Ep 340 - 7 Investor Mistakes

Freedom Through Passive Income

We read a book by Michael Batnick, called Big Mistakes: The Best Investors and Their Worst Investments. And learning from people's mistakes is something that we all love to do because we'd prefer not to make them ourselves. So we thought this would be a great episode because in life we all make mistakes, it is the response to error that counts.

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The 1st mistake is even the smartest people have mental lapses and fall prey to poor investment decisions. And we have done this before in our own businesses and we were just going so fast that we just didn't remember. But now we can just recover really quick, because we understand where we were. Number 2, is being smart in one field does not necessarily translate to being a good investor. In other words, being a smart doctor or lawyer doesn't ensure investing success. 3rd, it is important to learn from the mistakes of others to avoid repeating those same mistakes and to protect and enhance your portfolio. We've always said, we're big on coaches and masterminds. And we do that because we want to learn from mistakes of other people. Number 4, be ready to face challenges and obstacles and arm yourself with an advanced plan for all possibilities and unplanned circumstances. When we first started, it was go and whatever happens, happens. But as we got better and started doing more deals we found out what to watch out for. Number 5, focus on taking smart risks and exercise utmost caution, even when something looks incredible, and can't fail. There's nothing in life that can't fail, everything can fail. Number 6, understand that there are times when no one can escape from economic realities and major crashes. So you just have to be prepared for everything. You can't escape it but you surely can navigate through it. Number 7is recognize your investing behavior, biases and tendencies to avoid or mitigate investment losses. Are you type A, B, C or D and based on knowing that and now empowers you to be able to invest in things that you are truly comfortable with and be able to avoid the type of investments that does not match our investing needs.
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