Property Investment, Success & Money | The Michael Yardney Podcast

If you’re in business, and even if you’re not, today’s show about the common mistakes businesspeople and entrepreneurs make will be useful for you.  If you think about it, we’re all in our own little businesses: the business of property investment or the business of improving ourselves.  Hopefully, this discussion will help you avoid making some of these common mistakes.  Top 7 mistakes Entrepreneurs make Expecting success right away – it’s harder than most people think Underestimating the amount of time it will take and the cash that will be needed Providing a product or service that is their passion, without making sure there is a viable market for it. Confusing a good idea with a good opportunity Is there a big enough market? Is there a sufficient margin? Opportunity exists at the intersection of a deep customer need or problem and your ability to meet that need Not understanding the importance marketing If you build it, they will come is the wrong idea. You need to invest heavily in marketing – but you also need to understand it even if you outsource it USP– they must differentiate themselves Social media Building a list People problems Having the wrong business partner Hiring the wrong people Not firing the wrong people fast enough Not understanding how to manage teams Letting perfection get in the way of progress: They wait for the “right “ time. There rarely is such a time They wait until everything is perfect or 100% in place.  This can lead to analysis paralysis. Gen Colin Powell applies a 40/70 rule They let go too soon or don’t want to get their hands dirty. You have to work in your genius and focus on the highest and best use of time BUT You have to know how things get done in your business, Sometimes you have to be able to dive in and make things happen….there is a difference between delegation and abdication. Trying to do it alone – need a coach, mentor, mastermind group 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   Show notes plus more here: Here’s How to Avoid the Top 7 mistakes Entrepreneurs Make | Build a Business, Not a Job Podcast Some of our favourite quotes from the show:  “Unfortunately, life is hard. Business is difficult. Retaining clients is difficult. Making a profit isn’t easy. Because if it was, the rewards on the other side wouldn’t be as valuable.” – Mark Creedon “What I’m suggesting is the list needs to be yours – not on Facebook, not on Twitter, not on LinkedIn, because over time they change the algorithms and you may lose access to those people.” – Michael Yardney “One of the other aspects of managing staff as your business grows is that you may well be a good practitioner at your skill, whether it’s in sales or the craft or the profession that you’re in, but that doesn’t actually translate to being good at human resources and managing people.” – 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.

For the last few decades, Baby Boomers have been driving our economy and our property markets.  But interestingly, they’re not doing what everyone thought they were going to do.  They’re redefining retirement. And this is going to have significant implications for our property markets and on our economy and businesses.  So, if you’re interested in property investment or if you’re a business owner, this is going to be an enlightening show.  I’m speaking with Simon Kuestenmacher, a leading demographer, about how baby boomers are redefining retirement, and what that means to you and to the property market.  Demographics have always been a major driving factor of our economy and our property markets. And Baby Boomers have dictated many trends because there are so many more Baby Boomers than previous generations.  The last Baby Boomer will hit retirement age by 2029. But that doesn’t mean that they’ll all be retired. There’s been a big shift in terms of how people are defining retirement.  More and more people are staying in the workplace longer. Some are doing so because they find the work engaging and enjoy it.  We also see more and more people who are being forced to work longer. These are usually people in low-income jobs, which makes clear the crucial importance of lifelong retirement planning.  There are a number of different ways to plan financially for retirement. Superannuation is one way. Owning your home is another. Investing in residential real estate or shares is one more way to plan for retirement.  There are four major tribes of Baby Boomers moving into retirement:  The Lifestylists – People between 55-64 years of age who prep for retirement. They tend to slide into retirement, rather than jumping into it all at once.  The Active Retirees – People between the ages of 65-74 who are still somewhat linked to work. They want to stay active and in the family home as long as possible. They only move when they are forced to.  The Downsizers: They are 75-84 years of age. At this stage, they are slowly starting to prepare for old age. Physical problems force this group to slowly start to change their housing behavior.  Old Age: They are 85 or older. Statistically speaking, they are quite likely to have lots of physical ailments. However, they still want to live as independently and as healthily as possible.  