I would love you to learn something from the mistakes that I have made in the past regarding financial decisions. Then I could console myself with the idea that I had actually helped someone avoid falling into the trap that I did.
I made some decisions when I was going through a traumatic patch in my life. I allowed my judgement to be clouded by my emotions. The results were pretty catastrophic and could have been avoided if I had found a way to separate my personal life from my business.
So I hope that at least one person who reads this post will be able to benefit from these lessons. Your decisions will hopefully not be influenced by the emotions that you are feeling at the time. Whether you are completely devastated by a relationship breakup or a death in the family or a betrayal of someone you trusted -distance these emotions from your decision making process. On the other hand even if you are highly elated about something like a windfall or a sudden stroke of luck – don’t allow that to push you into risky investments because you feel that you are on a winning streak. I have made that mistake too. so forewarned is forearmed and it is so much easier to learn from the mistakesof others.
Although they say that successful people make decisions quickly and losers take too long to make up their minds, there is a happy medium. Always consider the exit strategy for a property before you buy it. Is it in the right location,?Is it likely to cost a lot in repairs and maintenance and rates? I wouldn’t like to dampen anyone’s enthusiasm, but just step back and weigh up the pros and cons before you decide.
Often people are more focused on capital investment than on building a residual income for themselves. The opportunity to build an income from home that literally creates money while you sleep is possible if you are prepared to put in the time and effort to achieve it.