5 signs you’re holding back from your property investing potential

If you’ve been putting off the inevitable decision to start investing in real estate, it’s time to wake up.

I want you to wake up because so many great opportunities are out there in the real world that I want you to grab with both hands. The rewards in the uncomfortable zone are truly amazing, but taking advantage of these rewards all starts within your own head.

Ask yourself whether any of the following situations apply to your life, and whether you need to wake up, see the signs, and start acting differently.

1. Are you working on someone else’s dream rather than your own?

I once heard a conversation between two friends on a train – let’s call them Sam and Fred. Sam said to his mate, “Fred, you’re living life like 99.9 per cent of the population – your poison is caffeine and alcohol”.

Fred looked surprised as he sipped his coffee. “What do you mean by that?”

“Caffeine is the drug you ingest Monday to Friday, and alcohol is the drug that gets you through Friday to Sunday.”

Many of us work at our jobs from Monday to Friday and use caffeine to get by. Then, we spend our hard-earned money on alcohol and other substances to zoom through the weekend. And we repeat the process the following week.

Don’t you owe it to yourself to work on your own dreams and wealth creation in your own time? The weekends and late evenings are major time blocks in which you could make significant progress.

2. Do you hold yourself accountable?

We live in a society in which it’s easier to blame someone else for your shortcomings than to reflect, review and adapt your own plans.

Many people blame their parents for not teaching them about money, but if your parents don’t know any better, then that’s the hand you’re dealt. You shouldn’t take advice from someone who hasn’t achieved the goals you are looking to achieve. I want you to change your actions, which will ultimately change your result.

For instance, take housing and how it’s extremely unfair that housing affordability is such a concern for many. Although this is true, it is definitely not a new concept. In fact, Australians have been suffering from housing affordability issues for decades, and the situation has only worsened over time. I would love for the system to be fair, but I also don’t live in a fairytale.

Instead, take the action needed to understand the rules of the game, be accountable, and welcome change to put yourself in a position in which your family is financially forward.

3. Did your schooling let you down?

While current curriculums now have more of a focus on financial literacy, as kids, we were sent to a place to ‘learn’ about everything – apart from money. It seemed crazy to me that money wasn’t taught at school.

The only thing crazier was when a teacher told us that if we didn’t study, we’d end up as garbage collectors. Later, we came to learn that the garbage collector actually made more money than the teacher.

While you’re not to blame for any gaps in your financial education during your schooling, you can hold yourself accountable for doing something about it now.

4. Do you give yourself excuses?

Finding the courage to change and adapt is hard. Very few people are able to do so.

Think about the most difficult time in your life and how you got through it. Reflect on how you felt in that moment. This is no different.

When it comes to accountability and seeing the signs, the one true way to get past this difficult time is to take action, to be empowered, and to have the courage to take that first step. Whether it’s buying a house, investing in your first share or creating a strategic plan, it starts with the first step.

I’ve always been intrigued by the excuses that people come up with to avoid something. Not doing something is generally the more convenient choice. Investing to work towards financial freedom is not meant to be easy. If it were easy, then everyone would do it.

5. Are you listening to the wrong people?

You’ve likely heard the saying, “You are the average of the five people you hang out with”. When the five people around you are all working towards financial freedom, you may start to think that everyone around you is also thinking the same things and executing the same actions – but this is probably not true.

Buying property and investing in a property portfolio is less about the money and more about the balance of lifestyle. You’re aiding your lifestyle and decreasing your risk when you know you have a machine that grows in equity more than what you can make with your daily income.

Real estate investing is the long game. Most people don’t stick around long enough, which is why they aren’t able to fully realise the potential of compounding growth.

Waiting for this long-term growth does involve risk, but as businessman Frederick Wilcox said, “Progress always involves risk. You can’t steal second base and keep your foot on first”.

This is an edited extract from Retire filthy rich with real estate: Your step-by-step guide to building wealth through property by Ravi Sharma, available now at all leading retailers. Learn more at searchproperty.com.au