Property Investment, Success & Money | The Michael Yardney Podcast

If you're a poor negotiator, you're going to spend a fortune, if you're a good negotiator, you'll save a fortune, if you're a great negotiator, hopefully, you'll make a fortune. Success in life depends upon your ability to influence. And I've just recently had my 9th book published - Negotiate, Influence, Persuade. In today's podcast, Mark Creedon has a chat with me and I share some tips from my book. Now if you think about it, life is one long negotiation. Either you're buying what somebody else is telling you or selling you, or they're buying what you're saying. And you negotiate all day in your life, with your spouse, your children, your work colleagues, your customers, and your clients. At the end of today's show, I hope you're going to know some negotiating rules and you're going to be a better influencer and more persuasive. Some of the topics we discuss in today's episode: Why negotiation is so important Whether you realize it or not, you're negotiating all of the time, not just in business, but in life. You need to know more than just negotiating techniques. You need to know how to communicate with people, how to do it in different ways, such as digitally, and how to ethically influence and persuade people. How Negotiate, Influence, Persuade is about more than just negotiation The book isn't just for salespeople, it's also for consumers, because we all negotiate every day. The book is meant to help readers get the best deal whether they're buying or selling. Further, the book is meant to help readers get what they want when they want while still maintaining good relationships. It includes a theme of using negotiating skills in an ethical way The book includes 27 rules of negotiation. These are three of them Everything's negotiable. That doesn't mean you're always going to get what you want, but it means that the potential for negotiation is always there. You should know what you want before you negotiate. Know what the highest price you'll be willing to pay is, or the lowest price you're willing to sell for Treat negotiation as a game. If you're too emotionally involved, you'll lose perspective You often hear that you should never be the one to make the first offer Actually, people who make the first offer actually usually have the upper hand. How important preparation is in negotiation It's important to know what you'll be willing to pay or accept It's also necessary to understand the other person and what they're trying to achieve. Why building rapport is such an important part of the negotiating process 95% of persuasion occurs at the subconsious level Some of the different types of bias in a negotiation: Cognitive bias Anchoring bias Bandwagon bias We don't always realize how much we negotiate. You're negotiating when you're trying to get the best table at the restaurant, decide who will take out the trash, or determine what to watch on TV 3 sources of power in negotiation: Time power Information power Alternative options power Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan. Click here and have a chat with us Get your own copy of Negotiate, Influence, Persuade by clicking here Shownotes plus more here: Learn how to be a top negotiator, influencer and persuader, from the person who wrote the book Some of our favourite quotes from the show: "If you're a poor negotiator, you're going to spend a fortune, if you're a good negotiator, you'll save a fortune, if you're a great negotiator, hopefully you'll make a fortune." – Michael Yardney "In my mind to become a power negotiator, you need to understand human psychology, human nature." – Michael Yardney "If you want to become a better negotiator, you're going to have to understand how the mind works, yours and the prospect's mind." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

When I wrote the first edition of my book How To Grow A Multi-Million Dollar Property Portfolio - in your spare time, way back in 2006, it was outsold by another author who promised the secret to going from 0 to 230 properties in three and a half years. Subsequently, the same author wrote another book, 0 to 260 properties in seven years. Now who wouldn't want to be able to achieve that? But the question is, is that realistic? And the answer is - No. And the author didn't own that number of properties either. He was using a form of options financing that is now illegal (not that I'm suggesting he did anything illegal at the time.) Anyway, there are still people out there claiming that you can build significant property portfolios in a short amount of time. But my guest today, Daniel Gold, who's a finance broker, will explain why owning 50 properties is virtually impossible today. Now clearly, it's not how many properties you own that's important. More important is the size of your asset base and how hard your money's working for you. I'd rather own one shopping center than 50 properties in regional Australia. When we dug into the latest Australian tax office data that showed how many property investors were in Australia and how much they owned, the statistics were telling. Most property owners never get past their first or second property. Less than one percent of all property investors owned 6 or more properties. That's it. In today's conversation, I'll show why it's really hard to grow a portfolio of 50 properties. Then, after my conversation with Daniel Gold, I'll share a mindset message with you. Why is it harder to own 50 properties now? The credit environment is now completely different from what it was 10 years ago This is largely due to the National Consumer Credit Protection Act 2009 The NCCP changed the way banks assess rental income and expenses Most banks are discounting your rental income by 20-30% The bank assumes that interest-only commitment is a principle and interest commitment Banks buffer up the interest rate by as much as 2.5% more than the actual rate You need more cash flow to hold onto your properties than you did in the old days Right now, a cash-flow neutral or even cash-flow positive property will hinder new borrowing in some way Everyone has a borrowing or credit ceiling Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan. Click here and have a chat with us Daniel Gold, director Long Property Daniel Gold's article - Sorry – owning 50 properties is near impossible now Shownotes plus more here: Sorry, owning 50 properties is almost impossible now with Daniel Gold Some of our favourite quotes from the show: "I guess the reason behind this is, some people were lent a bit too much money, they got a bit ahead of themselves and got themselves into financial trouble." – Michael Yardney "You've got no choice at the moment; the banks are actually forcing us to become good money managers." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

