Join Australia's most dynamic and respected property investment community

Mindset/Limiting beliefs

Discussion in 'Investor Psychology' started by Gockie, 16th Jul, 2015.

  1. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    4,934
    Location:
    Sydney
    Hi,
    A few years ago I was struggling to get finance. I had 2 IPs and a PPoR.
    I told them I'd bought an IP the year before and I was in the market to buy another IP but financing was very hard. I mentioned this to someone I thought should be able to encourage me but what they said was something along the lines of "2 purchases in 3 years? You've done well"
    Wait x period of time.
    Thing is, I know other people have been able to buy and buy and buy....

    I think if I got the encouragement to secure the next purchase from people like you guys and gals I would have pushed through with it and found a way...
    I would possibly have a unit in Lavender Bay or a house in Doonside. Anyway, as hard as I tried, financing was "too difficult" and rather traumatic so I didn't settle on either intended purchase.

    If I could have just got that push/gentle nudge to complete and had a great mortgage broker from the get go....
     
  2. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    2,458
    Location:
    Sydney & Gold Coast
    It’s hard not to aim higher and push harder when you’re exposed to other people doing amazing stuff. I speak from experience.

    I now see my life as an opportunity to continually remove obstacles in the way of achieving significant outcomes by learning new skills, gaining new experiences, shedding fears, expanding my vision by hanging around the right people etc).

    Your point about the broker is a good one, too. I’ve said it before but I’d have been stuck at one property without the help if a brilliant, experienced, strategic broker to help make the most of my situation, and show me what was possible.

    Last night I dug through some old archives and found some of the first “big” property-related goals I’d set for myself, soon after finding my broker.

    I wanted a $3,000,000 portfolio and $50,000 passive income by age 40. That seemed like a pretty big, out-there goal at the time.

    That was before I was exposed to my current circle of friends, mentors, acquaintances, forum posters and my own mortgage broking clients.

    I’m aiming a bit higher now.

    p.s. It was no accident that I got around the right people. After reading/hearing the same advice over and over (form a mastermind group, get mentors, you're the average of your 5 closest friends etc) I made a very conscious choice.
     
    Bran, Greyghost, jins13 and 1 other person like this.
  3. Rixter

    Rixter Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    572
    Location:
    Portfolio Perth Brisbane Sydney Melbourne
    Good call Steven.

    People have 2 options to get ahead in life or not.

    Either you take control of your circumstances or your circumstances take control of you.
     
    Leo2413 and MsAli like this.
  4. DanW

    DanW Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    400
    Location:
    Sydney
    Agree Gockie.

    You need tenacity and to not let one person or one bank let you think something can't happen.

    Be tenacious and keep fighting to take the next step.

    Going from 2 to 3 IPs is not something anyone should stop you from.

    We went a bit crazy last year and tripled our number of IPs. Intentionally we didn't tell anyone except for somersoftians what we were doing so that nobody could "talk sense" into us.

    Due to Somersoft ideas and information, plus a good broker, we knew it could be done.

    2 years ago I wouldn't have believed it possible! Always avoid those limiting beliefs, and remember "it's possible"

    Watch a bit of Les Brown whenever you have doubts ;)
     
  5. jins13

    jins13 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    953
    Location:
    Sydney
    The nike slogan "Just do it". When I bought my first PPOR, it was against the wishes of my parents but I did it anyway because I knew it was the right thing to do. Good thing that I did because that place kick started my investing journey. I sometimes wonder what would have happened if I chose the other path......

    But to be fair, I am always grateful for meeting the right people, right connections, abit of good luck thrown my way and receiving mentoring from people who steered me to the right direction. I think sometimes people get a fat head about their accomplishments without remembering their humble beginnings. I still love the taste of eating two minute noodles to this day!!
     
    Gockie likes this.
  6. Greyghost

    Greyghost Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,262
    Location:
    Melbourne
    When I bought my first IP 6 years ago I was 24. I was wrapped with having my first IP. (Looking back wouldn't have bought it, but it was a foot in the door).

    My friends said "save and buy a place to live in".

    My parents said "why don't you buy something new, or and OTP, we hear you can save on stamp duty".

    When I started talking about buying another everyone called me "money bags", greedy, isn't one enough, what if rates go up, buy your own place, pay off the other one first, market is going to crash, that area is no good, the list of things I was told goes on and on.
    Sometimes it can get to the point where if you do not have clear goals you quite possibly could get swayed by such important people in your life..
    To be clear I was only on 55k at the time of looking for another property so savings were limited - by no means did I have a lot of cash..

