Let’s talk about change today…and not the kind that jingles in your pocket, but rather the kind that can transform your life… in other words life-changing change.
Napoleon once said, “One must change one’s tactics every 10 years if one wishes to maintain one’s superiority.”
If Napoleon was still around today I would argue that he would look to shorten the time frame in his quote above.
Let’s face it compared to 1821, when Napolean died, the speed of modern living and the advancements in technologies would probably have him spinning in his bicorne hat & knee high boots.
Evolve or die has been a tenant of evolutionary theory for hundreds of years so why is it that as human beings many of us fear change so much?
As James Baldwin once prophetically said “People can cry much easier than they can change” or as Bill Clinton once said “The price of doing the same old thing is far higher than the price of change.” (I wonder if Hillary would agree with Bill about doing things differently after losing to The Donald?)
So if we accept the basis of the quotes above, change is:
- Keeps us on top of our game
- Is less costly than not changing &
- Most of us would still rather crawl up into a ball and cry than face change head on.
So from an investment point of view, what changes have you made recently, or at least in the last 10 years?
How has your investment strategy changed since the GFC, or the Greek crisis, or the Brexit, or the Trump election result?
Do you still believe that what might of worked over the last decade is going to work the same, or better, over the next decade?
Yes or No?
If you answered Yes, well good luck with that!
And if you answered No, what are you going to do about it?
There are many reasons why some investors resist change…
Firstly, for some it is the fear of the unknown.
They would rather continue to get the same, or even worse results, because they fear that it could be even worse again if they try to change?
So ask yourself would you still rather be watching a 14inch plywood box with rabbit ears in black and white, or the 60 inch colour plasma TV with Dolby 5.0 surround sound every night?
Would you rather by driving around in a horse and buggy, or a new BMW, or a Tesla electric car, or one of the new driverless cars that Google are working on commercialising right now?
In other words do you really want to live in the past, or make the most of right now, for an even better future?
The second reason some investors fear change is that they feel they don’t know know enough?
In other words they do not have the necessary financial education to be able to confidently make informed investment decisions.
For some people reading this right now this represents an absolutely valid reason to be paralysed, and without wanting to cause any offence, if I knew as little as some of you know about how to make money from property, I’d hope to be very scared as well.
However, what is stopping you from becoming financially better educated?
Driverless cars are not the only thing Google is good for. These days if you want more information, just type in what you want into Google, or any online search engine, and there will be hundreds if not millions of bits of data, articles and information available to you on just about any subject. I guess the problem with that though, is that it is not a shortage of information that is the problem, but rather a shortage of your ability to critically analyse that information and make intelligent investment decisions based on that information.
And third, but by no means least, some people put off making the changes, that deep in their heart they know could improve their lives, because they just don’t have the time, or more accurately don’t prioritise the time, required to make the the required changes.
Like an Ostrich, they choose to bury their heads so deep into their work or their family or into anything really so long as it takes them away from actually having to face up to the changes they should be making that will ultimately make their lives so much better.
They become so “busy” running around their own self-made hamster wheel, that they can’t actually see the forest for the trees.
Well, if you want the type of financial future most only dream about, at some point you will have to get off that wheel!
So what are you waiting for? Seriously what are you waiting for?
I am not saying that you have to do everything yourself to become a successful property investor, or that you will be able to set yourself up with a passive income for life after reading one article for example. No the process of becoming financially educated will be an ongoing journey and it is going to take some time.
But you don’t have to take that journey alone!
There are plenty of people who are absolutely ready, willing and able to help you right now. Again the trick is finding the right people.
Please be aware that there is a big difference between ABDICATING your financial responsibilities and DELEGATING your financial responsibilities.
See far too many people I have dealt with over the years, erroneously thought that creating financial freedom belonged in the too hard basket.
They therefore abdicated their responsibilities and allowed investment advisors, financial planners, or even their own partners or family members to do all the thinking for them.
I see this a lot where one partner allowed their significant other to handle all the family money decisions
Unfortunately, this is often a recipe for disaster as now the partner, who was often also uneducated financially, is forced to try their hand at investing.
If, or perhaps more often, when they stuff up and make a bad investment or lose money, the other partner then plays the blame game and says things like “you lost all our money” oblivious to the fact that they are just as much to blame because they ABDICATED all their financial responsibilities in the first place.
If this has been, or worse yet, still is your strategy, then you need to stop right now and take 100% responsibility for your financial results or be condemned to repeating them over and over again.
Would you not agree that a better solution, would be for yourself to firstly become better educated financially, then over time create a trusted team of professionals around you, and then delegate certain tasks to those people in your team best suited to carrying out each task required to get you a better result?
Let me leave you with final quote attributed to Jack Welch former CEO of General Electric which under his leadership between 1981 and 2001 saw the company’s value rise by 4,000% who said, “Change before you have to!”
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- Why Keeping Australia’s Real Estate Prices Growing Could Be the Solution Rather than the Problem July 7, 2020
- Are Property Investors the Antithesis Holding First Home Buyers Back from Achieving the Australian Dream? July 7, 2020