It is not enough to leave your financial future to chance or to rely on someone else to handle your finances.
As selfish as it may sound, you have to put yourself first. Life may not be your friend. It may not give you any handouts or make things easy for you. It will, for sure, throw obstacles in your way when you least expect them. The question is, are you prepared for them?
Property investing was one of the best decisions I made for myself. In a nutshell, I came out of a divorce and became a single parent and I took control of my life by renting rooms out of my former matrimonial home and over time, step-by-step I built up my property investing business. What was clear was that the income from my rental properties came to my rescue every time, to allow me the time to reflect and plan without stressing about my monthly bills.
I made many mistakes, learnt from them and bounced back. Now I have a portfolio worth several million and teach others to control their financial destiny in a safe, speedy and certain manner.
I carried out a survey of 1,000 women as part of the research for this book Power Property Investing for Women to ascertain what women thought about investing and their fears and beliefs.
Top reasons why women want to invest in property are:
- A desire to become financially independent
- Want a passive income
- Want security
- Need a secure pension
- To provide for their children and to leave a legacy
- Be in control financially instead of relying on others such as the government, a man or their parents
Why women don’t invest in property
Women are often fearful. Yet we know that if we take action it will be good and even better for us in the long-term. However, it is fear that holds us back. I’m sure you have heard that FEAR can stand for…
- Forget Everything And Run
- False Evidence Appearing Real
- Face Everything And Rise
I have heard countless reasons why people don’t take action and here are just a few:
- “I don’t like being in debt.” I totally I don’t like being in debt myself and of course not wanting to be in debt is a good thing. The difference here is that getting a mortgage to buy an income generating asset to build your wealth is good debt.
- “I wouldn’t know what to ” This you can learn, with the right guidance.
- “What if I buy at the wrong time and the property market crashes?” Of course, this can happen, this is why it is important to know what your property investing outcome
- “How do I find the right people to support me?” You can take advice from experts, mentors and existing investors, those who have walked the path you would like to walk.
- “What if I don’t have enough money to buy another property?” For most new investors this is their biggest worry. The majority of them can actually get access to money but they just don’t realize it or how to tap into it. It is more achievable than people think. It’s always easy when you know how – right?
- “Investing is too risky.” All investment vehicles have elements of Consider the best and worst case and then compare the result without emotions as it is all about your returns – numbers don’t lie!
- “I’m comfortable with my financial position plus I have a good pension to rely on.” It’s excellent that you are comfortable and satisfied with your retirement plans. However, there are no guarantees for the unforeseen circumstances such as illnesses that life may throw at you and are you prepared for it. Also, you have limited control over the pension fund and therefore there is no certainty that it will perform as your predicted analysis.
As a former divorce lawyer, I came across many people end up staying unhappy, in unhealthy relationships, in unsatisfying jobs due to money issues. Life can get in the way as you climb the career ladder; the busier you get, the less time you have for other endeavours.
You cannot rely on anyone other than yourself with 100% certainty. You and you alone are responsible for your actions. Anyone can become fiercely independent and successful, however in order to be one, it’s important to develop various characteristics of a successful investor such as:
- Treating your investment vehicle strategies like a business and not a hobby.
- Money management – Are you good with money? Do you save or do you spend all that you earn? How good are you at getting value for money?
- Do you have a clearly defined investment strategy which you stick to?
- Knowledge – Learn about your investment strategy and master it.
- Opportunity – Can you spot a bargain? Do you act fast?
- Risk – Successful investors know the risk of investing and minimise their risks.
- Teamwork –Do you work alone or with a team of trusted experts?
- Project management skills – are you organized?
- Negotiation skills – This is key to business success. Successful negotiation involves good communication skills for a win- win resolution.
- Successful investors are not emotional about their investments.
- Learning from mistakes and move forward rather than blaming others.
- Acting towards their goals.
- Patience to continue and ensure you do your research and due diligence.
- Discipline to remain focused.
It is important to remember that all these skills can be developed, learnt and mastered with the right attitude, focus and belief that you can do it.
About the author
Bindar Dosanjh is a multi-award winning property investor, property mentor, trainer and lawyer who has mentored people of all ages from 18-63. An acclaimed international speaker who inspires thousands of women each year to get into property. Her recent book Power Property Investment For Women gives an insight encourages other women to take control of their financial future.