REPEATED: What advice would you give yourself 10 years ago that you know now?

Discussion in 'Investor Psychology' started by jahid, 23rd Apr, 2015.

  1. bobby85

    bobby85 Member

    Joined:
    22nd Feb, 2012
    Messages:
    81
    Location:
    Enfield
    Don't 'gamble' with penny stocks.
    Plenty of $ wasted on the market which could have been invested in assets that actually appreciate (property!)
     
  2. natedog

    natedog Member

    Joined:
    20th Oct, 2004
    Messages:
    465
    Location:
    Melbourne
    Repeated

    Start with the end in mind, set a goal for what you want to have at a certain point in time in the future.

    Then work back from that to what it is that you need to do TODAY to get you 1 step closer to that goal.

    It seems to make everything simpler then, and also makes what others perceive as difficult or hard just another logical step you yourself are taking to get toward your end goal.

    Be open to personal growth opportunities and learning that while you may make mistakes, that sometimes it is the best way to learn and grow.

    Have the courage and tenacity to make a decision and stick to it, taking control over your own destiny to make things happen.

    Don't be too arrogant to admit that you don't know everything, just because you may have achieved some success in a certain area (financially) that you can't learn more than you already have.

    Remember that you don't know what you don't know, and also that sometimes you don't even know that you don't know what you don't know....so be open to others ideas that may open your eyes to an "a hah" moment.

    Find a balance to your "planning for the future vs living for the moment" I have found this the biggest challenge in my own life!

    Have fun every day, life is short, moments are precious, so go out and give it a good shake!!
     
  3. Deltaberry

    Deltaberry Member

    Joined:
    25th Sep, 2009
    Messages:
    4,893
    Location:
    Melbourne, Victoria
    Concentrate on your own stuff. Most people are here to waste your time
     
  4. hobo-jo

    hobo-jo Not a bear just a realist

    Joined:
    19th Nov, 2006
    Messages:
    3,024
    Location:
    Adelaide
  5. sash

    sash Member

    Joined:
    10th Feb, 2003
    Messages:
    3,581
    Location:
    North Shore, Sydney
    Just do it!
     
  6. MIW

    MIW Member

    Joined:
    16th Oct, 2011
    Messages:
    927
    Location:
    North Shore, Sydney NSW
    Find your interests, follow your passion, and do some personal development!
    However, I doubt I would have understood what that meant 10 or 20 years ago???
     
  7. Taku

    Taku @takuekanayake

    Joined:
    4th Mar, 2014
    Messages:
    49
    Location:
    Marrickville, NSW
    I'm 26 now, if I could turn back time I would tell my 16yo self to:
    - Start investing earlier.
    - Learn everything there is to know about selling, negotiating and closing.
    - Would definitely have NOT gone to uni.
    - Get my mind on my money and my money on my mind.

    Cheers,

    Taku
     
  8. Ausprop

    Ausprop Member

    Joined:
    20th Jun, 2004
    Messages:
    10,497
    Media:
    7
    Location:
    PERTH, WA
    - don't be afraid to convert to cash, as opposed to never ever ever sell. you really only want to hold thru the upswing, not the sideway shuffle or even worse the downturn
    - if you start a devy, ensure you have the fire power to finish it even in changed circumstances
    - appreciate the value of every dollar
    - keep leverage down, you don't need to own the world so go slowly and surely
    - recognise a boom when you are in it and get the hell out before everyone else does. And don't worry if you leave the party slightly early, if you've had a great night and are happy with the girl you have found just get out of there before it gets messy
     
    sanj likes this.
  9. rchad

    rchad Renee

    Joined:
    5th Jul, 2009
    Messages:
    222
    Location:
    Brisbane
    Buy where owner occupiers live

    Dont buy new - too high a premium and for houses too far out

    Stay away from property advisors getting kick backs from "the team" when you are referred onto them

    Do your research
     
  10. Savanna100

    Savanna100 Time to develop !!!

    Joined:
    4th Feb, 2003
    Messages:
    639
    Media:
    5
    Location:
    Canberra, Australia
    Follow Nathan Birch's methods more closely and take action doing what he did. (Nathan had 40 houses when I met him around 2007 -2008 and now he has 160 +).
     
  11. Gatoblanco

    Gatoblanco Member

    Joined:
    8th Feb, 2008
    Messages:
    441
    Location:
    Brisbane
    I like this
     
  12. Gatoblanco

    Gatoblanco Member

    Joined:
    8th Feb, 2008
    Messages:
    441
    Location:
    Brisbane
    Same thing happened to me
     
  13. sanj

    sanj Member

    Joined:
    16th Jul, 2010
    Messages:
    3,441
    Location:
    perth
    This is a good post, kudos
     
  14. Ausprop

    Ausprop Member

    Joined:
    20th Jun, 2004
    Messages:
    10,497
    Media:
    7
    Location:
    PERTH, WA
    Thanks. Lessons I learnt myself, the hard way