Sacrifice now to reap the rewards later
Finding it difficult to stick to your investment goals? Here are a few short words on delayed gratification.
Blogger: Cam McLellan, CEO, OpenCorp
I recently caught up with a guy who had called me a “loser” for buying my first property in the Victorian suburb of Bayswater (not exactly a hip place at the time) as all my friends were moving to Hawthorn (much trendier). At the time, my friends really couldn’t understand what I was doing, and this seems to be something many people I speak to at the moment are experiencing. So I thought it was time to talk about sacrifice and how it relates to property investing.
Once I started thinking about writing this blog I thought about the Monopoly board game. Random? Yes, but stick with me here. What I realised is to start this game off, you’ve got money in your account and some choices. You can keep going around and collecting your money as you go pass Go. But you can also buy a lot of property, so much so that it gets to the point where you’ve got almost zero dollars. But you’ve made sacrifices and you know you’re soon going to start reaping the rewards.
This, folks, is delayed gratification – you‘ve spend all your money buying these properties as you’re going around and then what happens? Money starts to come back to you. So you upgrade your property, you put up some houses and hotels and hey presto! You win the game and get some serious satisfaction from making those choices while your friends just kept going around, collecting their money.
Moral of the story today? Don’t let what other people think deter you from your goals and if necessary, make the sacrifices you need to – to win the game.
More from this writer:
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Overcoming analysis paralysis to achieve investment results
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Does your accountant understand property investment?
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Is your investment property underperforming? What To Do
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How to consolidate your debt as a property investor
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Investment terms explained
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Are 'rentvestors' creating more wealth than owner-occupiers?
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Overcoming setbacks in your property investment journey