That monkey on your shoulder has been telling you for years that investing is a bad idea. It’s made excuses, dismissed your queries and generally turned you off even looking into investing in property. Honestly? It’s not as fraught with danger as you’ve been telling yourself.
Here are five ways our mind tricks us into not investing and why they’re rubbish.
- What if I Lose Money?
Investing in property is risky business. So is driving your car to work, crossing the street and eating too much sugar.
Yet we still do all those things every day right? Ensure you research thoroughly, develop a plan and enlist the help of professionals. Alternatively, be proactive about adding value to your home by taking control of your asset and considering renovations, no matter how small they may be.
- What if we can’t get tenants?
If you buy in an area that’s booming, getting tenants won’t be a problem. This is the why it’s a great idea to enlist the help of people who know which suburbs are set to boom and give you a return on your investment. The bottom line is, everyone needs somewhere to live and if you invest wisely, you’ll never be short of tenants.
- What if I choose the wrong property?
This is impossible if you do your research. Investing in property is a life changing decision and one that should be treated as such. Read everything you can find, attend seminars, get advice and ask for help. There is a wealth of information and professionals whose job it is to make sure you make the right choice for your financial future.
- What if I Can’t Meet the Mortgage Payments?
Planning is key when beginning the investment process. You need to be able to cover the payments while also having a buffer in case you come across unexpected circumstances. Don’t spend beyond your means when deciding on the property you want to invest in and buy in an area where you will be able to resell if the need arises.
- What if I Get Scammed?
If you’re going to pay for professional help to get you started on your investment journey again, make sure you do your research. There are plenty of big talking sales people out there who are more than happy to lead you down the garden path but it’s simple enough to avoid them if you’re thorough. Read forums and testimonials and ask around to see who comes with a high recommendation.
JDL Strategies is a wealth management company with a unique approach to creating financial freedom and a pathway to retirement planning. We use the JDL Strategies Chain Reaction™ built from three core components: Aggressive debt minimisation, proactive tax deduction and planning, and an intelligent investment management strategy. For professional advice with no obligation, why not attend one of our two hour seminars to learn how you could be financially free with the salary you earn now!