Applying the Ulysses Pact to your property investing

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I had an annoying flight cancellation and long delay on my way back from Melbourne AFL Grand Final weekend...the kids were upset that the Lions lost in the dying minutes, and my luggage is still stuck at Tullamarine, but that's a whole other story.

Turning a negative into a positive, I bought myself a copy of The UIysses Contract by Michael Kemp, which was absolutely an outstanding read.

About 300 pages or so long, this isn't a heavy read, and reminds investors of the benefits of spending less than you earn, investing the difference in assets which generate wealth-producing rates of return, and letting the power of compound growth multiply your wealth over the long run.

It's written specifically for investors in the stock market, but overall I felt that many of the key principles might just as easily be applied to your property investment as well.

In particular, for example, the following 3 concepts:

(i) people aren't nearly as good as they think they are at predictions (cf. the pandemic!) and market timing...pick a long-term strategy, diversify your risk, and stick to high-quality investments;

(ii) buying and selling investments too frequently generates transaction costs and capital gains taxes payable to the government - both of which interrupt compounding unnecessarily - and over time act as a very significant drag on returns; and

(iii) too many people are attracted by the siren songs of the latest fad, more colourful investment ideas, slick salesmen or advisors in pinstripe suits, or are drawn off track by other temptations.

Pick your strategy and stay the course, argues the author...and persuasively so.

This really is a great read, and highly recommended. 

I won't spoil the ending in the final chapter for you...buy a copy and find out for yourself!

I discussed this a little further in the short video below:

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