Episode Details

You are where you are in life because of all of the things you've chosen to do and all of the things you've chosen not to do.

So, in today's show, I'm going to share with you 11 things that successful investors don't do, so you can move ahead in your investment journey.

In my mindset moment, I'm going to explain the vast difference between being wealthy and being rich.

And in my chat with Ahmad Imam, we're going to talk about the fears of first-time investors. So, if you're a beginning investor wondering if you should or shouldn't get in, this conversation will be very useful.

But even if you're not a first-time investor, you may have some of the same fears, so you can get something out of this conversation as well.

11 things successful investors don't do

While there are many great tips on what to do to become a successful property investor. However today I'd like to look at a number of things successful investors don't do.

1. They don't concern themselves that the markets are unpredictable.

Successful investors are comfortable with the reality that their future can't be predicted. They know that despite having the best plans and strategies there are always X-factors coming out of the blue that may affect them negatively. So they protect themselves by planning for the worst yet expecting the best outcome.

2. They don't accept things as true without questioning.

In an uncertain world, we love to be right because it helps us make sense of things. One of the ways we strive to be correct is by looking for evidence that confirms we are correct. Psychologists call this confirmation bias.

Instead successful investors understand that most of us are ruled by our prejudices, so they maintain a healthy skepticism and question new information before accepting it to be true.

3. They don't think success will come "quickly" or "easily."

Successful investors don't look for the next "get rich quick" scheme, knowing that those with a long-term perspective and who delay gratification are more likely to be financially successful because wealth is the transfer of money from the impatient to the patient.

4. They don't wait for the "right time" to take action.

Successful property investors don't try and time the markets. They know there isn't a "right" time to do anything.

5. They don't try and do it on their own

Successful investors know that if they're the smartest person in their team they're in trouble. So they're prepared to pay good advisers and have mentors who inspire and motivate them and keep them accountable.

6. They don't waste their time worrying

Interestingly most things you fear will happen, never do. They are just monsters in your mind. And if they do happen then they will most likely not be as bad as you expected.

The lesson here is that you shouldn't take things too seriously because that which seems like a big problem today, you may not even remember in five years.

7. They don't give others the power to define "success" for them.

When you compare yourself to others you let the outside world control how you feel about yourself. Successful people pursue what makes them happy without worrying about what others think, especially other people's definition of success.

8. They don't dodge responsibilities.

Successful people are human so they make their share of mistakes, yet they're willing to accept responsibility and admit to their faults.

9. They don't ignore problems.

Successful people confront problems as soon as possible. Like all of us they're tempted to neglect things that are difficult to deal with, but tackle them anyway, because putting off a p