This week’s Steve-ism is:

“If you want to end, first you must start.”

Are you like me and guilty of a little procrastination from time to time? We’re not alone. Many would-be investors love the idea of purchasing property but for whatever reason(s) struggle to get out of the starting blocks, or are unable to take the various actions needed for consistent progress.

Watch this video for an essential tip on how to overcome procrastination:

 

 

Here’s my definition of a procrastinator: someone who doesn’t fully understand or appreciate the urgency of taking action. That is, procrastinators lack the inspiration and/or motivation to move to a better destination.

Investment procrastination occurs when you find yourself fixed-financially (i.e. rooted to the spot), which is different to financially-fixed (i.e. financially free).

Procrastination can be caused by ‘not knowing how to act’ and by not being willing nor able to consistently do one or more of the following (to achieve your desired goal):

  1. Take the necessary risk(s)
  2. Contribute the necessary action and/or effort
  3. Make the necessary sacrifices

One of the reasons why people fail to start is because they have no end in mind, and so there’s no compelling reason to begin.

Are you procrastinating financially? If you are, which of the three points above represents your stumbling block? Take the time to ascertain the unpleasant consequences of your inaction. i.e. consider the actual cost of NOT doing what needs to be done. Spending time really nutting this out might provide the push you need to begin taking action, which is what “If you want to end, first you must start” really means.

If you’ve had an “A-ha” moment, or have a comment or query to make, then post it below. Alternatively, you can browse what others are saying.

Until next time, remember that success comes from doing things differently.

– Steve McKnight

Comments

  1. Raymond

    Thanks Steve for another great Steve-ism.

    I have to admit “procrastination” is the biggest stumbling block to my investing journey!!! Due to procrastination, I had missed out a few great opportunities along my investment journey.

    You are 100% correct that procrastination has a huge negative impact on achieving financial goals because time slips away by delaying action or doing nothing. What a “A-Ha” moment!!!

    Well, I have my knife and fork ready …….. Thanks for your great advice!!!

  2. Sharon

    Thanks for the reminder Steve and the kick to get moving again! Life seems so busy for everyone these days and maybe because there is so much information out there to distract us so we end up procrastinating and don’t ‘do’. Only the doing will get us to where we want to be. Time for me to get back doing!!

  3. Chris

    Hi Steve
    Thanks for the post on procrastinating. I have found that in order to Contribute the necessary action and/or effort you first need to be clear on your Why!
    Example:
    Why do you want to be financially fee?
    Why is that important?
    And probably Why again before you get to the real answer.
    Making a start and sticking to the plan then might then be a little easier.
    Thanks again for sharing.

  5. Gladys

    For me it is so important to have a goal in mind, know the reason why want to achieve that goal and be prepare with good knowledge to take good action, be prepare for risky situations to know what to do / exit strategies etc.

    Thank you

  6. Profile photo of Dc

    Hi Steve

    It was good to attend your last event in Sydney.

    Steve can commercial investment financing work different to residential finance. Does it still need to have personal income to service the loan. If there is a commercial buy for 1 million with self contribution of 300 to 400 k, there is long term lease in place that can service the loan, would that work.

    In one of your postings you said rather than finance brokers get in touch with commercial fiance manger.
    Can you elaborate please.

    Thank you

  7. Scott

    Steve, I first read your book a decade ago and I still haven’t purchased my first investment property… so have to agree with you here. Thanks for the friendly prod and words of wisdom.

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