The more you know about the most common mistakes that investors make, the better your likelihood of building lasting wealth.
In this series of short videos, we discuss the common mistakes we’ve seen investors make.
Today we chat about why some investors have the mistaken belief that you must diversify to be successful.
Some of the points we discuss:
- You hear in the media or from financial planners that you should diversify – not have all your eggs in the one basket
- Diversification leads to averageness rather than success
- Look at what other successful investors have done:
- Bill Gates invests in software for the PC
- Steve jobs specialised in the Apple Mac
- Warren Buffet invests in a small group of shares
- It’s one of the success habits Napoleon Hill wrote about almost a century ago in Think and Grow Rich – successful people become experts by doing the same thing over and over again
- Having a strategic property plan keeps you focussed
- To become an expert you can’t do 100 things once. You need to do one thing 100 times – the problem is this gets boring
- How do you know you’re an expert – when you consistently get good results
- You can become an area expert
- Know your local patch – in the same suburb have different patched
- Become an expert in your territory If it’s not a good local patch or when you start leverage off other experts- a property strategist and a buyer’s agent
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