What do you rate these two areas as?

Discussion in 'Investor Psychology' started by LeoT, 12th Jun, 2015.

  1. LeoT

    LeoT Member

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    Hi folks,

    Just wondering how important investors rate these 2 areas when determining the long term success of their property investing/goals attainment.

    1. Property investment knowledge/experience,
    2. mindset development.

    I'll start it off with 1 @ 30% and 2 @ 70%. Interested to see what others think about this. cheers.

    Leo
     
  2. jerrybee

    jerrybee Member

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    2 allows you to get 1. I think they are inseparable.
     
  3. D.T.

    D.T. Property Lookerafterer

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    Not really possible to put a number on it since its intangible.

    You either believe or have the guts you can do something more or you don't. Part of that relies on knowing 'something more' exists, and also how to attain it, but it's a waste of energy and time to think about how much this counts.
     
  4. BayView

    BayView Member

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    90% mindset development.

    Without this; the other won't occur.
     
  5. Deltaberry

    Deltaberry Member

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    All mindset. There're punters who have nfi and make it.
     
  6. Rixter

    Rixter $uper Investor (Retired)

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    Success = 80% Correct Mindset x 20% Applied Strategy

    In other words, how you think is 4 times more important than how you do it.
     
  7. Ace in the Hole

    Ace in the Hole Don't compete, Dominate !

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    You definitely need both, and mindset is definitely the more required of the 2.
    The percentages will never be truly known.
    Can you have 100% for both?

    But seriously, with the right mindset, it's almost impossible to fail at something so simple as property.
     
  8. Rixter

    Rixter $uper Investor (Retired)

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    Wouldn't that be 50/50 :)
     
  9. devank

    devank Why why why?

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    I don't know.... I'm not not so sure about planning, strategy, mindset and all that.
    I think 'taking action' is more important.
     
  10. jerrybee

    jerrybee Member

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    Not if you apply yourself 200%!
     
  11. Rixter

    Rixter $uper Investor (Retired)

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    What makes one take action..but more importantly, continue taking it persistently?
     
  12. Ace in the Hole

    Ace in the Hole Don't compete, Dominate !

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    Are we talking effort or contribution to success?
    I believe we should give 100% effort to all aspects.
    Just because there's an 80:20 rule, or 90:10 rule, doesn't mean that the 20 or 10 portions don't need 100% effort, just means you spend proportionately less time on those parts.
     
  13. Andrew_A

    Andrew_A Buyers Agent

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    It could be pointed out that 50% is still significantly higher than 80% x 20% which = 16%

    How about 1/2 Moxie mixed with action + 1/2 mindset + 1/2 knowledge!?
     
  14. Encarta

    Encarta Member

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    It's really just a matter of digesting your experience in the moment so to speak, as there is really nothing else except your experience of that moment

    Slow contemplation of each passing moment of experience will
    Eventually reveal the emptiness of each moments "problems"

    Then there you have it, what else would be wrong? The fear, anxiety, worry endless ramblings of fiction- empty

    Only pure energy would remain- and do what you will with that if you will- nothing to stop you any more! only your last breath- whenever that happens and even then when it dawns apon you - no problem!
     
  15. Rixter

    Rixter $uper Investor (Retired)

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    100% effort on each portion
     
  16. Xenia IM

    Xenia IM Property Manager

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    mindset 90%
    knowledge is transient and easily acquired.

    Without the correct mindset, even if you make money, you will attract a way to lose it again and not even see how you are doing it.
     
  17. Rixter

    Rixter $uper Investor (Retired)

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    +1 what Xenia said. Mindset paradigm unconscious incompetence.
     
  18. Ace in the Hole

    Ace in the Hole Don't compete, Dominate !

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    Yep, just like someone from Houso's winning the lotto.
    They'd either be broke again, dead, or both in 6 months.
    Money does more harm than good for some people.
     
  19. LeoT

    LeoT Member

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    I think most of you who replied quite strongly feel that the importance of mindset development is really the foundation to achieving anything great. I obviously hold a similar opinion. Like some of you mentioned, i think 100% effort in each area is essential, although i do give much more weight to the mindset factor over the investment knowledge facotor when it comes to which one will make a bigger impact to our success. Personally, i've never met anyone who has been extremely successful in any field without developing and maintaining a highly sophisticated mindset.

    Thanks for all the feedback and comments guys and gals.
     
  20. Rixter

    Rixter $uper Investor (Retired)

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    No probs mate.. I didnt mind :p