The workforce as a whole is shifting more and more toward knowledge work. At the same time more and more repetitive knowledge tasks are being taken over by computers. That leaves humans with the tasks of socializing and networking.  There are also lots more jobs in the low skilled and unskilled sectors. But no new middle-skill jobs. The workforce is being hollowed out.   Links and Resources:  Michael Yardney Metropole Property Strategists Simon Kuestenmacher - Director of Research at The Demographics Group Join us at my annual Property Market and Economic Update – come as my guest using the Coupon Code: PODCAST  Click here for details Show notes plus more here: Here's how Baby Boomers are Redefining Retirement Some of our favourite quotes from the show:  “Middle ring suburbs are where we need more medium-density development, but it’s really hard to find the land or to make the economics work.” – Michael Yardney “As always, baby boomers are going to be an important factor in our economy and in our property markets moving forward.” – Michael Yardney “I really do think everyone’s doing the best they can.” – 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

It’s the million-dollar question so many investors ask: what’s a better investment, the stock market shares or property?  Outside superannuation, property and shares are the two most common ways Australians build wealth.  Some find deciding which to invest in is a bit of a hard decision. If someone tells you only shares or only property, run away fast. That probably means they have a vested interest.  You’ll find that in different stages of your life, or different times when you need asset growth and cash flow, different types of investments will be more suitable for you.  In today’s show with our regular guest Pete Wargent, we’ll tell you the pros and cons of both asset classes. We’re also going to explain when they’re right for you, and when you shouldn’t be investing in a particular asset class.  Property or Shares? Property and shares are different but complementary asset classes.  While their long-term performances may be similar, they are very, very different as asset classes. The tax system in Australia tends to favour people investing in property.  Property You can leverage against property. The extra leverage you can achieve with property magnifies your returns if you’ve got a long enough time horizon  Property is an imperfect market: in property you can have an edge related to your knowledge, your information, and your contacts.  The property market isn’t controlled by investors. This gives the market more stability – housing is a fundamental human requirement. As long as you buy in the right location, the value isn’t going to disappear as it can in stocks.  The government wants us to be property investors. It actually doesn’t want to provide public housing to that 30% of Australians who rent properties. In property, you make fewer but bigger decisions, so it’s extra important to make sure those decisions are the right ones. Share market  The share market is much more liquid so it’s easy to get your money back on short notice.  The share market is also better for generating income (cash flow.)  Because you can buy smaller clumps of shares, the entry cost is lower. Property is lumpier. The diversification of the stock market is an advantage. You can also diversify over time.  You can leverage against shares, but not as much as you can with property.  Links and Resources:  Michael Yardney Metropole Property Strategists Pete Wargent  Next Level Wealth  Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Join Michael Yardney and a group of Australia’s leading experts at his annual Property and Economic Market updates – in Sydney, Brisbane, and Melbourne Use the coupon code PODCAST and come as our guest. Show notes plus more here: Property vs Shares, which is a better investment? With Pete Wargent Some of our favourite quotes from the show:  “Because property is lumpy, you can’t get it wrong. You’ve got to get good advice.” – Michael Yardney “The government wants us to be property investors. It actually doesn’t want to provide public housing to that 30% of Australians who rent properties.” – Michael Yardney “You are not your fears. You create your fears.” – 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

