5 Tips for Smarter Investing | Julian Muldoon Speaker Review
Be careful who you take advice from.
A good lesson in life is to remember is that everyone has their own vested interests at heart.
For example, you wouldn’t believe a doctor employed by a tobacco company telling you that smoking a pack a day was going to cure your hacking cough. Or a nutritionist employed by Kristy Kreme.
Understanding a person’s or business’ vested interests is absolutely vital if you want to make good decisions based on their information.
This was one of the take aways’s from Julian Muldoon’s insightful and informative speech at the STAFFLINK Conference 2022.
Who is Julian Muldoon?
Julian is a director at 1Group, an independent investment advisory firm that helps people make astute, well-researched property purchases. Julian and his team are committed to the same vision: to be the most trusted people in real estate. While this is an outrageously ambitious goal, after hearing Julian deliver his speech it became apparent that he has the ability to immediately build rapport and he comes across as extremely trustworthy. A genuine man, who loves his family and his job.
His insights into the kind of conversations that he has “on the coalface” with real investors revealed his ability to calmly see the grey where others only see black and white.
Although on the surface there does not seem much in common between 1Group and STAFFLINK, according to Julian what they have in common is that they are both “industry misfits”. Organisations that aim look at things differently, and ones that aim to be the guide for their clients through difficult and complicated decisions.
Tips for Investing | The 5 Principles
When it comes to investing it is impossible to predict the future. But that does mean that you cannot maximise your chance of long-term success. Julian outlined the following 5 principles for investors to follow.
1) Invest for the long term
The first thing investors need to remember is that they are in it for the long-term. When your focus is on the long-term viability of an investment the fear of the short-term disappears.
2) Ignore the media
Julian finds that he might go a week at a time without reading the mainstream media and often finds that these times are the most peaceful. He regularly has to have conversations with clients who have read an article about something and are worried by what they have read. Remember, the media has a vested interest to be as emotive and alarming as possible. “They wants eyes on articles and they don’t want to make sure people make sound informed investment decisions.”
3) Listen to experts you trust
“This is a big one for PMs. You are in such a great position to refer and introduce to other experts. If you’re talking to a client and they have cash flow problems then you should be referring to an accountant. If they don’t have one then I hope your business has someone you can put them in touch with.”
“For you to be able to provide clarity in times of uncertainty, that is the best way to build that relationship, in my opinion.
4) Be diligent with spending
“If you were in Melbourne during lockdown most people upgraded their tv, microwaves, their fridges. It was phenomenal. There was cardboard bursting out of the bins every week.” Whilst splashing for some luxury goods is an understandable way of dealing with the stay-at-home pressures of lockdowns, when it comes to wise investment decisions, the obvious principle that Julian espouses is ‘be diligent with your spending’.
5) Only Buy what you can afford
“If a client can’t afford a property then you should be advising them to sell it, but most of the time that’s not what they’re ringing you about right? Most of the time they’re ringing you because it’s going down in value”. So what Julian is saying here is that there is a difference between an investment temporarily fluctuating in value and the client being able to afford it. Reframing your mindset to a longer time-frame is the best way to determine the difference between the two.
Why you need an investment guide
One of STAFFLINK’S core values is to be the guide. If you are interested in investing in property then we highly recommend you talk to 1Group or another independent investment advisory firm. Most people on average will be buy 3-5 properties in their lifetime, 1Group buys that on a weekly basis. That experience matters because each property requires 10-15 hours of due diligence before being approved.
Many investors and property buyers rush this process due to lack of time and experience, making ill informed decisions that end up costing them in the long run. Make sure you take your advice from someone whose interests are aligned with your own. You need someone to look after your investment as if it was their own investment
Why Julian’s speech really resonated with us.
Although we are not an investment advisory firm there was so much about Julian’s speech that really spoke to us. His advice may be specifically aimed at property investors but it is also advice that is also relevant to other industries, and life in general.
In particular, we loved his message that big decisions should not be made without all the information. We also agreed 100% with his advice that you should block out all the ‘reactionary’ opinions and only listen to the experts that you trust.
Remember to beware of ‘vested interests’.
Stick to these principles and make better decisions.