Property Investment, Success & Money | The Michael Yardney Podcast

If you're like the most listeners to the Michael Yardney podcast you are here to learn about success, money and property investment. Well you're in for a treat today because I'm going to be chatting with Mark Victor Hanson who has inspired over 1 billion people through his books that have been translated into 54 languages. I know he inspired me when I first read his chicken soup for the soul series of books, but then I went on to read his books related to entrepreneurship and property and they came at the right time in my life when I needed them. I know currently a lot of people are feeling challenged by what's going on in the world around them, so I hope Mark words of inspiration will come at the right time of your life, just like they came at the right time in my life. He got a powerful message to share with you and it's more than his normal message about the principles of perseverance, excellence and believe in oneself. It's a message for everybody in these challenging times so I'm proud to have a chat with one of the worlds most respected thought leaders who is known globally is the ambassador of possibility. Mark Victor Hansen is probably best known as "that Chicken Soup for the Soul guy" and has sold over 500 million Chicken Soup for the Soul books worldwide. But there's a lot more to Mark than that. For more than 44 years, he has focused on helping people and organizations reshape their personal vision of what's possible. He's been featured by Oprah, CNN, and The Today Show… just to name a few. We discuss: How Mark is handling Covid-19 Don't wait until everything is right. It will never be perfect. There will always be challenges obstacles and less than perfect conditions so get started now. Life isn't meant to be easy - make the most of life's challenges. If you can't change the situation you can change your response. The importance of adaption Charles Darwin, famously taught the principle of Survival of the Fittest which said: "It's not the strongest of the species that survives, nor the most intelligent that survives. It's the one that most adaptable to change. Today the world is changing at a most amazing pace, so it's important to keep up and adapt. Your destiny Mark believes each of us has a destiny and it's our job to find it. He explains how we go about doing that. We should ask for more Mark teaches us to ask for more, explaining that the world responds to those who ask. Most people in this world, however, find themselves in settled lives, never really achieving or receiving what they hold in their dreams . . . because they just never ask. You get whatever you expect to get. The only question is, what do you want? Do you know clearly what you want you wake up every morning excited about life? 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 Mark Victor Hansen at a free livestream in Australia on Sunday 26th July at 10.00 - mesiti.com/chickensoup Some of our favourite quotes from the show: "If you do things the same way you always done, you'll get the same outcome. In order to change your outcomes, you've got to do things differently." – Mark Victor Hansen "If you keep believing what you have been believing, then you'll keep achieving what you've been achieving." - Mark Victor Hansen "The size of your thinking determines the size of your results. Life is about thinking big to play big and achieve big. The future has extraordinary opportunities that are scaling beyond anything ever previously imagined and each of us gets to participate actively as you control your mind power." - Mark Victor Hansen 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

The coronavirus pandemic has created one of the worst recessions the world has seen since the 1930's Great Depression – but it was also shaping up to be one of the shortest. Australia's economy was already showing signs of bouncing back, following a "very deep contraction" but then the threat of a second wave of coronavirus hit us. What would a serious second wave of coronavirus due to our economy and our property markets? That's what I want to discuss with you today. While I'm optimistic about the future, I realize that unemployment and underemployment rates are set to take years to return to pre-coronavirus levels. Our economy will grow more slowly this year and next, but a significant second wave of coronavirus will do some damage to our consumer confidence and slow everything down again, so I'll explain my thoughts about this in more detail today. Then I'd like to share an important message from one of my mentors, Jim Rohn, that will help you give you some inspiration to work through these challenging times. What would a second wave of Coronavirus do to our property markets? Our property markets have been remarkably resilient so far, but how would a significant second wave of coronavirus affect our housing markets? Well…If we look back there are a few lessons we can learn to help us better understand what's ahead. In spite of the Coronavirus induced economic downturn Australian property values didn't crash as the doomsayers predicted and our economy rebounded more quickly than many expected. At the same time, rental relief packages have kept tenants in their homes, and mortgage support has meant that there have been very few forced sales. However, home buyers and sellers went on strike choosing to postpone their next move until more certainty returned to the market and this contributed to a 32.4% drop in property sales volumes over April. Then as social distancing measures eased and consumer confidence returned, property