By Gerald Tay (guest contributor)
We can see many property investors on the streets who dream to become millionaires. They behave like the hilarious first round participants of ‘The Next Singapore Idol’ contest who are thick-skinned enough to believe they have ‘it’. My late multimillionaire grandfather said, “The Rich makes money with control, while dreamers always make money on hope… and hope is their only saviour.”
Dreamers invest on capital gains and hope. You don’t need intelligence to make money in a booming market, because anyone can make money when the market is booming. But when the crunch time comes, many of these dreamers lose control, and panic like lab rats. They don’t have the necessary skills to prevent a financial disaster. All they have is hope.
They have what I called ‘herd intelligence’. They see the immediate situation just like everyone else. They copy and paste. They think ...
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