Investor Mistakes: Not understanding your 'WHY?'
By Arn Mehta
When starting your Property Investment journey, it is so important to understand your end goal, or at least have some sort of strategy, as to what the end goal might look like.
Your ‘WHY’ might change over the years and that’s okay, life throws a lot of changes and challenges, but what is so important is to at least know why you are getting into Property Investment to start with.
In the beginning of my Property Investment journey, my ‘why’ probably wasn’t strong enough. The aim of ‘get wealthy’, and because a few books suggest Property Investment is a good idea doesn’t really cut it. Some of my mentors owned substantial portfolios (20+ properties at the time) and so I thought that’s what I want to do. By the time I had bought a couple of properties, some of my friends and peers had grown theirs even further.
With my mind telling me ‘you’re not doing well enough’ or ‘you’re failing’, the achievement of starting to build a property portfolio was not met with a feeling of pride but rather the feeling of failure and unhappiness. How crazy is that? Many people in this country are not fortunate enough to own their own home, let alone an investment property, and here I am feeling as though I’m not doing enough.
Yes, pushing yourself to do the very best you can and setting challenging goals is important. It is important to set the bar as high as you can. Who knows what you may be able to achieve! If it wasn’t for my early mentors (particularly Don Ha) I would never have achieved what we have. Why? Simply because I didn’t feel owning 20 houses was possible. What do most Property Investors own? One, two and a very select few, three or more.
The problem I was facing was that as our portfolio grew over the years, instead of celebrating the successes, I never seemed to be content. If I wasn’t keeping up with my mates and peers, I would feel like I just wasn’t doing enough.
The key question I had to ask myself was;
“When is enough, enough?”
I’m not saying that if you have bought your first or second Investment Property that you should stop because you simply set a goal of owning one or two. The key point I’m trying to make is that some of the wealthiest people I know are also some of the unhappiest whilst others that have little to no wealth are some of the happiest people in the world.
When is enough, enough?
People often say he or she is successful and this could be based on the sort of car they drive or the sort of house they live in. Society seems to measure one’s success in relation to material possessions, income and or assets. To me, success is so much more than that. There are varying degrees of success. There is financial success, personal success, and a happy and loving family is a success.
When I was starting my Property Investment journey, I wanted to own 50 properties like some of my peers. But at what cost? How much is enough. Success is a personal thing. For some, success could be a passive income stream of $50K pa. For others it could be a passive income stream of $500K pa. But ultimately, it’s all relative to the type of life you want to live.
We will not live forever and it is important to enjoy the present.
Property can be a tremendous vehicle to help us achieve our financial goals. Understand your ‘why’ and what is really important to you. Never lose the enjoyment of trying to reach your goals or your ‘Why’. I did lose the enjoyment. For me it wasn’t until we had our first child in 2011. We now have three daughters and what was important early in my life and before I had children (i.e. owning 50 houses) no longer is. I want to be able to enjoy the simple things in life with my family and friends and also ensure that we can provide for our children in much the same way as our parents did for us.
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