As we enter a new year and the beginning of a new property cycle, there are still many mixed messages in the media leaving many investors and potential homebuyers confused.  Hopefully, by the end of today’s show, you’ll be a little less confused because I’m going to ask Dr. Andrew Wilson, Australia’s leading housing economist, some of the questions you’re probably thinking about.  But before that, we’re going to discuss some lessons that we’ve learned in 2019 that will make you a better property investor in 2020.  I also have a mindset moment to share about things I would have liked to know earlier. 4 Property lessons As we enter a new year and in fact a new property cycle it’s interesting to look back at 2019 and see what lessons we can take out of 2019 to make 2020 a better year in property.  Let’s take a look at 4 property takeaways from 2019:  Be careful whose forecasts you listen to. What happened to all those predictions of 40% house price falls for the Australian property markets?  Lower interest rates, a miracle election result and looser lending criteria saw the property markets in our 2 biggest capital cities surge in the second half of 2019  Property investing is a game of finance - with some houses thrown in the middle.  This became clear as APRA tightened the lending screws on property investors from 2014 through till 2018 causing the biggest decline in our property markets in modern history.  Then when the banks’ lending criteria became more relaxed and interest rates fell in 2019 our housing markets rebounded strongly.  There is not one “Australian property market”.  While the fundamentals of strong population growth and the wealth of our nation will underpin the Australian property markets, there is not one “Australian property market.”  Each state is at its own stage of its individual property cycle and within each state there are many markets segmented by geographic location, dwelling type and price point.  Expect the Unexpected. Every year an unexpected X factor comes out of the blue to undo the best laid plans – some on the upside (like the miracle election result in mid-2019) and sometimes on the downside. Sometimes these are local issues and at other times they come from overseas. However, over the long term our housing markets are driven by the fundamentals so don’t make 30-year property investment or home buying decisions based on the last 30 minutes of news.  Bonus Lesson: The property market is not a get rich quick scheme, however those who own well located properties will benefit from the long-term growth of their properties. As Warren Buffet wisely said: “Wealth is the transfer of money from the impatient to the patient.” An expert answers your property questions  While our property markets are entering a new property cycle, currently there are lots of mixed messages in the media – some positive and many negative. This has led to many listeners to our podcasts leaving questions and asking for clarification. So, in my chat with Dr. Andrew Wilson today I’m going to ask him to answer these questions which, if you’re interested in property, are likely to be on your mind also. Is Australia going to fall into recession in 2020? During 2019 the RBA realised that the Australian economy wasn’t as rosy as it had hoped.  The labour market deteriorated, unemployment rose, incomes growth languished, inflation failed to increase, and our GDP slowed down despite 3 interest rate cuts. It was really only mining sector and government spending that kept our economies head above water. But as the year finished off, the latest labour market data at the end of the year showed a slight fall in unemployment and jobs growth albeit mainly part time jobs. But there are now signed of an improving global economy, particularly driven by the strong US economy. All this makes an Australian recession in 2020 very unlikely.  What is likely to happen to interest rates in 2020? While rates are likely to be cut again twice again in 2020, it is now more likely that the RBA will hold off cutting interest rates in February as many commentators are predicting. Their decision will depend on the end of year economic data that will be published in February and March.  Will the strength in the Australian property markets continue in 2020? The auction markets finished 2019 strongly indicating plenty of home buyer and seller confidence.  Other factors that will underpin strong property markets especially in Sydney and Melbourne include: The First Home Buyer Scheme that came into effect on January 1st The prospects of further interest rate cuts during the year Fear of Missing Out – as the markets rise strongly The missing link at present is investor activity. Investors are keen to get into the market, but many are having trouble getting finance due to restrictive bank lending practices.  What will be the major influencers of our property markets in 2020? Just as lack of confidence held back our property markets at the beginning of 2019, strong market confidence will be one of the main driving factors of our property markets in 2020. Particularly the Melbourne and Sydney property markets Other factors that will lead to continued property price growth include:  Pent up demand as property values in Melbourne and Sydney retrace their lost ground. These markets should reach new price peaks in the first half of 2020. Supply and demand – our population keeps increasing, but there is now very little new dwelling construction in the pipeline which will create a shortage of housing. Falling interest rates over the first half of the year A slowly improving Australian economy. The bottom line. The opportunity to take advantage of the beginning of a new property cycle only comes around a few times in your lifetime. Strategic property investors and smart home buyers will take advantage of the opportunities the property markets present in 2020. Links and Resources:  Michael Yardney Metropole Property Strategists Dr. Andrew Wilson, chief economist of MyHousingMarket.com.au  Join us at my annual Property Market and Economic Update – come as my guest using the Coupon Code: PODCAST  Click here for details Show notes plus more here: 4 property lessons from 2019 that will help you in 2020 + Your questions answered | PROPERTY INSIDERS with Dr. Andrew Wilson Some of our favourite quotes from the show:  “If you listened to all the Negative Nellies and the property pessimists, you would have missed out on some great opportunities 12 months ago.” – Michael Yardney “Mistakes teach you important lessons.” – Michael Yardney “The more you know, the more control you’re going to have over your life.” – 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

