{"id":2423,"date":"2022-04-25T03:26:55","date_gmt":"2022-04-25T03:26:55","guid":{"rendered":"https:\/\/royabhishek.in\/urbanbuyer\/16-things-i-wish-i-knew-when-i-started-investing-part-one\/"},"modified":"2022-04-25T03:26:55","modified_gmt":"2022-04-25T03:26:55","slug":"16-things-i-wish-i-knew-when-i-started-investing-part-one","status":"publish","type":"post","link":"https:\/\/royabhishek.in\/urbanbuyer\/16-things-i-wish-i-knew-when-i-started-investing-part-one\/","title":{"rendered":"16 things I wish I knew when I started investing \u2013 part one"},"content":{"rendered":"

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I’m often asked what I would do differently if I could live my investing journey all over again.\u00a0\"67688\"<\/strong><\/p>\n

I’ve certainly made my fair share of mistakes along the way and paid huge “learning fees” because of them.<\/p>\n

However, instead of being defeated, I learned from each error and moved forward a little bit wiser.<\/p>\n

If you ask me that\u2019s one of the keys to investment success – the ability to pick yourself up from setbacks, learn what you can from them (including your own limitations) and simply try again.<\/p>\n

So, to help prevent you from making the same mistakes, I’ve put together 16 things that I wish I’d known when I first started investing.<\/p>\n

1. The value of education<\/span><\/h2>\n

At the start of my investing career, I believed that I knew enough to be successful, but that wasn’t the case as, of course, I didn\u2019t know what I didn\u2019t know.<\/p>\n

My first couple of investments were successful<\/strong>, but the worst thing that can happen to a beginning investor is to get it right the first time \u2013 you think you\u2019re smarter than you are when in truth my early successes were because of a rising market rather than my own “brilliance”.<\/p>\n

Thankfully, I recognised this and set about becoming better educated by reading books and seeking out teachers, mentors, and consultants for advice.<\/p>\n

And I still continue with my education and personal development to this very day.<\/p>\n

2. Goal setting<\/span><\/h2>\n

Far too many people invest in property with no idea what they want to achieve or by when.<\/p>\n

They may buy one or two investment properties, usually in suburbs where they live or “understand”, but they haven’t set any clear long-term goals.<\/p>\n

When I say it like that, it doesn’t make any sense, does it?<\/p>\n

Obviously, you must begin with the end in mind.<\/p>\n

Setting goals helps you focus because if you don’t know where you’re going, while any road may get you there, every road may also get you lost.<\/p>\n

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As Jim Rohn said: \u201cIf you don\u2019t design your own life plan, chances are you\u2019ll fall into someone else\u2019s plan. And guess what they have planned for you? Not much.\u201d<\/em><\/p>\n<\/blockquote>\n

3. Create a property team<\/span><\/h2>\n

Because everyone has lived in property of some sort, most people think they know a bit about property. \"55767\"<\/p>\n

While property investing may be simple, it’s not easy and that’s not a play on words \u2013 it takes skill.<\/p>\n

And sometimes those skills should come from other people who know more than you do.<\/p>\n

So, create a good team around you including mentors and advisors or your “brains trust” as I like to call it.<\/p>\n

However, if you’re the smartest person in your team, you’re probably in trouble.<\/p>\n

4. Think rich, not poor<\/span><\/h2>\n

You probably believe that you deserve to be rich and successful.<\/p>\n

The problem is your income will seldom exceed your personal development.<\/p>\n

That’s why it’s important to develop the mindset of rich people and the rich habits of successful property investors.<\/p>\n

Here’s another great quote from Jim Rohn: \u201cDon\u2019t wish it were easier, wish you were better.<\/p>\n

Don\u2019t wish for fewer problems, wish for more skills.\u201d<\/p>\n

5. Have an abundance mindset<\/span><\/h2>\n

To become successful you\u2019ll also need an abundance mindset.\u00a0\u00a0\"7399571_l\"<\/p>\n

What do I mean by that?<\/p>\n

An analogy is to think of yourself as a cup.<\/strong><\/p>\n

If your cup is small you can only accumulate a small amount of money, any extra will spill over and you will lose it.<\/p>\n

You simply cannot have more money than the size of your cup.<\/p>\n

Instead, develop an abundance mindset in which your cup is big and deserving of being filled with success.<\/p>\n

6. Delaying gratification<\/span><\/h2>\n

Do you know that new pair of shoes, the latest smartphone, or perhaps that fancy car that you dream about? \"76878\"<\/p>\n

Do you really have enough money to buy them… with cash?<\/p>\n

Far too many people can’t resist the instant gratification of buying that shiny new toy using their credit card thinking the money in their limit is theirs.<\/p>\n

It\u2019s not \u2013 it\u2019s the bank’s money you pay interest on for the privilege of using.<\/p>\n

To become rich you must learn to delay gratification as wealth is the transfer of money from the impatient to the patient.<\/p>\n

7. Overcome your fears<\/span><\/h2>\n

The truth of the matter is that fear is a powerful human emotion.<\/p>\n

While it can help us, it can also prevent us from investing because we illogically see it as too “risky”.<\/p>\n

However, with a sound investment strategy, and a property team around you, you can minimise the risks.<\/p>\n

One of the keys, therefore, is to overcome your fears and learn to be comfortable with being a little uncomfortable in the beginning.<\/p>\n

8. Don’t let failure hold you back<\/span><\/h2>\n

We all make mistakes.<\/p>\n

The difference between ultra-successful people and the average Australian is that successful people don’t let failure hold them back.\"22667069_l\"<\/p>\n

Instead, they get up and try again.<\/p>\n

Most people worry about things that will never happen and all this does is prevent them from achieving success.<\/p>\n

Instead, save your worrying for when there’s something to worry about.<\/strong><\/p>\n

As you can see, there are a number of things that I have learned along the way that have helped me become a more successful investor.<\/p>\n

So here’s my recommendation:<\/p>\n

Consider implementing some of these strategies into your life today and I guarantee that success will be closer than it was yesterday.<\/p>\n

I\u2019ll share another 8 ideas I wish I knew earlier, tomorrow.<\/p>\n

ALSO READ: <\/strong><\/span>The climate risk of property investing<\/a><\/p>\n