Property Investment, Success & Money | The Michael Yardney Podcast

Today's show's going to be a little different. I've asked Ahmad Imam, Director of Metropole in Sydney, to share with us his top ten videos, some of which have gone viral on LinkedIn. Ahmad is prolific on social media and has tens of thousands of followers. His short videos contain some great tips on properties and finance. I'm also going to read you a poem - something a little different in my mindset moment. Ahmad's Top 10 Videos Are you too old to invest in real estate? It takes a minimum of 10-15 years to achieve a level of financial independence through property. So, let me break it down: If you're starting to invest in your 20s - You have all the time in the world. If you're starting to invest in your 30s - You have plenty of time. If you're starting to invest g in your 40s - You still have enough time. If you're starting to invest in your 50s - You have to start NOW!! If you're starting to invest in your 60s - Too late What is your biggest asset? One question I always ask my clients is "What is your biggest asset?" And the answer they always give is either: ▪️ Their Home ▪️ Or their investment Portfolio ▪️ Or their Car And those answers are wrong. Your biggest asset is actually your ability to generate income Negotiation Tip – Play Dumb When negotiating, playing dumb is a smart thing to do. ▪️ Do not act like an expert ▪️ Ask a lot of questions ▪️ Confess ignorance or confusion ▪️ Ask for guidance and advice ▪️ Channel your inner Columbo Your goal is to gather as much information as you can and get a more detailed understanding of the other person's situation, goals and restrictions. Now you're ready to negotiate! 3 things you need to be a successful investor Property investment is not a get rich quick scheme and those who have been successful in property investment work with 3 core fundamentals: Leverage – using other people's money (the banks) to help build an asset base. Compounding – focusing on high growth assets that grow faster the longer you leave them. Time – the more time you have the more compounding can occur. Don't reinvent the wheel. Keep it simple! How to double the value of your property? You can't just buy any property and expect it's going to double in value in 7-10 years In fact, most do not Only 1-2% of properties on the market are what I would classify as investment grade. Enter the Rule of 72. Negotiation Tip – Always be willing to walk away If you were to ask me what is your No.1 tip for negotiation? I would say, without hesitation: ALWAYS BE WILLING TO WALK AWAY! Negotiation Tip – Be assertive Don't be afraid to ask for what you want. Power negotiators are assertive and challenge everything - they know that everything is negotiable. Please Note: There is a big difference between being assertive and being aggressive. Negotiation Tip – Shut Up & Listen Most people are so busy trying to ensure you hear what they have to say, that they forget to listen A Power Negotiator is like a detective. They will ask you a probing question and then they will sit back and listen. And allow you to tell them everything that they need to know Focus on the 70/30 rule. Listen 70% of the time and talk 30% of the time. The biggest lie in property? I must admit... It always makes me chuckle when I hear someone use the term 'The Australian property market', or 'The Sydney property market'. It also gets on my nerves. Why? Because there is no such thing as 'one' property market. Fact!! Negotiation Tip – Don't be in a hurry. Many of us either have a lack of patience... or we are so uncomfortable with a negotiation that we just want to get it over and done with. That won't lead to a good outcome If you're in a rush, you'll make mistakes and you'll also leave money on the table Show you're not in a hurry and the other negotiator will likely give you an incentive to say YES The more patient you are...the better deal you are likely to get. Links and Resources: Michael Yardney Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Ahmad Imam – Metropole Property Strategists Sydney Some of our favourite quotes from the show: "Interestingly, when you retire, the majority of your assets are not going to be money that you've saved, it's not going to be your superannuation, it's going to be the tax-free capital growth that you get out of the assets." – Michael Yardney "Past performance doesn't always equate to future performance." – Michael Yardney "You can't take money with you when you leave, but I guess you must have it, just to know for sure." – 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

