may not immediately see the correlation between the
two, but there is a similar pattern to success in
both. Both ways to succeed are relatively straightforward
and yet most people get it wrong.
we take weight control first of all – over half
of all Brits are overweight or obese and dieting books
are the biggest sellers in the world. And yet almost
everyone knows what it takes – consume less
calories and burn off a certain amount each day. Basically
don’t eat more than you need each day, burn
off as much as you can by exercising appropriately
each week – easy eh?
yet, over half of us in Britain can’t manage
because of a lack of discipline – rather than
following some sensible consistent good habits which
will bring strong consistent results, people look
for the latest fad diets, quick fixes, and don’t
have the discipline to see it through. Instead, even
making slight changes each day and week will make
the difference - for instance if you start swimming
twice a week, and stop having that large latte from
Starbucks every week day – you will over 3 months
see a big difference as you are reducing your calories
significantly and burning more off. But generally
people struggle either with discipline or willpower.
the comparisons with property?
a lack of discipline can prevent you realizing the
results you desire?
numbers, buying in the right areas and following basic
is key. Putting a sensible strategy together, not
being influenced by media or outside influences and
short term issues, is crucial to mid term success.
investors I know that have done best in property have
kept to fairly simple guidelines and plans, and followed
it through over a number of years. Concentrating on
cashflow and local affordability will always stand
you in good stead.
successful investors have followed a clear strategy
and done very well by understanding the numbers from
day one, using leverage to accelerate their gains,
and keeping to a sensible strategy managing cashflow
as they go along.
for many that is almost too sensible and boring –
so they look for short cuts. They fall for sales pitches,
or fail to understand the basics first before investing
– and fail to keep to a disciplined path –
then after 6-12 months they wonder why have not made
millions, but more seriously, can have lost money
by not investing in sensible good value properties.
at investing in property with sensible goals, well
thought out – and have a minimum of a 3 year
plan – and you can see phenomenal results. Once
you have all these good habits in place it becomes
the natural way to act, rather than a hassle or hard
work – and the results continue to improve over
will always be times when you invest in property that
you will think is it worth it, or should I have kept
my money in the bank earning 1% interest, or trusted
it with someone else eg an IFA!
you don’t have that thought for long though!
Property is always the best way to build up long term
wealth, as you will see on the Sunday Times Rich List
you get a call saying your tenant has left without
paying rent, or you have to put a new boiler in it
can be frustrating.
the key is looking at the bigger picture.
discipline and repeating good habits is just as important
in property investing as weight control – remember
that next time you fancy a Mars bar, or an exotic
place in the Sun.
hope you found this useful and it can help you with
your goal setting!