Knowledge versus Power....inTENtion for 2010

InTENtion for 2010 and the new decade

It is often bandied about that Knowledge equals Power. The caveat to this should be that Knowledge only equals Potential Power.


Knowledge applied becomes power and the key word is applied (i.e: ACTION).

Like a wound up spring or coil stores potential energy (or power) similarly reading, learning attending seminars, etc., will only yield an outcome once it is applied. Hence knowledge is potential power.

Once the spring or coil is let loose (by the application of an action to release the energy stored) so it is with knowledge. Once applied by way of action (measured planned or otherwise) knowledge may then bear fruit and produce results for its beholder. ;)

I am not trivialising the need for gaining knowledge. I am a voracious reader and remain a student for life, however until one commits to applying that which is learnt and gains some momentum, then they will remain at the mercy of inertia.

As it is with physics, so it is with our success path. As the late Jim Rohn puts it.....Affirmation without discipline is the beginning of delusion. Affirmation with discipline (action) will move us closer to our dreams/goals and aspirations.

We can spectate or participate. We may make mistakes and they will be part of the stepping stones to our success. The price of those mistakes and learning(s) will be worthwhile if we accept the lessons they hold. We should also pay attention to the mistakes of others and learn from them also. Just as important to doing what we know is to avoid doing those things that take us away from our iTENded goals. It is in the doing that we can learn the most.

We are at the start of a New Year and new decade (the Teens) so to my fellow SS community and cohort, have great InTENtion in 2010 and take whatever actions are necessary to make this decade a wonderful one on your own personal (and shared) journey.

People often over-estimate what they can do in a year and completely under-estimate what they can achieve in a decade. This has been true in my life as after a lengthy hiatus in my investing journey the drought of which was broken (by taking action) only six years ago, I am on an empowering path to fulfilment and reaching greater success in the various facets of my life, including but not limited to health, family, peace of mind, and wealth.



I wish and inTENd the same for you in the coming decade. :)
 
Action - affirmative

Michael


Inspiring post! Kudo's

I have actioned my new inTENtion for 2010 actually started this morning.


Cheers
Sheryn
 
Thought provoking as always Michalaki.

I was paralysed and scared of selling off any properties, holding to the mantra of buy and never sell. Yet at the same time, I had heard many astutue and wealthy property investors who have made money, buying & selling (and yes paying tax) and went on to other larger property or other succesful investments.

However, whilst I could accept this logically, I never connected to it as right for me. It was almost an emotional blockage to get to the point where I should sell. Well, after selling a property last year, to be able to purchase another, I have cleared myself of this affliction and may also be on the agenda again for this year.
 
Thought provoking as always Michalaki.

I was paralysed and scared of selling off any properties, holding to the mantra of buy and never sell. Yet at the same time, I had heard many astutue and wealthy property investors who have made money, buying & selling (and yes paying tax) and went on to other larger property or other succesful investments.

However, whilst I could accept this logically, I never connected to it as right for me. It was almost an emotional blockage to get to the point where I should sell. Well, after selling a property last year, to be able to purchase another, I have cleared myself of this affliction and may also be on the agenda again for this year.

Yeah, I don't really agree with the never ever sell argument. If there is more potential or better value in other areas or asset classes then why not take advantage, providing you're taking all costs into account. Far better to focus on net worth rather than simply number of IP's.

RC
 
Knowledge is only useful when it serves you.

My new year's resolution last year was to have more fun. I think it's the only new year's resolution that I've ever succeeded in fulfilling wholeheartedly ... last year was brilliant.

So my new year's resolution for 2010 is to have even more fun!

Happy new decade to all!

Cheers
Julie
 
Once the spring or coil is let loose (by the application of an action to release the energy stored) so it is with knowledge. Once applied by way of action (measured planned or otherwise) knowledge may then bear fruit and produce results for its beholder. ;)

I like it a lot! I come across many smart people in my line of business, many are not successful. Those that apply their knowledge and work hard at it do best. Simple!
 
