I’ve noticed a surprising phenomenia. Mention that your getting into property investing and people seem to get really funny about it!! Some tell you that it’s not worth it, or ask “How can you afford that!!!”
Some try to tell you not to invest more than 15km from a major capital city, and others say you can pos gear a property with a 5% return!!!
Dam…. just seems that reasonably sane people turn really weird when you happen to mention that your involved in property investing. Anyone else want to confirm this and put forward their own experiences?
Absolutely true – we have all experienced that.
I think people put their fears onto you.
The next thing is that when you do do well they will put it down to luck!
As well as those friends make some new ones that you can discuss property with – this is a good place to meet them!
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by BorgInvestor:I’ve noticed a surprising phenomenia. Mention that your getting into property investing and people seem to get really funny about it!! Some tell you that it’s not worth it, or ask “How can you afford that!!!”
Some try to tell you not to invest more than 15km from a major capital city, and others say you can pos gear a property with a 5% return!!!
Dam…. just seems that reasonably sane people turn really weird when you happen to mention that your involved in property investing. Anyone else want to confirm this and put forward their own experiences?
You think thats weird?
Try telling people you are a trader. HAHA
Yeah
Buying a property investment – you’re mad
Borrowing all that money – you’ll go broke
Make any money – you were lucky or you’re a crook
Make any more money – you’re rich you can afford to pay more when you get contractors to do work for you.
Established – those who knocked you on your way up are now seeking advice, or a loan so they can make YOU a lot of money – yeah right
It’s a funny old world we live in. People are scared of the unknown. When they don’t understand something they automatically form a negative opinion. Almost everyone will tell you how to make money, my opinion – ask someone who has already done it.
Cheers
JeffMy experiences:
I bought a stack of shares on a margin loan:
“Oh you’ve put all your eggs in one basket, you’ll lose it all”
“I wouldn’t invest in that”After I made 64%/annum on cash invested:
… (silence)
or “hmmm, my shares are going ok.”Whenever I mention property:
“I’d keep away from that, it’s at the top it can only go down.” This after property has already gone “down”.I got similar responses about losing weight. (I lost a whole stack a few years ago).
“losing weight is too difficult, besides you’re /I’m probably at my genetically preferred weight”
And after losing 50kg:
“How did you do it? I can’t believe you did it naturally or in a healthy way.” and “You’ll probably just bounce and put it all back on.”If I point out ways for someone to achieve their goals / dreams that is financially sensible I get a strange eye rolling and then: “Well I guess you and I just have a different opion about money”
or the best:
“I think life is to be lived, that’s why I spend my money, I only live once.”
As though I’m not enjoying myself or that making money is painful. I go similar with losing weight: “I just like eating whatever I like, I wouldn’t want to be all miserable and living off celery.” eh?Hi,
You can also get lucky. I hardly ever initiate conversations about investing around friends or family. However, I am very lucky to have family and friends that are very interested and have also invested so it makes it easier.
.
You get better at picking the naysayers over time and learn to give them a wide berth!
.
Good Luck.
.Hi Borg, i have the answer 4 u …
When people tell u that bla bla bla ask them two questions.
1. What r u doing to create wealth for your future?
2. So how much are u worth today?
resiwealth[biggrin]
Hi Borg,
I used to find that in the past discussing investments – whatever they be – but mainly properties, especially with people my age. They were continually wrapped up in their PPOR and had no other comment re: IP’s as they generally didn’t have any. Concentrating too hard decorating with ‘nice’ things and redoing the backyard for the kids.
I found a pleasant surprise talking with elderly folk (everyone 40+ [biggrin]), and tapped into a very rich vein of experience indeed.
We now mostly don’t discuss investing with people our own age, and instead initiate many a good time, with plenty of intricate local knowledge coming forth. Some of the conversations are a bit vague, as the memories sometimes fade, but the ones with a clear memory are absolutely fantastic.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Kiyosaki says to start talking about investing to as many people as possible. Since reading the book I have tried this a few times. People that I have just met, friends, family and they all shut up shop.
