The worst advice of all

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September 3 2006

One of my favourite online haunts has had a lot of discussion around the value, or lack of value, of mentors in the last few days. Some people are saying that people who use mentors are lazy or ….. well mostly lazy.

Sadly I meet people most days who have stuffed themselves up in varying degrees through not using a mentor, or at least getting a good education.

Today I met a former associate of my wife who bought a 20sqm apartment off the plans 3 years ago and now has to sell a pos cashflow pretax IP to fund the huge loss they are facing on their unrentable apartment. Had they gotten some sound coaching they A: probably would never have bought the lemon and B: could have found a much better exit strategy.

Then tonight I had dinner with a couple who keep buying IP’s at full retail and are now asking why they can’t keep investing. I have to get them to probably sell off properties at the wrong time to get them in a position to take more action because they are ignoring a 101 investing rule. Namely that you make your money when you buy below valuation.

My wife and I have had success in property by getting a good education, finding people who were more successful than us and learning from them and always being open to learning more.

In 2 years my wife and I have spent way over twenty grand educating ourselves. It’s been the best investment we could have made because we are now way over four million dollars better off then if we hadn’t spent the money and found mentors.

The Kiwi DIY attitude, when it comes to investing, is in my opinion the worst advice of all. Do you want to retire? Do you want to be able to choose when to get up, to go to your kids events during the week, to travel whenever you want?? Do you really really want to be free, emotionally, relationally, fianncially?? Well then invest in yourself. If property is your bag, get the education, get the help you need. Don’t just try, DO IT!!!