Image Property,
Head Office at Image Property.
Investors need to maintain a growth mindset
[lwptoc]When investing, it pays to remain open-minded and to keep asking questions. As with personal growth, investors need to maintain a growth mindset, as opposed to a static one, to ensure their portfolio remains current and profitable.
With the death of mainstream media and the inexorable rise of sponsored content, we are at the mercy of algorithms providing preferences into our news feeds. We are becoming too lazy to step outside the comfort of what we ‘know’ to be true and our thinking remains unchallenged by the information placed before us. Confirmation bias is the tendency to look for, interpret and recall information that only supports your pre-existing thoughts.
For instance, if I love football, beach holidays and funny cat videos, I might be a tanned, cat loving, football fanatic with no outside interest and an apathy that grows daily when people try to engage me on politics, religion, or wealth building.
If our thinking never changes, are we still growing? Or is our reliance on technology reinforcing our biases through constant affirmation of our pre-existing beliefs. Think anti-vaxxers, climate change denial, pro-Brexit, even extremism.
Successful investors:
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Ask better questions
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Seek disagreement
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Remove ego
Those that refuse to change are perfectly prepared for a world the doesn’t exist anymore. Information is knowledge, when it comes to property investment Image Property advise staying as informed.
Here’s our Top 5, when it comes to information on the Brisbane Property Market
- Core Logic – Monthly Housing Market Updates are a little dry, but very informative.
- ABS Statistics – Know the data around the areas you’re interested in.
- SQM research – Louis Christopher and the people at SQM are a go to for independent property research and commentary.
- Real Estate Talk – Kevin Turner has the experience and knowledge to provide trusted advice on property investing.
- RTA – Keep up-to-date with any changing legislation relating to property investment.
