Who are the Fools and who are the Suckers

Oh no...dont try this at home ....
Its as foolish and risky as can be. In my (somewhat limited) defense though, i was under high stress at the job so didnt have time to do DD beforehand and didnt have spare cash to hire someone yo do DD on my behalf...so the car salesman and thr cabbie were it

 

Since you like calling out other posters for not answering your questions, how about having a crack at this one.

 

Anyone can make money from buying property in any Australian capital city if held long enough.

however timing the buy, where and what you buy will determine the level of success IMO

 

Timing was not that important,holding everything is the hard part till the value levels go through several full cycles..
Then you don't need to sell or buy ,not with what's happened in inner Brisbane..

 

I am going to have to respectfully disagree.
The initial thread is basically about the importance of timing and why the suckers are those buying at peak

MTR

 

Ok now i understand the question,i would have started as a "Sucker: most did pre internet..
The mistakes ones makes along the way as knowledge has it's own currency would be quite different from someone who bought yesterday..
So i guess the question is who are the "Suckers",there is a long list out there..

 

......me included, never stop learning

 

A little from column A, a little from column B.
Buy a crap deal and hold it long enough, you might make money.

 

Yeah, but if you are holding crap you might not be able to do anything else while you do. I sold my first PPoR/IP because it was under-performing and stopping me from making my next move.

 

Exactly. But you might make money if you hold for long enough.

 

I don't think it would have been that hard ,20 years ago some area's in inner Brisbane after the recession combined with high interest rates and property stayed on the market for up too six months..
Anyone that bought several during that period ,as most were 40% lower then people paid 4 years prior ,not that hard to do..

 

Who are the suckers? How about this approach:

He who walks with the wise grows wise - Property Chat, DD, etc, mentors

but a companion of fools suffers harm. - Spruikers, doomsayers, academic armchair boffins,
non players with self-interest agendas,
self proclaimed gurus

Prov 13:20

Make a conscious choice for the company and enjoy the unfolding 'luck'.

 

Yes. And I like this philosophy of luck:-

“Your beliefs become your thoughts,
Your thoughts become your words,
Your words become your actions,
Your actions become your habits,
Your habits become your values,
Your values become your destiny.”
― Mahatma Gandhi​

 

I like that too.

I wonder whether Mahatma (if he was still here (meaning alive, not posting on PropertyChat...)) would have bought some Fortescue Metals at $2.90 a few months ago after rereading this quote, and now be mindful of prescient words, but secretly be cheering given their current price at $4.43, given they mine and sell a product that apparently no-one really wants that much...

I wish I had too....

 

Gandhi on providence and greed

" Earth [ pritvi] provides enough to satisfy every man’s need but not for every man’s greed, So long as we cooperate with the cycle of life, the soil renews its fertility indefinitely and provides health, recreation, sustenance and peace to those who depend on it. But when the ‘predatory’ attitude prevails, nature’s balance is upset and there is an all round biological deterioration.”

And meanwhile, at a public meeting in Switzerland on 8th December 1931, Gandhi said (in English):

“There would be no poverty on Earth if we made a sacred resolution that we would have no more than we need for our creature-comforts. And it would not do for a millionaire to sluggishly say that he owns millions because he needs those for his creature comforts. On the contrary, a man who is poor will continually examine himself and find out what are the superfluous thing she keeps for himself, and, if you conduct yourself in a sportsmanlike spirit from day to day, you will be astounded at the fewness of things you require.”

Remark in a letter (not about economics) dated 19 October 1932: “Excessive greed for anything is the root of all evil.”

 

I dont think I would contemplate arguing with a guy like Gandhi as, let's face it, maybe I'm just some anonymous opinion-giver on the Internet, and the population of those is numerically monumental...

Although, Groucho Marx, who holds a much more high profile opinion than I, also said something, possibly able to be described as profound, like "While money can't buy happiness, it certainly lets you choose your own form of misery...".

 

Judged on merit, you better be lucky
Extract with emphasis added:

But if luck plays such an important role in success, why do the successful so often want to deny it? Frank offers two explanations, one charitable and one not.

We downplay the role of luck so as to motivate ourselves to try hard. When I wish Year 12 economics students good luck in the exams, I sometimes add: "You know how to be lucky? Make your own. The harder you work, the better your luck."

But there's often another, less worthy reason for denying our debt to good fortune. We use it to sanctify our wealth and justify our reluctance to pay high rates of income tax.

I'm well off because I made the right choices, studied when I could have played, saved when I could have spent and worked damn hard. Those people in the outer suburbs are poor because they didn't work and sacrifice the way I did.

I earned all I've got and it's quite unfair to tax me extra to give handouts to people who're too lazy or undisciplined to do what I've done.

 

@Skilled_Migrant @LibGS a quote from the article bothers me a lot:

Everyone born in Australia starts with an enormous advantage over most other people in the world, in terms of free schooling and healthcare, freedom to choose their own path and freedom from predation.
​

Do you think that is true?

 

Really good example right here of the myth of "freedom to choose their own path" in Australia.

Beating The Odds - ABC News (Australian Broadcasting Corporation)

First comment on the excellent article:-

I've grown up in public housing, I'm 25, and actually still here. Son of a single parent, and my estranged father did attempt to get back when I was 14, but committed suicide when I was 15.

I have a BA in journalism, a diploma of communications & media and a business cert II.

I'm still unemployed. So there's some other factor at play here, and for all the talk of the "education revolution" something is missing, at least in my equation.

I was offered a cadetship some distance away, but can't afford the move, and have no real back up if I failed.

I never told people where I've grown up, and there were plenty of cracks and jokes made about people from public housing at uni, so I wasn't too game to participate in any co-curricular activities.​

So much for freedom to choose your own path. I have seen this in Perth. You can go to uni and get a degree but unless you were born in the right suburbs, attended the best schools and go to the right university, you are always going to struggle to compete with those that do. We might have free schooling and healthcare and freedom to choose our own paths but that does nothing to address social exclusion and intergenerational inequality.

 

at 25, most people will have troubles regardless.
​

this is partly true, but not fully. This is one reason why the americans ( go USA in the Olympics, btw)
have affirmative action.