During his five years studying the rich and the poor Tom Corley identified 10 hard truths about the wealth gap that no politician or member of the mainstream media would dare reveal.  And as I share them with you today, you’ll probably get a few surprises. These aren’t just our thoughts. In his 5 year study, Tom asked 361 rich and poor people 144 questions each. That’s 51,984 questions. From the data he gathered, he was able to identify 344 differences between the way the rich and the poor conducted their lives. Over one hundred million individuals have read something about my research, which has been cited, quoted, referenced, commended and criticised in 25 countries around the world. As a result, Tom has made a lot of friends and a lot of enemies. And he’s about to make some more with this podcast. His research opened my eyes. One of the many benefits of having done this research is that he became privy to the inner workings of the lives of the rich and the poor. For five years he was that fly on the wall. And this fly has identified 10 hard truths about the wealth gap. 10 Hard Truths About the Wealth Gap Bad Parents – The poor have parents who simply do not do their job. Drugs, alcohol, gambling and a host of other parent character flaws pull the rug out from underneath their kids.  Broken Families – The poor are raised in broken families. Divorce, incarceration, abandonment are common denominators among the poor that fracture the family unit. No Work Ethic – The poor are bad employees who have a bad work ethic. As a result, they find themselves regularly unemployed. Financial Negligence – The poor spend their money as quickly as it comes. They don’t save. They don’t invest. They are financially illiterate. Poverty Ideology – The poor believe they will be poor their entire lives. They see poverty as a fact of life. They are without hope and thus, without motivation to escape their poverty. Bad Health – The poor do not exercise regularly. They eat and drink too much junk food. They frequent fast-food restaurants. They take drugs and drink too much alcohol in order to numb their pain. They are overweight and out of shape. Uneducated – The poor do not embrace education. It’s not part of their culture. They do not self-educate themselves. They do not read. They do not engage in self-improvement. Bad Habits – The poor have many bad habits and few good habits. Entitlement Ideology – The poor believe they are entitled to things others have to work very hard for. Victim Ideology – The poor believe others hold them back in life. They see themselves as victims. They look to the government to take the wealth of those who are producing and working hard in society and redistribute it to poor people. I now know that rich people, particularly the self-made rich, are the good people. They were raised by good parents, parents who cared and who mentored them to succeed. Poor people, conversely, were raised by bad parents. Some were raised in broken homes, some were raised with little to no work ethic, some were raised to be ignorant of finances, some were raised with a poverty mindset, some were raised to disregard their health, some were raised to shun education, some were raised with bad habits, some were raised to believe they should be given free stuff and some were raised to believe the world was aligned against them. We don’t have a wealth gap in this country.  We have a parent gap. If, as a society, we truly want to end poverty, we have to first acknowledge the cause of poverty. Parents. Parents cause poverty. Parents are to blame. As a great man once said, “the truth shall set you free.” Links and Resources:  Michael Yardney Tom Corley - Rich Habits Get your own copy of our international bestseller Rich Habits Poor Habits  Show notes plus more: 10 hard truths about the Wealth Gap Some of our favourite quotes from the show:  “We know that children develop habits from things they see, things they experience, things they hear, and their mentors as a child are really their parents.” – Michael Yardney “Bad mentoring from parents is more likely to – but not certainly – going to give you a disadvantage in life.” – Michael Yardney “It’s probably worthwhile reminding our listeners that we’re all walking around with some good habits, some bad habits, some rich habits, some poor habits, some habits that are empowering us, and some habits and beliefs that are disempowering us.” – 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.

