Billionaire Investment Manager – Ray Dalio in his book Principles shares the following:
‘’I believe that they key to success lies in knowing how to both strive for a lot and fail well. By failing well, I mean being able to experience painful failures that provide big learnings without failing badly enough to get knocked out of the game.”
This Principle in some ways is life transforming and can be applied to almost any investment endeavor you may undertake.
Whether it is starting your own business, investing with Uncle Ben in his Ice Cream Truck business, buying Apple stock, Gold or investing in Real Estate whether in your home country or Dubai.
I took this approach as I set foot into Real Estate. I tip-toed with my first three investments, i.e. I partnered with other more experienced investors, so that even though I made money in only one of those investments – they didn’t burn my cash or my motivation out.
I’d recommend the same thing to most investors.
Do not sit on the sidelines, and hope for the rainbow to appear with the pot of gold at its end. Nor venture forth fully in the hope that you’ll jump off the cliff and the parachute will open to bring you onto a soft landing into the lands of riches.
Investments is a game, won by those who learn the rules, play it consistently, learn to play it well and stay in the game.
Real Estate is the same – very often I see people invest in a project without proper due diligence or they don’t follow the proper process to ensure that an investments meets the basic criteria for success.
It is important that you strive for a lot, that is your real estate investment to pay you income month on month, but are willing to put in the time to learn about the success criterias and then if the investment goes bad – not be too exposed that it wipes you out financially.
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Speak to an AdvisorThis article is general market commentary from FD Global Properties and is not financial, legal or investment advice. Property values, rules and market conditions in Dubai change; speak to a licensed advisor about your own situation before you decide.