When the great business philosopher Jim Rohn was asked in the 1980s by a room of oil executives for a prediction about what the new year was likely to bring, he replied with the following wisdom:
The next few years will be just like the last few years…..
Rohn elaborated:
The last 6,000 years read like this: opportunity mixed with difficulty. It isn’t going to change.
Regarding change, Jim Rohn was big on personal responsibility and being in charge on your own journey and destination, as the good and bad of life happens to us all.
Someone says ‘Well, then, how will my life change?’ And the answer is: when you change.” – Jim Rohn
Rather than being a flippant response to a frequent question, Rohn’s reply is what I believe to be a fundamental truth and foundation of success
Focus on what you can control and lets others worry about the big picture forecasts which are outside of your control.
Forecasters focus on these things (which are important but beyond our control)
* Interest rates, when the RBA is likely to cut this year?
* Government policy and its impacts on the property market
* Where investors are likely to be buying
* Market sentiment
* Big picture macro such as immigration and employment levels
We all love a forecast. However, how can you change these big picture things and how would you profit from them? Have you benchmarked your market timing as a result of forecasts against a simple buy when comfortable and accumulate approach?
What we should focus on (and can control)
* Buying well. You buy a specific property and not the entire market. There are always good deals to be found
* Your written goals
* Your net worth target and retirement number? How are you progressing?
* Have you reviewed the rents on your properties?
* How have your properties performed versus market benchmarks?
* Work on your plan for your next property purchase
* Review your leverage and debt positions and loan health
Wishing you a year where every challenge becomes an opportunity, and every opportunity leads you closer to your goals.