Maybe you're rich. Maybe you're poor. Maybe you've experienced both at different points in your life. There is no doubt the divide between the rich and the poor is only becoming bigger. By the way…if you haven't figured it out yet, being wealthy isn't all about money. So what's the difference between the rich and the poor? That's the question that I was asked by Andy Hart when I was interviewed on his Maven Money Podcast. Today's episode is a recording of his interview with me where we discuss my book Rich Habits, Poor Habits that I wrote with Tom Corley. I'm sure you'll get a lot out of his probing questions of me as we talk about the difference between the rich and the poor mindset. Highlights from my conversation with Andy Hart My background in property investment How COVID-19 caused a recession in Australia How COVID-19 has affected being a landlord in Australia Landlords can put mortgage payments on hold for awhile Tenants can seek rental relief How poor money habits keep people in the rat race What differentiates the rich from the average person The rich have learned to spend less than they earn They understand the concept of delayed gratification The know the difference between assets and liabilities The five levels of wealth Level 0 – Financial instability: not even on the hierarchy, no reserves Level 1 – Financial stability: The most basic level of wealth. Some savings, insurance, can handle an unexpected challenge as long as it doesn't last too long Level 2 – Financial security: Accumulated enough passive income to cover the most basic expenses, can maintain a basic lifestyle if you stop working Level 3 – Financial freedom: Accumulated enough assets to create enough passive income to pay for the lifestyle you want, more than just the basics Level 4 – Financial abundance: Financially free, can give back to the community, can train their kids to get to the next level Financial abundance means not just having enough wealth for you, but having generational wealth as well Whether we're exiting the golden block of time for real estate wealth creation The wealth creation machine Why Rich Habits, Poor Habits is the book I'm most proud of Mistakes that crop up frequently in property investment How to handle a partner who isn't interested in growing wealth The difference between being rich and being wealthy Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Andy Hart – Maven Adviser Maven Money Podcast Shownotes plus more here: Here's why is the gap between the Rich and the average Australian widening – with Andy Hardt Some of our favourite quotes from the show: "In my mind, if you don't have the right mindset, and you suddenly come into money, you lose it." --Michael Yardney "The first thing is to invest in your financial education, because as we've said a couple of times, most people don't even know about this." -- Michael Yardney "You can't driver around in a Lamborghini with the engine of a Hyundai in it, so you've got to upgrade your wealth operating system." -- Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

What's ahead for our property markets? It's hard to make predictions, especially about the future. It's even harder to predict the endpoint of a moving target. Yet there is a palpable change in property sentiment happening. Earlier this year, there were a number of dire predictions suggesting property values would plummet. But now, most of the pessimists have changed their minds and backtracked on their forecasts. Australia survived the coronavirus better than many countries, and despite a recession, rising unemployment, and Melbourne's severe prolonged lockdowns, the property markets have remained resilient. Recently, there have been 2 significant game changers that have altered my view on what's ahead for property markets in 2021 and 2022, and that's what you're going to hear about in today's episode, which is an audio recording of my Masterclass. We're also going to talk about which areas you should be investing in, and which areas you should avoid. The Perfect Storm for the Property Market I believe we're setting ourselves up for a perfect storm in the property market in 2021 and 2022. Back in March, I suggested that A grade properties wouldn't drop much in value during this pandemic – maybe 5%. I was correct. I suggested that B grade properties – not investment-grade properties – would drop around 5-10%, and that was pretty right also. And I suggested that C grade properties wouldn't be moving at all. And, right now, we're seeing a fallout in off-the-plan market and inner city apartment market. Only certain segments of the market suffered. I was able to get those predictions right because I've been through many cycles. Most of the credible economists who had dire predictions at the beginning of the pandemic have changed their stance and gotten more positive at this point. How come? Why is the coronavirus-induced housing correction coming to an end? There are several reasons. House prices rise quickly but slide slowly. Property prices rise quickly in a boom, but when buyer demand falls, potential sellers hold on instead of dropping the price and devaluing their property. There were very few forced sales during the pandemic because the government and banks threw lifelines to owners. Renters have been harder hit than homeowners. And finally, we're not all in the same boat. Unemployment is high, but not everyone is struggling. While I was always positive that our property markets were going to pick up, recently two major factors have underpinned the property market. These two factors will lead to the perfect storm that will have property markets performing very strongly in 2021 and 2022. The first was the announcement of sweeping changes to remove overly restrictive lending rules. This will give more people access to more credit, enabling them to get into the market. The other big gamechanger is the budget. It's calibrated to create jobs and promote consumer confidence, which will encourage buying and investing. Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan. Click here and have a chat with us Watch the Masterclass – get all the details here Shownotes plus more here: The latest research has changed my view on what's ahead for property Some of our favourite quotes from the show: "It's becoming increasingly clear that this modest coronavirus induced housing correction is coming to an end." – Michael Yardney "Easier availability of credit is going to flow in through the system and push up property values." –Michael Yardney "Hot spots tend to be short-term areas of growth. You've got to dig deeper and look for areas of gentrification that give long-term capital growth." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

Inspirational quotes trigger something within us when we hear them and read them. They activate our emotions and sometimes when they resonate with us, they increase our pulse and get our creative or critical thinking juices flowing That's one of the reasons why I often share quotes from already very successful entrepreneurs with Mark Creedon, founder of Business Accelerator Mastermind in our monthly Build a Business Not a Job podcast. Today will be discussing some quotes from Richard Branson. Even if you're not a Richard Branson fan, and even if you're not in business or professional practice, today's show will be for you because I believe there are some great benefits you can reap by listening to inspirational quotes. Maybe when you hear Mark and I dissect some of Richard Branson's quotes you'll get a different or better angle on a particular subject. Maybe you'll get an insight into the thoughts and teachings of somebody a little wiser Maybe won't learn something new but the repletion of words will remind you of something you already know and hopefully it will trigger something within you to get you back on track or further down the track. Even if you're not a fan of quotes I hope you enjoy today's show because if you want to become more successful in life whether it's in business, entrepreneurship, investing or just simply in your relationships. 15 intelligent Richard Branson quotes Richard Branson needs no introduction; he is the daredevil entrepreneur who is best known as the founder of Virgin Group. If you're looking for inspiration, it's interesting to know that in school, Branson struggled with dyslexia and couldn't really adapt, so at 16 he decided to drop-out of school and start a youth culture magazine called "Student". The magazine was the starting point for a humble music store called Virgin Records. Today Branson has a net worth of over $4.9 Billion and having more than 400 companies, he is one of the most highly respected CEOs in the world. "Screw it let's do it." Instead of waiting for the perfect moment, just get started and get it done. "There is no greater thing you can do with your life and your work and follow your passions in a way that serves the world and you." If you're not passionate about your work, maybe it's time to think about making a change. "When you're first thinking through an idea, it's important not to get bogged down in complexity. Thinking simply and clearly, it is hard to do." If you wait until every possible detail is covered, you'll never get around to doing it. "If you don't succeed at first, there is no need for the F word (failure). Pick yourself up and try, try again." Failure is part of the process. Learn from it and move on. "You don't learn to walk by following rules. You learn by doing, and by falling over." "Luck is what happens when preparation meets opportunity." If you're not prepared and you don't have the right mindset, luck will pass you by. "Don't become a slave to technology – manage your phone, don't let it manage you." It's fine to use and enjoy technology, just don't let it take over. "Chance favours the prepared mind. The more you practice, the luckier you become." The more time you spend focusing on what you want to achieve and practicing the skills you need, the more opportunities will find you. "Life is a hell of a lot more fun if you say yes rather than no." Don't let negativity or negative people limit you. "A business has to be involving, it has to be fun, and it has to exercise your creative instincts." You'll attract more clients, customers, and opportunities if you're enjoying yourself. "I have always believed that the way you treat your employees is the way they will treat your customers, and that people flourish when they are praised." "Hard won things are more valuable than those that come to easily." You don't tend to value things that come too easily "How slim the line is between genius and insanity and between determination and stubbornness." In order to be successful, you have to be determined, but you also need to know when to quit. "I will continue questioning, questioning, questioning. I will never completely get to the truth, but I want my life to be one long strive to get there." Hold on to your curiosity. It will make you more innovative and creative "Capitalism – which in its purest form is entrepreneurism even among the poorest of the poor – does work; but those who make money from it should put it back into society, not just sit on it as if they are hatching eggs." Look for ways to help other achieve success too. Links and Resources: Why not join Metropole's Business Accelerator Mastermind Learn more about Mark Creedon – Business Coach to some of Australia's leading entrepreneurs Shownotes plus more here: Learn some lessons from these 15 intelligent Richard Branson quotes with Mark Creedon Some of our favourite quotes from the show: "Analytical people definitely have their role and can become very successful businesspeople and entrepreneurs, but often they need somebody else to bounce their ideas off, because they can get too bogged down." – Michael Yardney "Failure is part of success, it's part of the process." – Michael Yardney "Once you reach the top, you've got to send the elevator down to help other people up too." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how.

