Roy Morgan Consumer Confidence Rating has stopped falling – up 1.3 points to 92.0. Now 48% of Australians expect bad times for the economy in the next year
Article No. 776 – Latest Roy Morgan Consumer Confidence Rating: July 11, 2008

So, what are you expecting? I ask this because you will get out of life what you expect… not what you deserve!

Life and the economy move in cycles. Many people fall victim to these cycles. To avoid “victim status” and ensure an onwards & upwards journey (good times & bad) you must maintain a right attitude and right focus.

Katrina and I are very positive about the future. In recent months we engaged the services of Business Consultants who are assisting us to restructure our business to facilitate our growth plans moving forward.

My ‘mrd journey’ has taught me much to date and there are a few interesting parallels that I would like consider between building a traditional business and building an investment property business.

I am an optimist; in part because life’s great and people mostly bounce back from “stuff” that happens… but mainly by choice. I choose to be optimistic because being so delivers great benefits that the government, the economy or well meaning friends can’t hinder. I really do believe that my expectations for tomorrow play a huge role in how ‘my tomorrow’ will look!

Success (and I am not simply referring to financial success) is so easily achieved when broken down:

• Identify someone that is ethical and approachable and who has managed to achieve what you dream of achieving
• Ask that person if they would allow you to buy them a coffee or lunch
• Ask how he (or she) achieved his success… be interested in his story
• Take time to learn & truly understand the processes involved
• Duplicate success (don’t reinvent the wheel)
• Find a mentor(s) and stay accountable to them
• Block out the noise – guard your attitude & focus
• Reassess your progress regularly, making adjustments as necessary

Building my business has required that I move through various phases. The early days demanded I did everything; albeit some more competently than others. Today we have a team of 8 and as such my role has dramatically changed. My time today is disproportionately spent focusing on how mrd will look in 12 months, or 3 years time and in coaching others to work on and improve the business today.

A valuable lesson that I have learned as my business has grown through various phases is the importance of maintaining singleness of focus. Whether a one man business or as part of a dynamic team, I have had to:

• Continually define my focus. That is, identify what are the most important activities for me to undertake at any particular moment
• Continually resist the temptation to be drawn off focus. I have had to (and still do) fight distractions daily… designed to take me off course and limit my success

Is building a property investment business different to building any business? Other than it’s easier and passive, the answer is no!

1. You require cash or equity to get your business off the ground and supplement costs while you are becoming profitable
2. Have a strategy and a plan; these are non negotiable
3. Commit to working your plan
4. Surround yourself with trustworthy and reliable professionals who will team with you and provide wise counsel and sound advice
5. You need to monitor your business success against your goals
6. Don’t be afraid to make adjustments and fine tune your activities as may be necessary from time to time

If you get out of bed each morning and purpose to accomplish those activities that will best catapult you closer to your long-term goals and aspirations; you will always be further ahead than if you got up each morning and reacted to ‘your climate’. Economically, things have changed. Will you allow them to derail you completely (from the goals and aspirations you held this time a year ago, e.g.) or will you make adjustments, stay focused and continue to fight a way through?

If you do all this AND commit to a life of gratitude… there will be no stopping you! By this I mean having gratitude for what we already have (our health, our family, our jobs, our friends, a roof over our heads and so on).

URGENT WARNING: No matter how bad things may seem. No matter how expensive petrol may become. No matter how expensive your mortgage payments are; allowing pessimism and negativity (ugly diseases) to infect your thinking and outlook will never help!

If on the other hand an optimistic, positive, hope filled, expectant attitude pervades “your world”; regardless of those (always temporary) situations and circumstances facing you… you will ALWAYS be better, feel better and achieve more!

“For as he thinks within himself, so he is”
(Proverbs 23:7a)

It annoys me when I hear all the negativity and pessimism about; things just aren’t that bad. Great leadership will always inspire people through more difficult times… I just wish we had some of that on our national stage right now. Peddling negate commentary may be great for selling newspapers, scoring political points and creating fear in the community… but it does little to help!

Of course we should never be reckless. Of course we need to be realists and conduct our affairs in a responsible manner after carefully considering the economic climate and where we are at right now. That is exactly how any business owner (which includes property investors) ought to responsibly act; always with an eye for making the most of every situation.

So be:

• Alert… but not alarmed
• Sober… but not scared
• Considerate but not concerned

You are today the sum total of your upbringing and past experiences. Who you will be tomorrow depends on what you change today. The hardest change will be changing the way you think. By learning to control our thinking we will learn how to arrest our desired tomorrow.

Successful business owners understand the economic and social fundamentals that affect their industry and underpin the success (or failure) of their chosen enterprise or endeavour. When we have this confidence… everything else is just noise!

Further Reading:

• The Hidden Cost Of Procrastination!
• Wise Investors!
• Seize the Moment
• WARNING: Exposing The Real Cost…

Happy Investing,

Nick Lockhart

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