How to Banish the 6 Common Excuses That Stop You Investing

“Why put off until tomorrow what you can do today?”

With the recent jump in Sydney Property prices lately at family gatherings, or hanging out with friends I am always hearing the moaning and groaning of people who “what if”s” or the “coulda, shoulda, wouldn’t” .

Now these are smart people who have lived in Sydney for over a decade and watched as demand built and it became apparent that prices were going to rise, and it was the right time for property investment in Sydney.

All this started me thinking about why people always seem to make or have excuses for not having stepped foot into the investment market when often they had the opportunity or ability to.

Is it fear, a lack of knowledge or is it just that people don’t know where to start. What stops people investing?

With this thought stuck in my head and keeping me from sleeping. I began to review hours of studies on what hold people back from investing. I then went out and spoke with my family and friends to complete my own personal research and ask about how they felt about property investment in Brisbane.

As a result of my research, I have come to the conclusion that there are six key factors or excuses that prevent people from taking action.

Here are what I believe are the most common excuses so that you can recognize and overcome them.

Excuse # 1: I’m Too Young

In my interviews and research, one common theme that came through was “I am too young” or “I don’t need to start that until I am older”. Behind this seemed to be the feeling that people felt like they were too young to invest because they were still in university or have just finished university and had no experience investing.

The result was the comment “why would anyone take me seriously at my age”, or “who would even bother to talk to me about an investment when I have next to nothing?” The result they had decided to let years go by.

To overcome this excuse, we would suggest trying the following:

Educate yourself and learn the language of investment.
Meet up with other investors
Read, read and read some more
Just following these couple of steps will help feel more confident and make you look and sound more credible than you may feel.

This worked for me when I went to look at purchasing my first property, were by using the right jargon when negotiating with the estate agent I was able to negotiate thousands of the price and get into my first home sooner.

Excuse # 2: I’m Too Old

At the other end of the scale, I heard the opposite problem, “I am too old to get started with investing,” “what is the point I am retiring soon.”

Many of the people who were a little older felt like they had been beaten down too much in life and, as a result, it was too late to take any risks. This also applied to people who were around my age but felt they couldn’t take risks because they had too many responsibilities. For some, it came down to feeling like the opportunities had all passed them by.

Think again! To overcome this excuse we would look at all of the assets you do have:

– You have decades of real-life experience. You have probably seen enough to know that if it seems too good it probably is. That experience will also have helped your tune into your common sense

– You probably have equity in your property or some form of savings. Interesting I once spoke with a friend who said “I don’t have any savings, how could I get an investment property?” Once I pointed out to him that he had six cars in various states of restoration, and a shed full of spare parts. Once he began to add up their value it turned out he had over $150,000 sitting in his garage.

– You have a network of friends, family, and co-workers who might be interested in investing with you.

– And energy and outlook is all a matter of attitude.

Take advantage of what you have. Don’t let “old age” stop you from living life to the fullest. Now is the time.

I have a client who bought their first investment property at the age of 55 and now he is just so keen to play catch up and is constantly saying to me “why didn’t I start this years’ ago”

Excuse # 3: I Have No Money

I LOVE this one because it’s SO common.

My response? How do you know? Have you sat down and looked at how much you earn v how much you spend?

The funny thing is these are the same friends who turn up at a BBQ with the latest gadgets or cars and often travel. All of which is great but they then ask how other people their age can be buying a property.

I am amazed at the number of people that once they sit down and work out their expenses there is all this money left over doing nothing that could go towards a savings plan.

So they can’t go out tomorrow and buy a block of units, but at least they can start to have a plan on how they are going to get into investing sooner rather than later.

Another area that often amazes me when I speak with people is how many people have no idea how much superannuation they have and sometimes even where it is. Don’t forget about your superannuation, it is your money after all. Yes it’s for your retirement, and that might feel like a long way off right now, but just think about how quickly the last ten years have gone and how much has changed. You don’t have to have a Self Managed Super Fund to be in control many funds now allow you to adjust your fund so its right for you.