A good thought provoking thread. :p

My InTENtion for 2010 is to ensure I adequately build the foundation for my retirement this decade! Some might say, that is too easy a target, but it will take action now to achieve....
 
Thanks for the responses.

It is pleasing to provoke thought :) and of course action even moreso ;)

This just came to my inbox from Deepak Chopra. I liked it:


Every time you are tempted to react in the same old way, ask if you want to be a prisoner of the past or a pioneer of the future. The past is closed and limited, the future is open and free." ~ Deepak Chopra

A bit like sat nav needs to know where you are going to from where you are now, it isn't interested in where you've been.

Our past should IMO be used as a reference point and learning point. It doesn't necessarily serve us to live there or focus all our time on what was.
 
People often over-estimate what they can do in a year and completely under-estimate what they can achieve in a decade.

Certainly agree, almost everyone seems in a hurry, but they end up being less productive and having to take a few steps back later on.
Of course some will always get lucky during a boom, (and many give a lot back in the bust) but you can't count on that.
 
InTENtion for 2010 and the new decade

It is often bandied about that Knowledge equals Power. The caveat to this should be that Knowledge only equals Potential Power.

Well said Player....

I stopped at your first line and thought something was missing....

When at UNI, a lecturer told us about this analogy.

Knowledge + Action = Power

We can spectate or participate. We may make mistakes and they will be part of the stepping stones to our success. The price of those mistakes and learning(s) will be worthwhile if we accept the lessons they hold. We should also pay attention to the mistakes of others and learn from them also. Just as important to doing what we know is to avoid doing those things that take us away from our iTENded goals. It is in the doing that we can learn the most.

This is good advice as well.

I have recently said on another thread.....that if you don't make mistakes, you aren't really trying. (do you think that George dubbya Bush would have been president if he didn't make so many mistakes.......well, maybe that is a bad example, but I'm sure you know what I mean).:)

Cheers

F
 
No point retyping lol, though slightly re-arranged.

I've seen many people come and go with this investing stuff.
They were gonna talk over the world, make 40%+ a year trading fairy futures.
Buy a business and conquer the world, have instant sales, customers, instant billions...instant everything. blah blah blah
While I just plodded along, not making all that much and spending way less, but always increasing my equity and reducing debt year after year.
I also know many who made much more and also spent very little.
I sold most of my RE portfolio down to pay down debt around 3 years ago and be cashed up for a few developments. I sold 1 IP + ppor for a better ppor a few yrs before that. These are apart of a 15 year plan that is now coming to fruition.
...Sure I'll leveraged up again soon, it should be ~65% and fairly neutral. Once that's done I re-assess what the next step is. Sell, keep, build, reduce LVR or whatever. I'm not interested in owning the world, 10-15 fully owned IPs will do just fine, I can live modestly on that lol.
As they say it's like flying a plane, lots of boredom with short periods of everything happening way too fast.

you gotta think long term m8, forget getting rich in 5 yrs, give it 15-20yrs.
Time is on your side! Live your life, enjoy your work, spend don't blow your money, and slowly watch your equity grow & multiply.
You want to own the millions, not owe them.

"Know when to hold'em and when to fold'em"...this is a game of patience.
and for good measure
Let me give my guiding investment principles (have some food API bottom trawlers!):

1. All debt is bad if it costs me to keep it
2. An investment earns, a liability costs.
3. Any liability should be turned into an investment asap.
3a. A future investment purchased as a liability should be ideally be funded by other investments, and preferably P&I loans.
4. If it is'nt CF+, then make it!
5. If you can't make it CF+ quickly, the market is too hot or you dont yet have enough $$$.
6. LMI is bad, and means your LVR is too high.
7. He who want it most, pays the most. He in a hurry always pays too much.
8. He who tells you to hurry usually gets a commission.
9. Equity = Wealth, Equity = Cashflow, Equity = ability to buy when others are going broke.
Equity is king! Long live Equity!
© Piston Broke :p
 
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