transaction numbers experienced a strong recovery in May and June. Initially, it looked like we were going to experience a deep, but short, economic recession and that our property markets would weather the storm defying the 10%-20% fall in values some had predicted. But if Australia is hit by a significant "second wave" of coronavirus cases it would postpone the economic recovery that many economists expected in the second half of 2020. So what's ahead? Of course, no one really knows what's going to happen to property values, so it's important to analyze and anticipate possibilities and probabilities. A significant second wave of Coronavirus and a continuing barrage of negative news in the media about our health, unemployment, and businesses going bust is likely to dampen consumer confidence further and have a negative impact on our property markets. But if a second wave of infection overtakes us, we can expect further government support. The government and the Reserve Bank have clearly stated that they will do anything and everything they can to support our economy and minimize the impact of the coronavirus on our businesses and our economy. What about property values? If a second wave of coronavirus causes further lockdowns or more social distancing restrictions, our property markets will slow down as they did in March and April. Both buyers and sellers will go on strike until the picture becomes clearer. But like earlier this year, property values won't plummet, because it's unlikely that there will be a flood of properties for sale. At the moment I'm seeing three levels of buyer property sentiment out there. The Negative Nellies who are worried that property prices are going to crash and all they can think of is doom and gloom. Those who are bunkering down, battening the hatches, and just waiting for news that this is all over. Those with a positive outlook who have a secure job and a long-term focus who is seeing great buying opportunities in the market when there is less competition and interest rates are the lowest of ever been in history. The worst affected residential markets will be:= Apartments in high-rise towers – in fact, this is these properties are likely to be out of favor for quite some time. Off the plan apartments and poor-quality investments stock (as opposed to investment-grade) apartments, particularly those close to universities. Outer suburban new housing estates house and land packages, where young families are likely to have overextended themselves financially and with many people will be out of work for a while Properties in the blue-collar areas. On the positive side, households and property investors whose incomes remain stable and secure will be able to take advantage of historically low interest rates. What's going to happen to our economy? Yes, the health crisis has led to an economic shutdown, and some were concerned that this had the potential to create a major financial meltdown, but clearly that hasn't happened. Unfortunately, there is no roadmap to follow, so governments will need to quickly respond to changes in circumstances. But most of the bright folks I've been following and talking with agree that Australia is in a better position than any other country in the world to work its way through the challenges ahead. What else is likely to happen? It has been said that up to 3 million Australians have changed their living habits because of Covid-19, with many young people moving back with their parents. And this trend will likely continue, meaning our rental markets will continue languishing with fewer people seeking rental accommodation at a time when vacancy rates, particularly in our CBD's and inner suburbs remain high. At the same time, our banks will remain vigilant and continue to scrutinize all new loan applications carefully so if you're looking to refinance your loans to the prevailing low interest rates or take on a new loan be prepared for long possessing delays and to answer many questions. The banks will also offer further extensions to the repayment holidays given to borrowers with cash flow issues. The bottom line. In times of trouble, it's important to retain a long term perspective. Property is resilient – very different to share market. Most property is lived in, which means people will do away with many other luxuries before someone will sell their property, much less their home. 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 us at Wealth Retreat in November 2020 – find out more here Shownotes plus more here: What would a serious second wave of Coronavirus do to our property markets? Some of our favourite quotes from the show: "Not surprisingly there's a strong relationship between how people feel about their finances and job security and the financial decisions they make." – Michael Yardney "It looks like we are going to have a stepwise recovery as our economy opens up in stages." – Michael Yardney "So if you're one of the lucky ones, somebody who is still financially secure, why not consider this as a good opportunity to upgrade your home or buy the next investment property?" – 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 drives property price growth? Especially in this era of lower interest rates, lower inflation and lower capital growth in general? If you want to one day live off the fruits of your property portfolio, you'll need to own the sort of properties that grow at wealth producing rates of return that outperform the averages. Today we're going to have two different views on the subject. First, Brett Warren is going to give his thoughts and views on the subject. Then, I'm