What keeps you motivated?

I heard there used to be a house of ill repute on Wolseley Rd.

 

What motivates me is that i can see I am at 80% of my goal..the fact that I can track it....and measure it allows me to see my progress.

So what happens when I hit 100%...I reset my goals. I am finding that I no longer sweat the small stuff..having perspective and a bigger picture view is fundamental to success.

Simple really...not really...common sense is the least common sense.

 

I've heard Margaret Lomas talk about a property she bought - a unit in Cairns. She says it hasn't gone up in value in a long time. She kept it. I would have thought opportunity cost and all that she would have sold it by now. Maybe she thinks it's bound to go up eventually.

 

I'm actually more motivated at my day job since I started investing in property. I even enjoy getting up at an ungodly hour to commute as I have podcasts to listen to. It's like property had put the spring in my step as I feel like it's gradually generating freedom of choice.

 

I can't describe it too well. Perhaps I haven't thought hard enough about it.
I love my job and I plan on working hard until I can't any longer. It won't be a matter of money.

Motivation to keep investing? I guess the feeling you get when you play Monopoly and land all the awesome properties and then can upgrade to houses/hotels. Is that greed? Doesn't matter. It's that exhilarating feeling you get.
Financial security, options in the future, a better life, expensive experiences and all that stuff is the bonus.

 

@Bran here is the Margaret Lomas article I was referring to...
http://download.destiny.com.au/medi...alian Property Investor - The Lomas Lemon.pdf

 

That sounds awesome. I found I was the opposite - got less and less motivated by my jobs as I knew there was something bigger available. Starting my own gig was one of the best things that ever happened to me.

Probably costs her nothing to hold onto, or her income is so high its insignificant. So can just hold it til market improves then ditch it then.

 

Sadly, mines been negative from day one. Had I paid the correct amount for it, it would have been positive. I've been getting a premium compared to market rent for about 5 years, but no increases in that time.

 

That was a seriously bad buy for 1998, if she had spent the same amount of money or less on a house in Cairns in 1998 it would at least be worth $450-$500k now.

 

The motivation has its own "property cycle" - it comes and goes.

Seen enough now not to get too despondent or worried - but also can stay as interested all the time.

So probably don't stay motivated - but can get there if necessary.

 

If it's any consolation it took 10 years for our Mona Vale NSW property to go from negative to positive and only gained enough equity for us to invest after about 8-9 years.

 

Yeah I guess it's easier to carry a non performing property if it's not taking money from your pocket.

 

Sounds like my kind of motivation .

 

What keeps me motivated?

I believe when your 'why' is strong enough there is no such thing as motivation anymore. It is do or don't. I do everything I do so that when I leave this earth I can say 'I made a difference'. A 'legacy' I suppose.

For me personally, I have two goals i want to achieve. Although they aren't S.M.A.R.T goals (I have S.M.A.R.T goals for different ages of my life), they definitely are my overall 'guidance' system for business and life in general.

1. Provide sustainable basic resources to the those in extreme poverty to help them and future generations out of the poverty cycle. Eg. Sustainable water projects, kiva loans for small business, education for children.

2. Leaving every person I interact with either happier or more motivated to become the best version of themselves.


I like to think if I pursue the above for the next 50 years then I should be pretty content knowing 'I made a difference'.

 

Can I say that dirty word "money" ....

 

Well really that's what it's all about, money buys you a lot of options.

 

There are two types of motivation.

1) People seeking pleasure without pain, and on that path, you end up giving up easily if you ever find yourself face down in the arena or not getting the results you require. They are the sort of people that chase the get-rich-quick-schemes.

2) People who know who they are, what they stand for and have a big why, and they will show up to the arena, hail or shine, they will enjoy playing the game win or lose, and even when they get their butt kicked they keep playing the game. These people don't necessarily seek motivation from external results because people playing this game are generally visionaries who know that sometimes you need to work hard for years with no results or promise of success, so its their internal vision that keeps them motivated. Elizabeth Holmes comes to mind. Steve jobs could be another.