Expert Advice with Ian Hosking Richards.
Google has transformed our world. It has become an incredible tool for instantly accessing information on anything you care to research, however obscure. But can it help you become a better investor?
This month, I would like to continue my series on the benefits of having a property mentor to help you make better investment decisions. I’m aware that there are aspiring property investors out there who rely heavily on internet research and various property apps to guide them. But are they missing out in important areas?
Procrastination is the enemy of investors. The most successful investors are not the ones who have gathered the most information – they are the ones who have taken the most action. Unfortunately, the more information you gather, the more conflicting opinions you’ll come across. So when is enough information enough? In my experience, many aspiring investors don’t know when to stop researching and start taking some positive actions.
Google is great at providing information, but it’s not able to put this information into any kind of perspective relative to your own fi nancial goals. In fact, it can seriously undermine your efforts to move ahead.
Once they’ve decided on a course of action, many investors cannot resist the temptation to access further information to confirm that they’re doing the right thing, only to stumble across information that sows doubt in their minds and makes them question their original decision. This information could be ‘fake news’. It could be inaccurate or irrelevant. But it will probably sour their attitudes nevertheless.
Personally, I’m someone who doesn’t spend a huge amount of time surfi ng the internet, but when I do, I invariably get distracted by ‘click bait’ and, half an hour later, find myself on a completely different topic or avenue of enquiry. It’s hard to stay focused when so much information is jumping out at you, regardless of how irrelevant it might be. You keep searching, and keep clicking, but you aren’t getting closer to taking action.
At its best, mentoring is a twoway conversation that evolves according to the needs and preferences of the investor. It is strategic, focused and guides you to a point where you feel that you can confidently move forward and make a good investment decision. It can acknowledge what you want to achieve fi nancially and show you how to get there. It travels with you on your journey.
Google cannot relate to you as a person. It cannot take in to account your uniqueness. Sure, it can deliver up ridiculous amounts of ‘research’ in the blink of an eye – much of which is simply paid advertising in disguise – but it cannot target or rank what you receive in a meaningful way.
In order to get an authentic dialogue started, you need a mentor who is experienced in the investment strategy that you will follow. This is how I started out, and my results have proven this to have been a very sound approach.
Ian Hosking-Richards is a successful investor who started out with no assets, on a mere $35,000 salary. He now has a portfolio of over 50 properties worth more than $20m and is a multi-award-winning real estate agent
Ian is passionate about helping others realise their goals through investing in property, and can be contacted at Ph. 1300 850 038 www.rocketpropertygroup.com.au
To read more articles by Ian Hosking Richards, click here
Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.
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