going to have a chat with Pete Wargent, who says there are only three factors that drive property price growth. These two guests are probably going to end up in much the same place, but after listening to both you'll be much more informed about how to choose an investment-grade property. Demographics is the key with Brett Warren Demographics is a critical factor in both property prices and the economy. Understanding the demographics can make the difference when it comes to choosing the right property. Some of the most important factors to look for include: Owner-occupier appeal A homeowner is unlikely to panic and sell their home at the first sign of a crisis, but an investor might. An area with a higher percentage of homeowners than investors is likely to be more stable than an investor-heavy area. Income level Areas that are good for investing tend to attract residents who aren't living paycheck to paycheck. Instead, the owner-occupiers tend to have multiple income streams. Dual incomes, bonuses and commissions, side business, and income from property or shares, for example Occupation type Look for areas where people are employed in professional services such as IT, financial, and health services We have to take a step back and assess the fundamentals because the fundamentals don't change from week to week or month to month. If you can get those right, you can make the best investment decisions. Don't forget the 6-stranded approach. Look for: High owner-occupier percentage Not off the plan Land-to-asset ratio What happened during a downturn Something with a twist The ability to add value 3 Factors that drive Property Price Growth with Pete Wargent Supply – The rate of new construction and the number of properties listed for sale Interest Rates – The cost of borrowing 3. Population Growth – Includes factors like immigration, natural population growth, and interstate migration. Links and Resources: Brett Warren - Metropole Property Strategists 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 Join us at Wealth Retreat in November 2020 – find out more here Shownotes plus more here: Are there really only 3 factors that drive property price growth? With Brett Warren and Pete Wargent Some of our favourite quotes from the show: "We're looking for areas where people can afford to, because they've got higher incomes, and they're prepared to pay to live in those areas, because of the aspirational element of those suburbs." – Michael Yardney "There was a period of oversupply before, but now it's the other way around. There's actually the lowest level of listings available with new or established properties than there has been for a long time." – Michael Yardney "The government hasn't spent all that money and all that effort to get us across, and then let us fall over a cliff." – 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

We're halfway through the year, and let's hope the second half of 2020 is going to be better than the first half. That's what we're going to chat about in this episode of the Michael Yardney podcast, while I give you some ideas about what's ahead. I also chat with Pete Wargent about what's really happening with the financial system, our housing markets, and concern about housing stress. Hopefully, today's episode will bring some extra clarity and certainty in today's uncertain times. Now that we're halfway there I've never seen a trilogy like this with: A global pandemic, Australia slipping into recession and Increasing geopolitical and local social unrest. This means there's a lot to think about … both at the macro-level affecting our country and its place in the world economy and at the micro-level with your investment or business strategy. It's like those jugglers at the circus, with so many plates spinning in the air at the one time. Which ones are going to keep spinning, and which ones are going to come crashing down? This means it's important to keep an eye on all those spinning plates and watch out for warning signs. Ignoring the warning signs of plates about to topple almost always ends badly. Yet even rational adults at times revert to burying their heads in the sand trying to hide from the scary realities of what's going on. Of course, you can ignore reality, but you can't ignore the consequences of ignoring reality. Then there are the pessimists who only seem to see the downside. And at present, they're out in force. These Negative Nellie's can only see the worst happening with a major world recession. On the other hand, there are the optimists who only see the upside … and some may get blindsided by dangers which are obvious in hindsight. Yet over the years, I've realized that the secret to success is the ability to pursue the upside while keeping the downside in view so it can be managed. Sure, there are lots of downsides if you look for them. Which of those plates will keep spinning and which will topple? If they topple will they break? If so, what does that look like? Do you have a plan? But if you love the freedom to pursue opportunity, own property portfolio, build wealth, and retain and enjoy the fruits of your efforts, it's hard work you'll need to do. So what's ahead? Australia's economic outlook depends on the success or otherwise achieved by the government health authorities and communities in suppressing the spread of the virus. If the virus is contained and the active caseload remains manageable, then more parts of the economy will reopen, and a degree of normality can return to society and the economy. You see…there is no roadmap to follow so governments will need to quickly respond to changes in