When it comes to property investing are you a fox or a hedgehog?
Is property investment an art or science?
Maybe property investment isn’t what you should be spending your time on; maybe you should stick to your day job instead.
That’s what I discuss today with Stuart Wemyss.
And then, in my mindset moment, I’m going to share with you why we’re not all created equal.
You’ll get lots of great information from today’s show that will help you get more success in your investments.
Why you might want to stick to your day job:
- You must take responsibility for your money, however, that doesn’t mean that you need to make all of the decisions
- Instead, you should have a team of experts who know how to make those decisions wisely and defer to them
- Looking for property in your own backyard isn’t really research.
- Investing isn’t a hobby, it should be approached as a business
- The hedgehog concept: This refers to a story about a hedgehog and a fox. The fox knows how to do one thing, but the hedgehog only knows one big thing.
- In other words, the hedgehog has the specialized knowledge that it needs to survive.
- Does it make sense for you to spend 10 hours a week making financial decisions that you don’t have specialized knowledge about?
- Or would your time be better spent advancing yourself in your chosen profession that you do have specialized knowledge of, and deferring the finance decisions to experts in that field?
- You may be very smart, but that isn’t necessarily a guarantee that you’ll make smart investment decisions.
- Your talents in one area might not translate to other areas, like finance
- What you need is a holistic team of experts who can advise you in your investment endeavors
- You should choose people who have not only done well in the short term but have kept their wealth over the long haul
Links and Resources:
Stuart Wemyss – Prosolution Private Clients
Some of our favourite quotes from the show:
“Your investments should be boring so that the rest of your life can be exciting.” – Michael Yardney
“Not only have we built wealth, but we’ve kept it, and I think that’s one of the important principles.” – Michael Yardney
“If you’re listening to this in Australia or one of the other great countries that a lot of people listen to this podcast in, you’ve already won the lottery in life.” – Michael Yardney
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