11 things successful investors don’t do | Overcoming the fears of being a first time investor | Being wealthy is different to being rich

You are where you are in life because of all of the things you’ve chosen to do and all of the things you’ve chosen not to do.  So, in today’s show, I’m going to share with you 11 things that successful investors don’t do, so you can move ahead in your investment journey.  In my mindset moment, I’m going to explain the vast difference between being wealthy and being rich.  And in my chat with Ahmad Imam, we’re going to talk about the fears of first-time investors. So, if you’re a beginning investor wondering if you should or shouldn’t get in, this conversation will be very useful.  But even if you’re not a first-time investor, you may have some of the same fears, so you can get something out of this conversation as well.  11 things successful investors don’t do  While there are many great tips on what to do to become a successful property investor. However today I'd like to look at a number of things successful investors don’t do.  They don’t concern themselves that the markets are unpredictable.  Successful investors are comfortable with the reality that their future can’t be predicted. They know that despite having the best plans and strategies there are always X-factors coming out of the blue that may affect them negatively. So they protect themselves by planning for the worst yet expecting the best outcome.   They don’t accept things as true without questioning.  In an uncertain world, we love to be right because it helps us make sense of things. One of the ways we strive to be correct is by looking for evidence that confirms we are correct. Psychologists call this confirmation bias.  Instead successful investors understand that most of us are ruled by our prejudices, so they maintain a healthy skepticism and question new information before accepting it to be true.  They don’t think success will come “quickly” or “easily.”  Successful investors don’t look for the next “get rich quick” scheme, knowing that those with a long-term perspective and who delay gratification are more likely to be financially successful because wealth is the transfer of money from the impatient to the patient.   They don’t wait for the “right time” to take action.  Successful property investors don’t try and time the markets.  They know there isn’t a “right” time to do anything.  They don’t try and do it on their own  Successful investors know that if they’re the smartest person in their team they’re in trouble. So they’re prepared to pay good advisers and have mentors who inspire and motivate them and keep them accountable.   They don’t waste their time worrying  Interestingly most things you fear will happen, never do. They are just monsters in your mind. And if they do happen then they will most likely not be as bad as you expected.  The lesson here is that you shouldn’t take things too seriously because that which seems like a big problem today, you may not even remember in five years.   They don’t give others the power to define “success” for them.  When you compare yourself to others you let the outside world control how you feel about yourself.  Successful people pursue what makes them happy without worrying about what others think, especially other people's definition of success.   They don’t dodge responsibilities.  Successful people are human so they make their share of mistakes, yet they’re willing to accept responsibility and admit to their faults.  They don’t ignore problems.  Successful people confront problems as soon as possible. Like all of us they’re tempted to neglect things that are difficult to deal with, but tackle them anyway, because putting off a problem only turns it into a bigger one.  They don’t speculate  Rather than following the latest fad, successful investors follow a time-proven strategy that they repeat again and again, recognising that you can’t become an expert by doing one hundred things once. Instead, they do one thing a hundred times till they become proficient and can produce repeatable results – that’s how they know they’ve become an expert. It may make their investing boring, but the results make their lives exciting.   They don’t forget the people who matter.  No matter how busy they might be, successful investors make time to tend to their personal relationships, knowing how empty life would get without love and friendships.  So, there you have it – 11 things not to do if you want to be a success.    Overcoming the fears of being a first-time investor  Fear and uncertainty lead to procrastination.  The best way to overcome fears is to ask yourself two questions: what am I really afraid of? And how likely is it? Today’s chat with Ahmad Immam may help address some of your fears.  Strategies for overcoming fears  Only listen to people who know what they’re talking about. Everyone has an opinion, but not everyone’s opinion is useful.  Understand the media’s love of sensational headlines. You can’t turn on the news without hearing something about property, but bad news and sensational headlines sell papers and generate clicks. That doesn’t mean the information is useful – most property journalists are not economists. Stick to reading journalists who understand the economy, real estate, and how to create wealth through property.  You don’t need to know everything before you get started. If you want to know everything, you’ll get to a stage where you’re procrastinating and never really get started. Accept that you’ll likely make some mistakes but minimize them by getting a good team around you.  Being wealthy is different to being rich  There are a number of definitions of wealth.  True wealth isn’t your money or your property or how big your business is, it’s what you’re left with when they take all your money away.  Another definition of wealth has to do with time freedom.  Being rich doesn’t mean you’re wealthy. The rich may have a lot of money, but they have to keep working because they spend most of it.  The wealthy have money without having to work too hard for it, and their money covers all their expenses. Generally, they’ve worked hard to get to the point where they don’t have to worry about money.  The difference between the rich and the wealthy is that the wealthy don’t have to worry about money while the rich do because they generally spend most of what they earn because they haven’t put enough money aside to invest in income-producing assets.  You can think of the definition of wealth as how long you can survive and maintain your living standard without working.  Links and Resources:  Michael Yardney Metropole Property Strategists Metropole’s Strategic Property Plan – to help both beginning and experienced investors Ahmad Imam Metropole Property Strategists Sydney  Some of our favourite quotes from the show:  “The lesson here is strive to become the best you can be and look at how far you have come, what you have accomplished and how you have grown.” – Michael Yardney  “Sometimes negative experiences, mistakes and failures can be even better than a success because you learn something new which another win could never teach you.” – Michael Yardney  “True wealth is money plus the ability to keep growing and learning and spirituality, and that means different things to different people.” – Michael Yardney   PLEASE LEAVE US A REVIEW  Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how