Thinking, strategising, planning, execution, review and resolve serve equally well in the Defence Force, as in smart property investment.
On the go? Here’s 30 seconds of key take outs:
- Patience and the resolve to see your strategy through from start to finish are critical to achieving success in property investment.
- Think, apply, review and rehearse again. Adopting a ‘work ups’ approach to reaching your property investment goals, is a great way to change your mind-set to that of a successful investor.
- Understand your target, your goals and then strategise, plan and execute. You know the drill!
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4 military skills that transfer to property investment strategy success
Military and investment skill #1: patience
As a young pup out at sea, one of the first things I learned was the need for a lot of patience. When you’re on a metal platform surrounded by water, there is nowhere to go but the vessel you’re on.
When you first start out in property investment, there is no reference point. This can bring false expectations of what you think is going to play out. The reality is unsettling weather events happen out at sea, as can happen with property investing.
Both situations call on the old 80:20 rule – 80% attitude and 20% ability. The resolve to see the situation through to the finish is your strongest tactic.
Here is a quote that springs to mind in summing this up – “…patience is not the ability to wait, but the ability to keep a good attitude while waiting”.
Military and investment skill #2: high frequency rehearsal
High frequency military training such as ‘work ups’ get you familiar with procedures to a level where you can carry out the procedure in auto-pilot. It simply becomes the way you carry out the procedure.
The parallel in achieving success in property investment is strong. You need to get intimately familiar about what you want to achieve. This requires setting clearly defined goals, reviewing your strategy regularly and constantly making finer adjustments to keep you on the path to achieve your long term objective.
How do you think like an investor? Immerse yourself in it, make it procedural, make it your trade, read books, go to presentations and meet with experts, so your strategy play gets set to auto-pilot. That said take time out occasionally to celebrate the rewards!
Military and investment skill #3: understand your target
# Warning! # there is a wealth (pardon the pun!) of different approaches to investment to grow wealth out there. As a result, property investing will become a battle in your head at times!
An old tip someone passed on to me, was to start with the end goal in mind and work backwards – reverse engineering for those with a technical appetite.
A good strategy is completely focused on your goals – understand exactly what reaching your target means, and requires, from you. The need for a personalised strategy is why property investment magazines and websites all shout out a wide range of approaches to success.
Unfortunately, some investors get stuck in the strategy phase. Refocus on your goals. You can do this! As Henry Ford said, ‘…if you think you can or you think you can’t; you’re right.”
What I am getting at here is military people are trained to get up close and personal with concepts underlying strategies, and how to pick them up and apply them quickly. Get to know your target – your end state and educate yourself along the way.
Military and investment skill #4: strategise and plan
When you ponder on it, every operation boils down to strategy, then planning – through briefings and execution – to do the job. This is embedded in the structure and framework of military life. How does this translate into being a successful property investor? Easy, straight across!
Your strategy will form the centre of your investment making decisions and will be heavily influenced by your own goals.
Everyone has different goals. A 20 year old will approach their investment goals differently to someone in their 50s who is turning their mind to life after workforce commitments.
Like any worthwhile endeavour, thoughtful planning is the key to being a successful investor. Activities like budgeting, saving, financing loans, and property investing are intertwined and need a strategy and planning overlay.
Planning is great but execution is where success thrives. We can help you plan and execute.
Military and investment skill #4: execution
Before you taste results, a checklist of actions needs to be completed. Take one action everyday toward reaching your longer term goals.
With an action plan in place, you can be working away at it any time you have a moment to spare. Stand easy, lunch time, after working hours – you’ll look back and feel ecstatic that you took a little time, every day to reach your goals. Like the $5 change you have in your pocket, what you do with the hours you have in your day, is what will make the difference in the longer term. Take control of your own mission, today.
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