You name it, I’ve heard it all before. I’ve even used most of them myself at some point.
“I’ve got no money, I don’t know where to start, property investing is too slow, my friends told me it was a bad idea … “. Blah, blah, blah …
We all make excuses and for the most part, they are pretty harmless. But have you considered how you’re holding yourself back by continuing to make excuses for not taking action. Action where it is needed most – investment for the future.
Many people think that you need a lot of money to start with or a big bank balance behind them to buy property. Or perhaps the misconception that only millionaires travelling the world are able to have a large portfolio. The reality, is that property investors can be everyday people just like you and I. Going about our days, working a traditional job, juggling many balls in the air at once and wearing many different hats. I’m one of those people but the difference between where I am and where you want to be, is that I stopped making excuses and started taking action.
If you’ve wanted to invest in property for some time and the excuses below sound familiar to you, make a decision right now to acknowledge it and then get out of your own way and start taking action towards your investment goals.
1. “I don’t have enough money to buy a property”
Are you sure? Who told you that? Have you ever consulted with a mortgage broker to see how much money you can actually borrow? You don’t necessarily need a big deposit to get started. There is the option to use the equity in your own home or perhaps borrow a higher percentage of the property’s value. You may need to explore cheaper properties in regional areas to start with, but at least you will be starting and that’s one step further than not taking any steps at all. The old saying of ‘you need money to make money’ doesn’t always ring true.
2. “I don’t know anything about buying property”
This may be the true for you but you don’t need to know everything about everything to get started.
Start reading, do some research, go to a seminar or workshop, find a mentor, speak to a finance broker or even a financial planner.
There was a time in the past where I didn’t know anything about property. I can’t remember when it was or what it felt like, but I do know that I started asking questions and it didn’t take long for me to start getting the answers I needed to move forward. You don’t necessarily need confidence to get started … you just need a little courage and the confidence will come later.
3. “I don’t have enough time”
Everyone is busy, I get that. But it’s not that you don’t have enough time to work on building a property portfolio, it comes down to it not being a priority for you at the moment. How do you change that? Make it a priority, end of story!
Working on yourself and understanding the investment process needs to be higher up on your list of things to do. You need to MAKE time for it, in the same way you make time to exercise and socialise. If it’s important enough to you, you’ll have no problems in making it a priority in your life. We all the same 24 hours in a day – how are you going to choose to spend yours?
4. “My friends said it’s not a good idea to invest in property”
There’s always someone (and quite often their friends too) who will tell you that it’s a bad idea to invest … for whatever reason they make up. They’ll try and talk you out of investing and before you know it, another year has passed and you’re still in exactly the same financial position. Nothing has changed and it’s all because you listened to them. If you have someone like this in your life, stop and ask them what they base their opinions on. What ‘actual’ investing have they done themselves that makes them an expert? Do they have a multi-million dollar portfolio? Are they seriously cashed-up? Are they set for the rest of their lives? Are they planning their next overseas trip? I assume they aren’t working a wage paying job if they’re so knowledgeable about investing …
You get where I’m going with this, right?
5. “It takes so long to see any results”
Are you looking for a quick dollar or long term wealth? Regardless of what you choose to invest in, real wealth takes time. That’s why the sooner you start, the better. I’ll be honest and tell you that I’ve often been frustrated with the process of investing in property as it can be slow, but I never used this as an excuse to not continue to build my portfolio. I knew that the power of leverage, compounding and time would see me achieve the results I wanted. The alternative of not being in the game at all was simply not an option for me.
There are so many more excuses that I’ve heard but these are by far the most common. Do they sound familiar to you?
You need to ask yourself how long you’re going to continue making excuses?
How long are you going to delay the process of developing good financial and investment habits?
How long are you going to stay in your comfort zone and watch others around you move forward?
Don’t let your excuses get in the way of doing what you want to do.
With time, commitment and consistent effort, you can do anything you want!