Join Australia's most dynamic and respected property investment community

"Success usually comes down to choosing the pain of discipline over the ease of distraction"

Discussion in 'Investor Psychology' started by Leo2413, 24th Feb, 2016.

  1. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,751
    Location:
    Sydney
  2. EN710

    EN710 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,112
    Location:
    NSW
    Somehow it reminds me of this talk

    Daniel Kahneman: The riddle of experience vs. memory | TED Talk | TED.com

    It's about how Experiencing Selves and Remembering Selves perceive happiness differently.

    I think discipline is how remembering selves perceive that delaying gratification leads to better perception of what would happen.... rereading my sentence and am not sure how I can make it easy to understand :confused:
     
  3. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,751
    Location:
    Sydney
    @EN710 :confused::confused::confused:.... I need a coffee before I reread that.:D
     
    Jennifer Duke and Xenia like this.
  4. EN710

    EN710 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,112
    Location:
    NSW
    Had my coffee, maybe too much :confused::confused:
    I think it'd be better to just watch the video. It's interesting

    I'm thinking of 2 scenario
    1. Eat one marshmallow now
    Experiencing self - SO happy now (while eating)
    Remembering self (after the event) - Should have waited so I get 2

    2. Eat two marshmallow later
    Experiencing self - :(
    Remembering self (after the event) - So happy I waited for 2
     
    Jess Peletier and Leo2413 like this.
  5. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    3rd Jun, 2015
    Posts:
    1,650
    Location:
    Sydney
    [​IMG]

    ... substitute "Programmer" for just about anything really.
     
    DiligentPM, Catalyst, MsAli and 6 others like this.
  6. Biz

    Biz Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,473
    Location:
    Sydney
    3% talent and 97% the ability to outsource to odesk.
     
    Leo2413 likes this.
  7. Xenia

    Xenia Adelaide Property Manager Business Member

    Joined:
    21st Jun, 2015
    Posts:
    2,347
    Location:
    4/136 The Parade Norwood, South Australia
    Spot on
    The ability to focus on what you want and ignore everything else is the key to success.

    Speaking of which .... More properties to list, clients to see... Bye!
     
    Leo2413 likes this.
  8. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    3rd Jun, 2015
    Posts:
    1,650
    Location:
    Sydney
    Oh, and just for the record, PropertyChat counts as "research" and not a "distraction" so no need to be concerned about the amount of time anyone spends here :D
     
    DiligentPM, teetotal, Xenia and 9 others like this.
  9. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,751
    Location:
    Sydney
    Another article I really like that I think makes some good points. Author is Jeff Haden and I have cut out most of the body of the article, but here is the link to his full article. Of you can just read the main points below.

    5 Ways the Super Rich Got Rich, and How You Can, Too



    1. The Multiple Streams of Income Myth
    Myth: The more income streams you start, the wealthier you will become.

    Truth: Starting too many streams at the same time is like trying to push many balls up a hill at the same time--you may get started, but you end up losing your focus and your time. Success comes from growing teams, not streams. Think multiple teams of income.

    Money doesn't make money. People make money. Invest in the right people before you invest in the assets they will manage or you will be the one doing all the juggling…and it will only be a matter of time before you start dropping balls.

    2. The Passive Income Myth
    Myth: You can get wealthy by going into debt to buy assets that will generate passive income so you no longer have to work for a living.

    Truth: Debt digs a hole, not a river. All income must be managed, which means knowing how to manage a team and experts who can help you manage your assets.

    Building assets that generate positive cash flow is definitely important--but when you stretch your resources to buy property or assets and then the value of those assets drop... your cash flow goes negative, your equity disappears…and so do your chances of becoming wealthy.

    Assets--whether property or business--need to be managed. There's nothing passive about it.

    Forget passive income; think portfolio income, where your assets are actively managed by you and by your team. That's the only way to ensure the underlying value of your assets will grow--and so will your income.

    3. The Exit Strategy Myth
    Myth: Wealth comes when you sell out, so plan an exit strategy where you work hard now and cash out later.

