Distractions that stop people from progressing....

Discussion in 'Investor Psychology & Mindset' started by Property Twins, 10th May, 2019.

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  1. Marg4000

    Marg4000 Well-Known Member

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    I am pleased we never had a specific goal.
    We would never have imagined our present position.
    I’m still bewildered at how much we achieved, and how we arrived at where we are.
    Marg
     
  2. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Property is long term, and not everyone takes action.

    Action is in the present moment.

    We also purchased as and when we could.

    Its about starting with something, and continuing on....

    It just doesn't show immediate results - it takes time, as skater said in one of her posts, its not like shares, where there is a quick feedback loop
     
  3. Sackie

    Sackie Well-Known Member

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    The compounding effect over time of some good decisons you made early on :cool:
     
  4. Marg4000

    Marg4000 Well-Known Member

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    The thing is, we didn’t start particularly early!

    As was the culture in the 1970s and 1980s, we bought our PPOR, moved 4 years later (pure luck, value nearly doubled in 4 years) into our present PPOR. Didn’t start any investing till our PPOR was paid off. We were close to 40 before we began investing.
    Marg
     
  5. Marg4000

    Marg4000 Well-Known Member

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    Property only accounted for around one-third of our asset build. Main benefit came from salary sacrificing into share based superannuation, back when hubby and I could sacrifice income down to the 35K mark where it became uneconomical.
    Marg
     
  6. kierank

    kierank Well-Known Member

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    Imagine how much further ahead you would if you had a plan :D !!!

    We developed a Financial Independence Plan in December 2003. Our outcome is way ahead of where we planned but the plan kept us totally focused and stopped us from being distracted ;).

    Sadly, a lot of people put more thought into their Christmas holiday plans than their life financial plan :eek:.
     
  7. bobbyj

    bobbyj Well-Known Member

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    Well isn't that also a goal and a plan?

    PLAN: spend less than you earn
    GOAL: Have more funds on retirement
     
  8. Kelvin Cunnington

    Kelvin Cunnington Well-Known Member

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    I'm in the "was I supposed to have a plan?" Phase.:D
     
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  9. MTR

    MTR Well-Known Member

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    Stuff the plan enjoy today;):p
     
  10. MWI

    MWI Well-Known Member

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    IMHO, not having a BIG enough 'WHY' will enable any obstruction that comes along... irrelevant what it is. They need to DREAM and DREAM BIG! As when challenges or obstacles happen then they need that to persevere to continue, to stay on course, not to be distracted.
    This can be applied to property investing or really any goal that is set in life.
    Once the goal is property investment, then I agree with @kierank.
    Firstly, would be not knowing what one wants to achieve from property investing, many don't really know what they want, don't define it well, they generalize with statements like to live a legacy for kids, to live off in retirement, to replace current income, to have enough to travel each year, etc.... Fine, but what does it all mean, how much each month, quarter year, etc....? Put a figure into that statement, define it!
    Secondly, would be not knowing and having a clear well defined investment strategy. Will they buy in one or more states, will they buy old and renovate, off the plan, unit or houses, lifestyle or tree suburbs, will it suit the demographic for the area, etc.... here they too generalize.
    There's nothing wrong with generalization but IMHO to be really successful in any field I found most actually really, really, really specialize in their field of expertise.
     
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  11. kierank

    kierank Well-Known Member

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    Totally agree.

    Without KPIs, objectives are really only dreams/wishes.

    To convert a dream/wish to an objective, simply set at least one KPI to measure your progress/success.

    That is:- how much, of what, by when (QQT).
     
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