2009.05.06 08:46:21
There’s no way a smart person can go broke expect through borrowed money. All borrowed money does is, it may help you get it a little faster, but it can help you get poorer a whole lot faster. You make decent investments in things you understand at attractive prices and you’ll do well over time.
Warren Buffet
I have a new friend who writes about Warren Buffets musings in his annual reports.
The above quote was in Kassey’s post today and I though it was extremely appropriate in the current climate.
I wonder how many people are ruing the day they didn’t take notice of that pearl of wisdom.
Unfortunately most people leave investing for retirement until it’s too late to do it any other way than gearing to help speed things up.
If you have to gear to reach your goals make sure you understand what you are doing and develop a strategy, make sure you understand exactly what is going on and if you don’t understand it then don’t do it.
Most of the strategies I use with Hot Property Investors are reliant on gearing so make sure you ask lots of questions and get really comfortable with what we are about to do together.