This formula is especially important when dealing with the foreign currency exchange and real estate business. There comes a time when it is prudent to buy and when it is prudent to sell. There is not much point in making a deal to fly on a wing and a prayer.
It takes lots of patience and courage to focus on a good proposition and back it with money. The key is to start with the odds in your favour. For instance many Brits for whom the property has risen to unbelievable heights are coming to a conclusion that there is a fresh opportunity to make money on the horizon
Sell your property high in Britain while you can, and buy property low in USA while you can.
On the face of it, there certainly seems a lot going in their favour. Not only is property in America offered at mouth watering prices, but you get over two dollars
for one pound which makes it a win double. Add to this, the possibility that in due course the situation could turn seeing the property prices go down in the U.K and rise
in the USA., you could see a real ball game!
If you are one of those people who are thinking of buying a property in America, of course having the odds in your favour is not just in buying a property right, equally important in buying your foreign currency at the best rates. The price of purchasing your dollars makes the price of the property that much cheaper. Many people already know that the high street banks do not offer as good foreign currency rates as nearly all foreign currency exchange companies do. Some buyers still have to find that out for themselves and the easiest way is to phone around and secure the best foreign currency rate on offer. Remember you are buying money, not a car or boat or a gold watch. You are not getting something which is nicer or faster, lighter or heavier. You are buying money, so get it at the best price you can! There are many foreign currency exchange companies ready to help and give free quotes. Some may be cheaper than others, so it is up to you to find the best deal to suit you. That is the correct way in any business.
Getting the odds in your favour also means selecting a real estate company that you feel comfortable with, meaning one that has the suitable people to explain the many things you have to know before and after you buy. But then, U.S. realtors are well known to be very helpful and friendly and before you know it, you would all be on first name terms.
Talking about friendly and helpful people, they do not come any better than the ones running the foreign currency exchange companies. Straight away you will feel you are not a number but a person who is important to them.
Finally, it is well to note that good luck has nothing to do with good odds. You generally make your own luck by making the right decisions as far as getting the odds in your favour. Bad luck is slipping on a banana skin, whilst good luck is in avoiding to step on it in the first place. So when you see a good opportunity, go for it when the odds are in your favour, bearing in mind that one of the ways in keeping them there, is watching out for even the minor negative things along the way. Everything counts.