I think that people think you are trying to big note yourself or put them down or think that you’re getting into Amway. They just don’t want to know.
I feel sorry for them because they are just going to sit back, work hard and watch me get richer.AXJ
“found a pleasant surprise talking with elderly folk (everyone 40+ ), and tapped into a very rich vein of experience indeed.”
“Some of the conversations are a bit vague, as the memories sometimes fade, but the ones with a clear memory are absolutely fantastic.”
lol, I’m 44 and oh no I forgot to sign up for a funeral plan before the alzehimers set in, lol. Seriously, I think you will find that alot of us “elderly folk” just stumbled on property equity by owning a PPOR in places like Sydney over the last 10-15 years. Its what people are doing or want to do with that equity that makes the difference. We generally have a mindset that property will always appreciate over time, although “this time around” there are alot more communication vehicles like internet forums where alot more differing expert opinions can be found all in the one place. I read a post here sometime in the last 12 months by either Mini Mogel or Kay Henry (yeah, sorry its the Alzehimers !) where they advised a newbie to stop shopping for opinions ie ask a question, you will get 40 different replies, some pro some against and you will keep looking until you find one that reinforces what you believe to be true at the time.
The “big secret”as I see it is that no two persons circumstancws and goals are the same. As an individual you need to work out what you want to achieve and educate yourself in whatever choosen field, THEN, ask others for their views. I am no property guru, but I’m not naive either and it really makes me cringe when I read posts along the lines of “hi I’m new to this property investing stuff but I heard you can make lots of money, how can I do it ?”‘ – my answer ? give your money to me I will pay you 6% guaranteed.
regards,
Paul
I’ve given up now and only talk to like minded friends/people re: property. Everytime I do talk about investment property with people who have a PPOR but no IP’s I get given so much advise where to buy, where I shouldn’t, what will happen with the market, etc. The second thing I get is an under current pregnant look if I mention what I have in investments (which I consider extremely pedestrian). It’s a look that assumes ‘Wow, you must be loaded, lucky, intelligent, way wealthier/knowledgable (than I really am).
They seem to forget the basic premise that you don’t have to blow ‘all’ your cash to live and that I have sacrificed and worked bloody hard for what I have. (And in IP terms, it’s not a lot).
Cheers,
Gatsby!
PS. The one thing I notice with some of these people I refer to is that they borrow money they don’t have, to buy things they don’t really need, to impress people THEY DON’T EVEN BLOODY LIKE!As a newbie< i can certainly vouch for that.
We are talking to as many people as possible and most of them are happy to tell us their horror stories. Good for the rest of us that most people take notice and get sucked in by the scare tactics!!
Cheers
LeanneHi Calm et al,
The other thing is that I don’t own a PPOR and my friends and people who I referred to before do, but have no IP’s. They often remark on ‘When am I going to buy my own home?’ If I had have started that way I would never (with my plan) have been able to get into property investing and would have been so far behind the 8 eight ball. This is just in relation to my situation though.
Cheers,
Gatsby.Where do non-investors get their “general knowledge” on property? The media.
Generally they will just be regurgitating whatever doom and gloom that they’ve heard from a source that needs a new headline every day.
The media is in the business of selling entertainment, not strictly information. Sometimes it’s solid, well researched articles – and other times it’s sensationalist crap or rewording of a press release (which comes from a biased third party).
Most people never scratch beneath the surface to evaluate whether what they’re reading really stands up to the truth test.
Do your own research. If you come back with a whole heap of negatives and no positives, then don’t invest in property. Do you prefer to believe the general newspapers, or a niche business magazine read by many real investors such as Business Review Weekly? (The latter reports that the majority of Australian millionaires/billionaires made the bulk of their money in property).
