Somersoft vs Propertyinvesting forum
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I started off with Pi too but I think in it's earlier days there were a lot more quality posts . In the last few years the database there has blown right out and the quality of posters just dropped away badly .
Found out about SS from Pi forum although I had read Jans white book years earlier .
Found out about SS from Pi forum although I had read Jans white book years earlier .
Me too!!! Although sometimes I wonder if his advice did me some good.
Hi, me too. Wonder how many other friends Foundation made on the forums!
Still remember the jibing sarcasm to one of my posts about building costs & house prices in Adelaide in 2006 when I 1st joined the PI forum.
I'm glad I bought BEFORE I read the remarks. They might have affected my decision otherwise.
KY
Still remember the jibing sarcasm to one of my posts about building costs & house prices in Adelaide in 2006 when I 1st joined the PI forum.
I'm glad I bought BEFORE I read the remarks. They might have affected my decision otherwise.
KY
I started off on PI 2 reasons and very important...
1) experience here... on PI you get asked 1000 times a day where are CF+ deals from people who have no property.
2) it seems like a sausage factory for selling his seminars through the database.
I dont say this in disrespect to steve mcknight as i find him to be a smart businessman, and has given me a fair few ah ha moments along the fact he has the stripes.
I pay PI a visit once every 6 months.
1) experience here... on PI you get asked 1000 times a day where are CF+ deals from people who have no property.
2) it seems like a sausage factory for selling his seminars through the database.
I dont say this in disrespect to steve mcknight as i find him to be a smart businessman, and has given me a fair few ah ha moments along the fact he has the stripes.
I pay PI a visit once every 6 months.
I can't handle 2 PI forums. I was at SS first and I'm not really interested in books and seminars. I think if you read too much, you get confused. I didn't even know about the other website.
The reason though I come back to SS is coz it's like a community here. Sometimes, it's not even about asking for advice or giving advice, it's just to see what fellow investors are up to and not just with PI but with their personal life. It's also quite amazing to be posting for so many years with loads of ppl here who started off with nothing and have built up a nice portfolio/wealth from scratch. You tend to want to keep this community going
as well as give advice and support to newbies.
The reason though I come back to SS is coz it's like a community here. Sometimes, it's not even about asking for advice or giving advice, it's just to see what fellow investors are up to and not just with PI but with their personal life. It's also quite amazing to be posting for so many years with loads of ppl here who started off with nothing and have built up a nice portfolio/wealth from scratch. You tend to want to keep this community going
as well as give advice and support to newbies.
Not even ?? Given the lack of formal financial advice qualifications, I'd say that 99.99% of all posters here, are unable to give advice - ever.
Actually, I'm struggling to think of one poster at all who is qualified to give advice. Certainly, I haven't seen anyone's full financial and personal affairs displayed on the forum on which to base that advice.
Suggestions, hints, tips, snippets for sure....but not advice.
Agree. Care needed that the information here is merely opinion, suggestion, hints, etc., however it is never to be construed as advice.
To my memory, i think Qlds007 (Richard Taylor) is a financial planner as well as a finance broker. That's the only one I can think of......apologies to any I've missed; no disrespect intended.
To my memory, i think Qlds007 (Richard Taylor) is a financial planner as well as a finance broker. That's the only one I can think of......apologies to any I've missed; no disrespect intended.
I would hope that nobody makes important financial decisions based on "advice" (or even "hints", "tips" or "snippets" for that matter) on a faceless internet forum, however comfy they feel about it.
This forum is fantastic for being able to bounce ideas around, have a moan, ask "advice" about a problem. But important decisions should not be based on "someone I have never met and know nothing about said I could do it this way".
But, then again, I really don't think most posters would fall into that trap anyway. I have had some "light bulb" moments on this forum, but would never act on them without seeing an appropriate professional.
