In his recent Your Investment Property Magazine article Philippe talks about the importance of property education:
One of my favourite sayings is highly relevant to property investors: ‘You will pay for your education, whether you choose to or not.’
In other words, do you want to pay for education upfront so you go on to make the best possible decisions?
Or do you want to pay for your education in the form of lost profits, low-performing assets and missed opportunities along the way?
The reality of real estate is that it’s a popular and proven strategy for creating wealth. It’s also democratic, as almost anyone can leverage property to improve their financial situation.
But if this is true then why doesn’t everyone do it?
The answer boils down to one very simple factor: Education. Or in the case of unsuccessful investors, a lack of education.
At the risk of over-stating my point, in my view getting a property and finance education is the single most important thing any investor can ever do for themselves. It’s the first and most crucial step you should take towards building your financial future, but the scary thing is, it’s a step that many people skip all together.
I believe that education is so essential that it is always at the core of the initial meetings I have with new clients. The very first thing I aim to do is educate the clients in terms of their finances and their goals, because my goal is to empower them to make smart decisions that move them forward.
After all at the end of the day, it’s their money on the line, not mine. I want them to be 100% comfortable with their investment strategy before they move forward with it, which is why it is crucial to be educated about every part of the process.
How can you get a property education?
Once you have a basic education underway about the nuts and bolts of buying and managing real estate investments, you can then start to understand how to make money out of property.
I love going through this education process with my clients – if fact, one of my biggest thrills is when I see someone who suddenly ‘gets it’. Something clicks and they suddenly understand how property investing works (and importantly, how it doesn’t work). That’s when everyone gets really excited, because they can see the opportunities to create solid wealth in their future!
Getting a property education in this day and age isn’t difficult – the challenge is getting your education from the right sources. I suggest you engage with reputable, well-known sources who have a proven track record of success.
This could include educating yourself by:
Remember, a property education doesn’t necessarily need to be expensive – there are many free or low-cost resources you can use to grow your knowledge bank when it comes to investing.
The most important thing is that you commit to your ongoing education, so you can invest with clear goals and a meaningful strategy. Without this, you are investing without a purpose and any results you achieve are due to luck more than anything else.