Literally translated MPS is a syndrome that shows up anytime and anywhere without warning. It sets off a ripple effect much like throwing a pebble into a body of water. It showed up in my life back in the late 1980s when my "wasband" (former husband) and I were getting ready to buy our first investment property. We were happy and delighted with our decision and eagerly waited for our real estate agent to go over some details before we set out looking at the properties he had selected for us. (We were living in Maryland at that time and I was not a licensed REALTOR®). I remember it well, the sun was shinning, it was a beautiful spring day and you could smell the sweet scent of buyers in the air! A few moments before our agent arrived we got a phone call from a family member and MPS started to kick in full blast! It stopped us dead in our tracks and we both stood there frozen as if our feet were cemented to the floor!
In case you are wondering, MPS stands for Meddling Parents' Syndrome. While I certainly do not mean any disrespect, often times this judgmental and harsh syndrome can obliterate a person's dream in a matter of seconds. It can wipe out all common sense and can cause people to become ungrounded. Needless to say we no longer felt happy and in control but began to have feelings of guilt as we questioned our sanity.
Luckily our agent arrived just in time to listen to our fears and help us reclaim our joy and convictions. A call into another family member validated our decision, and helped confirm that buying investment property was not foolish or stupid. They carefully explained how it would indeed help us to build a nice portfolio if we stayed in for the long haul. Here is a perfect example of two very different viewpoints from family members with opposing views on the subject of real estate investing. Without pointing fingers at either side of the family, you can see that there were two very conflicting views on the same subject. One family member believing that real estate investing was as natural as walking upright and the other side of the family had been holding onto beliefs that real estate investing was very wrong and not worth the risk. The latter wanting to always stay within the "safe" zone.
As it turned out we did end up purchasing an investment property. In fact, we were able to buy two properties! And we happily held onto those properties while we continued to be transferred from one city to another across the United States. We were able to purchase our dream home in Colorado with the sale of these both properties and the rest is history. This indeed was the one best investment we ever made!
The biggest block that I have observed over the years with either first time home buyers or young, investment buyers is that they are highly influenced by their families. And their families' views on financial wealth and stability will depend upon the environment in which they were raised. Some people have a belief that working all of your life in one job and putting money away in retirement fund is the only method to a long, financially secure retirement. Others have a belief that your money should be working for you and spread their investments out to include a plethora of different options where they can see not only long term payoffs but short term as well.
My advice to young people is to not be overly influenced by your family. If you are married talk your investment strategies over with your spouse and then seek the advice of a financial planner, realtor, etc. Family members mean well and are looking out for your best interests. However, they are often prisoners of their own fears so be careful and listen to their words and advice with an open mind and don’t buy into their fears.
In today's world entrepreneurialship is the key to a healthy retirement. The days of putting money away into a savings account, and then relying on social security for your retirement years are long gone. The good news is that your chances for a thriving retirement increase when you think out of the box and take control of your financial future.