In this first article of 2024 for YPN, I want to share with you how you could achieve more every day to ensure that this year is your most successful year ever.
Just to be clear, I am not talking about you becoming a busy fool, spending every hour of your day working on your property journey to achieve your goals. In fact, I'm suggesting quite the opposite.
In 2023, a good friend of mine, who's also one of my favourite authors, Dr Benjamin Hardy released his new book with Dan Sullivan called “10x is easier than 2x.
I want to give full credit to Benjamin for the content of this article, which is based on principles in his latest book. By the way it is an Incredible book, which I highly recommend you purchase.
If you work really hard and take more action, you're probably going to achieve better results than you are right now. However the problem with doing more stuff, is that you get burned out very quickly and you have no time to enjoy the fruits of your labour. So what's the point?
It's important to recognise there's no point running 100 miles an hour, if you're running in the wrong direction. Being busy is not necessarily a sign of success, and doing more isn't what you need to do. You need to recognise that 80% of what you are doing right now is probably not very important and in fact, you could just stop doing it with little or no negative consequences. It's actually the 20% of your activity that gives you all the results that you're currently achieving.
Instead of trying to do more by taking more action, and becoming busier, the way for you to achieve more every day, every month, and every year, is to actually do less activity by cutting out the 80% that's really not helping you and focusing in on the 20% where you add the most value and really making sure you do that very, very well.
Now that you understand the basic principle. Let me share with you 3 steps to actually making this happen.
You need to recognise that 80% of what you are doing right now is probably not very important and in fact, you could just stop doing it with little or no negative consequences.
No.1: Don't Try To Do Everything Yourself
As a property investor and as a new entrepreneur, or business owner, there is a temptation or maybe even a requirement, to do everything yourself.
The reality is there will be some things that you're really good at, and there will be some things that you're not so good at or you certainly don't enjoy doing (and so, as a result, probably don't do them very well, if at all).
The first key to you achieving more, is recognising that you don't have to do everything on your own. Getting other people to help you is a much smarter way to grow your business and achieve your goals.
This could be family members who are helping you out, it could be paid team member, either full, or part time, here in the UK, or even an overseas virtual assistant.
The problem is that when most people start a business, they don't have much money, and so they are very conscious about not spending money.
This means that rather than employ other people, they think that they have to do everything themselves.
I want to give full credit to Benjamin for the content of this article, which is based on principles in his latest book. By the way it is an incredible book, which I highly recommend you purchase.
A classic example in the world of property investing is where investors manage their own property instead of paying a letting agent to do it for them. I certainly did this for the first eight years of my investing for a number of reasons. The main one was I didn't want to pay 10% of my rental income every month to a letting agent when I thought I could do a better job. It is absolutely possible to manage a handful of properties very much part time, even if you have a full time job, or you're running a busy business. However, as you acquire more properties in your portfolio, it takes more time to manage those properties, which means you have less time to focus on actually buying properties, which is where you're adding most value and building your long term wealth.
Many landlords still manage property themselves because they are trying to save money and because they don't want to spend money on employing other people to their manage properties for them. Unfortunately, this is what we call a Cost Mindset where these people are focusing on the cost of doing something, not seeing the value of doing something. If you want to be truly successful, you need to develop a Value Mindset where you look at the value of things rather than the cost of those things.
This is often the case when it comes to property training. Some people think they can save money by trying to learn everything for free by watching videos on YouTube. Instead of committing to their personal success and investing in their own development by attending some property training. Whilst you can learn a huge amount on YouTube, you can save yourself a huge amount of time and get your questions answered by attending a live physical, or virtual training. Save yourself months, if not years of time learning and also avoid many of the expensive mistakes people make when trying to invest on their own without the proper education.
No 2: Don't Limit Your Potential
This is linked to the first point. Recognise that time is only one of your limiting factors. Your success might also be limited by other resources such as the amount of money you have the level of experience and knowledge you have.
If you want to achieve more, you need to stop limiting your thinking, actions and decisions by limiting yourself to your own resources. The reality is at some point, you'll run out of money. You won't have enough time and you won't have the experience, or knowledge to move to the next level. Good news is that as already explained in point 1 above, you don't need to have the time, money, knowledge or experience, as long as you can find other people who have the resources which you lack. The very best way to get these resources is of course through networking. Your network is your net worth. The more people you know, in the property industry, the more likely it is that you will be able to find all the resources you need within your network.
A way to apply this thinking, is to stop putting a limit on the size of your property projects you could do. Don’t worry about how much a deal needs in terms of money. If it is a great deal with plenty of profit, then there will be people in your network who could fund that deal, as long as you have a big enough network. This leads to point No3.
"The more people who you know in your industry, or rather the more people who know you, then the more successful you can be."
No 3: Build Your Network
You have heard me say it before, your network is your net worth. The more people who you know in your industry, or rather the more people who know you, then the more successful you can be. I am not just talking about finding people who have money, but also people who have deals, specialist knowledge, experience and contacts.
If you really want to achieve more, I encourage you to get out and meet more people in your industry and start to build working relationships with these people. You never know how people you meet might be able to help you in the future and how you can help them.
Make sure you are mixing with people who you aspire to become like. You need to stretch your comfort zone and get out there and connect, remembering that property is actually a people business. It’s all about relationships.
I wish you all the best for 2024. It is going to be a fantastic year for those who are prepared to seize the opportunity. If you see me at an event in 2024, please come up and say hi and let me know how you are doing with your property investing. I look forward to hearing about your success.
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