WealthEsteem.org :: Psychology of the Deal

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This article by Peter Thornhill for Westpac’s Online@W was challenging. Peter used to be General Manager of MLC and is definately biased toward equities. Westpac really should admit their marketing bias in presenting these stories too.

I ‘d like your reactions to the article as well.

I actually agree with the Peter 100% on the Myths. Especially never confuse familiarity with expertise. Folks, steal that slogan. Tape it above your monitors. It will keep you humble and save your bacon one day. I’ve just done it.

Myth 1: I know property
Nope! Remember “Nobody Knows Anything” by Willliam Goldman (I wrote on is 20 August 2002). That’s a motto to live by. Just like “If you can’t tell the sucker at the poker table, it’s you”.

Myth 2: Property is always a good investment
This one always comes from people who don’t own a lot of it. Lots of great property investors go through cycles where they say the can’t find deals that suites their criteria. Often they miss out on great deal because of it. But beware “always”.

Myth 3: You can’t lose money in property
hehehe try adding “…unless you have a bank loan”

Like I said I agree with the man. But I still like property investing.

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