What Should The Pyschology & The Mindset of an Investor Be like?

Discussion in 'Investor Psychology & Mindset' started by Sackie, 2nd Sep, 2019.

Join Australia's most dynamic and respected property investment community
  1. Leeroy93

    Leeroy93 Well-Known Member

    Joined:
    26th Jan, 2017
    Posts:
    181
    Location:
    Brisbane
    Always great to see a thread like this as a reminder for some self reflection. A positive mindset is infectious and what's the point in taking a 'glass half empty' approach to life. After all, our time is finite.
     
    Sackie likes this.
  2. wombat777

    wombat777 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    3,565
    Location:
    On a Capital and Income Growth Safari
    A fabulous little sound bite from Rick Rule. About speculation and luck - and draws a distinction between speculation and luck. Basically with hard work you can turn the odds for speculation in your favour.

    PalisadeRadio on Twitter
     
    paulF likes this.
  3. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    25,035
    Location:
    Vaucluse, Sydney.
    I agree. Personally I've always believed all investing is speculating, just on a spectrum of low to high risk. But with a good strategy, hard work and well rounded knowledge, you can shift the odds into your favour to do well.
     
    Last edited: 3rd Sep, 2019
    craigc, Eric Wu and paulF like this.
  4. Blueskies

    Blueskies Well-Known Member

    Joined:
    24th Aug, 2015
    Posts:
    1,769
    Location:
    Brisbane
    I think that one of the most important things is a preference for taking action and backing ones self.

    There are lots of reasons people don't take action. Some are too lazy, some are too scared. A lot are a too 'smart' for their own good. Analysing data and trends, waiting for the elusive 'perfect' investment and reading too much to the point of confusion and paralysis.

    No one has a crystal ball, the future is murky, but you need to have the balls to back yourself and get in the game. Diversification and time can smooth out many small missteps along the way. As the saying goes, you miss 100% of the shots you don't take.
     
    paulF, Sackie, Bunbury and 1 other person like this.
  5. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    25,035
    Location:
    Vaucluse, Sydney.
    @Blueskies The only thing certain is if you don't take action before it's too late, you'll have a very mediocre retirement at best after working 60 years. If that isn't enough to scare the living day lights outta you to take action before it's too late then nothing else will.
     
    Blueskies likes this.
  6. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    25,035
    Location:
    Vaucluse, Sydney.
    I find this hilarious from 4min 55sec, but listen to all of you got time.

     
  7. paulF

    paulF Well-Known Member

    Joined:
    28th Jun, 2015
    Posts:
    2,103
    Location:
    Melbourne
    That really sums it for myself. It's all a calculated risk and a good balance between the now and the future.

    You can't dictate the future but you sure can guide and shape it. Very simple but sometimes people forget that you can actually control or at least influence the future by taking action NOW.
     
    kierank and Sackie like this.
  8. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    25,035
    Location:
    Vaucluse, Sydney.
    Agreed mate.

    One of the biggest barriers for most is fear, whether they realise it or not. The only thing which diminishes irrational fear is an increase in knowledge. However for most the knowledge factor rarely goes up so the fear always remains, and no action is taken.
     
    paulF and kierank like this.