Last week, I shared the first part of my new series talking about the importance of having a strong foundation in life.
It’s important to get the fundamentals right from the very outset, working through a series of very important questions: what, why, when, where, who, how, and how much.
You have to be able to answer these questions: asking yourself these fundamentals can stop you going in the wrong direction and put you in a better position to actually be able to go forward with whether you’re building your career with the right foundations or not.
Part 1 looked at ‘The What’ questions you need to ask yourself, and this week we’re continuing on with ‘The Why’.
Why ‘the why’ is so important
Knowing why you want to do something is important for several reasons:
- It gives you motivation: When you know why you want to do something, it provides you with a sense of purpose and motivation and gives you a reason to work towards your goal and helps you to stay focused on the task at hand.
- It helps with decision making: knowing the reason you’re doing something makes decision-making so much easier. You can evaluate options and choose the ones that align with your purpose and goals.
- It makes commitment easier: having an end goal in mind can only increase your commitment to it. When you are committed to something, you’re more likely to be disciplined and stick with a plan, even when challenges or obstacles come up.
- It gives you focus: having clear focus can help you prioritise your time and energy towards those activities that will move you closer to your goals and help you avoid distractions.
So, why do you want a career in real estate?
There are a number of reasons that someone might want to start building their career, which I’ll look at below.
Reason Number 1: Show me the money
Are you doing this because you want to be rich? Is money your primary motivation? After all, real estate can be a profitable business and has the potential for long-term capital appreciation, passive income streams, and tax benefits.
Reason Number 2: I want to spread my eggs across different baskets
I’ve spoken before about the importance of diversification – investing in real estate can help diversify a your existing portfolio, providing a buffer against market volatility and economic uncertainty.
Reason Number 3: I love it!
Are you doing this because you love it? Is this a passion of yours? I know a lot of people who got into real estate investment primarily because it was a passion of theirs. It was absolutely nothing to do with chasing money. They just love tinkering around with properties and stuff.
These are all good reasons to want to build a career in real estate, investment and property development, but it’s important to recognise that there can be quite a lot of work involved, and you can find that it’s very stressful at times.
Of course, there are going to be ups and downs, and if (for example), if you’re just going after the cash, thinking it would be easy money, you might find suddenly that you’re stressed out, that this was not anywhere near as easy as you thought it was going to be, and you want to get out because of that.
Whereas if this is a passion, then you know a little bit of struggle won’t turn you off.
You have to be honest with yourself. Why are you buying? Why do you want to get into the property market?
Comparisons are the thief of joy
One thing I’ve said time and time again is that you can’t get into something just because everyone else is doing it.
Don’t compare yourself to what other people appear to have. It’s easy to get fooled by peoples’ Instagram lives: you might scroll through your feed seeing how well they’re doing, but remember that you’re looking at their life through a filter. You don’t see all the background stuff, what’s really going on. You’re just seeing the highlight reel. So, remember that the only thing that’s important is what’s happening with you, not with others.
Doing something because you think you should, because everyone else your age is, or because someone else has told you that you should are real red flag reasons.
Working through your reasons Why you’re doing something, and really digging deep on your motivations is an excellent exercise to make sure you’re on the right path.
When it comes to real estate investing, knowing why you are doing it is a critical factor for success. You have to understand your motivation for getting involved in such a competitive and potentially volatile industry, and make sure that it’s something that really aligns with your passions, goals and risk appetite.
A career in real estate offers fantastic potential for building financial wealth over the long-term, if you’re doing it right, and for the right reasons.
Knowing your “why” is crucial for achieving success and fulfillment in both the personal and professional aspects of life. Without a clear sense of purpose and direction, it can be easy to lose motivation and get discouraged when facing challenges. However, by knowing that “why,” you are better equipped to stay focused, committed, and resilient, even when it looks like things are going wrong!
Whether you are an entrepreneur, a student, or anyone else seeking to achieve your goals, taking the time to identify and understand your “why” can be a game-changer. It will help you prioritise your time and energy and make better decisions.
So it’s an important part of the jigsaw! Take the time to reflect on your goals and aspirations, and ask yourself, “why do I want a career in real estate?”. By doing so, you will gain clarity, direction, and motivation to pursue your dreams with greater confidence and purpose.
Next time we’ll be looking at The When – see you then!