Armchair Experts

[abcdiamond]

I like your comments, Puppeteer.

It may make people like me feel a bit better.

I've made a few posts in my short time here, and sometimes wonder if i say too much,
but then again, thats just my personal paranoia.

Or at least, I hope thats all it is ..

 

[see_change]

Very Valid point Puppeteer

Pitt St is a good case in point. By being willing to share his knolwedge in areas where he does have expertise and showing all round enthusiasm , he has been given advice by several people further up the investing slippery poll which has helped him ( hopefully ) in his property investing career.

see change

 

[Puppeteer]

Hehe,

I just thought of another really good reasons to keep the armchair experts around.

They do heaps and heaps of research and find all of the loopholes and problems with the deals and turn up a surprising number of potential problems that I may have overlooked.

Awesome - I find the deals, they pick the deal to pieces for me, and if I'm comfortable that the deal addresses the problems, then I buy it.

I thinks it great that they give up so much of their time to help me build by investment portfolio.

 

[ndavy]

He he he... they are pretty handy for that I admit.

 

[Peter Parker]

Good points puppeteer!

I agree you need stern critics and skeptics to keep everyone honest and counteract BS, hype and spin.

And they help stabilise the market; without skeptics booms would be longer and higher than otherwise, and the crashes would be more severe.

Even if we sometimes disagree with doubters, at least they provide objections. Objections cause us to think of rejoinders or pursue a new approach that minimises risks. With conventional wisdom being challenged, underlying assumptions are exposed, and we can explain our approach much more clearly.

Hence a 'broad church' can be good for us all - investor and non-investor alike.

Peter

 

[Blitzkrieg]

the more you know, the harder it is to take decisive action. Once you become informed you start to see the complexities and shades of grey. You realise that nothing is as clean and simple as it first appears.

Ultimately knowledge is paralysing!

then Calvin throws a book over his head and says "being a man of action, I can't afford to take that risk."

and Hobbes says "You're ignorant but at least you act on it."

I love Calvin and Hobbes!

 

[geoffw]

Originally posted by Blitzkrieg
I love Calvin and Hobbes!

Likewise.

Sometimes I feel like Calvin who's found the swing finally vacant, and who is having the time of his life.

"This is either the luckiest day of my life, or I've missed the end of recess bell again".

With IPs in a boom, it feels like that sometimes.

 

[Aceyducey]

I wish I was an armchair expert - I neither own an armchair nor really consider myself an expert in property (but at least I know a fair amount of what I don't know).

Unfortunately Jas & I do own an number of IPs so alas we don't qualify even as 'office-chair-bound near-experts'.

And armchair experts CAN get it right - maybe that's why they aren't out there buying IPs at the moment

Cheers,

Aceyducey

 

[Flex]

Duncan,

I think you may have missed the focus of advice given in Jakk's post. Whilst it is important to have goals in order to drive ourselves to achieve, happiness must come from within ourselves.

If you are happy with yourself and can see happiness as separate from your material worth and achievments, it will save you from leaping out of a highrise window in Wall street fashion when things go sour.

There are several posters on this forum who have lost everything and started again. I take my hat off to them as they show incredible courage to continue the battle.

The real difference between the armchair and the playing field is not accumulated factual knowledge, but knowing how to survive emotionally and continue to sleep each night.

 

[Jas]

Jakk quoted (and bolded) "listen to everyone".

I believe that too. I might not agree with their opinions, but another's expereince is valid and useful.

Sure, they might have gotten the advice out of a book. So might the author of the book. It still might be valid depsite the snaky way it got to me.

I'd happily listen to the 14yr old on Hotcopper. He does research. He could easily have come across something I haven't.

I doubt any one of us (or even any group of us) feels that they know everything, or even know enough. I'm here to learn and share. I'll listen to gurus, newbies, and armchairs (I might not follow the advice, but I'll listen to it).

Jas

 

[Sunstone]

I doubt any one of us (or even any group of us) feels that they know everything, or even know enough.

Dear Jas,

Full marks on this one. "The more you know, the more you know you don't know."

This is a great incentive to keep learning.

Cheers,

Sunstone.

