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How Winning Real Estate Investors Avoid Fear
Fear in the market is causing many would be investors to not take
steps that could improve their lifestyles and retirement.
" Too many of us are not living our dreams because we are living our
fears." Les Brown
As I write this article the headlines in the paper are screaming bad
news. Oil is up to $147, then down to $115, war in Afghanistan,
Russia, your backyard wherever threatens us. Hurricanes,
earthquakes and tidal waves all add to the turmoil. South American
and Middle Eastern leaders turn on and off the oil tap at their whim,
playing with the economy as they would a spoiled child. Healthcare
is bankrupt, layoffs are eminent. Riots erupt in protest for cheaper
medicines. Food prices are soaring as we turn to making bio-fuels
because our planet is dying; global warming is cooking the
penguins alive - but no-one will eat them because they're all
vegetarians.
America slips into a recession or a depression if you’re feeling
especially gloomy. The U.S. housing market is so bad that bankers
in Detroit can barely give a house a way for a dollar- then when
they finally do, half of the derelict property has been stolen; metals
melted down for money, wood burned for fuel...
It is enough to make you scared isn't it? There is a lot more to be
pessimistic about too, especially if you watch TV or read the papers
regularly. But, that's not the only story. As overwhelming as it all
seems sometimes, it's not so bad.
One of the scariest things I see people doing these days is sitting
on their money, frozen in fear. Afraid to lose their fragile nest egg
by making a bad investment all the while it erodes away, slipping
into the hungry mouth of inflation.
Internal Fear and External Fear
We are born with only 2 fears in our inherent make up; the fear of
falling and the fear of loud noises. Their purpose is to keep you
alive by alerting you to danger. All other fears are learned. Fear is
often connected to pain e.g. some fear heights because if they fall,
they may suffer severe injury or even die upon landing.
Ok, so you're not about to get your leg torn off by a rouge shark
and bleed to death on a nameless beach in the tropics. But, we've
established that there are a lot of scary things going on in the world
today; not surprisingly, there always have been and always will be.
Now, let's break down a few of these fears in relation to investing.
3:AM-Keep-You-Up-at-Night-Pain-in-the Gut-Fears:
MONEY
Ø Losing all your money -Becoming destitute or at least losing
what you've built up
Ø Not having enough money to invest- Scarcity, afraid that you
can't get started
Ø Not being able to enjoy retirement -Having to eat cat food not
only for breakfast, but also for dinner
Ø Rising health costs -Can't afford to go to the doctor
Ø Stock or Real Estate crash -Have all your savings wiped away
Ø Losing your money -Being taken advantage of by a smooth
Criminal
Ø Inflation -Rising costs and taxes are pretty much inevitable
KNOWLEDGE AND EMOTION
Ø Fear of not knowing enough -Afraid you'll make the 'wrong'
choice so you do nothing
Ø Fear of taking action -Scared if you do, scared if you don't
Ø Fear of failure- your friends, family and maybe even you will
see yourself as a loser if you don't make it
Ø Fear of the market- the economy is awful right now, how can I
ever expect to make a profit? A.K.A 'I don't know the market
well enough', 'I'll buy at the bottom'
SUCCESS
Ø Fear of succeeding- Fear that you will accomplish all that you
set out to, but that you still won't be happy, content, or
satisfied once you reach your goal
Ø Fear of losing what you created- your accomplishments can
self-destruct at anytime.
F.E.A.R. - False Evidence Appearing Real
Here are some strategies to rid out the fear in your life.
#1 Distinct Advantage - Get Educated
The best thing to do in today's market is to learn how to take
advantage of it. Not everyone around you is losing money and if
they are - run far away from them. Get online and search for an
investment book that focuses on the fundamentals of investing. You
don't need to buy an expensive kit or attend a $10,000 seminar.
You must surround yourself with a knowledgeable team and follow
a proven system.
The most important key to investing in real estate now is to target
your area and invest where the economic fundamentals are strong.
Buy for cash flow in a city with a strong future and hold for the long
term. Find someone who has a proven track record of investing in
real estate and ask them how they do it. Listen, write it down and
do it.
Other options include investing with Joint Venture Partners and
investing in REITs. Often teaming up with a company or individual
who knows the market can leverage your time and knowledge
further, faster. Always do your due diligence on the person and the
properties.
For detailed strategies of how to find the right property and choose
the right area, visit www.glennsimoninc.com and go to 'About Us -
Media Coverage' to read the How To Articles.
#2 Essential Step - Get Into Action
Many folks get stuck before they start in the analysis-paralysis
stage. Don't let that person be you. No one ever bought a property
they didn't make an offer on! Most importantly set a time to get into
action, i.e. within the next 60 days, after reading 2 books and
contacting 2 investment professionals etc. Set a time and DO IT!
There are a million coulda, woulda shouldas out there that spend
their time pontificating about the market or why things won't work
out. Shut out these negatrons or risk being pulled out by the tide of
mediocrity.
#3 Crucial Follow Up - Make a plan and work it!
" Inaction breeds doubt and fear. Action breeds confidence and
courage. If you want to conquer fear, do not sit home and think
about it. Go out and get busy" Dale Carnegie
Make your plan and work back from it. First a 5 year plan, then
break it down to 1 Year, then 1 month and then one day - today.
These are your baby steps towards running.
I didn't say all this was going to be a walk in the park. In an upbeat
market, there is less to fear. In an unstable market your biggest
obstacle is also your greatest advantage - your mindset. Once you
have adjusted your mind for success this new psychology will take
over and guide you. Every supposed failure holds a success within
it, as long as you learn from it. The better educated you are, the
easier it is to identify potential risks and take advantage of
opportunities and by doing that you'll lead a happier and more
relaxed life.
Author Bio:
Todd Millar – President of Glenn Simon Inc. has highlighted the
benefits of investing in Edmonton, Alberta real estate since 2002
and is an expert in Oil Sands Real Estate. Millar has been featured
in various articles including NuWire Investor Magazine and
Executive Impact - Japan Times. Millar contributes his strategies for
building successful joint venture partnerships in REIN materials,
authors a bimonthly newsletter, is featured in best selling author
Don Campbell’s ‘51 Success Stories from Canadian Real Estate
Investors’ book and has many client success stories to his credit.
Millar shares his insights speaking at investment seminars and
workshops in Canada and Japan, and is available for interview. If
you'd like to get more facts and learn exactly how to invest in
Alberta and the city of Edmonton, please email
info@glennsimoninc.com with the subject line "Special Investor's
Report" for your complimentary copy.
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