Awarded entrepreneur Andrew Morello says property investors need to invest in themselves to have more confidence when making important decisions.
Andrew has made a lot of critical decisions in his personal and professional life. Initially rising to fame as the first ‘Australian Apprentice’, he has since made his mark as an entrepreneur, investor, author and a generous individual who has driven and supported several community projects internationally.
Andrew told KnowHow founder Bushy Martin on the Get Invested podcast that having such a large impact, while also building a substantial property portfolio, comes from having confidence in your decision making abilities.
Andrew and Bushy talked about how in a number of market cycles over the years, including the booming property market currently unfolding in Australia, many investors will ‘sit it out’ or avoid investing because ‘the race has already been run’.
“My favourite quote is more is lost with indecision than wrong decision. For example, you look at people that have been looking at real estate for three years and now they’ve missed the boat,” Andrew said.
“So stop wasting your time and stop pussyfooting around – make a decision. If you are in a position to buy now, then buy. If you’re not, build a plan to buy and get into the market today, not yesterday and not tomorrow.
“I’ve made money, I’ve lost money. I’ve invested in start-ups that have done extremely well and I’ve invested in start-ups that have failed. But I don’t see anything as a failure and I don’t see anything as a regretful thing because I know that it is part of the journey, not the destination.”
Having this confidence to make a decision comes from two things – investing in yourself and in your strategy.
Firstly, investing in yourself ensures you’re fully committed and in the right headspace to make these big decisions.
“The number one thing you need to be investing in is yourself. And I think we underestimate that people are so busy and trying to invest in real estate or crypto or this or that, but they haven’t got their head right,” Andrew said.
“If you want to be a want a conscious wealth creator for yourself and you want to set your future up, then you genuinely need to commit to that mentally, emotionally, spiritually and physically and find a way to nourish yourself there. That way, you can have the confidence to make decisions and invest in your future.
“One of the biggest things that holds people back is themselves. They are their own worst enemies. And I think if you get yourself right first, then investing in real estate, investing in your super funds, investing in life and in certain investment opportunities is just part of the way that you live your life.”
Secondly, having a strategy in place will guide investors through the important decisions, including when to buy and when to sell.
“I’m old school Italian, so I only sell what I have to. I’m a buy and hold on kind of guy. But I do understand there is an importance of people working towards whatever it is that they need. So the reality is sometimes you’ve got to do what you’ve got to do, but make sure it’s part of a strategy,” Andrew said.
“If the strategy is selling so that way we can then leverage it into a better opportunity, then great. If you’ve got a combined family income of 200k or 300k and you don’t need to sell, then don’t sell and keep that investment property.
“So have a three to five year strategy in mind, then a 10 year strategy and then a retirement strategy. Remember it’s not going to happen overnight, but it will happen.”
Listen to the full interview here.
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