    Truth: Love what you do and you won't care about an exit; you'll want to keep doing what you do.

    Too many people hold out for an exit that will make doing something they don't enjoy doing turn out to have been worthwhile. Instead of focusing on how you will leave the game, create a success strategy that will let you stay in the game--because that means you can not only build wealth, you can spend every day along the way feeling fulfilled.

    4. The 'Be Your Own Boss' Myth
    Myth: The path to wealth starts with being your own boss; that way you can choose what to do and when to do it.

    Truth: Wealth comes from choosing whom your boss(es) will be.

    Even if you own your business you're still accountable to someone--customers, shareholders, employees, etc.

    Instead of being the boss--which can be incredibly lonely--choose people whom you will be accountable to…and then do your best to support those people so they, and you, reach your goals.

    To be successful, don't be self-serving. Be a servant.

    5. The Huge Risk, Huge Reward Myth
    Myth: Successful entrepreneurs put everything on the line.

    Truth: The most heroic journeys minimize risk by progressing deliberately, testing and measuring each step, and making smart adjustments on the long path on to success.

    Failure has two basic outcomes. It can sink or steer you. When you risk too much, failure can set you back incredibly far. So don't think of risking it all in hopes of a big return; think of minimizing the risks you take so, if you do fail, you can learn from your mistakes and keep moving forward.

    Take a look at any "richest people" list, pick a name at random, and answer these questions:

    • Is she passive with her investments and business interests…or is she extremely active?
    • Does she try to create multiple streams of income…or does she create multiple teams to create and build those streams?
    • Is she looking for an exit strategy…or building a long-term success strategy?
    • Is she only accountable to herself…or does she hold herself accountable to a number of other people?
    • Does she risk it all…or take smart risks that allow her to test, measure, and improve outcomes?
    Thought so. Extremely successful people are extremely active; build great teams; are in it for the long haul; serve, support, help, and provide the right resources to the people who work for them; and do take small, smart, calculated risks.
     
    bob shovel, Catalyst, MTR and 2 others like this.
  10. BuyersAgent

    BuyersAgent Well-Known Member Business Member

    Joined:
    19th Jun, 2015
    Posts:
    436
    Location:
    Oz
    Leo2413 likes this.
  11. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,379
    Location:
    Somewhere in the land of Oz
    That article looked to long... Anyone else want some marshmallows from the shop?
    :D
     
    BuyersAgent likes this.
  12. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,751
    Location:
    Sydney
    Lazy ass engineers :p
     
    bob shovel likes this.
  13. York

    York Finance Broker Business Member

    Joined:
    24th Jun, 2015
    Posts:
    1,621
    Location:
    Sydney
    As long as you promise to come back with a second one afterwards.
     
    Leo2413 and bob shovel like this.
  14. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,379
    Location:
    Somewhere in the land of Oz
    Clever I believe is the word.

    Guarantee you, your fancy design drawings are copy/paste from another job, but they charge as if done from scratch! "why reinvente the wheel?" ;)

    I'm deadset like homer distracted by a bunny rabbit. I was reading up on Steiner school and philosophy and other crazy **** about to light a doobie..then you come along with more reading!
     
    Last edited: 26th Feb, 2016
    Leo2413 likes this.
  15. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,751
    Location:
    Sydney
    lol It wouldn't surprise me in the least. Doesn't really matter how or where they come from as long as it does bloody well :D

    btw if the people don't like the garden.. I know who I'm coming after! :p



    Common you still have time, take a punt on this, auction tomorrow:

    @gman65 = $725k
    @York = $700k
    @Leo2413 =$730k
    @Tyler Durden =$650k
    @Bran =$650k

    Any more bets in folks? Its for this property: 28 Crewe Street Mount Gravatt East Qld 4122 - House for Sale #121798290 - realestate.com.au
     
    Last edited: 26th Feb, 2016
  16. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,379
    Location:
    Somewhere in the land of Oz
    614,500 :p
    Brissy is done. Only one bidder will be registered ;)
     
  17. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,751
    Location:
    Sydney
    Your locked in. Thread is here:

    QLD - Mount Gravatt East