Property investment is risky. But the risk isn't what you think. It's not what most investors consider when they get involved in property investing. What most people think about risk is wrong, and what most people are being taught about risk is wrong. I'm going to share with you some ideas that will make you a better, safer investor when you understand where the risk really lies. Then I'm going to have a chat with Pete Wargent about three important considerations that will be affecting the value of property over the next decade – some things you may not have thought about. In my mindset moment, I'm going to share a lesson that I learned from one of my mentors that changed my life. Here's where the real risk is in property investing Primary factors that determine the degree of risk associated with investment: Expertise – Your experience and network of contacts can be your biggest advantage or your biggest risk factor. Control – The more control you have over your investment, the lower your risk. Transparency – The more you know, the lower your risk. Liquidity – The greater the degree of liquidity, the lower your risk. Returns – You should be able to get returns from your property in multiple ways: cash flow, capital returns, appreciation, and tax benefits. The more secure your returns, the lower the risk. Is Your Principal At Risk? – An initial cash investment (your principal) in a bank term deposit is considered very secure, whereas if you buy shares it's possible for the company to fail and the shares to be worthless. Personal Liability – The more you are personally liable, the higher the risk to the investment. Market Risk – Consider what impact general economic changes to that marketplace could have on your investment. Risk Spectrum – Is it the right property, in the right suburb, at the right price and at the right time in the cycle? When assessing risk, most investors only look at the last two factors – the market and specific investment risk. They rarely focus on the other factors, which in many ways are more significant. 3 important considerations for property in the next decade In my chat with Pete Wargent we discuss: The cost of land – Not all land is created equal, and you want to own the kind of land that is more valuable. The cost of construction – Building costs increase because you need to use today's materials, prices, and keep up with the costs of labor. The cost of money – The cost of money isn't going to get much cheaper over the next decade or two. You want to make sure that you make a return that beats inflation. Links and Resources: Michael Yardney Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Pete Wargent Some of our favourite quotes from the show: "You, the investor, are the biggest risk, the biggest variable of all." – Michael Yardney "The first major lesson in life is to learn how to handle the winters." –Michael Yardney "The bottom line is, if you can change yourself, you can change 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

It seems that it's to make predictions for the property market over the next couple of years. The predictions have grown more positive over the past few months, and I agree with that. But I don't agree with some that are suggesting that we're going to get a property boom. In particular, one prediction is that the Brisbane property market is going to increase by 20% over the next few years. Is this possible? That's the discussion we're going to have today with Brett Warren. This is the audio track of our masterclass video that recently ran. Even though I own the Metropole Brisbane office, you're probably going to be surprised that I disagree that Brisbane is going to do as well as some people predict. Having said that, we are going to give you some indication of what's going to be ahead in the Brisbane property market, how to outperform the Brisbane property market, and how you possibly can get that sort of growth. What to know about the Brisbane property market Will Brisbane property markets really go up by 20% over the next few years? Not in most areas. However, if you select the right properties in the right locations, you give yourself the best possible chance of hitting that target. Over the past five years, Brisbane has performed well below Sydney and Melbourne. There has been a growth of about 7% when you combine houses and apartments. When you break it down, houses performed better than that, while apartments were affected by the oversupply. oversupply. Brisbane differs from other capital cities in that it lacks the same urban sprawl as other capitals. Jobs are located in the heart of Brisbane, so that's where to expect the most growth. Brisbane is in for a surge in property values because there are more jobs being created and both interstate and overseas migration are picking up. People will want to live close to their jobs. When considering property in Brisbane, it's important to look for what's always worked. Owner-occupiers drive the markets, so think about what they look for. The most in-demand suburbs have several things in common, including: Jobs Good schools Great lifestyle precincts Access to public transportation. Links and Resources: Michael Yardney Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Brett Warren - Metropole Properties Brisbane Some of our favourite quotes from the show: "If anyone can just buy a property in Brisbane, go away on holidays for three years and come back and be much richer, that's the setting for the next bust again, isn't it?" – Michael Yardney "There are always people who try to chase the next hot spot, the next trend, that's not what we recommend, that's not what we do." – Michael Yardney "The rich don't commute. They don't want to commute far, so they're going to want to live in certain locations." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

