What do you want from your portfolio, *specifically*?
Hey guys
My move to investing in Spain started back in July of 2003 when I visited the infamous running of the bulls in Pampalona
Spain. Now whilst Pampalona did not overly impress me the 2 days I spent in San Sabastian did… It wasn’t until January of 2004 when I write my goals that I included a goal with a timeline.
I have always written my goals on my bathroom mirror, I find it is the best way to put them in your face first thing in the morning and last thing at night. So I write 2 Spanish related goals – Learn to speak Spanish (no timeline) and Buy a Spanish property in March 2005. Now the the scary thing is that I moved from that place in March 2004 and wrote all my goals on a piece of paper which recently resurfaced as I moved into my Islington home.
The interesting thing is that when I looked at the goals I had achieved the property in Spain, in fact in March 2005 I had actually bought 2 properties in Spain. As for learning to speak Spanish? Well I’m getting there but what can you expect when your are not specific when writing your goals?
Now I don’t want to preach to you or even suggest that you don’t have specific goals except that after working in personal development and self help consulting prior to working in property I have found most people don’t know what they want.
Each of my portfolio clients get the standard lecture from me after about their fifth property. I simply quiz them about their specific goals for building a portfolio and life in general.
Most people start out thinking it is about retirement, the money, the status. I soon educate them differently, yes it is about those things but I will focus you on the more important reasons to build a portfolio namely “Lifestyle choices…” In a nutshell that is it as simple as that.
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Now every client has been able to intellectualise this to understand it but I drive them to thinking a little harder. I help them break down what precisely it is they want.
Some examples of why some of my specific clients are building a portfolio is cut down working hours to avoid peak hour traffic and pick up and drop off kids at school, pay for a baby sitter once a week, bring a locum in once a week to get another day off, pay for singing & guitar lessons, pay for a parking space at work (He works at Harrods and it costs £8000 per year), taxi to work rather than tube.
So you can see these have little to do with retiring or money. Sure they all require money but that is just the fluid that lubricates the transaction. In fact just today I was rewriting my 5 and 10 year goals and I almost made the mistake of writing down ‘retired’.
The only thing I know you do after retirement is die and that is certainly not something I am planning and more to the point ‘how boring’. The way I look at it is that as long as you are passionate about whatever you do you will enjoy it and I don’t need to retire from it.
The real question becomes one of choice, can you wake up in the morning and choose to go to work. I never struggle to get out of bed at 6:30 each morning because I have found what I love (my passion) and it gives me the energy and drive to do it regardless of how I feel. Those of you that know me realise how passionate I am about my clients and about property and lifestyle.
When I bring this up with most of my clients they are almost shocked. After all, YPC are property consultants, not self help gurus but if there’s one thing I know about building a property portfolio is that is as much to do about emotions as it is about finances. In fact I will argue that its all about emotions…
Live with passion,
Brett Wood
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