Jul 14, 2021
One of the most difficult aspects of being a property investor comes from the fact that we have competing emotions depending on where you are in the property cycle.
There’s fear and greed, overconfidence and loss aversion, panic and euphoria.
We’re told there’s nothing more important than being disciplined when getting involved in property and investment, but it’s not easy when the emotions hang in there.
One of them is fear of missing out, like a lot of people are currently experiencing as they feel the market is moving faster than they can get in. And there there’s fear of getting in, which a lot of people were experiencing last year when people were talking about property Armageddon.
So today I have two segments: the first one a chat with property researcher John Lindeman and we have a little bit of a general chat about FOMO and what you should watch out for.
Then I’ll share the ten FOMO mistakes I’m seeing many property investors make, to ensure that you don’t make them as well.
So, today’s podcast will be useful for you whether you’re looking to get into property or you’re already in property anyway, because as we go through these things, there are a couple of great fundamentals and lessons I’d like you to know.
Some of the Topics John Lindeman and I Chat About:
10 FOMO Mistakes
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Shownotes plus more here: Warning – Avoid these FOMO errors investors make in a hot property market; with John Lindeman
Some of our favourite quotes from the show:
“It’s owner-occupiers that basically create the markets, about 70% of purchases, and it’s investors who push it up to its heights - the booms, and even sometimes the bubbles and then also create the slumps” – Michael Yardney
“Currently I’m seeing some buyers so worried the market is going to pass them by that they’re compromising their selection criteria just to get in the market.” – Michael Yardney
“By approaching property investment with patience and persistence, you will gain far more success and wealth than if you seek out the next big thing.” – Michael Yardney
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