Mentors are an important part of your success.
They help you get further in life, whether that’s in property investment, entrepreneurship, or just in how you handle your money.
Today it’s easier to find a mentor than it ever has been, but the ready availability of information also has its downsides.
There’s such a thing as too much information from too many sources, some of them untrustworthy.
So when choosing a mentor, it’s important to do your research and find out if the person you’ve chosen is trustworthy.
In today’s show I’m going to share with you some lessons that I’ve learned from one of my mentors, Warren Buffett.
I’ll also have a conversation with Ahmad Imam about FOBO – what it is and how to cure it.
And in today’s mindset moment, you’ll learn about some of the differences between successful people and unsuccessful people.
What I learned from Warren Buffett
“Be greedy when others are fearful, and fearful when others are greedy.”
This is a well-known quote by Warren Buffett.
Initially, I took the words literally and thought I had to buy counter-cyclically.
But in context, what Buffett actually suggests is that to profit in the market you don’t really have to predict downturns. I learned several lessons from my new understanding of this quote.
- Fear and greed drive our markets and cause them to cycle. Too often, it can cause them to cycle too far in either direction.
- Trying to predict these market cycles are is a fool’s game. We know much less than we think we do, even when we have plenty of data.
- As an investor, you simply need to know that these cycles keep recurring. When you know that the cycles will recur, you’ll be prepared and not surprised when it happens. Don’t overreact to a new phase in the property cycle or allow your emotions to affect your investment decisions.
How to diagnose and treat FOBO
You’ve heard of FOMO: Fear of Missing Out.
But there’s a new acronym people are using: FOBO. It stands for Fear of Better Options.
People with FOBO are those who are constantly procrastinating because they know there are many options out there and they aren’t sure which is better for them. This leaves them unable to commit
How do you know if you’re suffering from FOBO?
- A severe case of analysis paralysis
- Feeling overwhelmed by all of the information and choices
- High anxiety created by the fear of buyer’s remorse
- Cold feet when you’re on the verge of making an important decision
People with FOBO suffer from a lack of perspective.
They have difficulty identifying which sources or information to take seriously.
Analytical people often procrastinate the most.
They get so caught up in analyzing the options that they fail to take action.
It’s important to recognise that you won’t know it all, but that over time you will know enough to start taking action and you’ll find out more along the way.
How to cure FOBO:
- Do your research. If you don’t know how to do due diligence, engage people that do know how.
- Set a deadline for research and stick to it. When the time is up, you’ll need to make a decision.
- Be decisive. If you can’t, engage an expert in the field who can do it for you.
Links and Resources:
Metropole Property Strategists
National Property and Economic Market Update 1 day Trainings Coupon Code: PODCAST
Ahmad Imam - Metropole Properties Sydney
Some of our favourite quotes from the show:
“One of the mistakes I made early on is I didn’t actually reach up high enough on the food chain of mentors, because if I did, I would have been further along with my success earlier.” –Michael Yardney
“Another trait of successful people is that they talk and share and encourage ideas with other people. –Michael Yardney
“Our system of growing wealth through property is too simple for many intelligent people. They think there’s got to be more to it than that, and there isn’t.”
PLEASE LEAVE US A REVIEW
Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how.
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.