And if people use the “but they made their money 10 years ago” line, if you read about these people you will find that many of them were told ten years ago that they were crazy for investing in property too.
There’s always a deal to be done – it’s just a matter of whether you can be bothered finding it. Negative friends and family obviously couldn’t be.
Or they may have found another investing strategy that works for them. In which case, try to be positive about their choices even if they’re not for you. In my opinion this includes shares, venture capitalism and even Amway – people have made money out of all of the above even if it’s not the path I choose.
Hi Leanne,
Another thing is that it’s necessary to make mistakes and it’s invaluable as long as you learn from them. The only thing better is learning from other people’s mistakes (re: horror stories) and identifying what actually happened as opposed to what went ‘wrong’. I don’t see investing as a moral lesson by making mistakes. They are part of learning.
Regards,
Gatsby.That is true. Whenever you say about investing or try saying that you are thinking of buying interstate in other people eyes it is seen as you are crasy, you just want to make money and don’t care about anything else etc.
My advice to you is to gather people in your cicrce that think like you or are at least open to new ideas and are willing to listen.
It is not easy to find someone that wants the same goals but one way is through the website as we are doing now and other is form groups and meet with the people.
Don’t let anybody steer you away to what you are trying to do because it is absolutely right thing you are doing.
Trying to be a successful property investor and enoy every bit of it!
Good luck!
[biggrin]
Future is determined by what you do today and not tomorrow.Aussiexj, I think you miss the point, these people simply do not put importance on money matters or investing that you do, when you mentioned amway this was a great example, I mean who would want a freind who only wanted to talk business and money all the time?, or even at all.
Interesting topic! [thumbsup2]
In a way, it’s been true what’s said about what we talk about- if we only talk about how much money we’ve made- ugh- that sounds kind of lame- and the worst bunch of all are the nouveau riche- old money tends never to mention money- go figure.
On the other hand, I spent the weekend with an ex of mine- and we spent so much time discussing RE and plans, and exchanging ideas about our futures… and we both loved it! I think it really depends on one’s audience- noone loves a bragger, really. Forunately, I have little to brag about, but it’s an important thing to know.
That’s what boards like this one are for- to retain the passion of what we do amongst others who care or want to learn further. I think another thing is that… just because people aren’t interested in our fabulous wealth stories, doesn’t make them losers. There’s many roads to a happy life.
kay henry
Kay,
To use a dreadful American expression – I’ve gone and “figured”…
I think the scoop with older money is that they have had time to get used to it, what it can do and what it can’t…they are just more accustomed to it…and so don’t carry on like pork chops when it comes to wealth.
Another thing about old money, they’ve likely inherited a good portion of it, and so haven’t scratched and struggled all the way to elevate themselves out of the mire. Very rare for inheritees to either hang onto it or increase the wealth handed to them, as they haven’t done the hard yards necessary to accumulate it in the first place. You learn lessons along the way that help you preserve it when you do eventually get it.
I suppose the bragging from “new wealth” comes from the fact that they have sacrificed and struggled for many years, forgoing many enjoyable things to get where they have got. I think it would be common in human nature to want to shout from the rooftops that they have “arrived” – or reached their individual goal.
If you’ve been struggling every day for the past 15 years to achieve something, sacrificing heaps, and with steely determination you eventually arrive, it would be a rare person indeed, to simply sit down quietly by yourself with a cup of tea and silently pat yourself on the back….surely, you’d be bursting at the seams to unload your success with someone who had a sympathetic ear.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
I’ve had a mixed reaction..some of the guys i work with are into property and willing to pass on information, some are private about it until you get them talking..one semi-retired guy is a bit of a self taught guru and a wealth of info for me..
Others at work or family/relations think we’re rich..far from it as we have less spending money than they do, we just spend wisely and plan for the future..
Then there are others who ask for advice, which i’m happy to talk about as far as personal experience goes and lessons i’ve learnt (i find you learn a lot by explaining things to others also..)
REDWING
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