circumstances. But most of the bright folks I've been following and talking with agree that Australia is in a better position than any other country in the world to work its way through the challenges ahead. It looks like we will have a stepwise recovery as our economy opens up in stages. Sure, some of our support mechanisms will be taken away at the end of September, with JobKeeper and mortgage holidays ending; but I can't see the government pulling the rug out from under us. They have spent too much time, money, energy, and publicity telling us how they are going to support us, so it's likely the support will remain but in a more targeted fashion. Our governments have a vested interest in keeping our real estate markets liquid and buoyant, recognizing that consumer confidence is critical for our economic recovery. They know that the quickest ways to see consumer confidence plummeting is for people to see the value of their homes dropping. At the same time, our banks have a vested interest in supporting our property markets. Highlights from my chat with Pete Wargent: The good news is that things look a lot better in July than they did in mid-April When there's a known risk, the more people talk about it, the more the impact is dampened The government does have the opportunity to smooth things over in September It's going to be a step-wise increase, not a V-shaped recovery The demographics of the people most affected by the economic difficulties suggests that mortgage repayment won't be as big a problem as initially thought People need to think carefully about the incentives to buy high-rise apartments or house and land packages Australia is predicted to do better than any other developed country's economy going into 2021 This means that once Australia can open again, the demand for Australian visas and work in the Australian economy is likely to be as good as it's ever been Links and Resources: 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 ReturnsJoin us at Wealth Retreat in November 2020 – find out more here Shownotes plus more here: We're halfway there and the real truth about Mortgage Stress with Pete Wargent Some of our favourite quotes from the show: "It's fairly obvious that people, businesses, markets, financial systems, and even society itself is suffering." – Michael Yardney "Consumers feel confident when they know that their biggest asset, their home, is secure." – Michael Yardney "If consumers are confident about their financial future, about the state of the Australian economy, they're going to spend again." – 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

There's no lack of property-specific data information out there. It is often available with just the click of a mouse. However, with this increased availability of data, there are new challenges. How do you make sense out of all this data? Whose numbers can you trust? In today's episode of the Michael Yardney podcast, I chat with Kate Forbes about her specialty, how to interpret data. How important are median prices? In the simplest sense, the median house price is the middle point of all sales ranked from high to low. For example, if there is an influx of first home buyers in a location who are buying at the lower end of the price scale, then the median price will drop. On the other hand, the median will go up if a lot of people in the area are renovating and upgrading their properties. Median prices tell you what's happened recently, but it doesn't give you much information about individual properties. What factors in supply and demand should you look at? It's important to understand a number of factors with the number of properties for sale. A number of new properties is indicative of vendor confidence. How long houses have been on the market matters as well. If there are a lot of properties for sale, but they've all been there for a long time, that's not a good sign. Days on market I've found the trend of days on market can tell you whether we're in a buyer's or seller's market. If it's taking longer for properties to sell, it's usually a sign of softer market conditions and vice versa. Vendor discounting When there are fewer buyers out looking for property than there are properties for sale, vendors usually need to discount their asking prices to secure a buyer. But when there's plenty of buyer interest vendors have less need to discount their asking prices. Market Depth The more people that you have looking for one particular thing, the greater the market depth there. Rental Yield If a rental yield starts rising that's a sign that there is strong demand from tenants to live in those locations. However, as more investors go to the location and property prices rise, rental yields begin to drop. 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 Organise a time to speak with Kate Forbes- National Director Metropole by clicking here Shownotes plus more here: Number Crunching: How to Understand Property Data, with Kate Forbes Some of our favourite quotes from the show: "We like market depth from owner-occupiers, not investors." –Michael Yardney "At any level of your financial journey, money management is important." –Michael Yardney "Being aware of your spending is one of the most powerful tools that you've got for being aware of yourself." –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

