When it comes to setting up a Self-Managed Super Fund (SMSF), one of the biggest mistakes people make is not making time for their own success. You might have all the strategies, training, and excitement at your disposal, but without taking action, all of that means nothing.
The Pitfall of Inaction
Many individuals, after hearing about the benefits of SMSFs, get super excited. They envision a future where they hold over a million dollars in property within their SMSF. But then, life happens. They get caught up in their day-to-day routines—busy schedules, work commitments, kids’ sports, birthdays, and trips. Before they know it, weeks, months, or even years pass by without them taking any real steps towards their financial goals.
What does this look like? It’s the person who attends every training, watches every video, and talks the talk about building wealth through their SMSF. But when it comes to actually setting up the SMSF or making that first property purchase, they’re too busy. They miss meetings with financial planners or don’t follow through on their own plans. Days turn into weeks, and before long, they realise they’ve done nothing to move towards their goals.
The Cost of Delay
Let’s take an example. Imagine someone who was initially thrilled about the idea of holding a million dollars’ worth of assets in their SMSF. They got everything set up and were ready to dive into property investment. But 16 months later, they still haven’t bought their first property. How does this happen?
It’s simple: life got in the way. They had a lot on their plate—work was busy, the kids had activities, there were social events to attend, and trips to take. All these distractions led to delays. Suddenly, two Christmases have come and gone, and they still haven’t taken any action.
Action Takers Are Money Makers
The reality is, if you want to be successful with your SMSF, you need to make your success a priority. That means carving out time in your schedule for meetings, planning, and taking concrete steps towards your goals. If you don’t take the steps to move forward, you’ll never reach the top of the mountain.
So, what’s the takeaway? Action takers are money makers. If you truly want to build wealth through property in your SMSF, you need to prioritise your success. Don’t let busy schedules or life’s distractions keep you from achieving your goals.
