Investor Psychology

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Joe S.#1 Investor Psychology Contributor
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I’ll give you $1000 a month to tell me how to dress!

Joe S.#1 Investor Psychology Contributor
  • Investor
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Posted Nov 21 2022, 18:10

I’ll give you $1000 a month to tell me how to dress! … or not!!!

So today I met with a friend/realtor acquaintance at a closing. And he had on a jacket with a matching sweater. His wife was with him they were dressed just right  for the touch of cool weather.

I told him he looked sharp which made him very happy and he told me he was paying a mentor $1000 a month to teach him how to dress. He then went on to tell me about how he was hiring mentors/ coaches  to help him. The mentor/coach was making him believe that this was going to make him super successful.

 I kind of figured hard work and making good choices with your money has the biggest bang for the buck, but hey I’m still open to learn. From my observations the wealthier a person gets the less they try to prove it. (Some exceptions to this of course.) Some rich people even go to a little bit of trouble to hide it. It seems like the coaching/mentoring industry goes to great lengths to try to prove they are wealthy in order to get other people to believe in them. At least that has been my perception.

Would you pay somebody $1000 a month to tell you what to wear as far as a wardrobe?



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JD Martin
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JD Martin
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ModeratorReplied Nov 23 2022, 20:02
Quote from @Joe S.:

I’ll give you $1000 a month to tell me how to dress! … or not!!!

So today I met with a friend/realtor acquaintance at a closing. And he had on a jacket with a matching sweater. His wife was with him they were dressed just right  for the touch of cool weather.

I told him he looked sharp which made him very happy and he told me he was paying a mentor $1000 a month to teach him how to dress. He then went on to tell me about how he was hiring mentors/ coaches  to help him. The mentor/coach was making him believe that this was going to make him super successful.

 I kind of figured hard work and making good choices with your money has the biggest bang for the buck, but hey I’m still open to learn. From my observations the wealthier a person gets the less they try to prove it. (Some exceptions to this of course.) Some rich people even go to a little bit of trouble to hide it. It seems like the coaching/mentoring industry goes to great lengths to try to prove they are wealthy in order to get other people to believe in them. At least that has been my perception.

Would you pay somebody $1000 a month to tell you what to wear as far as a wardrobe?



 I'm probably not a good person to ask because after a nearly 30 year professional career that required some fashion of "dressing up", most days these days I likely look closer to a hobo than not 🤣. I try to limit my slovenliness if I have to be seen in public with my people - my wife, parents, or band mates - but beyond that my typical uniform is a pair of Russell athletic shorts, a Grateful Dead T-shirt and either no shoes, Birkenstocks, or a "fancy" version of Crocs. If I'm working on a rental the Dead shirt and Birkenstocks get exchanged for a Carhart shirt and Justin work boots. In the winter working on rentals I often wear Duluth Overalls with a Carhart shirt underneath and work boots. 

Anyway, paying someone $1k per month to tell me how to dress would be completely useless. I can dress to the nines if I want - spent plenty of time in fancy suits and ties over the years - I just don't want to anymore. 

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Kenneth Garrett
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Kenneth Garrett
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Replied Nov 24 2022, 04:31

@Joe S.

That’s pretty funny. Paying someone to dress you. I went to catholic school and had a upper management job most of my career, requiring me to dress up everyday. The great thing about being an entrepreneur (investor) is you can wear whatever you want. These days are t-shirts, shorts and gym shoes. I’m in Florida. It’s not that I be can’t dress up, I just choose to be comfortable.

If you read the book “the millionaire next door” about finding private money. The guy wearing flannel shirts and jeans everyday and driving a rust bucket pick up truck has nothing to do with one’s wealth or intelligence. I say be comfortable in your own skin. Just be you.

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Gary L Wallman
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Gary L Wallman
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Replied Nov 24 2022, 11:06
Quote from @Jay Hinrichs:
Quote from @Joe S.:

@Jay Hinrichs had a sports jacket that I wore for years that went with almost anything. I used it to go on a lot of my appointments to meet sellers in it. ( in the winter of course. ) The sleeves finally started fray just a bit close to the wrist so I had to replace it. I told my wife and kids that it was my million dollar sports jacket. Lol


my wife has Oh probably 100 to 150 pairs of shoes and thats just in one of our houses.. she is always buying me shoes so I have probably 50 pair and I only wear one at a time I will never wear probably 40 of them.. I have nice ones that that I have had for years and year but only wear to weddings or really fancy type events which is rare these days.

 Jay,

Maybe your wife and mine are sisters. LOL. My beautiful Cheryl has an addiction to boots and high end purses like Louis Vuitton. We go out maybe once a week and she could, therefore, wear a different pair and carry a different purse now until the end of time.

BTW it's not that cold in SW Ohio, but boots it is.

Me, jeans and a henley. I do love watches however, so I guess that's my addiction.

Gary

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Matt Greer
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Matt Greer
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Replied Nov 24 2022, 13:45

I have had this issue before. I have pretty bad style sense no matter how hard I try. Sometimes I just go into the store and buy whatever the mannequin is wearing (no Joke). I've also got a good friend who cuts my hair and she'll go to the mall with me and make suggestions if I need. In short I think you just need a girlfriend...

I have also seen that there is a weird hump people go through with wealth. When they go from little to nothing and start making money they want to show it off and go to great lengths to show it off. Then they get bored with it and start acting normal again.

Also coaches tend to like to act super rich so that you'll buy their program in hopes you'll get rich too. I see this absolutely plaguing the industry and I think it's why there is such a high failure rate especially amongst beginners. They paint a picture that it's easy and they're rich (you can tell by the clothes, rented lamborgini and the piles of cash sitting on the table) and that all you need to do is buy their program and you can rich real estate mogul by next week. Because their claims are so extreme they have to make their wealth look extreme and clothes definitely convey that look.

On the other hand you can't look like a total bum when meeting clients.

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Joe S.#1 Investor Psychology Contributor
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Joe S.#1 Investor Psychology Contributor
  • Investor
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Replied Nov 24 2022, 17:47
Quote from @Matt Greer:

I have had this issue before. I have pretty bad style sense no matter how hard I try. Sometimes I just go into the store and buy whatever the mannequin is wearing (no Joke). I've also got a good friend who cuts my hair and she'll go to the mall with me and make suggestions if I need. In short I think you just need a girlfriend...

I have also seen that there is a weird hump people go through with wealth. When they go from little to nothing and start making money they want to show it off and go to great lengths to show it off. Then they get bored with it and start acting normal again.

Also coaches tend to like to act super rich so that you'll buy their program in hopes you'll get rich too. I see this absolutely plaguing the industry and I think it's why there is such a high failure rate especially amongst beginners. They paint a picture that it's easy and they're rich (you can tell by the clothes, rented lamborgini and the piles of cash sitting on the table) and that all you need to do is buy their program and you can rich real estate mogul by next week. Because their claims are so extreme they have to make their wealth look extreme and clothes definitely convey that look.

On the other hand you can't look like a total bum when meeting clients.

Yeah one of the gurus he was following was getting his picture taken standing on top of some expensive sports car. I suspect the car was rented or leased for such an occasion. 
Of course the picture could’ve been photo shopped as well. Lol

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Joe S.#1 Investor Psychology Contributor
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Joe S.#1 Investor Psychology Contributor
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Replied Nov 24 2022, 18:13
Quote from @Kenneth Garrett:

@Joe S.

That’s pretty funny. Paying someone to dress you. I went to catholic school and had a upper management job most of my career, requiring me to dress up everyday. The great thing about being an entrepreneur (investor) is you can wear whatever you want. These days are t-shirts, shorts and gym shoes. I’m in Florida. It’s not that I be can’t dress up, I just choose to be comfortable.

If you read the book “the millionaire next door” about finding private money. The guy wearing flannel shirts and jeans everyday and driving a rust bucket pick up truck has nothing to do with one’s wealth or intelligence. I say be comfortable in your own skin. Just be you.


I told my friend about “the millionaire next door” book. 

I have personally had a couple of well off private lenders fund some of my deals and they did not try to prove they were as well off.  

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Jeremy H.#2 Real Estate Deal Analysis & Advice Contributor
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Jeremy H.#2 Real Estate Deal Analysis & Advice Contributor
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Replied Nov 24 2022, 18:36

Not a chance - I regularly wear worn out crocs, athletic shorts and a v neck shirt. Why? Because I want to and that's what is comfortable 

People can judge if they'd like they don't know my education, accomplishments, net worth, salary or anything they may deem as "valuable". It is funny when I first talked to my CPA/lender you talk a bit to get to know them then show them some paperwork - their face literally changes before your eyes 

I want people to like me for me - not the way I dress or my net worth

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Henry T.
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Replied Nov 24 2022, 21:37

I did it my way.

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Joe S.#1 Investor Psychology Contributor
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Joe S.#1 Investor Psychology Contributor
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Replied Nov 26 2022, 19:41

I figured of this many people there would be one taker, but I guess not. My friend is either smarter than everybody here… Or not.lol

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Jewel B.
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Jewel B.
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Replied Nov 28 2022, 01:17

Well, to be fair, people pay for interior designers and professional organizers and the like for their homes or rentals all the time when they could technically figure it out themselves for free. In fact, quite a lot of what people pay for they could do for free or cheaper. Some people find value in paying so I guess if his income his high, finances are good, he values looking and therefore feeling nice and also leaving good impressions, and he simply doesn't care to teach himself, sure why not. I feel like that's something you would only need to do for a hot minute anyway and then you have your wardrobe and know the combinations. I could maybe see 1 month fall/winter style lessons and 1 month spring/summer style sessions.

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