I'm often asked what are the big lessons I've learned from investing in property for close to 50 years? Probably the most important lesson I think we can learn is that the market is driven not only by the fundamentals but also by the irrational and erratic behavior of an unstable crowd of other investors and homebuyers. So never get too carried away when the market is booming or too disenchanted when the market slumps, because letting your emotions drive your investments is a surefire path to disaster. Today, I'll chat with Brett Warren about some of the lessons I wish I'd known when I first started investing. If you can learn these lessons now, you can avoid paying some of the learning fees that I had to pay to the property market as I made mistakes. The value of education It's easy to think you're smarter than you are when you don't know what you don't know. Goal setting Setting goals helps you focus because if you don't know where you're going, while any road may get you there, every road may also get you lost. Create a property team Most people think they know a bit about property. While property investing may be simple, it's not easy. You need to create a good team around you including mentors and advisors. If you're the smartest person in your team, you're probably in trouble. Think like a rich person Develop the mindset of rich people and build the rich habits that will help you achieve wealth Have an abundance mentality An analogy is to think of yourself as a cup. If your cup is small you can only accumulate a small amount of money, any extra will spill over and you will lose it. You simply cannot have more money than the size of your cup. Instead, develop an abundance mindset in which your cup is big and deserving of being filled with success. Delay gratification To become rich, you must learn to delay gratification as wealth is the transfer of money from the impatient to the patient. Overcome your fears Fear can prevent us from investing because we see it as too risky. Form a sound investment strategy, and get a property team around you to minimize the risks. Don't give in to fear. Don't let failure hold you back We all make mistakes, but you can't allow them to hold you back. Learn from them and move forward. Understand the power of compounding and leverage The earlier you start investing and the longer you hold your properties, the more time your money has to grow. Property won't make you get rich quick. Having invested for nearly 50 years now, one of the many lessons I've learned is that property investment is not a "get rich quick" scheme. It's a get rich slow one! Ignore white noise It's not the media's job to educate you. It's their job to entertain you and get you to click on their links. Keep your eyes on your long-term goals and don't spend too much time worrying about short-term challenges in the market. Capital growth and cash flow are both important Residential real estate is a high-growth, relatively low yield investment vehicle and the key to wealth creation is to grow a substantial asset base of "investment grade" properties. However, while capital growth gets you out of the rat race, you need solid cash flow to keep you in the game. Location is non-negotiable Remember that 80 percent of your property's performance will be due to its location and about 20 percent because of the property itself– so never compromise on location. Develop financial discipline To become rich, you will need to learn to spend less than you earn, save the difference, and eventually invest it. The problem is that too many people throw away their money buying things they don't need with money they don't have to impress people they don't like. Gratitude is important But I've learned over the years that true wealth has nothing to do with how many properties, or how much money, you have. Give back to the community and charity Apart from being grateful for what you have, you also need to give back to the community and charity. I believe it's our responsibility to help others who are less financially fortunate. Links and Resources: Michael Yardney Brett Warren - Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Join us at Wealth Retreat in November 2020 – find out more here Shownotes plus more here: 16 Things I wish I knew when I first started investing Some of our favourite quotes from the show: "Today, there's no shortage of information. I guess what there is a shortage of though, is perspective." –Michael Yardney "If you believe you deserve to be rich, if you believe you deserve to be successful, you will achieve that." –Michael Yardney "It takes probably 30 years to develop a significantly big asset base to start to live off of 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

Robert Kiyosaki has taught millions and millions of people some important financial concepts. I learned a lot from him in my early years, and I've quoted him on many occasions. But I also believe that the way he thinks about real estate – which may work for him in the US – is not relevant in Australia. And there are a number of his other concepts that I don't believe are correct. He does have some great basic rules of investing that I'm going to share with you on today's podcast. I'm also going to share what I disagree with about his concepts. Then you'll have the information you need to make your own decisions. Some of Robert's basic rules: Rule number 1: You should adjust your money mindset. Rule number 2: Know what kind of income you're working for. Earned income, portfolio income, or passive income? Rule number 3: Convert ordinary income to passive income. Spend less than you earn, save it, invest it into an asset class that will give you investment income. This involves delayed gratification. Rule number 4. The investor is the asset or the liability. Invest in your financial education first. Like that one. Rule number 5: Learn to evaluate risk