Our property markets have been on the move for a while now.  But some people are saying no, it’s all going to end, there’s still a property crash coming.  Others are saying that Australia’s property markets are different.  But are they really different? That’s what we’re going to discuss today with Dr. Andrew Wilson. But first, we’re going to bust another 5 property market myths so that you don’t get fooled. I also have a great mindset moment today.  At the end of this episode, you’re going to be a more informed property investor. Property Myths Busted Myth: Buying near capital cities is a certain money-spinner Fact: Capital cities are a good choice for investment-grade properties, but that doesn’t necessarily mean that properties there are automatically successful.  There will always be some suburbs that perform better than others. Some have socio-economic problems, some have better transport than others, and so on.  It’s a question of finding the right investment-grade locations and then the right properties in those locations. Myth: Property prices double every 7-10 years Fact: On average, that might be true.  The problem is that average means that half all properties double in value every 7-10 years and the other half don’t.   Markets move in cycles, and there are multiple property markets – depending on location, price points, and property types. There’s no guarantee that any property will double in value in 7-10 years. You have to do your due diligence. Myth: You can’t lose with property Fact: Yes, you can.  Not every property is an investment-grade property. Succeeding in property has to do with choosing the right property, in the right location, at the right time, and for the right price.  Myth: Houses are a better investment because of their land component Fact: Land is the component that increases in value, so it can be a good choice to own a property with a high land to asset ratio.  But land is not the only consideration, and not all land is the same. Desirability, demand, and location are also fundamental components of a successful property. Myth: It’s too late for me to invest Fact: Sure, it’s tougher to reap the rewards of property growth if you’re older, but it’s never too late.  Even late in life, there’s still the opportunity to grow your retirement funds and leave a legacy for your own children and grandchildren. The 7 Ways Australia’s Property Markets Are Different with Dr. Andrew Wilson  Population growth underpins our property markets Population growth is concentrated in our three big capital cities, creating a strong demand for housing. We have a sound banking system Australia’s banking system is well regulated and risk averse. Australia has a long-term undersupply of the right type of property The supply of new dwellings has not kept up with demand, thanks mostly to an increase in immigration. Debt is not a real worry Much of Australia’s debt is in the hands of borrowers who have the ability to service their loans. And much of the debt is good debt. Australian has a culture of homeownership This is different from overseas where many people expect to be tenants for life. Rental accommodation is in the hands of private investors In Australia, the majority of rental accommodation is owned by private investors. The government wants us to own property Because of Australia’s culture of homeownership, the government encourages first home buyers with certain incentives and property investors with tax breaks. Links and Resources:  Michael Yardney Metropole Property Strategists Metropole’s Strategic Property Plan – to help both beginning and experienced investors Ahmad Imam- Director of Metropole Properties Sydney Dr. Andrew Wilson, chief economist of MyHousingMarket.com.au  See the show notes plus more at the show web page 5 Property myths that aren’t true |7 Ways Australia’s property markets are different with Dr. Andrew Wilson Some of our favourite quotes from the show:  “Not all land is created equal.” – Michael Yardney “Your life is a reflection of what you are willing to tolerate.” – Michael Yardney “If you want money in your life, you’ve got to give more value.” – 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  

If you want to become successful at anything, whether it’s property investment, business or entrepreneurship, a great strategy is to find yourself a mentor – someone who’s achieved what you’re wanting to achieve and study them, learn from them and emulate them. You can learn from their successes as well as their failures. In fact it’s much cheaper to learn from your mentor’s mistakes So please allow me to be one of your mentors. You see…I frequently get interviewed on the radio, television and on podcasts. And today I’d like to replay an interview that brought out a lot of great information about my youth, my successes and also the things I’ve done wrong. As I said…if you can learn from other people’s mistakes, why not do that instead of making these yourself? Mike Mortlock from MCG Quantity Surveyors interviewed me for his podcast. This show is about double the length of our normal show, but there’s a lot of good information there that both new and returning listeners will benefit from. Some of the topics we discuss during the interview How I got interested in property My first property What led me to start the Metropole Group of Companies How finding mentors and learning from mistakes helped me create the business that I have today Some of the mistakes I’ve made Patterns I’ve learned in the property cycles Strategies that I have used in my real estate investment journey Which locations are going to outperform in the long run Why investors should think like home buyers What opportunities exist for potential investors with limited budgets How long it really takes to become financially independent Some strategies for new investors Difficulties with getting financing when you have several properties A mistake that I sees property investors frequently make How investors can use renovations to add value Why behavioural finance and investment psychology are important subjects to understand How biases affect financial decision making The services that Metropole offers Links and Resources: Michael Yardney Metropole Property Strategists Michael Yardney’s Mentorship Program Mike Mortlock MCG Quantity Surveyors Show notes plus more here: How I built my property empire – Summer Series Some of our favourite quotes from the show: “I’m actually a real success at failure. I guess there’s been tenacity to keep going.” –Michael Yardney “The good and the bad times are keep coming, so be prepared for them. Maximise your upside and be prepared to cover your downside.” “One of the big lessons of successful investors, business people, is to delay gratification. Wealth is the transfer of money from the impatient to the patient.” –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.

