Staying motivated

The New Year is typically the time when we re-assess where we are, where we're going, make resolutions etc. So I'm doing that.

I'd love to hear from people about how they stay motivated. Been reading this thread, and can relate to some of it, particularly this post.

Even though my job doesn't pay fantastically, and I mostly enjoy it, I need the cashflow (as others have mentioned in many places!) so don't feel I can safely leave, even if I knew what passion to follow. Obviously, being a member here indicates my interest in property investing. BUT, and here's the kicker, I find it hard to stay motivated regarding property, too. :eek:

I wouldn't say I'm "passionate" about property, but have chosen property as my path to wealth. I have a goal to pick up IP5 in 2011 (or earlier if possible) and do another reno. What do I do until then? :confused: What methods to others have to keep motivated and interested?

Keeping up to date on SS posts is great, and I subscribe to API and usually get a kick from it, particularly reading investor profiles. I get a bit down sometimes knowing that I have to wait before I can buy again, and that sort of puts me off going searching, as I think "what's the point - if I see an opportunity I can't take it" (We're pretty much on the serviceability limit, although LVR is at about 60-ish%)

Forgive the waffle and couple of changes of direction - given that part of my job is writing technical documentation, one would think that I could get some basic thoughts in order! :eek:

Look forward to any comments.
 
To stay motivated and maybe buy that property sooner than 2011 you could try to increase your CF (I know it isn't easy but realistically if your servicibility is an issue this is probably the best thing to keep you motivated). Reading everything you can get your hands on helps too!

When things slow I like to read lots of personal development books to inspire me and reinforce what I have done and where I am going. And read as much SS as possible!!

Have fun! :)
 
BUT, and here's the kicker, I find it hard to stay motivated regarding property, too. :eek:

People tend to be biased in response to ONE of two motivating factors: reward and fear (carrot and stick).

If you are motivated by what future wealth can bring, think about rewarding yourself (and partner/family as applicable) with a *little* bit of what you have managed to gain already.

If you are motivated by the abject fear of poverty - then you may need to get yourself scared..... (this is NOT the same as beating up on yourself)...

Cheers,

The Y-man
 
When things slow I like to read lots of personal development books to inspire me and reinforce what I have done and where I am going. And read as much SS as possible!!

The library IS getting a bit of a work-over at the moment.

If you are motivated by what future wealth can bring, think about rewarding yourself (and partner/family as applicable) with a *little* bit of what you have managed to gain already.

Good idea - I've started on this; taking to family to Brissy/GC for a long weekend soon. Visits to IPs on each day (tax deduct the whole thing - always an ulterior motive ;)), with a detour via Wet 'n' Wild!

Thanks for the support, feeling better already!
 
I think we might be just different people/personalities/view of life/world...and that is okay.

But I LOVE this property stuff.

I love the idea/concept of utilising property investing as a vehicle to my financial independence, I want to keep buying/building property (perhaps to a lessor degree), into my autumn? years.:)

I enjoy the vehicle and LOVE the ride..

I love architecture, houses, towns, cities, suburbs, people, the network and relationships formed, experiences, lessons learnt.

I love ratting out good deals.

I love turning something that was just so/so into a well presented IP and fetching good rental returns from that.

I also have many other passions and loves and interests in my life, but this is part of my life now.

I don't know how to help you on this, I'm thinking it may possibly be something "within", wish you well and all the best whatever it is you do or decide.

I was born with passion and verve/enthusiasm for life, I cannot help but love the things I do, and yet do the things I love.

It isn't always as others go about it and that is fun in itself perhaps.

And...property is a girl's best friend.:):D
 
I faced a similar issue... bought IP 1 in May 09, loved the reno and the excitement of renting out our property; and am not buying until probably 2011. We just had a kid and he is high on the priority at the moment. So, I keep myself motivated by:

  1. Reading property books and API Mag,
  2. Value investing books as I am looking to diversify into the Sharemarket,
  3. Checking out the forums often,
  4. Going into work every morning telling myself I must get out of a J.O.B,
  5. Doing my 5 yr investment plan.

I must say the most motivating step is doing the 5 yr investment plan where I break things up into separate Asset & Liability and Profit & Loss spreadsheets. These spreadsheets tell me where we could be in 5 yrs time, and the cashflow needed. It also tells me the sacrifice required and the financing strategy that I will need to take.

Staying in my day job, even though I enjoy what I do, is hardly motivating enough to jump out of bed each day (at least I am not hating work). Seeing the 5 yr investment plan is what keeps me motivated now, becase it shows that at least partial financial freedom can be achieved by 2014 in our case.

Now, if that idea is not motivating, I do not know what is. :)

Cheers

Daniel Lee
 
It may well be that I am a dullard but I don't see what the problem is. You have 4 IPs and are planning the next one when you can afford it. I don't see what motivation has to do with it unless you are so unmotivated that you will never buy another property. Actually, being passionate about your investments may well be more of a hindrance than a help to many people. I think Peter Spann said once that a wealth creation strategy is boring - or should be boring. That means that you leave the emotion out of it.
I think motivation is overrated. Sorry Tony Robbins. :eek: Motivation is a feeling. If I only do things when i felt like doing them I would get a lot less done than just doing them regardless (the ironing is good example, LOL). Like all feelings, motivation will come & go for everyone. Nothing wrong there; you're just like the rest of us. :)
 
