Investing: The First Step Is The Steepest
Thursday, July 16th, 2009By: Garry Macdonald
When starting out on your investment journey, one of the critical stages involves setting the foundations. In fact one of the most common questions I receive from clients is . . . OK, you’ve convinced me that property investing is the way to build serious wealth. So where do I start?
Step 1 is (unfortunately) the most commonly ignored phase in the property investment process. What is Step 1 you ask – it’s establishing a plan.
If you don’t know where you’re going then any road will get you there (as they say)! The moral to this story is that you must set goals and have an investment plan, unlike me when I first started . . . investing based on ’spur of the moment’ decisions. It cost me many thousands of dollars BUT more importantly it taught me some very expensive lessons, lessons I have never forgotten. This is a good example of failing to plan.
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