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Knowing What You Know Now... What Would You Have Done Differently?

Discussion in 'Investor Psychology' started by House, 22nd Sep, 2015.

  1. House

    House Well-Known Member Premium Member

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    It's always better (and easier) to learn from other people's "mistakes" so as a new investor I'm wondering what the more seasoned investors would have done differently given their experience and knowledge now. What advice would you give your younger self?
     
    Last edited: 22nd Sep, 2015
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    Bought more places that needed immediate work done. The equity gains is / was really important to continue buying back when I was low income
     
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  3. Nemo

    Nemo Well-Known Member

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    Wouldn't have sold

    Wouldn't have bought in joint names ( with someone who didn't have the same goals).

    Would have looked at numbers more than the property.

    Would have looked at properties I could make immediate money on rather than speculating and being negative geared
     
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  4. York

    York Finance Broker Business Member

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    Wish I found SS 10 years ago.
     
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  5. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Bought more development sites sooner rather than later. Finance was not an issue, it was confidence. Its a scary thing to buy a site, even with a great feasibility and exit strategies. Still found it scary.
     
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  6. Bayview

    Bayview Well-Known Member

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    Save like hell as soon as you start earning money, and only spend the savings on investments.

    Spend the rest on any cr@p you want and enjoy yourself. :cool:
     
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  7. spludgey

    spludgey Well-Known Member

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    Buy my first property at age 18 rather than 27.
    Wouldn't have bought one of my properties in Rockhampton.

    But I still started young(ish) and regretting one purchase out of nine isn't too bad, so I'm pretty happy with my journey so far.
     
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  8. Leo2413

    Leo2413 Well-Known Member Premium Member

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    If I had to give a list of what my clients have told me time and time again.. it would be:
    1. Started earlier, asap
    2. Saved as much as I could and not wasted so much of it
    3. Learnt the knowledge I didn't know much sooner
    4. Taken a lot more action.
     
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  9. Leo2413

    Leo2413 Well-Known Member Premium Member

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    hehe :D 95% of society reading that would think...what the hell is he on about... that's an insane achievement!!! ;)
     
  10. D.T.

    D.T. Adelaide Property Manager Business Member

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    Clients? :eek:
    What biz do you have?
     
  11. Leo2413

    Leo2413 Well-Known Member Premium Member

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    I do private mentoring Dave. But I have kept it 100% completely separate from anything on PC. Not a single soul have I recruited from PC ever and would not accept anyone if approached from here. I am not a business member so I have no right to. Besides, I like to keep it totally separate. This place is my relaxation haven, chatting with the good folks :)
     
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  12. twobobsworth

    twobobsworth Well-Known Member

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    No regrets but if I had started in my early 20s instead of early 30s I could be much better off.

    The opportunities were there but I failed to take action. It wasn't until reading Jans book and finding the forum (along with our first child) that I found the conviction to follow through.

    Something I hope to help my kids with in the future.
     
  13. Azazel

    Azazel Well-Known Member

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    That's impressive keeping it separate, good on you Leo!
    Also tempting, but impressive not having the business membership, a bit of a conflict of interest with some.
     
  14. inertia

    inertia Well-Known Member

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    I would have started all this 20 years ago when I started earning a wage.
     
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  15. Leo2413

    Leo2413 Well-Known Member Premium Member

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    One thing I love is I don't have to worry about what I say or how I say it (within reason), I am free. Being a business member, it's not that simple :) And I understand that.
     
    Last edited: 22nd Sep, 2015
  16. mini2

    mini2 Well-Known Member

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    Wish I didn't blow $100k on cars in my early 20's and bought a Dundas unit for $150k probably 12-13 years ago.
     
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  17. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Would be a mil give or take now with duplex potential :D


    Edit: Scrap that.. just realised you said 'Unit'. :eek:
     
    Last edited: 22nd Sep, 2015
  18. Bran

    Bran Well-Known Member

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    I wish I had bought LATER
    I bought as soon as I had an income windfall - good idea, but poor execution. I plowed it into the first of three houses I saw, or thought about.
    I had no knowledge of cycles, or that there was anything more than just buying a house you liked. I bought at the peak of a market I didn't know, when I didn't know there was a peak.
    Had I been on SS, it would have been obvious I'm sure.
     
  19. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Probably 1 of the top 5 best posts I have ever read on here. kudos to you.
     
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  20. ej89

    ej89 Well-Known Member

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    Would've quit school in year 10 and bought a house a year in Sydney from ages 16-26. Instead I chose to get a degree
     
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