Pisces

My gripe?

Their motives. These people are such successful investors or in businesses, yet they feel the need to charge exorbitant prices to come to their seminars. They claim they have secrets – their newspaper ads are all the same – big print jumping off the page to suck people in. They have no secrets. All the information is readily…[Read more]

Salubrious

I love it! Cutting sarcasm with a serious message. [thumbsupanim]

Wez.

Yes, Mel, I suspect you are correct in your assessment. So, while the stories are inspirational, they are not entirely indicative of what can be achieved in the current market.

1HotValuer

You still haven’t given me any reasons why my suggestions aren’t reasonable. Whether it be property or shares many people have a habit of overcomplicating matters. Please tell me all the intricacies of valuation that I’m not aware of.

Thanks, Jeff, for your constructive comments.

Back to the properties in “Success Stories”.
I listed all the property deals that were done by the people in the book: purchase prices, rents and yields. Here is what I found on 27 deals:

Prices from $35,000 to $770,000 for a variety of properties, including houses, apartment complexes and even a…[Read more]

I pretty much agree with your thoughts, Kay.

I think pressure should be placed on seminar presenters to open their books and show us the hard evidence they are successful with their investments – not give us some glossy blurb in a newspaper ad.

Robert Kiyosaki has done a lot of good. However, I believe he is now carried away with his own…[Read more]

The whole of the northern coastal area of WA is very cyclone prone. Exmouth has felt the full brunt of at least one cyclone within the past 7 years. I lived in the Pilbara region and experienced the effects of at least 5 cyclones – some more damaging than others.

If you owned property there it is something to consider and might worry you…[Read more]

Thanks for all suggestions. I appreciate your feedback.

It’s one thing to say you’ve heard about high yielding properties, and you are all pumped and excited about how you are going out to find them. It’s great to be motivated.

However, it is completely different if in reality you can’t find any. If you actually own properties yielding 10 – 20% – fine. You are giving me evidence of your practical…[Read more]

A lot of spruikers become wealthy by running seminars/selling educational material and telling people how to become wealthy, without practising what they preach. I despise this group because their greed has got the better of them.

You have the people who run seminars/sell educational material and practise what they preach. What I don’t like is…[Read more]

“Once you get into the mindset of running your life (not just your finances) as a business you tend to become a lot more results focused.”

Well put, Liz, that’s exactly what I was getting at. We can all tend to drift unless we get order in our lives to give us the focus to achieve things.

To 1HotValuer

Plenty of 10% yields? Not so sure about that. What’s plenty?

I agree with Scott in that the underlying value of the asset is very important. A similar situation exists in the share market: no good buying a share for its high dividend if its price is “sliding down a hill”. People try to convince themselves it is paying good…[Read more]

Interesting comments.

Yes, the $300k is net, i.e. unencumbered. $30k may not sound like a lot to live on, but people always misunderstand me on this point. $30k is a starting point, not an end result. Also if a single person can’t live on that much, they really are messing up managing their money.

The reason I proposed this scenario is that much…[Read more]

I’ve read his book, “The One Minute Millionaire”. There’s certainly a bit of inspiration there, but how practical is it? I’ve also had emails telling how he had a challenge to make $24,000 in a few hours on the internet, or something similar. That to me smacks of a rip-off…you know, advertise and sell a bit of flimsy info about how to become…[Read more]

You need to change your mindset! 10 is the highest ranking and 1 is the lowest, i.e. 10/10 is a brilliant recommendation and 1/10 is a dud – get it? You might want to now go back and review the lists again.

Felicity and Wayne

Thanks for feedback on your trading. I see myself more as an investor than a pure trader, although as I get more experience I would like to combine elements of both.

ryanmel

You, and sometimes others, are missing the point I am trying to make. Education and learning from experienced people from books and so on is a good…[Read more]

Felicity, Karen and Wayne

Can I assume you all make your living through trading, i.e. purely trading without selling education and other material? If so, what sort of capital do you allocate to the market to achieve this. Of course, there’s no way you are in paid employment. Would you maybe give a few numbers to show the sorts of returns you are…[Read more]

Many of you would have probably noticed Robert Kiyosaki has his next book on the shelf, “Success Stories”. I won’t be buying it to fund his multimillion dollar lifestyle. By his own admission he has sold over 10 million copies of Rich Dad Poor Dad (not to mention his other books). Now if you had that sort of wealth behind you, would it really…[Read more]

Yep, Mount Morgan is a bit of a dump – old copper and gold mining town. Have been through there many times. Funnily enough I’ve always said it’s the one place I would never want to live! So that may give you an idea of its potential.

My comments about the cheap property were simply that – comments. Having read Steve’s book it just took my notice…[Read more]

Alexander

Whatever you do, don’t pay thousands to attend a seminar – a few hundred dollars maybe. These “gurus” charging thousands are conning people. They don’t have any secrets. It is all known and available in books, such as Steve McKnight’s. Also you will see another post that lists many great books to study before jumping into property…[Read more]