Three Forces That Shape An Investor’s Character
If anyone’s interested in building a property portfolio, they usually focus on the mechanics and the doing. The asset selection, finance and those sorts of critical things. But we need to have a think about the psychological side of it as well because quite often, not a lot of people who are successfully building a portfolio does it. So today I want to chat about the three critical forces that shape a property investor’s character.
The first one for me is what do you let inside of your mind? We’ve got a few choices to make, haven’t we? For me, your thoughts affect your feelings; your feelings affect your action, and your action affects your results. So if we want to get better results, we need to go all the way back to what we’re thinking, and that starts with what you are putting into your mind. Are you someone who reads a lot of books or are you someone who just watches a lot of mindless TV? Are you someone who listens to a lot of podcast or do you get most of your information from the news cycle? What about going to seminars or conferences or do you engage in gossips with people? It’s really important that you guard what’s going into your mind because if it does have a profound impact on our results, we need to make sure we are protecting what we think about, and we are protecting what we feed into our mind so that we can focus on some positive things.
The second force that shapes our character is the relationships. You are the average of the five people that you spend most of your time with. So if you want to be a successful property investor, have a think about that. Are you with people that tell you it can’t be done? Or are you with people that tell you it can be done? If you go back to alcoholic anonymous for example, they’ve got a mantra. If you don’t want to slip, don’t go to slippery spots which actually means, if you’ve got an addiction, don’t go to areas where you will fuel that addiction. So don’t go to the pub or somewhere where you would get a drink easily. That’s the same for property investors, don’t go to slippery spots. If you are going to hang out with people who constantly gives you feedback that it can’t be done or property investing is a scary thing, quite often that would derail you and that would affect the character that you are trying to build in terms of building this property portfolio.
So first one is, be careful of what you let in your mind. The second one is the relationships you form and the third one is all about the habits that you form. Motivation is what get you started but habit is what keeps you going. so Jim Rohn who is a favourite author of mine talks about suffering one of two things.
The pain of discipline or the pain of regret and disappointment.
That really comes from the habit that you form because it’s not easy to get up and exercise in the morning, it’s not easy to make the right food choices and it’s not easy to put your neck out and decide that you are going to be a property investor and do everything that you need to do. It requires some form of discipline and if you don’t do that, you would have some form of regret down the track.
So my message is really simple today. It’s essential to guard your heart and guard what goes on your mind and shape the character of who you become whilst you are building this portfolio because it’s not just about the money. It’s about overcoming some conditions and building a portfolio that would hopefully become a legacy not only for your children but your grandchildren as well. You need to build a moat around you. Like a castle that has a moat to create that last line of defence. You need to create a moat around yourself to protect your character when you’re building your property portfolio.