“It is in your moments of decision that your destiny is shaped.” —Tony Robbins
What if I told you that there is a deadly beast out there wanting to keep you from your dreams?
But the scarier part is that I’m being serious!
There is a little monster out there that wants to keep you from getting everything you have ever wanted. It’s a killer of your financial dreams and you may not even be aware that it exists…
The good news is that I am here to help. There is a clear way of how to avoid this monster, but first, we have to know what it is.
The Biggest Killer
Many of us have bright and sunny dreams about the future. Retirement, vacation homes, traveling the world, or whatever. But for many, there is the idea that it is not possible.
Something gets in the way.
What do you think is keeping you from your financial dream?
When I ask new investors, they often tell me the same things.
Wall Street, lack of deals, inflation, government, not enough resources…
NO! That is not it.
The biggest killer is your lack of action!
That’s right, lack of action is the little monster that is killing your financial dreams.
This sounds like a cheeky punch line, I get it. But there is more to this than just pointing fingers.
Life has an action bias. The more you do, the easier things get. The more you do, the more opportunities come to you.
By not taking action, you are missing out. You stand still and endlessly live a self-fulfilling prophecy of not getting to where you want to be.
Let’s look at multi-family investing as a great case study.
Most people interested in passive investing look at doing a deal, consider it, and then never get around to it. They come up with excuses and then they complain that they are not getting ahead.
And then the cycle continues. The lack of action breeds more inaction.
But why is that? Why is it so hard to get started? And why is this so common?
The answer: analysis paralysis — thinking about the problem so much that you are no longer able to make a decision.
It seems so obvious in hindsight, right? The more we spend thinking and worrying and not doing, the more we perpetuate inaction.
I see this all the time talking with investors.
They spend so much time trying to find the perfect deal or overanalyzing every variable, that they never act.
We all know people like this. And we have all been like this! But by not taking action, we never have the opportunity to succeed.
But don’t worry, this isn’t a permanent state. There are things that you can do to help fix this!
What To Do?
Getting out of analysis paralysis isn’t fun, but it is easier than it looks.
To get out of the loop, you have to use life’s action bias to your advantage rather than continue to let it harm you. You have to start moving.
It’s like anything, small steps lead to bigger ones and so on.
Whether it’s multi-family investing or not, the principle is the same.
Each step makes the next one easier.
So let’s start with the smallest step of getting into multi-family investing.
Step 1: Make a commitment
Make a deal with yourself, set a goal, and give yourself a deadline. By setting a date, you are taking a small first action and you are getting the ball rolling.
Tell yourself that, “I will invest in one deal by this date.”
This also has the added benefit of providing clarity to your actions. Now you know what you want, and you have a little added pressure to keep you motivated.
Fair warning, don’t give yourself more than 30-60 days. If you push off the deadline to commit too far, you may slip back into inaction.
Step 2: Take daily/weekly action
Now it’s time to keep the action going.
Find an action that you can handle and do it regularly.
I like doing things daily, but do what you can stick to. Maybe you can look at three deals this week. Or you can reach out to two sponsors each week.
The trick to this stage of investing is to keep the ball rolling while still doing your due diligence.
Think of it like hacking the action bias. Even if none of the deals you look at are good, by doing something you are setting yourself up for the opportunity to find a great one.
Step 3: Tell your spouse/friend
Find someone to keep you accountable. Tell your spouse or a friend what you want to achieve. Tell them why you are doing it and get them excited as you are.
No one likes letting their loved ones down, right?
So the idea behind telling people what you will do is to keep you accountable to them. Even if they don’t do that for you, the added pressure of letting them down makes it easier to keep moving.
Step 4: Do It!
Take the plunge. Follow through with all of your planning and take that big action. Select the investment deal you want to be a part of and go for it!
Now that you have built up a system to get you here, you will see how much easier it is once you have already started taking action.
You will have already done the research, the phone calls, and everything else to set you up for success. Now all that is left is to take in the rewards!
By taking action now, you are getting yourself onto the road to your financial goals. Each step you take now pays dividends for what you want to achieve.
And one of the most important things you can do with this is to plan for your financial future.
The great words from Lucille Ball sum it up best. “I’d rather regret the things I’ve done than regret the things I haven’t done.”
Financial success starts with that first step.
To achieve financial freedom, you have to take the first steps. Start taking action. Learn as much as you can and keep yourself accountable for your dreams.
And if you’re like me and passive investing is the way you want to go about achieving your financial dreams, then I have you covered!
Check out our special report about investing. It compares the stock market to real estate, and it also includes how the pandemic affects your investment future.
If you are interested in investing with us, we are happy to answer any questions that you may have. Join our investment club today and we will be in touch.