 

[Jacque]

Wow! What great responses and from so many varied sources, too.
I have to agree with Pitt St here, in that, though some forumites may not have any experience in actually purchasing IP's, their chosen careers make them very valuable as sources of information. I know that, personally, I've gleaned so much from the brokers, accountants, economists, property managers etc who frequent this forum and am highly grateful for their time and expertise.
Jas is also spot on when she reminds us that not one of us can possibly claim to "know everything" there is to know about investing in property. Every day is a learning curve for me, and I really enjoy and appreciate the wealth of knowledge and readily available help that is given by all forumites. It's also wonderful to have a "newbie" ask a question that spurs us into thinking mode, as complacency can kick in after a while, after the fourth or fifth purchase....
Getting back to the original post by Navy, I'd just like to also point out that not everyone is as expressive with the written word as they would like to be. Including myself in this group, the eloquence of some posts makes me weep with envy, for the way that some forumites write is pure magic. They answer and explain so succinctly that you read it and think "WOW!".
Some people truly have a gift for explaining things through their writing, whilst others may be much better orators. I'm sure there are many more armchair experts out there who shy away from posting purely because they don't enjoy writing.
And, Jakk, from one Jack to another, welcome back too
I haven't seen your posts for quite a while. I'm voting you in for a new thread entitled "Jakk's latest adventure!".

 

[Brenda Irwin]

I would agree 'armchair experts' could be dangerous but not those on this forum.

The truly dangerous ones (for me), were my relatives and friends who were not into property investing, had no idea how it worked, did not believe there was such a thing as 'good debt and bad debt', and who tried their best to dissuade me from chosing to become a property investor.

These were people I looked up to but who did not have a clue about investing in real estate.

For this reason I love this forum as it is a goldmine of information and inspiration, even from those whom are yet to take the investing plunge.

And WELCOME BACK JAKK, I really missed you and was getting worried. Don't stay away so long this time hey?

 

[Aceyducey]

Originally posted by Brenda Irwin
The truly dangerous ones (for me), were my relatives and friends who were not into property investing, had no idea how it worked, did not believe there was such a thing as 'good debt and bad debt', and who tried their best to dissuade me from chosing to become a property investor.

So Brenda, what do these people say to you now?

Cheers,

Aceyducey

 

[geoffw]

Spot on Brenda.

I gave up talking with people about my aims and ideals.

One person who was completely and utterly negative about what I was trying to do several years ago was really peeved when I was on Today Tonight. It really proved him wrong in a big big way

 

[Les]

G'day people,

Yeah, I know, this is a little "off-topic" - but the last 3 - 4 posters hinted at the topic. Hence the link below - it's worth a re-read for those that haven't heard of Secret Squirrel !!!!

http://www.somersoft.com/forums/showthread.php?s=&threadid=4669&highlight=secret+squirrel

Enjoy!!!!

Regards,

 

[Garry K]

Thanks Les - I enjoyed the post and the "club".

It is unfortunate that many "aussies" don't like to see others be too successful.

At the same time, I wouldn't like us all to become worshippers of the mighty dollar.

There has to be a point to building wealth -I just hope that it is not just a selfish one.

Are there any philanthropists (?) amongst us who might also consider doing some good for others when we exceed our personal needs?


Might make a good poll.

Garry

 

[abcdiamond]

Garry

When do we exceed our personal needs?

I think most people live up to there incomes, and therefore their incomes never exceed ther needs.

I was thinking the other day what I would do if I won $2.4m (thats the monthly prize in something I am in all the time, and no, I dont gamble).

I ended up realising that it wouldn't last long. I'd catch up on things that I have not done since sort of retiring.

ABCD

 

[Garry K]

Hi ABCD

Yeah, your essentially right that you spend what you earn.
Unless of course, you commit to a cause.

One of the traits I like about John Fitzgerald of Custodian Wealth Builders, is that he has put his had earned towards a school (Toogoolawa) for "difficult " kids. He is also hands on at the school. He encourages other investors to do the same.

Under my personal needs, I include ultruistic needs, ie the need to make a difference, give something back, leave a legacy etc. Doesn't always have to be money, but if you've been fortunate enough to accumulate your perception of wealth, give a dollar and feel good.

Garry

 

[jahn]

Hi
I missed this thread when it started, but its great reading.
From one armchair expert;
If anyone just starting out, read this forum, they would be streets ahead of 'outsiders'
Couldn't tell you how much I have learned from such as Pitt St (Thanks) and have difficulty isolating names
Thanks to Jakk - Have had copies of Desiderata for over 10 years now and didn't know the original author - Love it.
Duncan, I'm no expert, but I think the idea is that you don't look down on anybody, ever.
Nigel W You missed my group

Ndavy I'm a rank outsider, but I've been around for a while, I can see/read, decipher, good advice from bad, whether it comes from experienced or non-experienced people. Most-times the genuine, stands out from the egotistical, with bells on.
jahn