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Common challenges with building a business and property portfolio

Enhanced Transcribe:

Hey folks, hopefully you are well. 

I’m in a hotel room and setting up as you can see to present for the weekend and I wanted to tackle the subject, and it’s not a long video but quite an important video for those of you that are starting up a business.

Those of you that are making those steps are embarking to become a professional property investor, leaving your careers and actually stepping into the field of any sort of entrepreneurialism. 

There are many blocks that people face when they start off and I thought I’d share three here from a lovely lady who’s come through some of the programs on property and her name is Helena. Originally from Sweden, some of you might know her if you’re watching. Or hi Helena if you’re watching.

I thought I’d share with you here what she was writing on the slides and the challenges that she’s faced. So learning everything from the beginning, even making spreadsheets, money blocks and handling fear and negative people. Interestingly enough they’re not uncommon issues and blocks people have.

If you’re watching this right now and you’re starting out and one of the fears that you have is learning everything from the beginning, that’s part of being in business. I’m currently going through the process of relearning a subject which I started years ago and I used to teach around that area of stock market trading. Any time you go back into something or any time you start something, what you find is you either have two emotional responses, one is fear and one is excitement. It could be a mixture of both. 

I was online last night with a very good friend of mine who is Australian and we were talking through with some people about social marketing, social media and afterwards he sent me a message saying it’s great to be in this learning space, learning something new. 

I think the way to embark on this journey is not to be fearful of the fact that you are starting something out. She had to learn spreadsheets, she liked spreadsheets. I know from knowing her as a friend was that she was a caterer.

If you’re in the catering industry and your specialism is being in front of kitchen and cooking food, etcetera, and suddenly you’re thrown into this world in this case property investing, but it could be any subject. She didn’t know how to do spreadsheets. You’re going to have to learn that, you have to learn that technique.

The nice thing with things like computers and spreadsheets and numbers is you can go online now and there is self-study, home study, self-education is a massive subject, massive, massive, massive. The whole world is changing now along the theme of self-education.

You shouldn’t be afraid of going into that space and I’m excited because I’ve got new books I’m reading again and I’m reading old books on chart patterns and candlestick patterns and trading the stock market and all that stuff. It’s just something I’m excited about to relearn that and it’s something I’d like to pass on to my daughters if they want to learn it as well.

I think it’s important we go through this process of continuing to keep learning. Here she talks about the fact that she had money blocks. Money blocks are major blocks for most people. In the United Kingdom money is a massive issue when it comes to financial management of it, talking about it, dealing with it, parting with it. “You want to take my money.” Educationally people struggle to even invest in themselves. And yet they’ll go to university and do a degree which could cost £30,000, £40,000 which if you think about it, gets you four years of education and no guarantee at the end of it. 

In fact for most people 15 years of paying that back to more, I think the British government says the average graduate ends up paying one hundred grand for their education with the interest and everything else. So understanding money, understanding how to manage money and deal with it and communicating with people about money is really important. Not shying away from it, not being afraid to deal with it. 

If you’re watching this and you’re thinking, “oh my gosh should I am afraid.” It’s okay to be afraid, it’s okay because you’re not going to have to master everything as a property investor, as an entrepreneur. Certain things you can pass off and have other people do that for you, that’s called leverage. So, if money is a block for you then get support.

If you haven’t had a look go and join me on the Growth Tribes at www.growthtribes.com and if you go there on the subscription you can do a month for one pound. In the portal there’s a whole video series on money and money management and it’s a really powerful set of videos that go through simple stuff like, monthly management, how to deal with your debt, how to log your spending and work out what percentage of that goes to a certain area. 

So, money management is something you have to deal with. Money blocks if you don’t deal with those blocks now they’re always going to be there, which means you’ll never grow from a wealth perspective to any particular level. Fear handling and negative people, susceptible to influence from other people. I think it’s a very big one for other people and if you’re watching this thinking, “I’m not sure how I can handle that because I get it every single day from my husband, my wife, the family.”

You have to surround yourself with the right people. We’ve actually just done a podcast. If you go look up Growth Tribes podcast you can find it on Spotify, or on iTunes. We’ve just recorded this week when I’m recording this live video it should come out in the next week or so. Our current podcast if it’s not this one it’s one coming up very shortly, and that’s dealing with negative people and how to handle them. I think it’s like an hour and a half podcast into the different approaches that I recommend that people use.

It’s a tough subject because if you’re close to somebody and they’re negative, do you listen to them? Do you not listen to them? Do you try to solve their problems? Do you try and fix them? Do you ignore them? There are so many different ways to deal with negative people and remember that they are not negative because of you, they may be negative because what you’re doing is challenging their own beliefs. It might be that your perception of them is that they’re negative but they don’t see themselves as negative. There are all these different things going on in our heads dealing when we are dealing with building a business.

The key thing here is don’t be afraid to start something new, don’t be afraid to give it a go because ultimately if you get the right systems in place and you put your foot down and you start moving into that business, and you’ve got the right structure then you’re not just giving it a go, you’re actually building a business and you’re getting off the zero mark. Which a lot of people don’t even only get there.

When I run my property events many people are afraid to make an investment themselves but you’ve got the opportunity to generate millions for yourself over the next 10, 15, 20, 30, years because that’s effectively what you do when you build a portfolio. Make one hundred grand a year over the next four years that’s £4 million, that’s the value of your freedom and yet people won’t invest 10, 15, 20, 25, £30,000 to get themselves educated to do that. Which if you think about it that is the value and that’s the investment, it’s tiny. 

This is a challenge a lot of people have; they don’t realise how valuable they’re as an individual. I’m looking down here just to remind you I’m looking at slides that I’m setting up for the weekend. Hopefully that helps, a bit of motivation, a bit of inspiration but also just a practical look at this.

Think about the fact that you are an amazing human being and you have an incredible opportunity in front of you and if there are money blocks let us find a way to get over them. If there are negative people around you let’s find a way to manage that environment not necessarily get rid of them but manage the environment. 

The learning process is you do it in stages. You treat this like a university of whatever subject you’re going into. Whether it’s property, stock market, going online trading, communications. Come join me on June 26th, 27th and 28th. I’ve got a three-day intensive communication workshop and that’s not just a workshop it’s a seminar. It’s just full on and again an opportunity to learn.

So don’t be afraid, overcome the blocks, hopefully you’ve taken a few things out of this, if nothing else has been of inspiration just go, yes I can do this. Start overcoming those blocks.

Dr Ro signing out, got to get back to my slides, got work to do, got to meet my team.

Have a great weekend, cheers.

Disclaimer: This video or written publication does not offer investment or financial advice and nothing in them should be construed as investment or financial advice. Our publications provide information and education only. The information contained in our publications is not, and should not be seen as a recommendation to use any particular investment strategy. Always seek financial advice from an independent financial adviser around your own personal financial situation.

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