It's good to be skeptical about investor stories - the stuff that goes unsaid...

I totally agree, although I will add that those on high incomes and/or help from family do have a headstart, should they choose to go down that path. It's never really what you have, it's what you do with it, although a motivated person with a large purse will always trump a motivated person with a modest purse.

 

I know some very high income earners but investing in property is too much risk for them - they prefer upgrading their house, cars and holidays.

 

My partner has a large income and for many years.... but he doesn't invest with it, it's in "savings accounts". (Still hasn't bought LICs nor IPs).

Mine hasn't been particularly spectacular but I have done something with it.

 

I haven’t either after sitting through the seminar with him. I just need time to sit down and research properly.

 

Aye yahhhh

 

Are you serious? you haven't invested yet...?

 

I’ve been focusing on other things that worth my time.

 

All good mate. Would love to see you get on the game and make some moolah

 

Don’t you worry. my time is my investment.

 

This is always a good read Fooled by Randomness - Wikipedia ..,but in life you make your own luck..

 

+this

 

It’s got nothing about less or more “kudos”. I think a lot of people are missing the point I’m making here.

 

hmm.. I think I do understand your point that was made in the original post, which is that while some stories of success etc may look all rosy and peachy at a superficial glance, in actual fact a lot of the challenges and 'not sexy/exciting' stuff has been left out of the story or how some people had massive help with funds etc, probably left out for varying reasons. I think that was the jist of what your point was. I could be wrong.

Not to take away from your point because I think it's a good one, however for me personally I believe a little 'self delusion' from time to time is a healthy thing. There are many things I would probably have avoided if I read the finer, much scarier details of a story and therefore would have lost out from some good opportunities. I prefer little rocks to be thrown at me one at a time, rather than a huge boulder. I can survive the rocks but not the boulder. I don't know if its making any sense but anyway it does to me. Just my thinking on this. Each will feel differently.

Cheers

 

I think I did a reasonable job articulating it earlier, this is what I wrote:

people have their right to privacy but at the same time it makes for an incomplete story to not discuss the broader context. I’m not saying it’s right or wrong. All I’m saying is for a new person trying to learn the ropes they need to be careful of the fact that everyone travels a different path, BUT: because they don’t know the full story, they have no idea it’s a different path.

Think about a new investor reading all this stuff. He looks at another investor's profile - this guy is 23. I'm 23 too! He's earning 55k, same as me! He says his risk profile is moderate...same here! So he sets down the same path. The truth is, this investor he's trying to follow...his strategy is not moderately risky at all. It's extremely risky, but he can bank roll it because his PPOR is fully paid off due to X or Y circumstances that he hasn't discussed. Or is day job pays 55k, but there are other sources of revenue that aren't mentioned. This other investor is trying to follow the same path unaware that what he's doing is not aligned to his risk profile at all. This is really the sort of thing I'm cautioning against.

Yeah this is a really good point too.

 

Agree with you @jaybean .

Only thing I would tell newbies is to do thorough Due Diligence on whatever they are wanting to undertake . Ultimately each person is responsible for their own decisions and there are occasions ppl will get bitten from time to time, pretty much impossible to avoid imo.

 

Yup basically my entire post is really just that - do your due diligence. If you read something, it may not be a lie per se, but it's also not a plain as day roadmap that you can just follow without any critical thought. Just because the other investor seems to have a plan that you could conceivably follow doesn't mean you should. Craft your own plan, basically!

 

I'm a little confused too. I'm pretty sure I've seen you post on your IPs? :S Armstrong Creek right?

 

Interesting your activities haven't really prompted him to consider it at all. My partner was the same before we got married. All I have to tell her back then was that the interest rate for the savings account was 2% and RBA targets 2-3% which means that her ROR is 0%...She could do better by putting up to the non-concessional contribution cap p.a. in super and basically investing in almost anything else for the rest of her money.

 

Sorry to have confused you, yes I do have IPs...we were talking about investing in LICs.

Leo was wondering why I haven't invested in LICs. the truth is, I haven't done my own DD on them and make the move.