By: Chuck Sutherland
Britain has voted to withdraw from the European Union (what is now known (BREXIT)! To hear economists and politicians talk about the exit in dire terms, there is a much bigger question that you might have. What does that mean for means a current or future real estate investor?
Money is flooding into the United States in a flight from perceived risk in Europe. We may see an increase in European families and copies relocating their “home base” back to the United States. The exit also may tend to lower mortgage interest rates as funds flow to the safety of the United States and the Federal Reserve may keep the federal funds interest rate at its current level (which impacts almost all other interest rates in the United States in some way.
As the world financial markets fell in reaction to Britain leaving the European Union, we are once again reminded of the need to be agile and creative.
Here are three key ways to stay creative!
Re-examine what’s important every single day.
Start with where you are today and then look to the future. My wife Marilyn and I start our day talking … talking about what’s important to us … for our day … for our finances … for our life. This allows us to remain focused throughout the day about what is most important at those moments as well.
This practice of “morning time together” has not always m the European Union. been our practice. I used to take the approach of NOT talking together about finances.
That mentality has sometimes led to poor decisions on my part which damaged us financially. When money was flush, I invested in real estate projects which Marilyn did not support. So… we simply didn’t talk about it. We shifted when times got tough in the last major recession. Now we talk every day!
Now, we have the underlying partnership to move with the changes.
Look for problems to solve.
Opportunity occurs in an atmosphere of crisis. Whenever there is a financial crisis… a political crisis … a personal crisis … there are great problems to solve. Those that provide the solutions to the crisis are bound to reap the rewards of solving the problems people have in that crisis. Look for problems to solve and you will never be out of work.
Play the “What If” Game
Take a project you are working on and begin to ask questions you have never asked before. What happens if this…what happens if that. How would you react to this happening and to that happening? Imagine what could happen if only you will act. But don’t be frozen by the words that can happen. Just come up with ideas. It’s only an exercise, so don’t think you have to implement all of your ideas.
Take action. The rewards belong to those that are not afraid to act. And once the first action is taken, it takes creativity to continue to respond the situation … to the market… to the people youa re negotiating with. The skill of creativity arises in your actions, not in your thoughts.