be laughed at? Will my efforts simply affirm what I was told by my Grade 2 teacher – “You’re too dumb to do that Jimmy”?
Understanding our patterns of self sabotage – born from a fear of failure – means we can gain more conscious control and power over them.
Your unconscious mind is responsible for around 95 per cent of all the choices you make in life. Yet most of us are entirely unaware that this super computer is sorting through the masses of data it collects on a daily basis and then determining your course of action, without you even being cognisant of it.
Are there certain patterns you can pinpoint from your past, which indicate these default mechanisms you might be inadvertently using to keep you from realising your true potential for success?
Stay in your lane – preferably with other successful people.
Money begets money just like success begets success. The more you can surround yourself with like-minded individuals, who bravely follow their dreams irrespective of what’s going on around them, the better off you’ll be.
We cannot control all of the external forces in the world. It’s impossible. What we can control at any given time however, are our own thoughts, feelings and behaviours.
Determine who you want to become – what does success look like for you? – and then follow that vision with dogged determination. You can be your own best friend and advisor, just as you can be your own worst enemy (as in point number 4)…which will you choose? You always have a choice. That is your power. Wield it wisely.