Excuse # 4: I Have No Experience

This is somewhat related to Excuse #1, but it can and does affects people of all ages. When this one comes up at a BBQ or Family function, I love this one.

My first question is always, “do you know how to ride a bicycle?” Most people say “yes”.

My next question is” so before you learned to ride a bicycle did you study physics and get a degree,” Most people say “no.”

So how did you learn?

For most people they come with a story of how they put on a helmet, armguards hoped on the bike and then mum, dad, a brother or sister ran alongside guiding them until they got the hang of it and then suddenly they were doing it by themselves.

The cure for this excuse is simply that, educate yourself to look and sound like investors and then find some experienced professionals who can guide you along the way until you ready to go it alone.

People like a mortgage broker, financial planner or accountant can all help you by providing guidance, and often this advice comes at the minimal cost in comparison to the potential returns.

Remember, every successful real estate investor at one point started without any experience. Why should you be any different? The funny thing with experience is that you only get it if you get started and do something. So get started — today.

Excuse # 5: I’m Not Ready

I’ve met countless real estate investors who attend seminar after seminar, workshop after workshop but never actually implement anything they’ve learned. It’s not that the system they’re learning doesn’t work, it’s that they feel they’re not fully prepared to take action.

And that’s a big mistake.

The truth is that even the most successful people were never fully prepared when they first started doing whatever brought them to success today.

The solution: Take action.

To overcome this excuse, Write down ONLY the next THREE things you know you should do next. Then do them, and when you’re done, repeat the process. If you do this over and over again, you’ll be amazed at what you can accomplish.

Excuse # 6: I Have No Time

Ah yes, we love this one, don’t we? We have a job. We have a family. We’re too busy. We’ll do it once the holidays are over. When the kids are out of the house. When we’re retired.

The truth is, it’s not about time. It’s about priorities. When you say you don’t have the time, what you’re saying is that “it’s not important.”

To make my point: If you got a call today that a loved one was critically ill and only had a few days to live, wouldn’t you drop EVERYTHING and go visit that person before it’s too late? Of course, you would. Because at that moment, spending time with your loved one is more important than anything else, including the 101 top-priority things on your to-do list.

When your excuse is that you have no time, seriously ask yourself how badly you want to accomplish the goals you say you want to achieve.

Something that someone told me once when I said I have no time:

When there’s a will, there’s a way, and where there is no will, there is no way.”

When you’re making excuses, examine your will. Maybe you don’t want that which you say you want. Or at least not badly enough to do anything about it.

Ready to take the next step and get an action plan happening. Then why don’t you attend our next seminar “Cracking the future of property investment” where we will discuss the above and show you how it’s not too late to get started.

About Rebecca Mitchell

Mortgage Broker Gordon & Principal of Awesome Lending Solutions Rebecca is extremely experienced in the finance industry with various roles over the last 20 years. She has a passion for customer satisfaction and ensuring clients expectations are met. Rebecca is the primary mortgage broker at Gordon Since deciding to become more directly involved with clients and to become a mortgage broker in the last twelve months she has already assisted over 80 clients by facilitating home, investment and commercial loan approvals. Many involving complicated structures and sophisticated investors. Also to holding over 30 lender accreditation’s, Rebecca also contains the following finance qualifications and accreditation: Diploma of Financial Services Certificate IV in Financial Services Full Membership of Mortgage Finance Association of Australia (MFAA) Accredited Mortgage Consultant Member No. 142179 (MFAA) Uniform Consumer Credit Code, Compliance Essentials and Privacy Act courses Is a licensed Australian Credit representative number 407515 Member of Credit Ombudsman Services Limited Professional Indemnity Insurance against any claims up to $10,000,000 Member of AFG, the largest financial aggregator in Australia.

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