This forum is fantastic for being able to bounce ideas around, have a moan, ask "advice" about a problem. But important decisions should not be based on "someone I have never met and know nothing about said I could do it this way".
But, then again, I really don't think most posters would fall into that trap anyway. I have had some "light bulb" moments on this forum, but would never act on them without seeing an appropriate professional.
I have taken professional advice from someone on this forum who has saved me litereally thousands of dollars.
There are more than a few professional, qualified people here to give advice. It is up to everyone else to know who and when/if to take it.
There are also "unqualified" but extremely smart peopple on SS that give advice. Again, it is up to everyone else to know who and when/if to take it.
It is what it is.
Regards JO
There are more than a few professional, qualified people here to give advice. It is up to everyone else to know who and when/if to take it.
There are also "unqualified" but extremely smart peopple on SS that give advice. Again, it is up to everyone else to know who and when/if to take it.
It is what it is.
Regards JO
Even with professional advice, the end decision on what action to take is in the hands of the person asking for that advice.
For me, I weight the difference in types of advice based on the professional expertise and experience behind that advice.
And, by professional, I don't necessarily mean a formal qualification - it can be purely experience and results.
There are plenty of people here on SS with no quals that I would (and do) listen to. In the end, I make my own decision though.
Using golf as an example; I know many expert players who are not golf professionals. They are experts at playing golf, and if I was a learner, I would have no problem in taking advice (lessons) from them.
Conversely, you can have someone who studies a golf teaching manual for a few years, and then gives you a lesson, but has no playing expertise, or teaching experience.
I know who I'd rather listen to.
Of course; as a learner it is harder to discern between the no quals expert and the no-eperience qualified expert without deeper investigation. The learner won't be able to tell the difference usually, unless they investigate further.
I think this last point is part of our D.D as investors - investigate the expertise and experience of the person offering the advice before taking their advice on board, or how much weight you gived their advice.
For me, I weight the difference in types of advice based on the professional expertise and experience behind that advice.
And, by professional, I don't necessarily mean a formal qualification - it can be purely experience and results.
There are plenty of people here on SS with no quals that I would (and do) listen to. In the end, I make my own decision though.
Using golf as an example; I know many expert players who are not golf professionals. They are experts at playing golf, and if I was a learner, I would have no problem in taking advice (lessons) from them.
Conversely, you can have someone who studies a golf teaching manual for a few years, and then gives you a lesson, but has no playing expertise, or teaching experience.
I know who I'd rather listen to.
Of course; as a learner it is harder to discern between the no quals expert and the no-eperience qualified expert without deeper investigation. The learner won't be able to tell the difference usually, unless they investigate further.
I think this last point is part of our D.D as investors - investigate the expertise and experience of the person offering the advice before taking their advice on board, or how much weight you gived their advice.
Very true,.... you can learn something from everyone, even if it's what NOT to do.
Sim
Administrator
Just to be perfectly clear - from a "legal" definition of the word, nobody is allowed to give advice on this forum, especially not those people who would normally do so in their day to day work.
This includes financial advisors, accountants, solicitors, doctors, etc.
By this I mean that it is only ever appropriate for these people to give "advice" to someone after reviewing their personal circumstances (and for financial advisors, determining risk profiles, goals and such).
It is generally not possible to give anything other than "general" (by which we mean, non-specific, non-personalised) advice online - which should not be acted upon as if it were personalised, even if it was in response to a post you have made.
People giving financial advice on discussion forums is something currently being reviewed by ASIC - and even though real estate doesn't fall directly under their jurisdiction, the same principals apply ... people who are qualified to give "advice" must take due care to ensure that it is not misconstrued that what they write on the internet is anything other than general (non-personal) advice, and likewise, anything the general public read on the internet - even if written by a qualified advisor, should not be taken as specific advice.
We do need to be careful about the use of the word "advice" given its specific legal meaning in a financial context - just to make sure that there is no confusion about the legal status of what is written.