How will the next five years unfold? That's the question everyone is asking, isn't it? What's going to happen to my life, my health, my job or my business? And for many people listening to this podcast, they're wondering what's going to happen to our property markets and the value of my home and my investment properties. Of course, nobody knows for sure, the world seems to be in a state of chaos. While some of the parts of the world are experiencing a second wave of coronavirus, other poor parts of the world are experiencing extreme first wave. Add to this the state of flux of Australia's trade relationships, the world's geopolitical problems, and we are living in interesting times – aren't we? But amongst this chaos in tune, there are some things that can be said about the next five years, some emerging trends, behaviours and opportunities that will flow from the various undulation is in our Australian demographic landscape and that's what I'd like to talk about today with Simon Kuestenmacher. One of the themes of our regular discussions tends to be how demographics drive our markets – not just the property markets but business as well. Let's start with the elephant in the room – clearly, we are going to have less immigration in the short-term. Immigration will slow in the short-term We'll have fewer students, fewer tourists and fewer backpackers As soon as practical, the government will open the gates and encourage immigration as a way of increasing our GDP We shouldn't forget that almost half of Australia's population growth comes from natural increase, and an even bigger driver of demand are emerging trends, behaviours and opportunities flow from the various undulations in the demographic landscape. A breakdown of the different demographic groups: Kids – birth to late teens Learning – entering university, moving out of the parental home, becoming an adult Partnering – may stay in the inner-city (near jobs) with a partner Building – having children with a partner, real estate needs increase, need 3-4 bedrooms Easing – When you're 55-64, in the later stages of a career, may be taking more time off Retiring – Even if they aren't all retired, they have less of an influence on the workforce. Spending more time with grandchildren. Staying in home as long as they can. Aging – 80+ cohort, needs accessible property, needs to be located near medical facilities Which of these groups are going to change significantly and place an increasing demand on our resources? Teenagers - schools, sporting facilities 40 somethings – family, accommodation Retirees Because of their sheer size and stage in the life cycle, no generation will shape Australia more during the 2020s than millennials. Millennials were born between 1982 and 1999. This makes them aged 21 to 38, and they will be 31 to 48 by 2030. Millennials perfected the art of procrastination as they popularised the gap year, forgot to move out of the parental home, pursued education for much longer, settled for a partner much later in life, and pushed out buying their first home and birth of their first child into their mid-30s. Throughout the 2020s, this generation of procrastinators will follow in the footsteps of every generation before them and enter the family-formation and home-buying stage. As life pushes you forward, preferences change. Throw a newborn into the mix and even the hippest inner-city couple gives in and follows the suburban sirens Throughout the 2020s, millennials will leave their centrally locat­ed one or two-bedroom apartments and migrate to the suburbs or even regional centres in search of more bedrooms. They want an additional bedroom or two to bring up the kids and to work from home occasionally. How are millennials going to reshape suburbia? Due to COVID-19, reshaping will be more intense. Millennials will want to be able to walk or cycle to the basic functions of their lives within 20 minutes. Parents will want childcare available. May want to be able to cycle their kids to kindergarten. Public transport may be perceived as unsafe, so they will want infrastructure for safe and pleasant cycling and walking. Local neighbourhoods should be functional, beautiful, and child-friendly. Who will move into the inner-city apartments left behind by the millennials? Gen Z is a much smaller generation than the millennials, so there will be empty spots. Inner cities might be flat for a while and prices will go down. But that is temporary, because as soon as immigration fires up again, knowledge jobs that Australia is creating will cluster in the inner cities near other knowledge jobs. Conclusion: Life will go on post Covid-19 and Australians will transition from one stage of the life cycle to another. Many will move from the bush to the city, some will move from the city centre to the city edge, pre-retirees will move between states, some may even be motivated to pursue the space and the serenity of low-density living in what they consider to be a contagion-free community. And that is surely the beauty and the opportunity of the lifestyle options on offer to those of us lucky enough to live in Australia. Links and Resources: Michael Yardney Simon Kuestenmacher - Director of Research at The Demographics Group In these challenging time why not get the team at Metropole to build you a personalised Strategic Property Plan – this will help both beginning and experienced investors. Shownotes plus more here: The Shape of Things to Come with Simon Kuestenmacher Some of our favourite quotes from the show: "I can see this is going to revitalize our local shopping centres that were starting to die off for the big centres that became entertainment venues as well." – Michael Yardney "I can't see the government having any alternative but to push migration." – Michael Yardney "Most wealthy people are self-made. They've actually achieved it." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

