Many Australians are wary when it comes to property investment, and while that’s not a bad thing, it shouldn’t hold you back. Quite often the fear of losing money, being frightened of failure or not understanding the investment process turns people away from starting an investment portfolio when it shouldn’t be the case.
As Perth property investment experts, we know it can be overwhelming and nerve-racking putting your hard-earned money on the line for something you aren’t sure about. That’s why we are here to guide you every step of the way. Whether you’re a first time or seasoned investor we’ll help you create an investment strategy to suit your situation.
The key to successful property investment is to be aware of the risks involved, but not to shy away from them. Allow yourself to be open-minded and eager for potential investment opportunities but cautious of the risks and how to manage them.
Savvy investors do their research and don’t allow the human fear of the unknown control their decisions. This fear of the future can be one of the biggest obstacles faced by would-be investors keen to grow their wealth; don’t let it stop you from achieving your goals.
Here are some signs your fear may be holding you back from property investment. Sourced from a great article
by the ‘highly skilled Sydney wealth strategist and a passionate property investor,’ Ahmad Imam.
You don’t have a wealth strategy
- The number one rule of wealth creation; you need a strategy. Extend your plan beyond simply setting aside a portion of your wage each month and factor in investment options.
- You’re unlikely to get wealthy by only earning a wage; simply saving is probably not going to be enough to significantly create wealth.
You feel intimidated by money
- Take advantage of long-term investing fundamentals, such as compound interest and capital growth. Take your salary savings, invest it wisely, monitor it and use it to generate a successful investment.
- Most of us learned about money from our parents. Their budgeting and feelings towards money may have been passed on to you without you even knowing it.
- If money was an issue growing up, you may now feel overwhelmed by the idea of money. You may find yourself trying to avoid thinking about it and thinking that investment is only for people who work in investment banks and the finance industry.
You’re waiting for a windfall
- Don’t let your parents’ ideas on money define your investment plans, goals and initiatives. Develop your own positive relationship with money.
- Fear also plays a role in the way some people wait passively to receive money.
- Many people reason that it’s too hard to get your hands on any yourself and therefore wait for a stroke of good fortune, like winning Lotto, to acquire wealth. The truth is, you have a far better chance of creating your own wealth.
You don’t know how much money you have
- If you’re unsure on where to begin, we can help guide you in the right direction. Don’t let the fear control your decisions; this is not something you need to embark on, on your own.
- How much money do you have in the bank right now? What are your monthly outgoings? Do you know how much super you have and how it is invested? Many people don’t know the answer to these questions because they are afraid to find out.
- Don’t be worried and intimidated by the numbers; you can do something about it.
- As soon as your fears are faced, you’ll be able to move to a wealth-creation mindset. Stop worrying about money and start enjoying making it.
Information paraphrased from: ‘4 Signs Your Fear Is Holding You Back’ by Ahmad Imam, read the full article here
As a leading property developer in Perth and investment experts, we’ll work with you to find the best investment property for your needs. Chat to us today about your situation 08 9483 0000.