In this episode, Steve Waters & Victor Kumar talk about “burying your head in the sand”, a behaviour of many people regardless of what the issue may be. Life gets hard, curveballs are thrown, you make a poor choice, etc. Pretending whatever isn’t happening, aka burying your head in the sand, will not solve it, and usually makes the situation worse. Life will give you lemons and how you receive and respond to those lemons will impact you, in either a positive or negative way.
It is of greater benefit to be proactive rather than reactive. Easy to say when the media share it’s all doom and gloom! However, sometimes these headlines can be misleading, so it is important before forming an opinion to read and digest the data carefully.
Truth be told, most people tend not to worry about tomorrow, instead, living for now and bury their heads in the sand about the future. Nobody knows what’s going to happen. However, the key is to be aware of the narrative and prepare accordingly.
So let’s talk about the elephant in the room which is rising interest rates? Most new investors have yet to see an interest rate rise in the past 10 years, rather they are accustomed to rate reductions! Steve and Victor have been through a run of 7 months of rate increases in the past, so know only too well how to get prepared for the upcoming rise or indeed rises.
Realistically, we have a 2-3 month window to prepare. Being proactive means spending the next 4-6 weeks preparing to give yourself the box seat, that is, protect what you have and take up the opportunities as they arise. Note that if you fail to be proactive, you will be left behind.
Be involved in the monitoring and measuring and get clear on what you need to do. By doing the work well ahead of time, you will save yourself much grief. These include looking at how car leases/loans affect your serviceability, reviewing fixed rate expiry dates, and the impact on cash flow moving to variable P & I for example.
Victor and Steve regularly say, invest between the flags by being proactive and applying strategic and methodical steps to move forward. As an investor, do background checks yourself for what the future holds because you can’t always control the situation, but you can control your attitude towards it.
And there’s no better time to understand this than now.
Learn more about how you can gear up against any market challenges, and how you should position yourselves in the ever-changing market today.
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