The business of creating wealth through property is often affected by different factors, including demographics, interest rates, the economy, government policies and subsidies. However, property mortgage expert James Mitchell believes that no political event, no matter the scale, should influence anyone’s property investment decisions.
According to him, property investors must be mindful of their immediate reaction to big political events and other international rules relating to changes in governments.
“It’s interesting. We live in a fast-paced news environment, obviously—24-hour news. We have the Brexit thing. We’ve had the federal election… People can really get wrapped up in all that stuff, you know? I think it’s not really best to make big investment decisions based on political events and things like that,” he said.
Instead of changing your strategy based on current events, James encourages property investors to stick to their original plans in order to achieve their specific financial goals.
James added that “[i]t’s not really best to make big investment decisions based on political events and things like that. I know some people do… but, I think, just take the international news with a grain of salt and focus on your investment strategy… That’s what I’m seeing from a lot of chief economists, a lot of the bank commentators, and people on the know—[they] are pretty much saying ‘Keep calm and carry on.’ ”
After all, every property investment journey is unique, and while changes in government happen quite often, being able to ultimately succeed in the business of creating wealth through property requires consistency, hard work, and smart decision-making based on one’s personal financial goals.
“People need to stick to their guns and stick to their strategy because the world’s going to change no matter what. Government’s are going to change, things are going to happen. If you stick to your plan, you can’t go wrong, I don’t think,” James concluded.
Tune in to The Smart Property Investment Show to know more about the inspiring story of a real-life investor who used her difficult childhood as her motivation to create an impressive multi-property portfolio by the age of just 27.