Can You Convince My Partner To Support Me In Becoming A Property Investor?
The short answer is: NO!
I’m often asked to convince someone’s “better half” that they really need to be more supportive of their partner and encourage and support them in their investing objectives.
Usually one person considers themself to be more courageous, while their partner is “holding them back or is too scared of losing everything in case they make a mistake”.
Another common complaint I hear is that “my partner is happy for me to invest, as long as I don’t use our family home as collateral to borrow against.”
These are very valid concerns, however the issue here is not one of property investing, but one of a lack of common goals.
If you find yourself in a situation where one of you wants to move forward and the other party is holding back, you need to sit down and discuss the situation rationally and find out what the true concerns are.
Remember that even if you see things differently, your partner’s concerns are true for them and need to be addressed before you can move forward together.
One strategy you could try is to take a sheet of paper and draw a line down the middle. On the left hand side write down the benefits you could enjoy by investing in property and on the right hand side identify the things you would miss out on by not investing.
Take this exercise seriously and think carefully about it and discuss it with your partner.
Then, take a second sheet of paper and once again draw a line down the middle. On the left hand side write down all the risks you see as being involved in property investing and on the right hand side make a list of how you might be able to manage those risks or who you could consult to help you deal with those risks.
As you do this exercise, you will come to realise that the biggest key to your success will be to learn to become a smart property investor. The more you educate yourself, the less daunting the risks will become and the more confident you will be about moving forward.
Probably the worst thing you can do is ask someone’s opinion who is not a successful property investor. They will be more than willing to share horror stories with you and they will know at least a dozen people who encountered problems with tenants or some other dramas in their unsuccessful property investing career.
Asking a failure for advice is a total waste of time and energy! It’s also not very intelligent.
Learn from people who are successful property investors and they will more than likely tell you how to deal with the challenges along the way.
Yes you will encounter some challenges and yes you will make some mistakes. That comes with the territory and you should be prepared for that!
What you need to do is to learn how to deal with those challenges successfully. If you want to know how I can teach you to become a more successful property investor, click here.
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Warm Regards,
Hans Jakobi - Australia's Wealth Coach