"Should I wait to invest or jump into the market now?"
"Will the demand for residential houses will drop?"
"I am not cut out to be an investor"
These are common phrases that pops up for those property investors who like to procrastinate.
Unfortunately for some, they never achieve what they set out to do so, invest in property, due to the fear of "what if ...".
Yes, procrastination can impact all of us, however, the real challenge is not to avoid it but to ensure that we deal with it and move forward by taking action.
The Science Behind Procrastination.
Procrastination is the act of delaying or postponing a task or set of tasks, a force that prevents you from following through on what you set out to do.
When it comes to investing in property, procrastination can cost a fortune, particularly for those whose procrastination is so fraught with fear that it eventuates in them never taking any action at all.
Numerous scientific studies reveal that our brains prefer an immediate reward over a future one, this is the concept of short-term vs long-term gratification.
Especially when planning financial and investment decisions it can be hard to correlate the "current you" to the "future you", however, it is important to remember what "current you" do now will shape the way you live in the long-term, if your plans now will come to fruition.
You will also find that most procrastinators have an innate fear of failure, are complete perfectionists, or will find a plethora of reasons not to start or perhaps finish a task.
How To Overcome Investor Procrastination.
Overcoming your investor procrastination is simple. Follow this approach:
Make a plan
Set your goals (short, medium, and long-term)
Understand your finances
Seek professional guidance and advice
Take action and invest
Reflect your progress
You can realise that seeking perfection is never going to happen and that making excuses as to why you can't start your investment journey is going to be your undoing.
You must act to create a better life in retirement, as procrastination will leave you forever with that “if only I …..” did feeling when there is very little one can do about it.
Making money using the property is a long-term game but can only happen if you take action in the present.
Ultimately, the more we procrastinate, the more we miss out.
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Warren Jacobs - National Business Development Manager at Meridian Australia
P: (02) 9939 3249
Disclaimer: When considering purchasing a property, it's always prudent to seek the advice of an appropriately qualified professional to determine which strategy is most appropriate for your circumstance.