Love your parents, but don’t listen to them

by 

Source: Property Observer

By Ed Chan

Now that is a dramatic headline and I left off 10 extra words: ‘If you want to be rich and they are not’. By the way that applies to all your friends also. If you want to be a great fisherman, then listen to someone who is a great fisherman. If you want to be a great cook, then listen to someone who is a great cook. If you want to be wealthy, than listen to someone who is wealthy.

I know that sounds like common sense but sense is not that common.

What is even more important is the opposite to “listen to an expert” and that is “not to listen to a non-expert”.

So before you decide whether to listen to someone or not, just look at their track record.

I know that’s common sense, but how often have we been influenced by our friends and what their well-meaning advice has on us.

How many times have friends or family told us we were crazy to buy property when they don’t have any themselves and really have no idea about it.

How many times have friends and family told us how to get rich when they themselves are not rich. We love and trust them so what they say tends to have more of an impact than the words of strangers.

However for example if your parents are not financially wealthy and you listen to them then you will end up exactly where they are.

If you listen to everyone instead of being selective about whom you listen to than you will get completely confused.

Ed Chan is a founding partner of Chan & Naylor accountants and a leading property tax specialist.

He has co-authored three best-selling books as a seasoned property investor who understands the relationship between property investment and tax.

Learn More.

Property Investing and Land Use Constraints

Most of us know that the use of a property is affected by the “zone” that it is in, but very few…

Will rising interest rates and inflation cause house prices to collapse?

If some media articles were to be believed, the sky is falling in on us. The media like to focus on a…

Are interest rate rises good or bad for property investors?

The recent move by the Reserve Bank to lift interest rates has created a lot of commentary. But how much of it…