and reward. Rule number 6: Understand the cash flow quadrant. Where I disagree with Robert: Where I disagree with Robert is that he defines an asset is something that brings in cash flow, while I view capital growth as another form of income. I believe you have to build a substantial asset base first, then convert that asset base to cash flow. The end game usually involves a number of different types of assets. We don't know what's going to happen 10 years in the future, but we do know that if you have assets, you will have choices. Robert has done a great job of making sure people understand the importance of how money works. But I'm concerned that he has scared off many investors and led others astray with his prophecies of Armageddon. He's become a pessimist. I find no real substance behind his beliefs that the market is going to crash. Further, I feel that Australians are misled by investment advice that may work in America, but not in Australia. Real estate investments are not cash flow investments in Australia. In my mind, investment decisions should be based on the potential for capital growth. Cash flow is important, but it's not the end game. Robert suggests that your home is not an asset. I disagree with that. Robert is an ardent real estate investor. He owns 3 homes and 8000 rental properties. So clearly, he knows a lot about property – in the United States where the rules and tax regimes are very different. Robert says that your home is not an asset, it's a liability, because it doesn't bring money in and you must spend money on it. But that's not my definition of an asset and it's not the standard definition of an asset either. I believe this assumption is flawed. 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 us at Wealth Retreat 2020 Some of our favourite quotes from the show: "The first step is to use leveraging gearing to buy high-growth assets." – Michael Yardney "If you're focusing on cash flow as a goal, you're not doing it right." – Michael Yardney "If a problem isn't going to matter in ten months, don't even spend ten minutes worrying about it." –Michael Yardney Shownotes plus more here: Here's where Robert Kiyosaki is wrong about property 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

We often talk about the things that we learn in business, the lessons that we get, and the people we get the lessons from. That got me thinking just the other day about how I also think there are some lessons that we can learn not from people, but in fact, from animals. So today I chat with Mark Creedon, founder of Business Accelerator Mastermind, about 10 life lessons we can learn from dogs. Here are some of the things we discuss. Dogs live in the moment. They don't worry about the past. They don't think about the future. Dogs find ways to overcome fear. Truth is there's often a lot of fear around being in business, especially in the current challenging climate. But interestingly dogs learn ways to overcome their fears. Dogs don't hold grudges. I didn't take him for our normal morning routine a walk this morning, yet he hasn't held a grudge against me. It's not as if he's turned his back on me and ignored me. Dogs don't hold grudges. Dogs play every day. When was the last time you played? To me, play is two things. It's about physical movement and getting out, whether it's throwing the ball with your dog, or playing with the kids, or playing in the park, or flying a kite, or running on the beach, or going for a swim, whatever it might be. But it's not just about physical movement, it's also about psychological well-being or mental health, and the release of dopamines, and all the neuropsychology that goes around that. Dogs jump for joy when they're happy. When was the last time you just showed unabashed joy? Dogs just jump for joy. You can go out for five minutes and come back, and they're all over you. Dogs accept who they are. Dogs don't want to be another dog. They don't want to be a different breed. They don't wish they were somewhere else. They just accept who they are. Dogs enjoy the journey When we're talking about setting goals with clients, we often talk about the importance of both destination and journey goals. In fact, it's important to enjoy the journey otherwise you won't enjoy the destination. Dogs are loyal and dependable. Dogs are pack animals. My best mate is a dog trainer who often talks about the link back to wolves and packs. Dogs understand who their pack is. Dogs drink lots of water. Dogs know what their body needs, and so they drink lots of water. So should you! Dogs love unconditionally. I'm not talking about romantic love, or holding hands and singing Kumbaya. I'm just talking about love in terms of affection, support, loyalty, attention, appreciation, gratitude; things dogs do unconditionally. So there it is….. Ten things that dogs can teach us that you can apply not only in business but in life in general. 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: Ten things dogs can teach us about business… and life | Build a Business, Not a Job Podcast Some of our favourite quotes from the show: "Look for something that's holding you back – let's put it differently. Something that you're still holding onto that you should have let go." –Michael Yardney "Here's another challenge for you, the people listening to this podcast: think about something that makes you happy. Now, why aren't you doing that more often?" –Michael Yardney "Long-term goals are important, but if they're too far out, you're not going to achieve it so you need those intermediate goals. –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.

