We all know that real estate investing is a great way to take control of your life. With “downsizings”, “rightsizings”, “off shoring” and layoffs at an all time high, job security is simply a thing of the past. According to the Bureau of Labor Statistics millions of people lost their jobs in mass layoffs last year, and the same is expected this year. So why don't more people actually embark to take control of their life? One common answer is a four-letter word, F-E-A-R. Fear is one of the biggest success killers there is. It not only stops people from becoming successful, it stops many people from even trying!
What Is The Definition Of Fear?
According to dictionary.com there are four definitions:
- “A feeling of agitation and anxiety caused by the presence or imminence of danger, a state or condition marked by this feeling: living in fear”.
- “A feeling of disquiet or apprehension: a fear of looking foolish”.
- “Extreme reverence or awe, as toward a supreme power”.
- “A reason for dread or apprehension: Being alone is my greatest fear”.
Let's look at fear from a business prospective. The first definition really does not apply. There is no real imminent danger in real estate investing, and it's certainly not life threatening. The last three definitions are where we usually run into problems getting starting. Fear is really about unfamiliarity and apprehension. Fear is a real emotion, but you can conquer it. If you really think about it we've been doing so our entire lives. Didn't you once have apprehension about riding a bike, or going on a roller coaster, or learning to drive? Yet most of us were able to overcome these fears. I know these are basic fears, but moving forward to take control of your life really is no different.
Let's Analyze Fear
Let's look at conquering fear analytically. We can break it down into four steps and apply these steps to our fears.
F = Figure it out.
E = Evaluate it.
A = Action plan it.
R = Repeat it.
Step 1 – Figuring Out What We Are Really Afraid Of.
Let's use the common fear of public speaking as an example. Are you really afraid of speaking in public? Probably not, we do it all the time. The fear is more likely the act of speaking in front of a captive audience. To make it worse the audience is composed of strangers, so they are unfamiliar to us. Also we will most likely have to stand up and be on display during the speech. You have to think through the surface fear and figure out what is really causing the apprehension.
Step 2 – Evaluation. Why Are We Afraid of Speaking to a Captive Audience?
I know fear is an emotion, but try approaching it analytically. Are we afraid of misspeaking? Are we afraid of being embarrassed? Are we afraid of being asked a question? Are we afraid of what people will think? Are we afraid of our pants falling down? It's probably a combination of all of these possibilities, plus some others.
Now we're making some progress and getting to the root cause of our fear. When evaluating your fear ask yourself, “What's the worst that could happen?” Make a list of these things and you have a good start on your evaluation. After reviewing your list you'll probably see it's really not so bad.
Step 3 – Action Plan to Overcome the Fear.
If we are afraid of misspeaking, being embarrassed, or being asked a question, then we can practice our speech over and over again, and even have notes available during the speech.Will this guarantee that we won't trip over a word do to nervousness? Of course not, but we also realize that all great speakers stumble over words do to nervousness or excitement.
Do you really think any less of a person who corrects himself or herself while talking?We need to practice in front of a live audience, but you should crawl before you walk. Let's start by standing up and speaking in front of a few of our friends. There will be some initial nervousness and embarrassment, but it will soon pass. Then we might volunteer to give a presentation at a group we're involved with, such as the homeowners association, the kid's school, the office etc.
There will now be a combination of people we know and people we don't know. Again there will be some initial nervousness, but it passes quickly. Now maybe we move up to the local toastmaster's club and follow the same routine. Soon we realize that there is always some initial nervousness, but it always passes and we are able to complete the speech and answer questions.
Step 4 – Repeat
Simply repeat the actions that you determined would help you overcome the fear. Repetition breeds familiarity, and once you become familiar with something there is no need to fear it.
Now, Put It All together
You can use the same plan to learn real estate investing. Eliminate the risk and apprehension by starting out as a real estate jobber. Learn first hand from established Investors. See how the process works in real life. This will help you become familiar and more comfortable with real estate investing.
Eventually you'll wonder why you were ever afraid!So what are you really afraid of? Learning something new? Networking with people? Looking for leads? Talking with Investors? Possible failure? You're probably not really afraid of any of these things.
Figure out your fear and conquer it! There is no way to be successful without stepping outside of your comfort zone. Use real estate jobbing to help beat your fear of real estate investing. Don't let fear stop you from succeeding.