Hi all
Just a quick question regarding skeptics and pessimists of creative realestate investing…..I am scared of sitting on the fence and doing nothing and watching opportunities go by, consequently I have a tendency to try new and different things…..Not so long ago I started trading futures and came away with a loss which scared the hell out of me and now when ever I mention a new idea such as wraps etc, my wife shrugs her shoulders and says remember what happened last time…..It’s so frustrating and I know time is of the essence when considering opportunities and investing…..Does anyone have any thoughts on this and how to overome fears and pessimism?…..
Kind Regards
Magnum [
]g’day magnum
personally i think fear and pessimism are two differnt things. pessimism is negative and fear
can be both + or -. infact fear is probably the driving determinant of all social behaviour (deep eh)fear is good if it builds awareness. and awareness is good it it leads to the truth…
if that makes sense.and by the way time maybe the essense of investing but remember the story about the turtle and the hare.
your asking questions so your on the way
cheers
[]Hi, Magnum.
It sounds like you didn’t do your research properly. Don’t be in such a hurry – there are ALWAYS good deals.
Do some research so that your wife feels just as confident as you. Ask her opinions and include her in research – she can be your best supporter.
Good hunting.[8D]Hmmmnnn…..
My spelling isn’t the best is it…..(sceptic)
Magnum [
][]Good evening Magnum
I can relate to your concerns.The decision to take another crack at an investment after previously failed investments is not easy.
In my case a failed business with a shonky partner really dinted my confidence not to mention my hip pocket.
Next I tried the share market purchasing Blue Chip shares. Whilst dividends were great I lost money when I sold out due to decreas in values.
At this stage I had to sell my family home to pay off the bank loans.
After selling the family home I now rent. This has resulted now in missing out on the tax free capital growth. ( My old home jumped about $100K in 12 months)
The mind plays havoc with you. You lose alot of sleep worrying that 3 strikes and your out.What do I do if I fail again??
However with the support of my wife we have taken a final shot and bought an investment property 3 weeks ago. The property unfortunately is negative geared, meaning we have to cut our personal living costs to meet the shortfall.
On a brighter note, we have yet to settle the property. But already I have plans to subdivide. I have run the idea past the agent who pleasantly advised that both the properties would produce a capital growth of around 40%. This will go a small way to recouping past losses. But a big way in regaining my self confidence.
I have tired to remain positive throuught the past downs and am now just slowly digging my way out.
My advice to you is if you can take the risk and mentally you are prepared to win then have a go.
Good Luck
Hello,
Sceptics are always going to come along. Take a good look at the person and ask yourself whether you want to be in the financial position that sceptic is in and I guarantee you wont so you will have to do something different to be different from them. The hardest part is the start but once you have proven yourself you will have people falling over you asking for advice.
Hard work always pays off!!! Don’t give up! Good Luck!
[
]As long as you have learnt something from your mistake everyone makes mistakes but it is those who can rise above this and actually learn something and move on that make it big …if you read about or talk to rich people they all have a story to tell at the start they have hicups but at the end they succed(sorry about my spelling). Like someone else said take your time their is no rush and go by your gut feeling and do plenty of research..tell your wife to stop throwing it up in your face have a one last discussion about the loss and feelings about it and what you both learnt and what you will and wont do…remember you have to take risk or else you will not get any where life is about risk every sinle day driving a car is so much more riskier then anything in this world it means life or death these money games mean shit really although we all odviously love money big time when you consider living and health it is only money you both need to feel the fear and do it anyway think of what you have to lose and what you will gain The gains out way the loses any day…and if something bad happens YOU WILL HANDLE IT…you have in the past and you always will handle it …you can go to music download sites like kazaa and type in search engine self help and download stuff about fear and you and your wife can listen to them There is a tape that i have but cant put my finger on it at this time its called Feel the fear by Susan ???? sorry cant remember her last name but i am sure you will find something here good luck !!!
I always think that a mistake only occurs when you repeat something you have already learned to be incorrect. The first go I call a lesson in life. If you don’t learn from these lessons then it is a mistake.
The upside is we all have the lessons regularly. That is what makes us stronger and wiser ….(hopefully).Enjoy
AD [:0)]
(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
My whole family were skeptics. And my Dad is a chartered accountant!! This was only last Christmas. you are ready to start putting your money where your mouth is only when you have an answer to every ‘what if’ anyone throws at you, and you can totally explain the numbers to anyone – that’s when you know what you’re doing.