We're living in challenging and interesting times – a coronavirus pandemic, a recession, social unrest, financial instability – so today, I'm going to offer you something very different as I speak to two of the world's best motivational and inspirational speakers, Les Brown, and Dr. Willie Jolley,both from the United States. We're not even going to talk about property today. When you come to my podcast, you're usually interested in success and improving yourself. Property is really just a vehicle to get more financial success, but today we're going to talk about a more important vehicle: you. Your mind, your brain. We'll talk about how to rebound back even stronger after the challenges we've been through. One of my guests is an inspirational speaker and one is a motivational speaker. What's the difference? Listen in, and you'll find out. Les Brown's Top 10 Rules for Success For over 50 years, Les Brown has transformed lives internationally as a fast-talking radio DJ, as a community activist, a State Legislator, and a motivational guru. His global following call him The World's #1 Motivational Speaker. Here's his advice:- Believe in Yourself Believing in yourself when no one else does is one of the strongest characteristics a human can hold. Don't Stop Running Towards Your Dream This is Les Brown's most important advice: never give up. You will have to make sacrifices to achieve your dreams, and you will doubt yourself, but don't stop. That's all. Don't stop. Take Full Responsibility for Your Life Early on, Les recognized that he had to accept where he was at. He couldn't just be angry, he had to accept reality and move forward to improve it. Stand Up to Yourself The inner negative conversation is the most insidious and dangerous enemy we face when we seek success. Conquer yourself and you can conquer anything. Go All Out Going all out means doing whatever it takes to make things happen in your life. Whatever it takes to make your business succeed, whatever it takes to get that dream job or raise. Do whatever it takes! Stay Busy When Brown was fired from his long-time job at the radio station, he didn't quit or take a break. Instead, he stayed busy by running for election in the Ohio House of Representatives — and he won. Stay busy and keep planting seeds. Keep putting yourself out there, and something will happen. Give More Than You Are Paid For Success comes through hard work, and that is why it is critical to give more than you are expected to give. Don't half-ass your life. You will be rewarded for hard work. Someone's Opinion is Not Your Reality You will face defeats in your life. You will face those who doubt you, despise you even. But other people's negative opinions about you do not determine your reality. You determine your reality. You're Different If you truly want success in your field, you must believe and embrace the fact that you are different. Don't you think that you perform better when you believe that you are the best? Go Above and Beyond; Amaze your Customers Les Brown teaches the point that it is necessary in this customer-driven economy to not just serve your customers but to actually amaze them. To go so far beyond what they expect that they are blown away. Conversation with Dr. Willey Jolley Dr. Willie Jolley has been called "the most powerful speaker, singer, and author combination in the world today!" Dr. Jolley was named "One of the Outstanding Five Speakers in the World" by the Toastmasters International. Only 50 speakers worldwide have been given that honour - including Colin Powell, Nelson Mandela, and Margaret Thatcher! Some of the Topics I Discuss With Dr. Jolley The importance of adapting during a crisis How to get past the negativity in media The impact of good news The importance of choosing your network wisely Finding opportunity in adversity Lifting and shifting your mindset Investing in yourself Changing your responses when you can't change what's happening The difference between a motivational speaker and an inspirational speaker Links and Resources: Michael Yardney Metropole's Strategic Property Plan – to help both beginning and experienced investors Join us at Wealth Retreat in November 2020 – find out more here Les Brown's book: You've Got to be HUNGRY: The GREATNESS Within to Win Dr. Willie Jolley's Free Gift To register for the FREE for the Get Motivated Get