Summary: Stuart Zadel – Setting the Foundations Hi guys, this is Stuart Zadel and I want to welcome you to this month’s video educational piece. Just looking through a magazine, I don’t know if you subscribe to any of the real estate publications but this month’s April edition of Smart Property Investor and on page 74 and 75 is actually a double page spread from yours truly. I was just reading the article and there are some pretty good points in here that I’ve made. I’d like to share some of them with you right now for this month’s educational piece… First up is, I want to share with is in terms of foundations for setting a target or a goal. You can only go as high up in any building as the foundations are deep and solid so I want to give you some of those pieces now, something that you can build on. The first point I actually make in the article is this. There are only two mistakes if you will and I’m doing this up high. There are only two mistakes that people make when it comes to property or building their wealth. First one is this: Not doing the things that increase their wealth. The other mistake, you can guess it, is doing things that decrease their wealth. I know it’s obvious but it’s very simple. If we can simply increase number one, more in the things to increase your success and eliminate number two, the things that decrease your success, you can be twice as successful in half the time. We’re going to look at some of the things that we can do along the way. Now the article here starts off with a section talking about being motivated. I talk about, for any of you there biblical minded, King Solomon in the bible said without vision the people will perish. It’s true that most people do not have a vision for where they want to be and the future in my experience, people know what they don’t want, they know what they don’t like. I don’t like this 9 to 5 job. I don’t like working 8 to 10 hours a day. I don’t like the hour and a half travel each way a day. It’s not enough to know what you don’t want. You need to know what you do want. You need to have a vision for your future. It’s a great place to start. The next thing is it needs to be in writing. Why don’t we just pop that up there, that we need a vision and it needs to be in writing. That’s the place you might want to start. Now the other one talks about making targets or goals achievable. You know it’s a human trait that we way over estimate what we think we can do in one year. I’ll tell you what, you way underestimate what you can achieve in 5 or 10 years. It’s really chalk and cheese and the mind plays some little tricks on us. That’s why if you’ve ever been to one of my events, I’m always telling people this. We’re going to go to three things, we want to: Start small Stay focused Grow strong I’ll just show that to you now. B is we want to start small, stay focused and ultimately we will grow strong. In terms of starting small, you don’t need to pull of the empire state building on your first go do you? Many of you may have seen an interview with my Friends Troy and Anne from Adelaide. They spent two years doing their first small development and they made about $70,000. I couldn’t help but feeling in that interview that they felt a little bit down on themselves that it wasn’t a fantastic result. To do your first development, they’ve done it in two years and made a $70,000 profit. They’ve earned while they learned. That is a phenomenal result. You’ve got to understand that in anything you do, the first one is going to be the steepest learning curve. To build the team, get the education, do the contacts that is going to be the toughest one ever. Your first renovation, your first small development, your first property, whatever it is you’re doing. Your first one is going to be your biggest hurdle. Once you’ve done the first one, it’s quite simple moving along. That leads us to the next point, which is[...]