Fears of the property bubble are back.  It’s a new year, and the naysayers and the property pessimists are out telling us we’ve got a property bubble. That’s what we’re going to unpack today as I chat with Pete Wargent.  First-time homebuyers are back, established homeowners are back and investors are back in the property market because they fear missing out, particularly in our two big capital cities.  Add to that a number of interest rate cuts, easier lending, and a friendly media that has been encouraging people to get back into the property market.  But are we in a property bubble?  Topics Covered in my Talk with Pete Wargent: The definition of a property bubble The efficient market hypothesis The cause of rising house prices The indicators of a bubble It’s easy to predict a bubble because it’s difficult to prove that the prediction is wrong Predicting bubbles can make people feel smart or sophisticated How the property cycles repeat What would happen if there is a price drop Where things are going to be in ten years’ time Links and Resources:  Michael Yardney Metropole Property Strategists Pete Wargent  Next Level Wealth  Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Join Michael Yardney and a group of Australia’s leading experts at his annual Property and Economic Market updates – in Sydney, Brisbane, and Melbourne Use the coupon code PODCAST and come as our guest. Show notes plus more here: Don’t worry about an Australian property bubble – take our advice. With Pete Wargent Some of our favourite quotes from the show:  “It’s homebuyers who make the property market.” – Michael Yardney “The property market cycle is what we’ve been seeing, as opposed to the hyperinflation of property prices which you’d see in a bubble.” – Michael Yardney “I believe that the market tends to correct itself, and it has this time around.” –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 was recently asked to put together a list of simple rules that distilled my property investment philosophy, so in today’s episode, I’ll give you 9 simple property investment rules to go by. In my mindset moment, I’ll share 2 inspirational quotes that have helped me and that might be helpful for you as well. Then we’ll discuss some of the differences that separate rich people and poor people. Hopefully, by the end of the episode, you’ll be a little wiser when it comes to money, property, and success. 9 Property Investment Rules Become financially fluent – You need to understand how money, finance, the property market, and the economy work. Adopt a proven investment strategy – Real estate is a high-growth, low-yield investment, so it’s best to invest for capital growth. Not every property is investment property – you want properties that are going to out-perform the averages in capital growth. Demographics drive markets – Demographics are more important than short-term ups and downs when it comes to shaping our markets. Real estate investing is a game of finance with some properties thrown in the middle – property is a long-term game, so you’ll need financial buffers along the way. The economy and our property markets move in cycles – each boom sets up the next downturn, and each downturn sets the stage for the next boom Follow my 6 Stranded Strategic Approach and only buy a property – properties should: Appeal to owner occupiers Be priced below intrinsic value Have a high land to asset ratio Be located in an area that continually outperforms the averages Have a twist that adds value Come with the potential to manufacture capital growth Don’t focus on bargains -- Properties that no one else wants today will probably be the type of property that no one else will want in 5 years’ time. Allow for an X-factor – unforeseen events can be positive or negative, but they’re sure to happen. 10 major differences between rich and poor people If you’ve been listening to my podcast you’d realise that I believe wealth is a choice that we must all make.  Wealth is a mindset Bill Gates once said, "It's not your fault if you were born poor, but it's your fault if you die poor." In Australia, there's no reason why you should live in poverty. Wealth is waiting for you, but you have to make up your mind if you want it in your life. For years I studied the rich then I became one of them, and for the last decade I’ve mentored over 2,000 people to become rich Here are 10 of the major differences I’ve realised that separate rich and poor people: 1a. Poor people are skeptical. I distinctly remember a nephew of mine saying, "Those plumbers are a rip-off! They'll charge for things they haven’t done. He thought that everyone unjustly wanted his money and that everyone is out there to get him. Do you know someone like that? 1b. Rich people are trusting. Rich people have the tendency to trust those they meet (within reason) and give others the opportunity to be themselves. 2a. Poor people find fault. People who are poor are always looking for the problems instead of the solutions. They end up blaming their environment, circumstances, jobs, weather, government and will make an extensive list of excuses as to why they cannot be successful. 