Are you interested in getting involved in the Brisbane property market? If so, today's episode is just for you. But even if you aren't interested in investing in the Brisbane property market yourself, considering that each state and city has its own nuances, the message that you're going to hear from Brett Warren today will be useful to change and translate to the area where you want to invest. 10 things you must know before investing in Brisbane Where are the jobs being created? Demand will be stronger closer to major employment hubs and right now in Brisbane, there are 50,000 jobs being created between the CBD and the Airport. So, in Brisbane, stick to the 10km ring to encompass the CBD, Hospitals, and the Airport precincts. Suburbs within a school catchment will continue to attract a premium – 1) not all schools are equal and 2) do not just assume buying in a suburb gives you access to that school. Missing the catchment by a single house or street could mean a difference of $50,000, so it pays to get it right! So, paying slightly more to get into the right catchment will greatly benefit future growth. People are not wanting to move further out and away from the City – While accommodation is smaller, there needs to be more happening outdoors, think lifestyle and entertainment precincts, green space, and convenience. Walkscore can be an invaluable tool for this. Public Transport a MUST - Our roads will get busier – There is probably an 80/20 rule here in Brisbane for public transport. Inside the 10km ring there is an 80% chance of having some form of public transport, that drops to as low as 20% when you start getting out past the 15km to 20km ring. Moving forward, identifying a location close to a bus, train, or even ferry, will be critical as commute times balloon! Majority of new infrastructure projects are within 5km of the CBD – Brisbane is not as mature as Melbourne or Sydney. That maturity is maybe 10 or 15 years away. Flooding and Stormwater are common – There have been several major floods over the last century and while they generally only come along every 20 – 30 years, it still must be on your radar. Even more common though are Brisbane's storms and stormwater runoff – overland flow. We may buy in most suburbs, but not in all parts of a suburb – To get wealth-producing levels of return, you need to not only buy in the best suburbs but in the best pockets of those suburbs Zoning is becoming critically important – You can't necessarily pull down a house that would be past its use-by date in another city, and the agent won't necessarily tell you that. Important to stick to areas that are already designed right The Rich will get richer over the next decade Brisbane is not Melbourne or Sydney – property outside will 10km will not catch up. Links and Resources: Michael Yardney Brett Warren - Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Shownotes plus more here: 10 Things Investors Must Understand Before Investing in Brisbane with Brett Warren Some of our favourite quotes from the show: "People come from other states, and they try to bring their local knowledge, how they would invest, how they would live in some of the other states to Brisbane, and it doesn't really work." – Michael Yardney "I think we've realized in the recent downturn, but in previous downturns as well, that some industries are more stable and others are more seasonal and more fickle." – Michael Yardney "By the way don't compare yourself with other people, because the things you see on Instagram and Facebook aren't real." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

Money doesn't care about what color, race, or class you are. It doesn't care what your parents did or who you think you are. It doesn't discriminate. And you have the same rights and opportunities as everyone else to make as much of it as you want. But the majority of Australians will never be financially independent. On the other hand, a small group of Australian investors and business owners are becoming very wealthy. Why is that? Most people complain they don't have enough money. But the reality is that most people just don't understand the rules of money. Today, I'm going to have a chat with Pete Wargent about how the rules of money have changed in this new era. 3 ways in which the rules of money have changed. Lower interest rates Interest rates will be stuck at the effective lower bound for years to come. Yields are also being pushed down further out along the curve, with the 3-year bond yield being a particularly important funding benchmark in Australia, so mortgage rates are also falling to the lowest level in history. Central banks and governments want you to go out and spend, invest, and build businesses, and incentives will be put in place for you to do so. Cash is dead The cash economy was dying before 2020, but the shutdown effectively sounded the death knell for cash as a means of payment and exchange. The latest usage data showed that retail spend on credit cards is now actually higher year-on-year, and this in spite of the shutdown. Increasingly