So - just to be clear, nothing written on the Somersoft forums should ever be taken as financial advice, and the owners and operators of the Somersoft forums make no guarantee as to the accuracy or appropriateness of what is written here by anyone, and similarly take no responsibility for any decisions you may choose to undertake after having read this forum.
If in doubt, you should always discuss your investment decisions directly with a qualified advisor before acting.
This includes financial advisors, accountants, solicitors, doctors, etc.
By this I mean that it is only ever appropriate for these people to give "advice" to someone after reviewing their personal circumstances (and for financial advisors, determining risk profiles, goals and such).
It is generally not possible to give anything other than "general" (by which we mean, non-specific, non-personalised) advice online - which should not be acted upon as if it were personalised, even if it was in response to a post you have made.
People giving financial advice on discussion forums is something currently being reviewed by ASIC - and even though real estate doesn't fall directly under their jurisdiction, the same principals apply ... people who are qualified to give "advice" must take due care to ensure that it is not misconstrued that what they write on the internet is anything other than general (non-personal) advice, and likewise, anything the general public read on the internet - even if written by a qualified advisor, should not be taken as specific advice.
We do need to be careful about the use of the word "advice" given its specific legal meaning in a financial context - just to make sure that there is no confusion about the legal status of what is written.
So - just to be clear, nothing written on the Somersoft forums should ever be taken as financial advice, and the owners and operators of the Somersoft forums make no guarantee as to the accuracy or appropriateness of what is written here by anyone, and similarly take no responsibility for any decisions you may choose to undertake after having read this forum.
If in doubt, you should always discuss your investment decisions directly with a qualified advisor before acting.
i know a couple of financial advisors who i would never ever ever take advice from.....
and plenty of people on this forum who aren't qualified that I would...
in the end advice is only advice and decisions should be based on a number of influencing factors wholely considered, only, by the person having to make the decision.
and plenty of people on this forum who aren't qualified that I would...
in the end advice is only advice and decisions should be based on a number of influencing factors wholely considered, only, by the person having to make the decision.
really? hmm I prefer to listen to people that has been there and done that. Since most of us have a bit of experience behind us, it's easy to wean out useful and not useful suggestions anyway.
PPl here seem to know what they're talking about as oppose to 'professionals'. I have seeked profesional advice twice and both times it was a waste of time. They're just way too conservative but I guess they have to be and he was younger than me and preferred stockmarker over properties...telling me it's much better yet I've done so well in property...why else would I be there asking for advice on where to park my money?
PPl here seem to know what they're talking about as oppose to 'professionals'. I have seeked profesional advice twice and both times it was a waste of time. They're just way too conservative but I guess they have to be and he was younger than me and preferred stockmarker over properties...telling me it's much better yet I've done so well in property...why else would I be there asking for advice on where to park my money?
Sim
Administrator
Actually, there's a little more to it than that, which is why I've been using the term "advice" (in quotes).
There is a legal obligation that comes with professional advisors giving "advice". This is very different to getting information or suggestions from a mate, or someone who has been there and done that and knows how it all works.
If you talk to your friendly guru investor - what they tell you does not come with any legal obligation on their part (or at least it shouldn't) - you take what they say, act on it in your own way, and make your own decisions. If it all goes pear shaped, that's your problem, not theirs.
If a professional advisor gives you "advice", they have certain obligations and if that "advice" was inappropriate and you lose money as a result, then there is a degree of legal recourse you have access to. (Note that losing money doesn't necessarily make them liable - only if they didn't fulfil their obligations to you as an advisor).
Which is why we need to be very careful about how we use the word advice here to avoid confusion about whether there is a legal obligation involved.
I'm not suggesting that a professional advisor is necessarily going to give you better information than you can get from an experienced investor.
All I'm suggesting is that there is a difference between the legal obligations and I want to make everyone understand that there is no finacial "advice" (in the legal sense) being given here on these forums.
