Since the other one is locked…
I like to bring realism and logic to discussions. I find there are some people who want to see the world through rose-coloured glasses – idealistic and romantic. The world is not like that of course. Now, there can be a fine line between being positive and being idealistic or romantic.
A simple example:
A novice might start out in the share market being told (by some dreamer) or led to believe that they can make 50% yearly. If you have any experience you know that is tripe. Some would say, that is being negative, but when you have some idea of the game you know the reality.
It is not in someone’s interests to get hyped and carried away being “positive” if they are setting themselves up for disappointment. I love this forum because you get many different viewpoints, but you must always search for truth, rather than the hype.
Wes.
Wezwaz,
I have learnt the hard way of what you write.Having come flat chat off the back of countless inspirational books and money making novels, I was convinced that 12 months was the most time I would need in the real world to make my millions.
I am not sure if anyone remembers my early posts, but they were through coke bottled rose glasses. So damn rosy the thorns sticking in my eyes blinded me from reality.
I remember the Dousers at the tim e tried to explain that the world didn’t work this way, BUT I DIDN”T LISTEN.
Given hindsight and many kicks up the bum from real life investing, I hit that sinking gut feeling as I realised I may have underestimated the time and ease with which wealth is built.
I still believe you can do anything in 12 months, as long as you get on a roll. This would usually require experience, knowledge, contacts, a good team etc. Which would need to be in place before the roll.
Back to the grind of success for the 99 per centers. A goal and never dying persistance.
Live, Learn and GrowLifexperience
Starting from nothing, including experience, you aren’t going to make your millions in a year. But I guess you know that. But in 10 years, with grit and determination, you could well do so. And when a decade has gone by and you look back and see what you’ve achieved, I hate to say it but there won’t be a fireworks show and a marching band – instead, there will be vistas of places you couldn’t even see 10 years ago and you’ll wonder “Now how am I going to do THAT?”, roll up your sleeves and get to work.
By the way, one thing I have noticed is that there appears to be an unstated, maybe unthought, assumption that you are OK once your team is in place. This is SO wrong. Your team needs to grow with you. Some will, and will stay on the team. Some won’t be able to or won’t want to, and will need to be replaced, even though they are good at what they do. And the occasional one will learn from you and become an investor. They’ll sack themselves when the opportunity and time is right for them. You should be aware of this, because it means that you should always be looking to expand your team, so that when you lose one, there isn’t a gap to be filled.
LifeX
At least you’ve learnt from your experience, are ready to admit it, and have moved on.
Congratulations! You’re on a lot further than all those other investors who are blind to the thorns.
And Quiggles is spot on when he discusses the importance of updating your team. It is truly an evolving and ever changing process of getting the right people as your support network.Cheers,
Pro-Activehttp://www.invested.com.au Australia’s premier Investor Education site
Quiggles,
10 years and then MORE!….. oh man, …This sort of reinforces the other challenge I am facing which ties in with the false illusion of a quick easy road………. and that is to get some balance in other areas of my life. Throwing away time with friends/family, sport and other personal endeavours, relaxation and some luxury in life was cool for a short period. But as I realised the road was a bit longer for me, I have had to focus on these other important parts of life. Delayed gratification I understand but I still need to enjoy life.[
]So i would agree wezwaz, it is not in ones interests to get hyped. The consequences can extend into your quality of life.[bike2]
Pro -Active, My originall 5 minute team (the first numbers in the phone book under accountant, broker, banker, consultant, conveyancer, insurer) bar one, have all needed to be sacked. Good help is scarce.
[cool4]
This idea of only using a team who invest as well seem to have a high turnover as well as pricey charges.How poetic it all is, dynamic like the ballet.. [curtain](i am not a ballet fan either)
Still, without some hype, I’d still be sitting on my butt doing nought.
Where do you think is the ideal compromise for a beginner now that you all have hindsight.?
Live, Learn and GrowLifexperience
Hi Wes,
It is not in someone’s interests to get hyped and carried away being “positive” if they are setting themselves up for disappointment. I love this forum because you get many different viewpoints, but you must always search for truth, rather than the hype.I agree with your comment about searching for the truth…well I don’t realy agree with it maybe just look at it a different way.
We are all on this forum sharing information but as it is free the information is of course not of a commercial quality. The information is full of gaps and conflictions and it is up to us as investors to put the full story together.
There is also the other point that we all interpret things differently even when we think we are attaching the plan meaning to words. So what is hype to one person may be excitment and enthusiam to another.
In my experience the information in this forum can set you on a path of discovery. It can plant the seeds of new ideas in your mind. It is then up to us what we do with the information. It is how you fill the gaps in the information that will determine your ultimate success as an investor.
One of the tips of the days from this site talks about looking at who gains when information is provided to you. You can’t go far wrong if you keep that in mind.
As for time frames I think you can do bucket loads to change your future in 12 months. The sky is the limit.
However, I do think it is about balance. Our family has learnt to integrate investing into our lives rather than being an either or situation. I am at the stage now were I can’t think of too much that I am giving up to do what I do and each week it seems that there are more opportunities around the corner.
That’s enough positive hype for now [biggrin].
cheers
[email protected] – Experienced investors living in NZ who can find properties to meet your needs!
Project management also available – finding solutions for problem properties!
Don Nicolussi | Mortgage Broker - Home Loan Warehouse
http://homeloanwarehouse.com.au
Email Me | Phone Me"I think of finance as a technology, a way of getting things done." Robert Shiller
Well put, Don and Liz.
In my book, hype has no place in anything, let alone investing. The ability to motivate people without hype is the way to go. It is only natural novice investors get hyped and all excited about the big things they are going to achieve. The fact remains that a lot won’t and a few will. The key is to do everything possible to make yourself one of the few. We have all been hyped and at a later stage seen reality. You learn more when reality hits and you get rid of the fluff.
I have a friend who is in “love” with a particular share. He has made money from it, but I try to impress on him that it is not the only share he will ever own if he wants to create long term wealth. So far he has traded in and out of it a few times and done OK. The thing is, there will come a time when his strategy won’t work. The share market will give him a jolt and he will see the reality.
When you haven’t seen failure and have had some success, you can start to believe you are a genius. That is fatal in the share market.
When you haven’t seen failure and have had some success, you can start to believe you are a genius. That is fatal in the share market.Probably applies to more than just the share market!
Cheers
[email protected] – Experienced investors living in NZ who can find properties to meet your needs!
Project management also available – finding solutions for problem properties!
Don Nicolussi | Mortgage Broker - Home Loan Warehouse
http://homeloanwarehouse.com.au
Email Me | Phone Me"I think of finance as a technology, a way of getting things done." Robert Shiller
… as in the real estate market.
I’ve been pretty consistantly making between 20 – 70% pa returns on my share investments over the last 2 years.
Should I:
a) maximise my leverage into the sharemarket using my current strategies?
b) realise that the last 2 years have been pretty exceptional for shares and plan in accordance, ie using hedging strategies for higher risk investments, taking profits on stocks that have performed well and appear fundamentally over-valued?Now consider your response, but replace share & sharemarket with house & real estate.
Cheers, F.[cowboy2]
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