we pay for goods using plastic rather than physical currency in the form of notes or coins. This trend was well underway before 2020, but the shutdown has accelerated the death of the cash economy. Overcoming mental obstacles about money More than ever before, it's important to be mindful and attentive towards your money, but it's also critical to remove the silent mental obstacles towards growing your wealth and bank balance. As alluded to above, central banks are effectively creating new money at an unprecedented rate. With the growth of social media and online commentary, it's become abundantly clear that many infer you can somehow only have more and become more at the expense or to the detriment of others. To be blunt if that's your world-view, and how you view money and self-development, you'll never sustainably be able to have more wealth. Money is, after all, inanimate; it does not and cannot care what you think of it. Links and Resources: Michael Yardney Metropole's Strategic Property Plan – to help both beginning and experienced investors Pete Wargent Next Level Wealth Pete Wargent's new book Low Rates High Returns Some of our favourite quotes from the show: "The way you become wealthy is by upgrading your wealth operating system; turning up your financial thermostat." – Michael Yardney "You can't have a scarcity mentality about it; you've actually got to think abundantly." – Michael Yardney "Successful people don't let setbacks set them back." – Michael Yardney Shownotes plus more here: What You Must Understand About How the Rules of Money Have Changed with Pete Wargent PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

What will life be like when the COVID-19 crisis passes? What aspects will stay with us, and what will disappear? We've been thrust into a moment of rapid change, but most of us don't like change. It makes us feel uncomfortable. We like a level of certainty about our future, health, and jobs, as well about the worlds of finance and property that most of us are interested in. But there are lessons in history that can provide us with valuable insights. In today's episode, we'll talk about some of the things that never change in a world that never stops changing. Successful investors and businesspeople need to be prepared for change but also understand the things that don't change. So, by the end of today's show, you'll come out with some ideas about how to get some more certainty in these uncertain times. I'm also going to share a mindset moment from one of my mentors and have a chat with Ken Raiss about estate planning. Some things that never change in a world that never stops changing The things that never change are the most important things to pay attention to. However, change gets the most attention because it's exciting, it's surprising, it's something that the media can comment on. You see…predicting the future is hard. Very few can do it. On the other hand, understanding what stays the same is very useful. Particularly in challenging times like we're currently experiencing. Of course, I still have no idea what's going to happen in the future, but I'm a little less surprised whatever does happen if I have a handful of assumptions that I can put my faith into to guide me moving forward. So, let's look at some things that never change in a world that never stops changing. More people wake up every morning wanting to solve problems than wake up looking to cause harm. I'm an optimist and have faith in society, but I recognize that those with a negative message get more airplay in the media and incite negative sentiment in our community. Fact is… in life you get whatever you expect to get. The only question is, what do you want? If we were not optimistic, none of us would bother setting up a business, employing people, taking risks, or investing in property. If we were totally realistic about how often people fail, how often things go wrong, how most property investors never build a substantial property portfolio, we would never even bother getting started. Your outside world is a reflection of what's happening inside your mind. So, feed it with positive, optimistic thoughts. The world breaks about once a decade. This is an interesting expression I learned from columnist Morgan Housel of the Collaborative Fund. But it's true and there seem to be very few exceptions to this. There is a major disruption every decade or so. It could be an economic, political, military, or social issue. The bad news is never as bad as it sounds How many times does the end of the world as we know it need to arrive before we realise that it's not the end of the world as we know it? Of course, those with a long-term perspective, who have lived through a number of economic shocks and property cycles, tend not to get as shocked when major events like we're now experiencing hit us. However, those who have not experienced these types of shocks tend to worry more and imagine the worst because they have no perspective to rely on. This too shall pass Nothing too good or too bad stays that way forever. I've found these types of major upheavals are not as scary if you have the underlying belief that they'll keep happening but that in the long term they don't prevent the long-term growth of our economy and our property markets. History doesn't really repeat itself. We've all heard it before - "History repeats itself!" It's an inane statement that seems so wise on the surface but crumbles under serious scrutiny. Morgan