Rushing in to something in a panic and then being burned when it goes wrong and always seeking the ‘get rich scheme’ is what John Burley describes in his book as one of the levels of investor that’s one the way to becoming a clued-up ‘automatic investor’ – read his book ‘money secrets of the rich’.!!!!!!!!!!!!!
Just wanted to put in my 2 cents worth.
I also have some fear as to whether i should invest or not, but i believe that this fear comes from not having all the information i need to fully understand, and make an informed choice
I think that the more research you do, the more knowledgable you become, the more comfortable you will feel about the choices you make.
At the end of the day, life is about choices, and you have to live with yours just like i have to live with mine.Live, learn and make your own decisions. Just listen to both the positive and negative posts here on the forum, and try to put it all into perspective in relation to your own personal situation.
Good Luck to all.
Darren[]Hi all,
My old chestnut.
“Knowledge can be defined as the realization that you have made the same mistake before.”You can make a mistake once and repeate it step for step at a different time and see the idea flourish. Often forces outside of our controll combine to drag us down or raise us up.
Don’t be scared to get back on the horse, take on and beat the fear of failure, there is no greater accomplishment in life.[
]Give ’em both barrells Magnum!!!
Don’t regret when you’ve tried and failed. Just make it a learning experience. Regrets are for things you have never tried!
I’ve made significant money a number of times, and lost it a number of times – sometimes I made mistakes and sometimes s–t just happened!
The key is to keep on looking for new opportunities, and your past mistakes should make you wiser as to what is a good opportunity. If you have made money before it’s much easier to make it again.
Positively geared real estate is an investment where the risk/return ratio is very acceptable. That doesn’t mean you can’t make mistakes, as Steve’s book points out – but your downside risk is manageable and there is lots of upside potential – income and possible capital growth.
Good Luck.[
]Hi Magnum, Beancounter and all. Its great to read that there are others who have made fopars. On my first journey – reno – to get $ to invest in +ve geared I’ve stuffed up and yes its gut renching. But reno 2 is totally different and will make handsome profit. After doing as steve advised reading as many books, attending seminars etc there is no experience like hands on experience. The lost money is a valuable education seminar – one which I won’t forget and I’m sure all contributors will also agree. It is difficult, but continue positive reading/educating, due diligence and believe in yourself because its always possible! And whilst you may feel like your the only one your not.[
][]Thanks guys and gals
It is so good to be amonst supportive people….I really appreciate your thoughts…..My confidence is really starting to grow and hopefully it will rub off on my wife….I will research to the ‘n’th degree and pass this information onto my wife and hopefully she will become a little more confident with the concepts of positive cash flow realestate investments.
Kind Regards
Magnum [
][]Fear is constructive, negativity is not.
Life is about living, doing and acting. Life is not about avoiding risk, loss or pain. Those things are inevitable, but can be managed.
People used to question why would I buy in a certain ‘undesirable’ neiborhood. Now similar people are paying five times as much to live in that neighbourhood.
The real losers are those who never even try
Hi Magnum,
I find it amazing that so many positive people are commenting here. Hope you are enjoying it also.
As for your string – I hope that you have picked up from everyone else that the determining factor in all of this fear and negativity is what you do with it. If like me you use it to drive you to find out absolutely everything you can about the question and go into investing with both eyes wide open then you are on the right track. Ask your wife what specifically she needs to know to feel comfortable with your chosen investment and then spend the time with her finding out the answers. Your relationship is more important than millions of dollars in investment income. This is the voice of experience talking – I know because my parents are experiencing difficulties for exactly these reasons. Don’t give up on your dreams and aspirations but don’t let them destroy the most important asset you have either.
Good Luck
Whatever decision one makes at anyone time is the one we saw at the time as the best one to make.
And yes, sometimes things don’t quite work out as planned.
The funny thing however is that so often when something happens which, at the time, we only could see as a disaster, in the end, the ‘bad happening’ turns out to be a blessing in disguise (leading on to other and bigger and better opportunities).
How does that saying go again ? ‘Trust in the Lord with all thine heart and lean not unto thine own understanding’.
Whether you are religious or not, it isn’t a bad piece of advice to follow.
Pisces133
I think McKnight addressed the psychology issue of an investor very briefly, and almost subtle.
Fear and greed drive us, but not in the most positive way.
We need to overcome them and keep them under control.
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