2b. Rich people find success. Rich people understand that everything happens for a reason. Rather than letting life happen to them, they take direct action and make big things happen. They put aside all the excuses and eradicate their blame lists because they have to do what must be done. 3a. Poor people make assumptions. When it comes to knowing the truth, poor people often make assumptions. If they want to reach out to a someone, they might say, "They probably don't have time to talk to me." Instead of checking the facts or asking questions, they never make a true attempt when it comes to getting what they want. 3b. Rich people ask questions. Many rich people ask the question, "What if?" For instance, "What if I wrote an email to that person and he or she answers?" If you begin to ask questions, you will save yourself a lot of hassle. The power is in the hands of those who ask the right questions. Then don't answer your questions, question your answers. 4a. Poor people say, 'they' and 'them.' Have you noticed how the people at the checkout at the supermarket say, "They never have enough cashiers. I don't know what's wrong with them." Obviously, these people don’t take any ownership and responsibility for their job. They certainly separate themselves from the job that was paying her. 4b. Rich people say, 'we.' At one of my favourite restaurants, the server said, "We take great delight in cooking our steaks in real fire." Her sense of pride and ownership stimulated me, which allowed me to give her an honourable tip. Surely, you will be rich when you invest more into what you believe in. 5a. Poor people want the cheapest way. Have you noticed how poor people tend to look for the cheapest items, bargains, free advice. Unfortunately, cheap is always cheap. 5b. Rich people want the best way. Rich people will go the extra mile to find quality – they recognise that price is what you pay and value is what you get. They don't limit themselves to price and often seek service while they shop. They’re prepared to pay for mentors, coaches, and advisors 6a. Poor people think money is more important than time. Millions of people all over the world are trading their precious time for money. You can always get $500 back, but you can't get 50 hours again. Nonetheless, the majority of people trade time for money and never realize their true potential because of it. 6b. Rich people know that time is more important than money. Rich people never trade time for money. Moreover, they seek fulfilling experiences that dramatically alter their lives. Their careers are more focused on doing what they love and helping others, instead of merely clocking in for a meager paycheck. 7a. Poor people compete. When a poor person sees an opportunity, they find out how others are doing it and copy them. Most often, they never consider another way of doing it. Instead, they settle in the belief that doing what others are doing is the best thing they can do for themselves. 7b. Rich people create. On the other hand, the rich like to think outside the box and find new opportunities 8a. Poor people complain, condemn, and criticize. Most poor people have learned how to be poor from their parents. Their family members have conditioned them to believe that everything is "wrong" instead of right. If you've ever heard someone ask, "What's wrong?" you'll know what I mean. 8b. Rich people praise and enjoy their blessings. Rich people know that they have many privileges and they don't take it for granted. Because of their appreciation of gifts, love, and circumstances, they are able to generate more. 9a. Poor people seek amateur advice. They often listen to the opinions of others and seek approval from acquaintances. They believe almost everything they hear without questioning authority. They accept opinions as facts and prohibit themselves from doing research once satisfied with an answer. 9b. Rich people seek expert advice. Those who are rich have learned to think for themselves. If they cannot figure out something, they seek expert advice. Usually, they pay for the advice and are given a wide variety of options. They learn the experts only make suggestions, which means that they aren't particularly confined to a specific action. 10a. Poor people have big television sets. Poor people use their free time to avoid the art of thinking (which is the most challenging task) and zone out to what many have conformed to believe is "entertainment." 10b. Rich people have big libraries. Wealthy people are educated and read a lot of books. They use their knowledge in a way that benefits them. Instead of drifting off in random activities, they seek to get within their minds to understand themselves, others, and the world in which they live. Bottom line: To get a true perspective on how to become rich, you must study rich people. After all, you become what you study. If you're currently surrounded by people who aren't yet rich, just do the opposite of what they do. Soon enough, you'll be able to reach your financial dreams! Links and Resources: Michael YardneyMetropole Property StrategistsRich Habits Poor HabitsMichael Yardney’s Mentorship ProgramNational Property and Economic Market Update 1 day Trainings Show notes plus more: 9 Property Investment Rules You Must Understand | 10 Major Differences Between The Rich and The Poor - Summer Series Some of our favourite quotes from the show: “It’s really critical to understand if you’re being impartial advice, or if you’re being taken advantage of by the many vested interests out there after your money.” –Michael Yardney “Trying to make something perfect actually prevents us from making it just good.” –Michael Yardney “What if what you know is only one of the many possibilities, and there are some better ones, other ones, different ones? What if what you know could be further enhanced by what other people know? What if what you already know is actually wrong?” –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.