Wealthy Online conference on Sunday 28th June 2020, featuring Les Brown and Willie Jolley visit www.getmotivatedgetwealthy.com.au Shownotes plus more here: Inspiration and Motivation from 2 of the world's top masters: Les Brown and Dr. Willie Jolley Some of our favourite quotes from the show: "I guess that's where it all starts, isn't it – in self-belief, not what other people think of you." –Michael Yardney "It's not just that you read, but it's also what you put in your mind." –Michael Yardney "Every adversity creates opportunities, carries opportunities, the challenge is to find that seed of opportunity." –Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. 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Today's podcast is based on your questions: questions listeners have asked and the questions that our clients are asking us at Metropole. There's still so much uncertainty about a recession and uncertainty about what's going to happen to property values, so today I'm going to give my thoughts and leave you with more certainty and better direction. We've been hit by a health crisis that's led us into the most serious global recession in almost a century. But there is some good news. Recent events have left many of us feeling uncertain, but they're also responsible for some of the best opportunities in our lifetime. It may be your opportunity to realize financial independence. What's going to happen going forward? Recessions are always periods of significant opportunity because they are a time of transfer of wealth The technical definition of a recession is two-quarters of negative GDP and while we're not there yet, we're in recessionary times. By the time we find out we're officially in a recession, it will all be over I see a staggered, satircase recovery rather than a V-shaped recovery In the meantime, many will probably stash their cash waiting for the news that we're through the worst of things We entered this recession with a positive balance of trade, an almost-balanced budget, and a solid banking system in Australia We're not seeing many mortgage defaults because in general, debt is in the hands of those who can afford it There will be higher unemployment for a while, but it's likely it won't be as bad as initially predicted Reduced wages will lead to less spending power for a time The real estate markets have slowed down. There are fewer transactions and fewer houses on the market. The property market is starting to pick up, and there's a flight to quality but there are \ great opportunities for investors prepared to take a long-term view Over the next few years, interest rates will remain at historic lows There will be a short-term window for those who want to get into property, as many are still sitting on the sidelines The Reserve Bank can't lower interest rates any further, so governments will have to stimulate the economy with fiscal policy Unemployment will likely be high for a couple of years While some industry sectors will suffer, others will do OK Tourism, education, retail, and maybe the financial sector will suffer Government, manufacturing, technology, defense, agriculture, infrastructure, and healthcare will all do well Some Recommendations: Don't overreact. Be careful not to get sucked in by the news and by the hype. Instead, think long-term. Don't try to time the market, and don't try to get a bargain. Just buy the best property you can in the best location you can in your budget Before you get into property, make sure you have a solid foundation. Have financial buffers in place and talk to some experts about the right ownership structures to maximize your upside and minimize your risk 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 us at Wealth Retreat 2020 Shownotes plus more here: Coronavirus, Recession, and Property: Who's right – the pessimists or the optimists? Some of our favourite quotes from the show: "I see a staggered recovery as we move out of lockdown in stages." – Michael Yardney "Recessions are largely driven by how the population as a whole is feeling about the economy, more than what the economy itself is doing." – Michael Yardney "We know from previous downturns that before unemployment goes down, the property market starts to pick up. Rising property values always lead us out of recession." – 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