The more you know about the most common mistakes that investors make, the better your likelihood of building lasting wealth will be.
In this series of short videos, I discuss the common mistakes I’ve seen investors make.
Today we discuss every investor’s dream of “buying low and selling high” to maximise gain.
But the reality is that you really can’t “pick the market”.
Some of the points we discuss:-
* Many of us want to buy at the bottom and sell up or refinance at the top
* You’ve probably heard: Buy countercyclically — be fearful when others are greedy and greedy when others are fearful
* Wealth is the transfer of money from the impatient to the patient
* Some beginning investors did well over the last few years — they were buoyed by the markets, but this luck can’t be replicated
* Rather than picking the market — look for good opportunities
* Have you noticed how some investors do well in good time as well as bad times and others do poorly — it’s not the market — it’s something inside them
* You’re not buying the market — you’re buying an individual property in the market — one you’d be comfortable holding in the long term
With thanks to Michael Yardney's PropertyUpdate.com.au