Housel wisely said: "History is mostly the study of unprecedented events, which, ironically, we then use as a map for what could happen in the future." Estate Planning with Ken Raiss Estate planning is something a lot of people don't think about until it's too late. But you want to be able to pass on your wealth in an efficient manner, and estate planning is crucial to your overall wealth plan. Some critical estate planning documents: A will – your will should be set up so that instead of passing on your assets to your beneficiaries directly, they're passed on in a testamentary trust. This has tax benefits and helps to ensure that wealth remains in the family. Non-Estate Assets – You may need either a Binding Death Nomination or Superannuation Will in order to distribute superannuation funds. Enduring Power of Attorney – this document pass decision making authority onto another person in the event that you're physically or mentally incapacitated. These documents can give authority that is as broad or as specific and narrow as necessary. Medical Power of Attorney – This document helps you to finalize your wishes in relation to things like organ donation. Personal Details – This is a non-legal document that can help you pass on things like account numbers, passwords, where to find policies and valuable items, information necessary for paying bills, subscription information, and so on. Links and Resources: In these challenging times why not get the team at Metropole to build you a personalised Strategic Property Plan – this will help both beginning and experienced investors. Why not have a chat with Ken Raiss of Metropole Wealth Advisory Shownotes plus more here: It's important to understand these things that never change in a world that never stops changing + Estate planning with Ken Raiss Some of our favourite quotes from the show: "In my mentorship program, I know that those people who write down their plans, write down their goals, and visualize them are much, much more likely to get them." – Michael Yardney "Your reticular activating system is that part of your brain that cuts out all the surplus extraneous information that's coming in and hones in. It's your GPS." – Michael Yardney "In summary, prepare for the inevitable by having somebody on your side preparing a number of documents, including a will." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

You're probably here because you're interested in property investment or money. But if you think about it, underlying that is success. You're probably looking for more success in all areas of your life, and success depends on your ability to influence and communicate. That's what we're going to be talking about today. In today's episode, I'm going to be talking with a very successful person Allan Pease, about the importance of body language. Body language is an important part of communication because so much communication happens in a nonverbal way. Allan also has a lot to say about success, and he has some thoughts on who will win the American presidential election based on the candidates' language. The Beliefs that Guide Successful People Successful people believe in themselves. They know if they don't believe in themselves, no one else will Successful people believe they're in charge of their own life. They believe they're the pilots of their own lives, not just a passenger. Believing you're responsible for what you make of a situation is empowering. Successful people believe that there are opportunities everywhere. Because they look for opportunities, they find them. Successful people believe in doing things that no one else will. They take risks and are willing to try things that others won't. They know if they want to be different, they have to do different things. Successful people believe that execution is critical. The power is not in the information, it's in the action you take. Successful people believe in winning through hard work. Work comes first and the payoff comes later. Successful people believe in giving back. Giving back keeps successful people grounded, humble, and in touch with reality. Highlights from my conversation with Allan Pease Words only make up a small amount of communication. It's your intonation, how you say things, and how your body is responding You use a different part of the brain for first impressions than for subsequent impressions People don't buy from someone they don't trust Body language tricks for Zoom calls You can do a few things on video calls that you can't do in person, like staring "Just be natural" can be bad advice in a lot of cases It's a good idea to film yourself so that you can see how you look to others The differences between how men and women communicate How deciding what you want to do helps you see how to do it Why people should listen to Allan's seminar Who's going to win the American presidential election Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Join Allan Pease at a free livestream in Australia on Friday 9th October – register here Shownotes plus more here: Success boosting body language tricks with Allan Pease Some of our favourite quotes from the show: "If you don't believe in your own abilities if you don't believe in your own potential, how can you expect anyone else to?" "Risk is very much in the investor, rather than in the commodity." "You've really only got a short period right at the beginning to make a good impression." PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how