From investment seminars to boats! How do you start investing, what if things don’t go to plan, if plans change should you – go and buy two investment properties!?
Financial planners and investment advisers tell you to diversify. They help you with planning, managed funds, shares, indirect property investing and the like. But usually it’s up to you to find your own way through the investing maze of direct property investing.
In 2003 part of my investment planning involved a seminar in Queensland to get some investing information and advice. The promise was to help you decide whether to invest in property, shares or both. My husband and I had started a property and share portfolio, but wanted to be sure we were on track and had a good strategy with enough diversification.
The trouble was, the guru we chose to check out, turned out to be much less than expected. You could call him a spruiker, or his methods a scam – or worse ! After the often played out “you’re not living the life of your dreams, let’s get a bit of group bonding and motivation going (turn up that music!), so all you need to do is think and grow rich, just see how easy it is to do (break this arrow with your bare neck!!), buy our system”…. enough! It broke my heart seeing mum and dad investors mortgaging their homes for tens of thousands of dollars worth of dubious investment coaching.
So, a mercy call to my brother – to the rescue and escape! We had a lovely drive to a gorgeous village on the coast – looking to buy a fishing boat. A few weeks later, and after some research, we bought two investment properties in the village!
It reinforced our decision to invest in real estate, perhaps not the way planned – but at least we were well on the path. Of course the $ back guarantee was worthless – ASIC and ACCC were no help either (small price to pay – less than $100, lessons learned, and we did get to visit our Queensland family!)
You’ll find specific tips on how to make and get started on your own plan and strategy in later updates.
Tips and Tools:
- To help you in times of change – see our Moving Cheese Update
- To help you set your sites more clearly and deal with life not going to plan – check out this great video from Dr Darryl Cross Life is a Zig Zag