If you have to spend more than 15 years studying, and another 10-12 years to specialise in a field, how can you expect to invest right the first time with no relevant training or prior experience?
The riskiest investors in property investment are people who have deep pockets from years’ of savings or a huge pension, but are investing for the first time.
Compared with their younger days, they now have more to lose. A wrong purchase can wipe out their entire savings during the prime of their life and set them back for years. Nothing can be more traumatic than a forced descending from having it all to losing it all.
“It’s very good to lose everything, but do it when you are young. Do it when it’s 50,000 dollars or 5,000 dollars, not when it is 50,000,000 dollars,” said Jim Rogers in a media interview.
He mentioned the same thing in his book Street Smarts: “It is good to lose money, to go broke at least once, and preferably twice, but if you are going to do it, do it early in your career. Do it early and it is not the end of the world…. it teaches you how much you do not know.”
Source: Property Soul
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