Did you know that 75% of people surveyed say that at some point in their life have thought about investing in real estate? Yet, only 1 out of 8 actually invest or have invested in real estate, besides purchasing their primary residence.
Research shows that women in particular don’t think of themselves as savvy to evaluate investments. Around 1 out of 5 men aged 18-34 have sought help and mentorship about financial and real estate investments, compared with 1 out of 10 women in the same age group.
So why is this, and how as women become more confident about real estate investing?
There is a cycle to building up your confidence. The more we do something, the more competence we develop and the more we raise up our inner belief system
5 Ways to Boost Confidence
1.Think of yourself as an investor – most likely you are already an investor. If you own your house, have an IRA, a 401k, a pension plan, or stocks and bonds, or even a regular savings account, you are an investor. If you don’t have any of these investments, just start a savings/money market account with your bank and/or using clever tools like Acorn, which is a clever app tied to your checking account and rounds up your expenses to the next dollar and invests your change in stocks.
2. Realize that you know more than you think – women especially have good instincts and gut feelings about what is going on in the world and where the opportunities lie. Trust the feelings.
3. Start now (Take Action) – what is past is past. A lot of women think, “I can’t invest now because I don’t have a lot of money.” Start with $50 a month in a regular investment like savings, money market or use Acorn. Or take a portion of those lump sum payments (income tax refunds, stimulus checks, bonus from work) and make a lump sum deposit in an investment account.
As far as real estate investing, start with something low risk, like wholesaling, before moving to strategies like buy and hold or fix and flip.
Taking action now will shift your energy and confidence in the right direction and open up your mindset to new possibilities.
4. Understand the value of financial advice and mentorship (Work on your belief system) – women should not just focus on the cost of advice and mentorship, and be put off by them. In accounting there is the concept of “opportunity cost,” which is “the loss of potential gain from other alternatives when one alternative is chosen.” Basically, what is the cost of you staying in the same place? This is an important issue to think about, since it is the #1 reason a lot of people stay in the same place.
5. Think long term – investing is a marathon, not a sprint. You are creating a strategy and a new way to look at your financial wellbeing and believing in the possibilities.
Focus on your goals, remember your reasons why you want to achieve your goals and follow your gut feelings.
Confidence will come by taking action. Action comes before the confidence to act, not the other way around.
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