The Media Says The Property Market May Slump!
I am so excited! – the media says the property market may slump!
So why would that make me excited? Historically every time the media has predicted a slump, a bubble bursting or a property meltdown the opposite has happened. There has been good growth, a property spurt or a boom.
I started noticing this in the early 2000’s when Jack and I first started investing in property. After following the media and property cycles for the past 20 years and looking at historical data for a similar amount of time, I have come to realise the media get it wrong at least 90% of the time.
Mostly because bad news sells and when someone writes something negative or sensational it gets picked up and moved forward and written about again and again.
The other reason is the media is often well behind the actual movement of the market.
To assist my clients, get through the fear factor of these headlines I put together a record of headlines over the years and the actual results in the property market. I called it ‘Misinformation in the Media’ (I can post you a copy if you would like one) Click here to get your free copy.
The important thing to remember is fear can hold you back for years, and fear is caused by a lack of knowledge. Education and experience can certainly cure fear. Getting the right advice is another important factor of being able to move forward and succeed.
When it comes to getting the right advice, I always say you need to look at who you are talking to, what they have and what they have done. If they have what you want – they probably can tell you how to get it.
Unfortunately, we usually take advice from family, friends and the bloke at work. Family members love you, and want to protect you. They possibly don’t have experience in what you are trying to achieve – for example creating a property portfolio. Probably have listened to scary stories and gossip – let’s face it – bad news sells! They don’t want to see you hurt or lose money – so will often advise you not to step out of ‘their’ comfort zone.
Friends and the guy at work are similar, or sometimes they may feel a little jealous. They don’t want you to get ahead of them, or worry that they may lose your friendship if you become successful.
Then there are the ‘professionals’
Make sure if you are taking advice from someone, that they have done what they are recommending or selling. More often than not the financial planner or salesperson that is recommending something to you to do or buy is not wealthy themselves. They are selling from what they have been told or taught… look at who they are and what they have, if they have what you want, they may be able to tell you how to achieve the same, if not…beware.
At the end of the day, mix with the right people. You tend to be the average of who you mix with. One of the benefits our clients talk about of being part of the Think Money family, is the ability to mix with other people doing what they are doing. Managing their money, paying of their home loans fast and building property portfolios. At our wealth Retreats, our clients make lasting friendships, learn from the experiences of other clients and certainly learn heaps from the education and speakers at the events themselves.
Clients make sure they don’t miss these great events. If you want to learn more, connect or reconnect – give me a call today.
Have a fantastic week!