I recall one in particular which stands out in my mind. "If you travel in the opposite direction to the masses, you will probably never make another mistake."
That was good advice. It seems incredible that people in such large numbers can be wrong, but they are. Historically, they always have been.
Here is an excellent example. Generally speaking, first time home buyers are young. Young people are frequently influenced by older relatives, friends and neighbours.
In Toronto real estate sales are down - way down. There are not many people purchasing real estate. If a young person or couple is thinking of buying their first home, the odds are pretty good the advice they would get from their seniors would be, "Don't buy now - this is not a good market, not many people are buying."
That is precisely why you should buy. Sales are down, that's correct ... but, so are prices. If you're listening to advice from the masses you will always be in the same financial shape they are in.
Don't wait for another boom in the market, when everyone is buying ... that is when the prices are up. Now is an excellent time to buy a home, the market is low. Then, sell when it's high.
The masses have that equation reversed. That's why they are not winning. This applies to almost everything people do. Try going to lunch at an off hour, the restaurant will be empty and the service great.
To your success,
Bob Proctor
bobproctor.com
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