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Today at the Property Finance Roadshow in Reading, we bumped into Landlord and PT member Andrew Southwood.We took the opportunity to talk to Andrew about his 25+ years in property and why he thinks 80% of property is psychology:This seems like a great opportunity to share this truly wonderful video of Will Smith talking about fear and finding the best of your life on the other side of that:How do you think how we live emotionally impacts on how we invest and how able we are to step outside our comfort zone and move forwards?What can you do if you get "stuck"? What has helped you move to the next level and take a bigger leap?How important is personal development and commitment to learning in being in property?As mentioned in the video, Andrew would be pleased to answer any questions about the points discussed in the video, so please do drop any questions or comments here.SEE ALSO - Landlords need to adjust to new conditionsUP NEXT - My 5 Top Tips For Property SuccessDON'T MISS - The Property Tribes Essential Book and Reading ListNOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Having spent 12 years as a fighter pilot in the RAF I can totally relate to what it's like operating out of your comfort zone and living in a perpetual state of semi-fear!
(Trust me - when your job is to strap yourself infront of 2 huge engines which are effectively controlling a continuous explosion and then fly at other aircraft and the ground very quickly you have to 're-frame' where your comfort zone actually is).
However, operating out of your comfort zone with a modicum of fear is a very healthy state to be in and pushes us to achieve fantastic results. We just have to be careful to not push too far as that's when we slide down the other side of the performance curve into self-destruction.
So how to we push our boundaries and get out of the rut?
For me - it's all about your vision and mission. When we have a higher purpose it is easier to step out of the comfort zone as we are driven by greater things.
I think many people yawn when they here the word 'purpose'. It's a bit fluffy and a throw-away comment...
"Know your why"
But it is an important high performance tool.
Having purpose does not mean you have to want to save the world - there are many levels of purpose starting from family, growing to the market you serve and then, maybe, some of us want to step it up to a global purpose. Or not.
But having goals that are bigger than you, and lead to your growth and contribution to others - is a key factor in progressing to bigger things.
Ultimately - when you understand what you are emotionally connected with and what your mission is then that becomes a bigger driver than the fear of doing something new and failing.
Personally - during my short time on this world - I have seen enough to know that our time here is short and fragile, that everything else comes and goes other than time and so we must make use of every second we have and that's what personally drives me to push outside my comfort zone daily to keep growing.
Does it always work.
There are some pretty significant failures and bad calls I've made that have lost me money.
Do I really care?
Nope - because the good calls outweigh the bad 10:1.
If your Jet was taken away from you or did not have the Fuel to take off it you could not get airborne
The fuel in BTL is Regulation and Taxation
Its doesn't matter how brave you are If the Govt Doesn't want you to get Airborne you wont get anywhere
Its all a matter of Policy and Maths
there was Meany a brave Pilot in a POW camp in world war two
There skills of being a pilot did not set them free they used other skills
Just like BTL today the aircraft is being shot down and we all need to fine new ways of making money
otherwise you will stay in a POW camp
Learn Change and Adapt ?????
I agree that we should all be diversifying - more reason to push out of our comfort zones to learn new skills?
There is easier fish to fry than BTL
Diversification is the only way
when one door closes another opens
Thanks for sharing such great additional insights Rob. As for knowing your "why?", this video with Michael Kalisperas deals with that topic with a heart-rending story:
I love this! I agree with the 80% as well, one of the things Kim always speaks about is the emotional bank account and I think it is so so key.... not everybody can handle doing it.
I see a lot of people wanting to get into property and some for the wrong reasons - a great quote from the tools of titans book is 'talk to a few people who are currently where you think you want to be and ask them for the pros and cons. Then trust their opinion since they're right in it, not just remembering or imagining.'
This is so powerful for me - there is nothing wrong with property day to day being wrong for you, you can still be involved in a capacity that suits you as a person.
I would say fear is maybe even 95% and the other 5% is just process
The process is relatively simple - Buy a house rent it out
We buy a ressi and pay the mortgage - Its very similar to BTL in lots of ways
But people get stuck in their own fear cycle sometimes
Shall I... Shan`t I.... Shall I.... Shan`t I.... - Well maybe tomorrow then - Whats on TV.
I have a fear of not having any more fear
Fear keeps me alive
Emotional Intelligence and all that
``Feel the fear and do it anyway`` - Susan Jeffers
Next time the fear is not so great . The comfort zone extends
When you can control and contain your fear you can boldly go where no man has gone before
Jonathan Clarke. http://www.buytoletmk.com
Love the comments, guys.
Rob, I would have thought property would be a piece of cake after Tornados or Typhoons. That probably shows my age.
Jonathan, I agree, fear is built into our DNA; the whole fight or flight reflex. But letting fear dictate life's outcomes seems so debilitating.
Ryan, I am impressed by your maturity. Facing your fears and doing what you do at your age is inspirational, even if you think youre just a normal bloke. Non of us are normal. Also really like that you have learnt to listen to your better half. Took me decades
`` But letting fear dictate life's outcomes seems so debilitating. ``
yes I agree constant fear must be very draining
Some worry far too much about stuff i dont worry about
But sometimes I worry about stuff that others dont worry about
Fear is sometimes downgraded to the less debilitating apprehension or even being just a little bit worried
Fear is a very personal thing. Being anxious is a very personal thing
I am anxious and fearful about buying a 5K second hand car but wont blink on offering on a 100k house
But fear can crossover and potentially be mistaken for pure excitement
The balance differs for different people in different proportions
I like my fear in small bursts of about an hour or two a day
I`m lazy and fear adverse much of the rest of the time, especially as i get older
I like my comfort zones more and more
Some of my comfort zones are other peoples fear zones
And vice versa . You wont catch me skydiving anytime soon.
What an excellent interview by Andrew.Perhaps there should be an interview about the psychological aspects of being scammed by the many property scammers about. Losing your life savings can have a huge impact on your mental health and well being. Just ask Teresa Rolland the toll being scammed by Glenn Armstrong took on her.People don't consider the cost of the emotional stress of financial loss enough.It can be devastating to the person and their family.