I Made 5 Mistakes To 13 Properties

The speaker shares five investing mistakes they made that ultimately led to their financial success. These mistakes include investing in a managed fund without understanding it, prioritizing a high-paying job over freedom and time, networking with corporate leaders without gaining personal benefit, considering a buyer's agent, and investing in cryptocurrency. The speaker emphasizes the importance of learning and taking control of one's finances, suggesting that true wealth is about freedom and choices, not just accumulating money.

Investing in Managed Fund

• 00:00:32 The speaker's first mistake was investing $2,000 in a managed fund at a young age, hoping to get ahead quickly. After two years, the investment lost value, teaching them the importance of understanding investments and not outsourcing financial decisions. The speaker learned that they had no control over the fund's performance, highlighting the importance of personal financial education.

High-Paying Job Over Freedom

• 00:03:37 The speaker's second mistake was prioritizing a high-paying investment banking job, believing it would lead to wealth. They learned that high active income doesn't guarantee financial freedom or a fulfilling lifestyle. The speaker explains how high-earners often find themselves trapped in 'golden handcuffs', working long hours without enjoying the benefits of their income.

Networking with Corporate Leaders

• 00:06:12 The speaker's third mistake was assuming that networking with CEOs and CFOs would lead to increased wealth and power. They learned that corporate leaders often prioritize work over personal life and relationships. The speaker uses the example of a boss missing their son's birth due to work obligations, highlighting the downsides of prioritizing a corporate career.

Considering a Buyer's Agent

• 00:10:04 The speaker's fourth mistake was considering using a buyer's agent. The speaker had already built a successful property portfolio and learned that buyer's agents often prioritize their own interests, not the investor's. The speaker learned that it's crucial to understand the market and make informed decisions, not blindly follow external advice.

Investing in Cryptocurrency

• 00:13:09 The speaker's fifth mistake was investing in cryptocurrency based on advice from others. They lost a significant portion of their investment, highlighting the risks associated with speculative assets like crypto. The speaker believes that property investing is a more reliable and efficient way to build long-term wealth, allowing for asset multiplication and passive income generation.