It may well be that I am a dullard but I don't see what the problem is. You have 4 IPs and are planning the next one when you can afford it. I don't see what motivation has to do with it unless you are so unmotivated that you will never buy another property. Actually, being passionate about your investments may well be more of a hindrance than a help to many people. I think Peter Spann said once that a wealth creation strategy is boring - or should be boring. That means that you leave the emotion out of it.
I think motivation is overrated. Sorry Tony Robbins. :eek: Motivation is a feeling. If I only do things when i felt like doing them I would get a lot less done than just doing them regardless (the ironing is good example, LOL). Like all feelings, motivation will come & go for everyone. Nothing wrong there; you're just like the rest of us. :)

I agree. I sometimes have to really push myself to do things that I once did with enthusiasm when I first started out. Neary three years later and the novelty has worn off somewhat.
I think the key is to keep doing what you need to do to advance yourself, even after the passion may diminish.
That's what separates those who are very successful from the rest of the pack. The ability to just keep going, even though it may be boring from time to time.
If you want motivation, try a new hobby or sport. Get motivated to train for a marathon or some other goal.
Sometimes property investing can be exciting and rewarding, but 80-90% of the time it's like being a pilot. Hours of boredom with a little bit of workload and excitement at the start and end of each journey.
 
I think motivation is overrated. Sorry Tony Robbins. :eek: Motivation is a feeling.

I disagree. I think you're confusing it with enthusiasm.

I agree. I sometimes have to really push myself to do things that I once did with enthusiasm when I first started out.

For example, sometimes I'm motivated to go to the dentist, however I am definitely not enthusiastic about it.

Without motivation nothing happens. If it does, you need to go back to the dictionary, IMO.

I'm with OurObsession, in that property is a huge passion. It's hard not to be enthusiastic about it :)
 
i love property - i love the buying, the planning, the renovating (most of the time), the building. i love every part ... except ... it is sooooo slow.

our current plan is to finish our reno here (i am currently covered in paint), sell in august to move back into our ppor when the tenants are off lease in september, and use the profits from this reno to finance the build of the first set of townhouses, then take the increased equity in the townhouses to buy another development block and build .... but august seems so far away!

even tho i am actively working towards the next portion of the goal, it is so boring atm.

(and other days august seems to close - when i should be out painting the back verandah instead of sitting on ss!!)

the really really hard part is to do nothing. in the past i have fiddled and tinker (bought/sold/tried new techniques etc) because i was bored and wanted to be "doing" ... and nearly every time it cost me, if not in $$ than in future opportunity lost. a very important lesson
 
No job, no income and a rapidly depleting buffer will keep you motivated :eek:

Even better!

But seriously, I would say that for most of us - it is the passion for property Investing that keeps us going.:)

Our Obsession:

I love the idea/concept of utilising property investing as a vehicle to my financial independence, I want to keep buying/building property (perhaps to a lessor degree), into my autumn? years.

This says it all for me.


Regards JO
 
I think Peter Spann said once that a wealth creation strategy is boring - or should be boring. That means that you leave the emotion out of it.

Yes, and I should remember this too. When I did a refresher with him in about 2005, one of the things I got out of it was that sometimes one has to wait, consolidate, before the next "leapfrog".

Nothing wrong there; you're just like the rest of us. :)

Which makes me feel a lot better :) So I am "normal" - or as normal as any SS-er is.

i love property - i love the buying, the planning, the renovating (most of the time), the building. i love every part ... except ... it is sooooo slow.

And this is the bit that I'm having trouble with.

That's what separates those who are very successful from the rest of the pack. The ability to just keep going, even though it may be boring from time to time.

I'm prepared for this - I just don't want to WAIT.

It's been really encouraging to hear thoughts so far - appreciate the efforts in posting. I agree with Daniellee - I'll get the 5yr plan out, dust it off and focus on it, realising that time is one of the most important parts of my strategy as growth can only come with time (or reno! :p) - work with it, and don't try to swim against the tide.
 
Wobby, try switching focus if you feel a particular area is stagnating somewhat in your mind or as you mentioned - you can't move ahead for some reason. I tend to find there's always an area that needs my attention (and if there isn't - create an extra one as you may have too much time on your hands! :D).

For the last 12 months or so, property has not been my focus and whilst I still monitor it daily, don't spend as much time on it. While property has been dull/not active for me I've switched my attention to our equities and accumulating/managing our assets in that area.

Now my focus on the equities is coming to a close and my attention has started increasing on my business and improvements we're making there. Chances are by the time the business is requiring less attention it will be time for property to take up the baton again and so on... :)

I also continually try to find new books to read on subjects of interest in these fields (whether active learning or recreational). These help to keep me motivated and hopefully present new ideas.
 
Motivation is like a shower...............you need some every day.

Otherwise procrastination, inertia and the fear and doubt brigade might take hold.

As Steve mentioned WC, don't neglect other aspects/values in your life. This balances out the overwhelming feeling we can sometimes experience when we remain too focused on one sole topic.
 
Personally, I don't think it's a good idea to be unconditionally motivated about any one asset class 100% of the time.

I get motivated when an asset represents good value whether it be property, shares or livestock. I'm usually motivated about some things and procrastinating about others.

Sometimes procrastination pays better than motivation, as long as it's well planned.

RC
 
Easy to stay motivated but very hard to slow down when you're used to being an active investor! I think this is why people become restless and unsure of their next step. :)
 
Reality Cheque:
I get motivated when an asset represents good value whether it be property, shares or livestock. I'm usually motivated about some things and procrastinating about others.

Sometimes procrastination pays better than motivation, as long as it's well planned

Yes. Totally get this.
 
We're easy. The motivation to slug away at fixing this house up 100% is simply that by the end we'll be in a position to ignore property and get stuck into work! We're soooooooo close to being done now.

Oh and being pregnant in a small house is an amazing motivation to find a bigger one, and completely rearrange the furniture in the meantime.
 
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