Every new year, many of us quickly draw out our plans and goals, popularly referred to as “new year resolutions”. As good and impressive these resolutions are, it is disheartening that many of us are far from achieving them even before the end of the first quarter of the year.
Despite our best intentions, why is it now so difficult to stick to these resolutions? It doesn’t matter if the resolution is to start a new habit of investing or to give up an addiction; it all comes down to consistency, discipline and dedication.
Most people blame their failure to fulfill resolutions on a lack of time, resources or motivation, or a loss of zeal after starting. According to research, only about 16 percent of people are able to follow their resolutions. The majority give up within one to six weeks of starting, and many of these resolutions are repeated year after year.
When it comes to investing in real estate, 5 evidences are revealed why people fail to achieve their resolutions for the year.
Unwillingness to Take Risk: One of the reason many people do not achieve their real estate investment goal is the fear of taking risk or the fear of being scammed. This is understandable, especially if they have no experience.
Stories abound of people who lost their hard earned money to fraudulent property developers. The question, however, is what information you feed your mind with and where you go for advice? We have a pool of information and articles online to guide you on how to invest in real estate wisely. You can also Google different reliable real estate companies in your geographical area online, check their credibility and get an in-depth knowledge to satisfy your curiosity.
Lack of Financial Discipline: To become a successful property investor, you must be disciplined financially. You must separate your fixed expenses from your variable expenses and discipline yourself to work out a realistic budget. Inability to set a realistic financial goal is one of the reason many people do not realize their investment goal. Some people assume that setting a goal without putting their income and expenses in check would guarantee the achievement of their new year resolutions. It doesn’t work that way.
Setting Unrealistic Resolutions: Lofty real estate objectives are great, but setting unrealistic real estate goals can often do more harm than good to your investing career. A resolution is about what you would like to do rather than what you ‘should’ do. People either establish excessively difficult objectives that quickly become unreachable, or they set relatively easy goals that they quickly become bored with. It’s critical to review your overall resolutions to see if they are achievable. Are they quantifiable? Are they constrained by time? Are they specific in nature? Are they in line with your goals? Is it possible to break them down into smaller chunks? Is it possible to achieve them within the time frame you’ve set? Remember that in order to keep a resolution, you must change your behaviour. Therefore, to achieve real estate investment goal for 2023, make sure your overall goals are reasonable.
Lack of Accountability: Working with a coach, mentor, realtor, real estate expert or accountability partner guarantees that the proper energy and drive are present to help you achieve your real estate investment goal. If you failed to accomplish it in 2022, it might be as a result of your lack of accountability. To accomplish more, and have more, you have to be accountable. Success is a deliberate effort. If you are well guided, you will surely achieve your goals.
Whem choosing and accountability partner in 2023, avoid people who may likely drain and sap your energy. Instead, work with people that can elevate and encourage you to achieve your set goals, especially when you’re feeling discouraged.
Inability of Turning Goals into Reality: Like most things in life, achieving your real estate investment goals requires a balance of both planning and action. The best real estate investment objectives in the world won’t do much good without dedicated action. But dedicated action without a clear objective can squander your valuable time and energy.
Having a clear objective towards achieving your new year resolutions will go a long way, and will also be a motivating factor to accomplish them. For instance, you may consider buying a property as reward for your hard work and efforts over the years, or to begin building sustainable wealth, and you will be surprised that this singular objective would keep motivating you until you accomplish your set goals, thereby turning them into reality.