Being the kind of person who probably over-thinks things a lot, I'm getting pulled in all directions when it comes to investing strategy. Few of us have an iron clad strategy in place at the beginning and it probably evolves as you gain more experience but how do you deal with the constant distractions of new "hotspots", ideas etc?
For example I'm interested in active investment eg small development in Perth and the aim is to quit full time employment in 5 years. Then I see a Steve McKnight seminar where he essentially says if your time frame is <5 years, then you don't have time for a job and you need to quit and concentrate on the property investments. As you'll obviously still need money, he suggests a high cash flow business, online or otherwise. Somebody slap me now for I wasted a few hours looking into the merits of coin laundries and the like... sigh. Also last I heard businesses don't generally run themselves, how is this different to having a job?
Then the Terry Ryders of this world tell you their predictions for the next Gladstone and lo and behold, another few hours spent looking at various regional towns you may or may not have ever heard of.
This is wasting my time. How do you pick one strategy and stop getting distracted by other ideas?
For example I'm interested in active investment eg small development in Perth and the aim is to quit full time employment in 5 years. Then I see a Steve McKnight seminar where he essentially says if your time frame is <5 years, then you don't have time for a job and you need to quit and concentrate on the property investments. As you'll obviously still need money, he suggests a high cash flow business, online or otherwise. Somebody slap me now for I wasted a few hours looking into the merits of coin laundries and the like... sigh. Also last I heard businesses don't generally run themselves, how is this different to having a job?
Then the Terry Ryders of this world tell you their predictions for the next Gladstone and lo and behold, another few hours spent looking at various regional towns you may or may not have ever heard of.
This is wasting my time. How do you pick one strategy and stop getting distracted by other ideas?