Early motivation and mind set

Discussion in 'Investor Psychology & Mindset' started by Niche, 8th May, 2020.

Join Australia's most dynamic and respected property investment community
Tags:
  1. Niche

    Niche Well-Known Member

    Joined:
    6th Jun, 2019
    Posts:
    119
    Location:
    Newcastle
    Hi all,

    I am just looking for some ideas and inspiration about what kept you going in the early days when you hadn't seen material results yet.

    I have run numbers and know I am making the right choice for future me by saving and investing relatively early on (currently 27) however it is hard to stay motivated especially when I am not really expecting much capital growth over the short term. I have a PPR and investment property however none of my friends have really looked at investing at all.

    Basically I am wanting to know what all of you did in the early days to stay motivated and continue to invest especially when other people around you are not so you may not have had support of people close by.

    Thanks,
    Nick
     
    Niche, 8th May, 2020
    #1
  2. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    25,058
    Location:
    Vaucluse, Sydney.
    These two men changed my life. Big time. The stuff dreams are made of. (i found the first clip foundational in changing my personal philosophy. Highly recommend you watch it).

    Re motivation, its not very useful. It eventually ends. What is needed is to rewire your internal psychology. Its THE most important aspect imho.




     
    Last edited: 8th May, 2020
    Sackie, 8th May, 2020
    #2
    jane_c likes this.
  3. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    10,343
    Location:
    Australia
    Imagine yourself in 10, 20, 50 years.
     
    Trainee, 8th May, 2020
    #3
  4. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,511
    Location:
    Melbourne
    Maybe we were very lucky, because we saw results very quickly.

    When we started investing (1998), it was into managed funds (today you would probably do LICs and ETFs) and the market was skyrocketing 20% pa (towards the dot com bust). So it was motivating! Then we got in property, and it was booming! You know the legendary rubbish you hear about in property seminars - was happening to us!! :cool: So we could get the deposit for the next property after waiting 3 months for the value to go up yadda yadda.

    So it was pretty full on until 2005~ish when we ran out of serviceability, but it was a good run.

    Having said all the however, our PRIMARY motivation in the first instance was FEAR, because we were so much in the deep end after signing a dodgy OTP deal we thought it would drive us broke.

    So maybe that's the secret for you?

    Psychologists say people are driven in 1 of 2 ways - "away" from bad things or "towards" good things.

    All the "feel good" stuff tends to be "work hard now, get reward later" type of "towards" motivation.

    If that fails to motivate you - maybe you do need to commit to some ridiculously big project where you need to work your butt off to survive and you risk losing everything! :eek: (you ain't ever gonna get that from a financial planner!). I think it used to be @Sackie 's motto at one stage (before he mellowed?:p) of "biting off more than you can chew, and chew like hell".

    The Y-man
     
    The Y-man, 8th May, 2020
    #4
    Sackie likes this.
  5. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    25,058
    Location:
    Vaucluse, Sydney.
    meeeeooooww...:p
     
    Sackie, 8th May, 2020
    #5
  6. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

    Joined:
    18th Jun, 2015
    Posts:
    6,685
    Location:
    Perth WA + Buderim Qld
    There's a couple of key things, I reckon...

    1 - Know WHY you're investing. It feels purposeless with out this.
    2 - Love the journey. Learning the ins and outs and becoming a great investor is as much fun as the profit. Who you become in the process that is worth more than the money in my opinion.

    Although... 'becoming', PLUS money is ideal! ;)
     
    Jess Peletier, 8th May, 2020
    #6
  7. Niche

    Niche Well-Known Member

    Joined:
    6th Jun, 2019
    Posts:
    119
    Location:
    Newcastle
    Thank you everyone for the input i very much appreciate it. 99% of the time I know I am doing the right thing for future but at times it just seems like a slow process waiting until I can make the next move whether that be another property or shares.

    I am spending as much time as I can consuming information and feel a lot more informed and confident about my decisions but I just want to act on the knowledge rather than waiting for a bit more capital to be available for me.
     
    Niche, 8th May, 2020
    #7
    Hayden94 and Jess Peletier like this.
  8. Chris Au

    Chris Au Well-Known Member

    Joined:
    4th Jul, 2015
    Posts:
    1,247
    Location:
    NSW
    Listen to @Sackie (amongst others in this thread and the other motivational threads). I've learnt a lot reading these posts and listening to podcasts. (I must admit I can't quite get into Jim Rohn as much as he seemed to start promoting 'erbalife as part of his podcasts and my 2 brain cells kept stalling on this :( ). Others I listen to are Will Smith - do things differently, and Tony Robbins (as long as they're free - great little things to pick up to keep you moving). I will say I've not posted on PC for quite a while and my motivation, energy and results have suffered as a result....The thing I've learnt is to keep your eyes open, complacency is always in your backpocket. But also take time to refresh. A podcast from Michael Wyatt (Living Forward | A Proven Plan to Stop Drifting and Get the Life You Want) I listened to was about taking time out, understand why you're taking the time out, refresh and restart/continue. I borrowed Living Forward from the library (cheapskate...) and found it useful as it forced me to start with the end in mind and actually construct and refine a plan (we all know where we want to get to but then drift and realise we are so far off that 'perfect plan' that we have to sit back and replan).

    An executive coach who I would like to hear more from is Emma Murray who was the mindset coach for the Hawthorn AFL club (to their first GF win) - what do you need to bring your A game.

    Start with the end in mind, whose race are you running?
     
    Chris Au, 17th May, 2020
    #8
  9. K.K

    K.K New Member

    Joined:
    17th May, 2020
    Posts:
    1
    Location:
    Sydney
    Hey Nick :)

    I’m Kat, thought I’d reach out after reading your thread regarding us young investors and keeping motivation
    Looks like you and I are in the same boat, I’m also 27 and was nodding my head after every sentence I read
    We’re both trying our best in the long-term game here, believe meeee I understand exactly your thoughts right now! So just letting you know you aren’t alone in this !
    Kat
     
    K.K, 17th May, 2020
    #9