Even seasoned investors who appear as unsinkable as the Titanic can hit an iceberg or two on the way to their destination. I’ve known many in my time in real estate and I’ve hit some rough patches myself.
While you’re in the midst of strife, I know it’s tough to stay motivated. The heartache and devastation of looming failure might make you feel like giving up, like it’s all too hard and you just can’t do it.
But that’s a mindset you’ll have to overcome, or you could stay floundering in the water forever, never moving forward.
Whether you’ve had a disastrous run-in with bad tenants, or a property has taken a dive in value, or your credit is a shambles, there is a way out. Staying motivated transforms failure from a total dead-end, to an experience that will make you a better investor in the future.
Remember, failure is feedback!
I never want to see any investor give up their dream of financial peace and their own happily ever after, so I’m sharing five tips to help you push off the burden of failure and get back in the game!
1. Never lose sight of your dream ending
Go back to the beginning of your journey. What made you realise you wanted to invest in real estate as a vehicle for future wealth? What does your life look like when you’re 40, 50 or 60 years old? Picture a moment in that life clearly. You might feel the breeze on your face as you tee off, or hear the rustle of the newspaper as you enjoy a morning coffee on your balcony in your dream home. Now write it down, vividly, and read it often. If you give up, that dream will only ever stay on that piece of paper.
2. Keep the gurus whispering in your ear
Listening to experienced investors is an incredible motivator. Play audios in the car, or when you go on your morning walk, or set aside half an hour a few times a week to sit and intentionally listen to the success of other investors. Continually drumming success into your heart and soul will ignite that passion and zeal you felt when you first began your investment journey.
3. Outsource your stress
Don’t underestimate how miserable stress can make your life. It manifests in all sorts of ways, from physical ailments like headaches and nausea, to emotional outpourings like binge eating or having a short fuse. Release the stress in whatever way works for you: walking, running, getting together with friends, enjoying a good book, going for a scenic drive, or working out at the gym. You’ll have a clearer head and a fresh view of the situation.
4. Create a ‘tickable’ list of goals
Motivational speaker Tony Robbins says, “a major source of stress in our lives comes from the feeling that we have an impossible number of things to do. If you take on a project and try to do the whole thing all at once, you’re going to be overwhelmed.”
When you’re working out how to make order out of chaos, break big goals down into smaller goals. For example, rather than writing ‘Find a financial advisor’ on your goals, you could break it down into step-by-step objectives like ‘speak to Henry about finding trustworthy financial advisor’ and then ‘book appointment with financial advisor’. Each tick of the list is another step closer to victory and a small milestone to celebrate.
5. Surround yourself with overcomers
Mentoring is such an invaluable tool for investors in all stages. You might have several properties in your portfolio, but this might be the first time one has left you with bad credit. You might be green at investing and made some mistakes on your first purchase that are haunting you. Wherever you’re at in the timeline, a mentor who’s faced similar hurdles will keep you standing strong and steady. Use their knowledge, wisdom and experience to keep fighting and come out victorious!
Many a wealthy person has faced incredible failure and, through sheer willpower and determination, overcome the obstacles to achieve their goals. Staying positive and motivated is half the battle to achieving success.
I read this quote recently and it fits perfectly to sum up what I’m saying:
“The greatest test of courage on earth is to bear defeat without losing heart”. – Robert Green Ingersoll
If you want to discover how having the right team of mentors around you can support you in structuring your portfolio so you can continue to grow, then click here to learn about my P.E.A.K. Mentoring Programs and work with mentors and experts who will guide you every step of the way.
Helen Collier-Kogtevs is the Managing Director of Real Wealth Australia, a leading education and mentoring company for real estate investors. Not only is she a highly successful property investor and an educator, but also a best-selling author, and a philanthropist.
Helen is particularly passionate about helping people, especially people who are keen to create wealth and make a difference in their lives, and she has been mentoring thousands of new and experienced investors in their pursuit of wealth creation through property.
She founded Real Wealth Australia to mentor investors create wealth and financial freedom by focusing on helping them build an investment strategy to fit their individual goals, rather than focusing on one particular investing method using her successful “10 Properties in 10 Years™” system.
Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.