Every real estate investor wants to take action in ways that produce great returns. But how many are really doing that, or even trying? Jonathan's guest on this episode is not a real estate investor, he's a psychologist. Peter Shallard is known as the "Shrink For Entrepreneurs" and Jonathan invited him to have a conversation about the fears behind inaction, the reality of analysis paralysis, strategies to prepare for moments of decision, and more. Those are topics every real estate investor needs to understand. This episode is going to help you understand what motivates your decisions - or lack of them - and help you take action in prudent, unbiased ways. You won't want to miss this conversation with Peter Shallard.

You're already taking risks, you just don't think of it that way

You may think that those who can't "pull the trigger" on an investment decision are simply risk-averse by nature, but that's not necessarily the case. Peter Shallard points out that many people who won't take appropriate and necessary risks hesitate because they believe that there is such a thing as avoiding risk. But if you are participating in the economy at any level you are already taking risks. It's a normal part of life and a common aspect of any financial practice. In this conversation, Peter describes simple but effective ways you can train yourself to think that will open you up to taking appropriate risks that could provide the investment success you're hoping for.

Analysis paralysis is real, and it's holding many people back

We all have topics or areas of interest that consume our time and energy. For some, it's finances. Business blogs and cable channels provide these individuals a constant stream of financial analysis and conjecture, but they never really do anything with the knowledge they gain. That's OK if financial topics are nothing more than a hobby for you. But if you are voyeuristically peeking into the financial realm with a belief that someday, when the conditions are right, you're going to take action, you could be fooling yourself. On this episode of Real Estate Launchpad Peter Shallard explains what you can do to get out of your easy chair and into the game by taking action. Be sure to listen.

How you can take action on investments before the pressure is on

You may listen to every real estate investment podcast available and read every real estate investment blog, all with the hope that you will one day feel ready to purchase your first investment. But when the time comes, will you? Not if you are unclear on what qualifies as a good investment for you. Peter Shallard says that many people feel the fear of making investment decisions the most when the heat is on, in the moment of decision. It makes sense for anyone to find it difficult - but it can be avoided by putting your real estate education to work beforehand. Work out your criteria for an acceptable investment before the pressure is on and have it available in the moment of decision. When you do, you don't have to rely on your own judgment when emotions are high and the sales spin is happening - you can simply look at your list, evaluate the deal, and make a clear and confident decision.

If you discover you're part of a gold rush, it's time to reconsider

A few times on previous episodes of this podcast, Jonathan has mentioned how investors these days seem to be putting their money into deals that years before, they never would have even looked at. Why is that the case? Peter Shallard says it's FOMO - the fear of missing out - and it is one of the psychological dynamics that crops up when something that's been fruitful in the past is still available, but likely isn't going to be around for much longer. In those circumstances people often rationalize the wildest decisions and behavior, hoping to cash in big as a result. Peter says it's nothing more than fear-based decision making - not the kind of prudent action that goes into solid investment decisions. This episode is full of insights about the way we make decisions (good and bad) and how you can learn to know yourself so that you can make better investment decisions.

In This Episode Peter Shallard says...

• [2:11] Why Peter is known as the "shrink for entrepreneurs"
• [4:10] The mindset behind those who are more comfortable taking risks
• [11:50] You can guarantee your own autonomy. Here's how
• [16:40] Trouble pulling the trigger on your first investment? Here's Peter's advice
• [21:54] How to develop decisiveness so you can take action
• [29:02] How to deal with the tension to decide in the moment of decision
• [36:33] What is the psychology behind the fear of missing out and market bubbles?
• [46:45] Knowing you are on the right track even if you don't see the results yet
• [49:33] The best thing you can control is your own learning

Resources Mentioned In The Episode

• [email protected] - Learn to be an asset manager and Investor
• Bellwether Enterprise (sponsor) - contact Will Oldham [email protected]
• Wikipedia List of cognitive biases: https://en.wikipedia.org/wiki/List_of_cognitive_biases
• Warren Buffett: https://en.wikipedia.org/wiki/Warren_Buffett

Connect with Peter Shallard

• https://www.petershallard.com/ - Peter's website
• Peter's Commit Action company: https://www.commitaction.com/
• Follow Peter on Facebook: https://www.facebook.com/commitaction/
• Follow Peter on Twitter: https://twitter.com/petershallard
• Follow Peter on Instagram: https://www.instagram.com/petershallard/

Connect With Jonathan and Real Estate Launchpad

• To invest with me go to www.TwoBridgesMgmt.com/investors
• To learn from me go to www.MultifamilyLaunchpad.com
• Join my free Facebook community

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