Let me start today’s blog by asking you a question. What separates successful investors from unsuccessful ones?
Some of you may have answered with ‘years of experience’, others may have gone with ‘receiving good advice’. Some may have even said it comes down to luck.
But I am a firm believer that to be a successful investor you need the ability to invest in yourself.
OK, so that may sound a little vague, but hear me out. Investing in yourself is crucial, and it has nothing to do with expensive suits or cars.
So what does it mean exactly?
IT’S ABOUT YOU AS AN ASSET
Investors are very good at seeing their properties as the assets that they are. They understand all too well the value of these assets, and they invest time and money in them with the hope of a good return.
You need to start doing this with yourself. In investing, your business decisions are only as solid as the foundation from which you are making them.
If you have not invested in yourself it means you haven’t built up your knowledge base, you haven’t done your homework, and you haven’t focused on what YOU need to do to become successful.
The internet is full of advice on how to become financially free, and it’s easy to get lost in the maze of other people’s opinions.
But you know what you need to do to become the best at what you do, so don’t become sidetracked by other people’s opinions or get-rich-quick schemes.
IT’S ABOUT FINDING OUT WHAT DOESN’T WORK
Quite the opposite, in fact. Every time you attend a seminar that doesn’t work out for you or you ‘waste’ your time looking at a property you don’t end up buying, you are eliminating what doesn’t work for you. And every time you eliminate what doesn’t work for you, you get closer to what does work.
This is exactly what investing in yourself is all about: being bold enough to try new things, to follow an instinct, to adapt and grow to new market conditions.
That’s why I don’t believe in failure. In my mind, failure is an opportunity to learn something absolutely vital and if we are open to the lessons it can teach us, then failure is always followed by success.
WHY DO SO MANY PEOPLE FAIL TO INVEST IN THEMSELVES?
People are often scared of change, they like to stay within the lines. But success doesn’t happen behind a safety wire; you have to put yourself out there.
That means actively investing in yourself. Trying new things, attending seminars, pursuing mentors. Some of these courses may lead nowhere. You may be disappointed with the results and you may lose money.
But you won’t lose out in the long run. An investment in yourself never turns south, takes a dive or crashes.
It’s the one stock you can be absolutely sure will always give you a great rate of return.
Michael Yardney is a director of Metropole Property Strategists, which creates wealth for its clients through independent, unbiased property advice and advocacy. He is a best-selling author, one of Australia’s leading experts in wealth creation through property and writes the Property Update blog.