Property Investment, Success & Money | The Michael Yardney Podcast How to Obtain Lifetime Wealth
Dec 27, 2019
57:19
Would you like Lifetime Wealth?
Well…today we’ll explain what that means and how you could achieve it as I replay a chat I had with my good friends Louise Bedford and Chris Tate from The Trading Game as we discuss the concept of true wealth.
How to Obtain Lifetime Wealth
- Michael shares how he bought his first investment property over 40 years ago. He’s made plenty of mistakes, but has still built a substantial property portfolio. He also gives back.
- To be truly wealthy you need much more than just money. You need money plus family, friends, health, spirituality, growth, and contribution.
- Chris shares his background. It is similar to Michael’s but replace the word property with shares.
- How children absorb things without being taught directly. Legacy and leaving a ripple or something outside of you that carries on when you are gone.
- We learned about money, wealth, and riches from our parents and culture. What is your financial thermostat set for? You’ll be surprised – it’s set for what you have already got. Your thermostat won’t change until you change and throw away the blame.
- The imposter syndrome or undeserved success. Not feeling worthy and self-sabotaging. Self-awareness deserving your success.
- How people believe the tool has something to do with their success, when it is actually the software that makes a success.
- How people who’s views are mismatched may not be a match as a couple. The disconnect can produce tension and tear relationships apart.
- Couple’s need to talk about their views about money. Partners need to be compatible on a whole host of issues.
- In the old day’s people passed their trades on. Now property or shares can be passed to your kids, but it is not what you leave your kids it is what you leave in your kids.
- How we learn about money from our parents whether it is spoken or unspoken.
- Replacing non-productive beliefs with empowering beliefs.
- Teaching kids about training by loaning them money to trade and letting them keep half of the profits.
- How IQ and socioeconomic status can be linked.
- The importance of mentorship and getting together with other entrepreneurs. Find like minded people and the isolation disappears.
- How attending Wealth Retreat can help change your mindset and money habits.
Links and resources:
Our favourite show quotes:
“Wealth isn’t about how much money you have, but what you’re left with if you lost everything and had to rebuild it.” Michael Yardney
“You either have to pay the world, the market, or your mentors when learning about investing.” Michael Yardney
“If you took all of the money in the world and divided it equally it would all end up in the same pockets again.” Michael Yardney