I once wrote the following lines in a Chan & Naylor newsletter.
“…If you want to be rich but your parents are not, than love them but don’t listen to them.”
“..Only take advice from people who have achieved it otherwise you will get really confused…”
Colin Powell, the former US Secretary of State makes these comments;
“The less you associate with some people, the more your life will
improve. Any time you tolerate mediocrity in others, it increases your
mediocrity. An important attribute in successful people is their
impatience with negative thinking and negative acting people. As you
grow, your associates will change. Some of your friends will not want
you to go on. They will want you to stay where they are. Friends that
don’t help you climb will want you to crawl. Your friends will stretch
your vision or choke your dream. Those that don’t increase you will
eventually decrease you. Consider this: Never receive counsel from
unproductive people. Never discuss your problems with someone
incapable of contributing to the solution, because those who never
succeed themselves are always first to tell you how. Not everyone has a
right to speak into your life. You are certain to get the worst of
the bargain when you exchange ideas with the wrong person. Don’t follow
anyone who’s not going anywhere. With some people you spend an evening,
with others you invest it. Be careful where you stop to inquire for
directions along the road of life. Wise is the person who fortifies
his life with the right friendships. If you run with wolves, you will
learn how to howl. But, if you associate with eagles, you will learn
how to soar to great heights. “A mirror reflects a man’s face, but what
he is really like is shown by the kind of friends he chooses.” The
simple but true fact of life is that you become like those with whom
you closely associate – for the good and the bad. Note: Be not
mistaken. This is applicable to family as well as friends. Yes…do
love, appreciate and be thankful for your family, for they will always
be your family no matter what. Just know that they are human first and
though they are family to you, they may be a friend to someone else
and will fit somewhere in the criteria above. “In Prosperity Our
Friends Know Us. In Adversity we know our friends.” “Never make
someone a priority when you are only an option for them.” “If you are
going to achieve excellence in big things, you develop the habit in
little matters. Excellence is not an exception, it is a prevailing
attitude.”- Colin Powell
What has this got to do with property investing?
Choose the right people to take advice from when choosing the property to invest in.
Don’t listen to those who do not have property themselves or who give a lot of advice but have not taken any action themselves.
Surround yourself not just with experts but choose the experts who have taken action for themselves.
It’s very easy to yell advice from the sidelines as a spectator but only 11 players actually make it onto a soccer field to play the game and then only one team of players out of many teams competing, actually end up winning. I suggest you listen to the players in the winning team.
Founder & Non Executive Chairman Chan & Naylor Accountants
Disclaimer: This article contains general information. Before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs.