“Never quote a price until you establish value.” _Jack Daly
I believe I can show you the difference between the successful investor and the poor sap who keeps losing his shirt.
The difference is this: The successful investor says, “I do not have to have it above this price.” And the unsuccessful investor says, “I want it so bad I will pay any price.”
Whether it is Wall Street or Main Street…or your street, the sad stories of broken homes and destroyed lives are chronicled daily all because people failed to count the cost of short-terms profits and ended up throwing away their greatest treasures.
Bottom line, good things, worthy things, beautiful things, valuable things, even necessary things can become a millstone around your neck and drag you to the bottom of the sea if you fail to put the right price on them before signing the dotted line.
The ONE THING for today: Dear friend, unless we’re talking about your immortal soul, there comes a moment when the price becomes to high for anything. Wisdom is knowing that moment and walking away so that you can live to invest another day.