    Parents can be the worst to listen to(of course their is exceptions), they always want the best for you, but their upbringings had different values. They want to protect you, not expose you to risks, such as debt (which they do not understand).

    I have a rule of listening to everyone, but only following advice of those who have done what I want to do.. Simple.
    It's an easy rule to follow, forget lies and truth. Do you have what I want? Have you done what I want to do?

    As another poster mentioned we don't talk about our investments with friends or family. (Old saying, never discuss politics, money or religion in polite company).
    Not because we don't want them to better their lives, but because they sometimes believe that you have done so well for yourself and this preys on their own insecurities and reflects on their current situation or lack of..
    This then introducers an uncomfortable dynamic into the relationship with them, you cannot blame them for their lake of understanding.
    For us, the whole point of investing is to be free of the rat race, so we can enjoy MORE time with family and friends, not drive a wedge between them due to it.
    Don't get me wrong I will throw in my 2 cents when asked. It inadvertently comes up a lot anyway as it am an accountant and I get the "Dave, a quick question mate", at every event..

    Somersoft and PC has been fantastic for us, most members have a common understanding and are on a similar wave length so the benefit we get out of this community is enormous. Thanks to all members!!!
     
    Gockie likes this.
  7. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    4,934
    Location:
    Sydney
    Hahaha.... if you read my threads.... you have echoed the exact same environment of thinking I have around me.

    Anyway, good on you for investing in this sort of environment. You have decided to follow the advice of the people who have acheived rather than the negative influencers, well done! Just wondering, have I met you at a meetup?
     
  8. Perp

    Perp Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    455
    Location:
    Brisbane
    I find the whole "mindset" thing a bit baffling; I confess I used to really hate that stuff.

    But now I recognise how incredibly privileged I am. :oops: Honestly, the idea that you wouldn't be pursuing investments and saving for your retirement, and wouldn't have an entrepeneurial spirit, is quite foreign to me. Even now, in my 40s, I honestly can't say that I know many people who don't do these things, as a matter of course. Until I heard people talking on Somersoft about how hard it was to persuade partners, and how much trouble they had talking with friends etc., I honestly didn't know this was "a thing". I accept now that it is, and am grateful never to have had this obstacle.

    When I see people say that mindset is of 80 or 90% contribution to success, I confess I tend to think it's more like mindset is 0% when you already have the mindset, and getting the mindset is 99% of the work if you don't.
     
    WattleIdo, sanj and Gockie like this.
  9. Greyghost

    Greyghost Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,262
    Location:
    Melbourne
    Haha. I think the majority have heard what I have written in our investment journeys to date!

    I have not made it to any Melb meetups. Maybe the next one closer to cbd I will attend
     
  10. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    4,934
    Location:
    Sydney
    I'm in Sydney so....
     
  11. jins13

    jins13 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    953
    Location:
    Sydney
    Sometimes even if you had a bone thrown your way, its not a guarantee receipt for success. Ie a friend's parent bought him a house in Straithfield and really he should have capitalised on that since that house was bought couple of years ago before the craziness in Sydney, but unfortunately he loves going on 4 holidays a year and buying materialistic stuff.
     
  12. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    4,934
    Location:
    Sydney
    Throwing a bone and teaching a man to fish are two different things.... Teaching the man to fish is the important thing, not being given a bone (or fish).
     
    Last edited: 18th Jul, 2015
  13. jins13

    jins13 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    953
    Location:
    Sydney
    Good point and I agree. His father is a successful businessman who is self made and guess it was his failing to teach my friend to "fish".
     
  14. bobbyj

    bobbyj Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    195
    Location:
    Sydney
    ' Give your children enough to do something with their lives, but not enough to do nothing'
     
    MTR, Gockie, Jess Peletier and 3 others like this.
  15. Be Developer

    Be Developer Property Developer Business Member

    Joined:
    19th Jun, 2015
    Posts:
    1,078
    Location:
    Australia
    When I started investing, I didn't know that one day, I would have multi million $ portfolio.

    Along the way I met amazing people,professional, like minded investors and now it seems like a very easy task to get to next level.

    I know there is lot more written about mindset but it comes down to feeling comfortable with investment strategy and ability to make it happen.