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Ever wondered what the secret sauce is that makes top property investors successful? Well, if I knew that I would have bottled it and be flogging it on the Internet. But, the fact is, there isn’t just one thing common to all success stories.
This was something that was bought out in my recent conversation with Tyrone Shum on the Get Invested podcast. As host of a hugely popular podcast himself – Property Investory – Tyrone has interviewed dozens of top property investors. What he’s found is that there is a myriad of strategies, points of view, mindsets and tips that have helped shape these top investors. However, there are a few strategies that are common to almost all of them. Let’s take a look:
Lifelong Learning and a Focus on Action
As Tyrone says, after interviewing so many top property investors, his key learning is, well, learning – continual learning. “A lot of my guests have said that the reason they are successful is because they are continually learning and investing in their education and their mindset, and because of that they are able to grow in substantial leaps and bounds,” he says.
But there’s an important caveat to this. It’s not knowledge purely for knowledge sake. The real key is putting that knowledge into action.
Seeing the Opportunity in the Property
As I often say, when it comes to investing, a house is essentially just a moneybox in the shape of a house. It’s the tool that enables you to do other things long-term, to secure your future and, ultimately, replace your income.
Many of Tyrone’s success stories have a similar philosophy. Property is actually just a building; it’s what you do with it that counts. It’s is how you perceive it and how you can bring an opportunity to the table using that physical asset. How can you turn it into something that could be valuable to you?
Buy and Hold for Long-Term Wealth
Although all of Tyrone’s property success stories have different interests, passions and strategies, the underlying message is invest for the long-term to secure your wealth. A majority of these investors take a buy and hold approach – buy quality property and hold it for long-term growth.
Take it to the Next Level with Property Development
What Tyrone has noticed about the most successful investors – those who have grown massive wealth – is that they have taken it to the next level with property development. That might be renovations, subdivision or whatever.
“Usually what happens is once you’ve got a foundational portfolio, and you’ve built it up enough so that you’re financially free, the next step is to delve into property development,” Tyrone says.
“And through property development, instead of buying the property to just hold you actually add value, or create additional value, and then you’re pretty much printing money in your own backyard,” he says.
Printing money in your own backyard: It’s a great quote and a great way of thinking for property investors who want to take it to the next level.
To hear more about these tips and strategies, the Property Investory podcast, and Tyrone’s own fascinating journey from real estate agent to digital marketing guru, nomad entrepreneur to top podcast host and budding property developer, have a listen to the entire episode here.
There are plenty of people out there who, on the surface, have it all. They’re financially successful, have a beautiful family and are perfectly healthy. But many of those people are incredibly unhappy and are putting on a front all day while still feeling depressed and empty when they take any time to reflect.
Peter Finn of Face Contracting was in this exact circumstance roughly 6 years ago. He was wealthy beyond what he could imagine growing up as a working-class kid in Cobar, Australia. He had a lovely wife who was also successful in her work. But he was deeply unhappy.
So Peter took some time to reflect on what was really important in life and came to some enlightening conclusions. On a recent episode of the Get Invested podcast, Peter and I had a wonderful chat about what Peter thinks we should really be focusing on: namely relationships. For Peter, the relationships you make with those around you, and the reputation and legacy you leave behind, are the most important things you can put your time and energy towards.
When you’re on your deathbed, he told me, you’re not going to think about the investments you made or the jobs you worked. You’re going to meditate on the relationships you had, and whether you were a force for good with those in your life. It’s a scary thought, coming to the end of your days and realising that you spent all of your time obsessed with work and numbers, but it’s something you should think about.
What we all chase in life is fulfilment and achievement, Peter tells me. That feeling you get when you lose weight, or help an old lady cross the street, or receive praise from your peers — that’s what makes the difference between a fulfilling life and one that is merely spent passing the time.
In my own business, I help people make roadmaps in their lives so that they can cultivate passive income and reach financial freedom for themselves. Money isn’t everything, of course, but achieving financial security is a major step in having a healthy social life. Being able to take care of your family, or take the time off to visit an ailing parent or go on vacation, are all impossible without a comfortable nest egg.
These are, of course, just a few aspects of maintaining a healthy social life. People devote their entire lives to trying to understand relationships, and a short article isn’t going to cover all the bases. But if nothing else, I hope Peter’s words make you take a few moments out of your day to think about what’s really important in your life.
Listen to my entire conversation with Peter here.