What is the order of importance for you which helped you achieve your investment goals?

If you had to put these in order from 'most important' to 'least important' in terms of helping you achieve your goals and achieve success. What order would you put these:

1. (Investment Knowledge) 2. (Having cash) 3.(Mindset) 4.(Networking) 5.(Taking Action to invest) 6.(income/serviceability)


For me, this is my order:
Mindset, Investment Knowledge, Income/serviceability, Networking, Taking Action to invest , Having Cash.

 

Numbers 3 then 5 then 6 for me. I didn't have any of the others when I bought my first IP

 

If you were mentoring a newbie, what order would you recommend?

 

3, 5, 6 then 1 came as a result of 3, 5 & 6, then 2 (had just enough buffer for emergencies). 4 was never on the radar, never have been much of a networker.

 

When I started it was:
1. Taking Action to invest
2. Income/serviceability
3. Mindset
4.Investment Knowledge
4.Networking
5. Having Cash

As I had no cash! Luckily the banks and gov were all too happy to help!

It's now changed, 4 and 2 have swapped,
5 has also now moved to 3, bumping the rest down

 

3 then 1 then 6 then 5. That is the slow road though.

 

Networking with the right people can really open many doors.... some quite large doors too.

 

here ( if I can start over again)

1. Mindset

2. Investment Knowledge

3. Taking Action to invest

4. Income/serviceability

5. Networking

6. having cash

 

3,5,1 would be the order for me. Knowledge can't be quantified/value placed on it. There are people who pay too much for all sorts of things (investments and otherwise) because they don't have a knowledge of the thing they are buying and what the actual value of that item is in the marketplace.

 

You've left one out (but it may match up with networking - mentor or influence).

 

Good topic!

I recently wrote about how I got started in my blog and reflected on what was most important in my journey. For me it has to be mindset as the gateway which drives you to action. Without this you could have all the money, knowledge and serviceability in the world but you'd never do anything with it!

So for me:
Mindset, Action to Invest, Investment Knowledge, Income/Serviceability, Networking, Cash

 

I guess it will come under networking.

 

3.(Mindset) -

Spoiler: Mindset

4.(Mentor) -

Spoiler: Mentor

1. (Investment Knowledge) - all that book lurnin' is overrated
2. (Having cash) - savings habits form early
6.(income/serviceability) - good steady income
5.(Taking Action to invest) - pull the finger out.

 

We all know that everybody is different and what works for one doesn't always work for others.
They can all be considered important to some degree, but if I had to prioritise the order which worked extremely well for us it was:
1. Mindset
2. Income/serviceability
3. Having cash
4. Investment Knowledge
5. Taking Action to invest
6. Networking

Or, if going by the order in original list:
3, 6, 2, 1, 5, 4.

If I had to reduce it further in regards to achieving financial sucess, the only 2 essential items from the list above are Mindset and Income.
I would highly advise that everybody prioritise these 2 values.
i.e. If you can build a big bankroll from generating a high income and you have the right mindset, that's all you'll really need to do extremely well financially in future.

 

For me it is getting "Home" right first. Good relationships, safe house, warm and welcoming environment.

Only once "home" (whatever that happens to be) is right have I been able to focus on investing.

 

1. Income
2. Cash
3. Investment knowledge
4. Action to invest
5. Mindset
6. Networking

Invest in yourself first - get qualified and get a good income, then save, then invest.
But other means works as well.

 

I would add 2 more..

Attitude is more important then fact's,plays a big part one's attitude towards problem's and how you act towards them..

The other one is having the right partner,and working as a "Team" once you get that right your half way there and on the same page..

 

I agree with most of your post except this part. For me, I have seen too many people who have the mindset to want to be better and the income but have very little to zero knowledge and make so many poor decisions, sometimes resulting in their investments going no where or even worse, negative equity. At least some knowledge has to be a priority imo.

 

For me, in decreasing order of importance (using @Leo2413 numbers):

3. Mindset (without the right mindset, one will never start).
1. Investment Knowledge (without the right knowledge, one will make more mistakes than necessary and could destroy one’s plans).
5. Taking Action to invest (after the above two, one needs to do something).
6. Income/serviceability (once one starts, one will realise that more and income is required).
2. Having cash (especially cash reserves to handle risk)
4. Networking (can’t possibly do it on one’s own).

But I am an old fart who is still working on all 6 items.

 

Great point imo.