The custom of making New Year’s resolutions has been around for thousands of years, but it hasn’t always looked the way it does today.  The ancient Babylonians held their new year’s celebrations in mid-March when the crops were planted. They made promises to pay their debts or return items they borrowed.  These promises were the forerunners of our new year’s resolutions.  Today, we’re going to take about how to restore some of your New Year’s resolutions that may have fallen by the wayside.  Where did my New Year’s resolution go?  I bet you made some New’ Year’s resolutions. Most of us did because resolve comes easily on December 31st. But give it a few weeks and many of the resolutions you made might already be in disarray, compromised, abandoned.   And the resolute determination to make this year the year that you stick to your resolutions has probably forgotten altogether. I’m not writing this to make you feel guilty over this abandonment.   Instead, it is about the real reasons resolutions and the determination to achieve them are lost, year after year, and how to change things so that this year you’ll get on track to systematically set and achieve new goals. So here are 9 strategies to rescue them You can’t achieve new goals or make desired changes without allocating time to do so. One of the big reasons that resolutions never become reality is that no room is made for them in your daily schedule. There are obviously some things you’re going to need to keep doing, some new things you’ll need to do and a bunch of things you’ll have to stop doing to make room for the new more productive activities. Priorities should govern schedule, schedule shouldn’t govern priorities. Another mistake made by the vast majority of business owners and entrepreneurs is they operate like workers instead of bosses and leaders.   To have a better year this year you’ll have to wrest control away from others’ priorities and be governed by your own priorities.   Resolutions aren’t resolutions without resolve. Only you can decide what really matters to you.   So don’t bother making resolutions to appease or satisfy others.   Be honest with yourself – that’s a prerequisite for success. Resolutions require resources. Almost anything you decide to do, any change you decide to make, any goal you set out to achieve requires new or different resources.   You aren’t really serious about a resolution unless you invest in and gather the required resources.   Sometimes investment motivates follow-through, too since you’ve expended time effort and money in it. Daily progress. Take your goals, your objectives and break them down to a timeline and to-do list for each day, from now to fruition.   Here is the discipline that is guaranteed certain to move you closer to any goal each and every day: refuse to end any day without doing something, no matter how small, that moves you toward the goal!   Who motivates the motivator? As a businessperson, as an entrepreneur, as the leader you may be doing a lot of motivating of others, but who motivates you?   Any professional sports coach will tell you: measurement automatically improves performance, and measurement monitored by someone else further improves performance. Build up to change. Say you resolve to get up an hour earlier every morning to work on some project.  You could start with 15 minutes for two weeks, then 20 minutes for two weeks, then 30 for a month, then 45 for two weeks. It’s not too late to regroup! You may already have let your resolutions slip away.   It doesn’t matter.  Today, tonight, tomorrow morning at the latest, block out a couple of hours, bolt the door, unplug the phone, and re-group. Review the resolutions.  Pick one or two that mean that most, and apply the seven ideas I’ve just shared with you. Don’t try and do it all on your own. Resolve weakens under pressure, under stress, when you feel your time is out of your control.   As I mentioned above it’s really hard to be successful on your own. You need a coach, an unreasonable friend, a mentor to hold you accountable. And as a business coach to some of Australia’s leading entrepreneurs and business people, that’s why I specialise in. Do you need guidance, motivation, and accountability to push your business through to the next level? Are you frustrated that your business isn’t growing as fast as it could be? Would you like your business to be less dependent on you? Would you like step-by-step proven strategies to generate more business and sales in the next 90 days? Would you like access to behind the scenes templates and tools used only by the top 1% of successful businesspeople? Then click here now and find out all about Business Accelerator Mastermind. This community is for you if you’re a businessperson, entrepreneur or professional who wants to 10x your income, elevate your ability to give, and leave a massive impact on your community and the world by up-leveling your tribe and improving your business acumen. Why not make another New Year’s resolution and join our Mastermind group and get the advantage of having a coach on your side? Please click here now and find out all about how you could benefit from this. 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   Show notes plus more: Where did my new year’s resolution go? 9 Strategies to Rescue Them | Build a Business, Not a Job Podcast Some of our favourite quotes from the show:  “You’ve really got to decide what’s important to you, what matters to you.” – Mark Creedon  “I think if you do invest the time, effort, money in getting resources, it is likely to motivate you more to actually keep going.” – Michael Yardney “First of all, tell other people about your resolutions, because when you do make it public, you’re more likely to stick to them.” – Mark Creedon  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.