Successful Investors Surround Themselves with Support

If you are like me you are regularly reading comments about the world economic meltdown, the worst financial crisis in our lifetime and predictions of an imminent real estate calamity.

The financial lashings we are receiving just seem to go on and on. Every day there is a different bogeyman. You are never sure what you’re going to hear on the news or read in the press.

As an investor it’s really difficult to keep a positive attitude towards property when the media is instilling fear and doubts. Let’s be honest: most of us don’t like change- we’d rather have a nice predictable environment for our selves, our work or business and our investments. Our constantly changing economic environment is scaring many investors.

The problem is that you tend to get what you focus on in life and with many investors concentrating on the bad news and the financial crisis; they are setting themselves up for failure. Their doubts become self fulfilling because they have picked up their bats and balls and gone home – they have stopped playing the game.

The good news however is that the same events that have made many feel uncertain about their financial future will produce some of the best opportunities many property investors will experience in their lifetime.

Successful investors are not only adapting to the change; they are exploiting it. While the majority of people will sit on the sidelines feeling sorry for themselves, some investors are thinking counter cyclically and looking for and buying investment opportunities created by the change. That’s right some people will thrive, not just survive in these difficult times

If now is a time of great opportunity for investors with the right mindset, you are probably wondering – how do these successful investors remain positive in these negative times.

They do so by having the knowledge and experience of past property cycles; understanding that what we are currently experiencing is part of the normal economic cycle, albeit at an extreme.

They also gain strength by surrounding themselves by the supportive people. There is no such thing as a self made multi-millionaire and successful investors become so by surrounding themselves with mentors, supportive friends and a team of advisors.

Having a good team reduces your risk, increases your knowledge and gives you access to ideas, opportunities and funds you would never have on your own. I have found that collective knowledge and experience lowers risk when investing.

When first starting your journey into wealth creation, you will very likely be working alone. You’ll be flying solo in learning, researching and finding investment opportunities. That’s fine; you’ve got to start somewhere. However, putting the right team together will accelerate your learning and, more importantly, it will accelerate your wealth accumulation.

As a property investor your team is likely to consist of a tax savvy accountant, a proficient mortgage broker, a smart solicitor and some independent property advisors.

It’s going to take time and energy to put the right team together, but it’s a necessary part of learning and growing as an investor. What might take the typical investor ten years or more to learn, you can learn in one or two years with the right team in place.

Successful investors also understand that having a mentor, somebody who has already achieved what they want to achieve, is vital. Mentors have been critical in my success -they have helped me see things that I couldn’t see. They identified my blind spots, encouraged me to think differently and made me accountable for my decisions.

I’ve also found one of the keys to becoming a successful investor is finding the right friends and network who can provide you with support and encouragement along the way.

You see… our peers, the people we hang around with have a great deal of influence over us by giving us comfort, support and security. We are social beings that like to belong to groups and if you think about it, since the people we hang around with have such a profound impact on our personal values and our priorities, it’s important that we associate with supportive and optimistic people as we move along the path towards a better life.

Unfortunately this world is filled with pessimistic people who often keep us from moving forward. One of the mistakes I’ve seen people make on their road to investment success is listening to all potential critics along the way.

They put too much emphasis on the silly advice of unsuccessful people and it is particularly evident at present when people are feeling very emotional about the financial downturn.

It’s important to surround yourself with safe and supportive people because one of the ways we process information while we’re moving through our investment journey is by talking about what we’re experiencing.

Without safe people who are encouraging you, you wont have anyone to bounce your ideas off. The influence of supportive people who spur us on to believe in ourselves and take positive steps can make all the difference to help us transform our lives for the better.

Finally whenever you feel anxious after reading an article in the press or watching the latest ‘celebrity expert’ predict a thirty percent fall in property values, understand that many of the people who are telling you that the end is near are the same ones who in 2007 were telling us that good times would never end.