There are so many experts out there….
Who should you listen to?
There’s a lot of people out there beating their own drums.
I sometimes receive phone calls out of the blue from people in Europe or USA with outstanding investment opportunities.
And I always ask them when they phone me:
“If these OPPORTUNITIES are so good, why are their companies not snapping up ALL buying opportunities, rather than phoning little old me way across the other side of the world?”
Sometimes it is worthwhile to exchange money for expertise.
In 2008, just after I sold my dental practice, I decided to buy some shares.
What could possibly go wrong?
Commonwealth Bank. Rio Tinto. BHP.
All three successful blue-chip companies.
Sadly, the market turned south and I lost money.
And so I came to the realisation….
I realised that I was not an expert in the field of stock market investment.
And so I sought out a good investment advisory service.
An advisor who would help me to grow my assets over time with the purpose of providing for my future, and my family’s future.
Fast forward to today and I look back…. I made a great decision back then.
The advisor that I chose was someone I had known who had been successful as an advisor and as an investor.
You see, many years ago, way back in the early 1990s, I took investment advice from an advisor [another advisor] who had previously been a dentist.
And let’s just say this:
I later heard that his advisory skills were equal to or worse than his dental skills.
His advice to me was poor.
And I’m glad I recognised that poor advice for what it was as early as I did, and terminated our relationships.
Before he lost ALL of my money with his pathetically cliched advice.
The moral of this story is….
The moral of this story is:
Before you start following someone’s advice, make sure that they are headed in the right direction.
And make sure that they have a proven track record.
Years ago I won two tipping competitions in a sport that I rarely watch.
And I achieved these two years of wins by following the expert tips of someone who was a proven expert follower of that game.
Let me repeat that:
There’s plenty of smoke and mirrors out there.
Look out for people with holes in their story.
I know of one so called dental practice coach who calls herself a self-made success as a dentist….
The trouble with her story is that she forgets to tell everybody that she was once feeling very burned out in dentistry, and hired herself a dental coach who she worked with for more than two years and who added over $1M to her annual production….
Frankly her practice would still be a universal mess if it hadn’t been for her coach’s advice.
How do I know?
I was that coach….
In other universes I see associations that trot out so called experts whose dental practices are bleeding because of anachronistic work practices and employees….
I know of one self-titled guru who had to sell his floundering dental practice in a hurry…
I see dental practices that couldn’t get one thing correct now sprouting themselves as gurus. More because they love the sound of their own voice than because of any significant dental business achievement.
The list goes on….
Watch Out For Thieves
There are people out there who steal other people’s ideas.
And other people’s IP.
And then dress those ideas up in all sorts of fancy garnishes.
The problem is, if it’s not their stuff in the first place, it doesn’t matter how much dressing you try to smother it with, it’s still not their stuff.
And then there are others who think that they can leave out great chunks of their story, or change their story dramatically….
Well, guess what?
It probably isn’t that true a story to begin with.
Years ago I heard of a suit salesman from New York who received a business tip from his niece the school teacher….
Funny thing happened… later on the same suit salesman was now pedaling the same story but the same business tip came from his nephew the motor mechanic…
I guess he thought that some people may not have noticed…
My advice: Do your homework.
Wherever possible, it pays to do your due diligence.
Not to the point that the opportunity passes you by.
Nor to the point that you achieve stagnation due to procrastination.
But it can be wise to check the credentials of those you choose to follow….
Linda Miles is coming to Australia in August.
Don’t miss this once in a life-time opportunity to see and hear Linda speak first hand…
Need your phones monitored?
Are you concerned about the number of calls that are not being answered as best they can be?
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