Owen Rascovitch

Particularly if you've got ETFs, it doesn't matter if it's individual shares, property, whatever.

So I think the same rule applies.

the opportunity to make a lot more money for sure um morgan housel wrote this fantastic article and the headline was 99 of long-term investing is doing nothing the other one percent changes your life and it's so true so something to keep in mind have you got any others i mean day trading when you've got a day job is kind of makes sense that worry wouldn't work

Have you ever made mistakes like with ETFs or anything like that?

i think that's part of the reason why this is so appealing this topic is because everyone makes mistakes and if you go into investing doesn't matter what type of investing you're going to do or you think you know even if you think about budgets and the mistakes you can make with budgeting and all those types of things if you think it's going to be smooth sailing it's not going to work because there's going to be times when things are really difficult

Now, I've given investing lessons.

You've given some more holistic personal finance style ones.

It's the same.

Like we talk about budgets and we talk about people who, for example, set up a budget and they find out that all their bills are due on the same day or the same week of the year or whatever.

And it just falls to pieces.

You've got to expect that the unexpected is going to happen.

And with investing, it's probably the most visceral thing because you have so much money typically put into your investing, even if it's just super or whatever.

People tend to remember because of this thing called loss aversion bias, which is where we feel the pain of loss twice as much as the joy of gain.

And we think of these instances in our lives, like if you talk to your grandparents or your parents about their super retirement fund during the GFC, they could quickly recall their emotion to that point in time, but they couldn't tell you the next 10 or 12 years that have been the best.

we've ever seen so um our point with this episode is to let you know that it's okay if you make mistakes it's okay if you lose money but the important thing is that you manage how much you lose you don't put all of your eggs in one basket we've talked about diversification we've talked about staying within your circle of competence understanding things before you sign up before you sign the dotted line all just basic things that hopefully enable you to make

You know, you're going to make mistakes at the beginning, but hopefully those will be less costly mistakes.

And then you can snowball that into the future.

Sure.

And that's something that I probably, that's probably something you've taught me actually is that it's really good to make those mistakes and to make them firsthand because we're all wiser because we've been through it, right?

And the next GFC, I reckon after we have that conversation, once we have one and we have another conversation, you'll be able to recall some lessons learned and I'm sure you'll survive it one way or another.