“I've got a voice in my head that's telling my to do something“
You might earn good money for the first time.
Have your spending and savings in a nice rhythm.
But there seems to be a bit of a gap with what you are doing and what you think you should be doing.
The problem is you don't know what it is.
Is investment FOMO a thing?
I've had conversations like this before
I've had conversations with people keen to get moving forward with their money and invest in “something“.
The hard part is that they are not sure what to do.
So they jump on board an idea they read in the news or heard from a friend.
The biggest though I hear is “I should buy and investment property.”
Greeeeaaaat idea.
They are not ready to go in on a property to live in and want to maintain their flexibility, so buying an investment property is the next best thing.
It will get their money ‘working' and suddenly give them an asset.
I get the motivation to be thinking like this.
You want more than the 1% on offer from a basic savings account.
You want to take your money to the next level.
What not to do
You want to take action. Great idea. You are on the right track.
Going all in without a plan, strategy or end goal is not.
Think hard about what you are trying to achieve (like a dream house or early retirement) not what the mechanism is (investment property).
You also don't worry about what others are doing right now. If that's what you want, you can get there, but their pace will be different to yours.
Bravo to those that are achieving, but just because they are does not mean you are underachieving.
Being out of debt, in control of money and motivated to grow further is a massive accomplishment and you are ahead of so many others already.
So what can I do?
Take a step back and understand why it is you are thinking big.
Why do you want to go all the way and use all that savings for something better?
Before you pull that trigger and buy big I have a suggestion.
Read a book
I find it amazing how many people what to invest, buy, upgrade but will go in unawares.
So many of us are struggling with personal finance, but have yet to read one book on the topic.
These days there are so many out there you can find one suited to your mindset and personality.
It's not all economics, charts and data.
I enjoy reading books for these reasons
- It gives you perspective on the topic you are interested in
- It slows down you wandering mind, and narrows focus
Reading to me is like working out and exercising. It's hard work some days but you never regret it afterwards.
All you need is that one suggestion or takeaway.
Here are 3 best books for changing your relationship with money that I suggest
- Ramit Sethi's I Will Teach you to be Rich
- Scott Pape's Barefoot Investor
- Carl Richards One Page Financial Plan
Read a book and still want to make a move?
Talke to someone professionally
Whether it be financial adviser, coach or mentor, it's worth your time having a discussion about what your next move is.
Do the work upfront to avoid regret later. Be as educated and aware as possible and find an informed view of your options.