Are you an entrepreneur? A business owner? Planning to get into business? And if you're a property investor, you really should treat it as a business. Today we're going to discuss what Mark Creedon has learned as a business coach about what separates very successful entrepreneurs from people who call themselves entrepreneurs, but really aren't. The 6 Entrepreneurial Personality Traits Self-Motivation One of the most important traits of entrepreneurs is self-motivation. When you want to succeed, you need to be able to push yourself. Entrepreneurs know how to communicate their dream and inspire others to join them on their journey to achieving it. Optimism When you're just starting out, it can seem like getting your business off the ground will never happen. But entrepreneurs don't think like that. They are optimistic about the future and are always looking ahead. To be a successful entrepreneur, you must be goal-oriented. But it's not enough to just set goals. You must make a plan and do everything you can to reach those goals. Everything you do must have a purpose. Take Risks Successful entrepreneurs know that sometimes it's important to take risks. Playing it safe almost never leads to success as a business owner. It's not about taking just any risk, though. Understanding calculated risks that are more likely to pay off is an important part of being an entrepreneur. You'll need to be willing to take a few risks to succeed. If you're afraid to take the leap, you'll never get anywhere. Staying complacent will never allow you to achieve greatness. Entrepreneurs don't let uncertainty and potential failure stop them from doing what needs to be done. Instead, entrepreneurs look at challenges and risks as opportunities, not as problems. Basic Money Management Skills and Knowledge We often think of successful entrepreneurs as "big picture" people who don't worry so much about managing the day-to-day. And it's true that you might have an accountant or other team members to help you manage the business. However, if you want to be successful, you should still have basic money management skills and knowledge. Understand how money works so that you know where you stand, and so that you run your business on sound principles. Flexibility To a certain degree, you need to be flexible as an entrepreneur. Be willing to change as needed. Stay on top of your industry and be ready to adopt changes in processes and product as they are needed. Sometimes, you also need flexibility in your thinking. This is an essential part of problem-solving. You want to be able to find unique and effective solutions to issues. Passion Finally, successful entrepreneurs are passionate. Entrepreneurs aren't in it for the money. While that may be an added bonus, the true benefit is doing what they love. Building a business takes a lot of time and effort. It means putting in longer hours and doing extra work. If you don't love what you do, you're not going to want to do what it takes to achieve success. Links and Resources: Metropole's Business Accelerator Mastermind Mark Creedon – Business Coach to some of Australia's leading entrepreneurs Go here for the full show notes plus more: The 6 Personality Traits All Entrepreneurs Must Have | Build a Business, Not a Job Podcast Some of our favourite quotes from the show: "Not everyone is built to be an entrepreneur. Not everyone is built to be a businessperson. And that's good! Because we do need employees." – Michael Yardney "We don't want our spinal surgeon to take risks and try something new on us." – Michael Yardney "Being a professional, whatever profession you're in, is hard because the world is continuously changing. So, unless you've got the passion, you're not going to get through the challenges." – 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.

Have you ever thought of getting involved in property development? More and more investors want to become property developers. We're experiencing a period of lower capital growth at the moment, so investors want to "manufacture" some capital growth, want to get better rental returns, and want to get their properties at wholesale. This is the first of a series of podcasts over the next couple of months explaining more about the property development process that I will be conducting with my son, Bryce Yardney, who now manages the property development department of Metropole and who, over the years, has been involved in hundreds of property development projects. We're going to start with some of the rules you need to understand if you want to get involved in property development. Then, in my mindset moment, we're going to talk about one thing successful investors do differently to those who aren't as successful. The rules of property development Get all your ducks in a row before you start Before starting down the path of your first (or next) development project, get your finance pre-approved, have your ownership structures set up and have the core of your team of consultants selected. Understand where you are in the property cycle As a development project often spans two or more years, understand where you sit in the property cycle and pay attention to the big picture economic factors that will affect the real estate market. Do careful pre-purchase due diligence You need to undertake due diligence including checking the council zoning, as well specific property due diligence – things like checking: the title for covenants, easements and overlays the neighbourhood character as well as adjoining buildings and trees the topography of the site. Get your budget right Do a detailed feasibility study – be realistic rather than optimistic and include all the little costs beginners tend to forget. Then allow a contingency in case unforeseen costs crop up, because they always will! Don't overpay It's important to buy your development site at a price that allows you to make a fair profit; otherwise you're immediately at a disadvantage. Get a good team around you Your team is likely to involve a property lawyer, accountant, finance broker, architect, real estate agent and a project manager to oversee the whole process. And remember…if you're the smartest person in your team, you're in trouble. Be realistic about your schedule Setting realistic time frames will help you budget more accurately and remember to set aside some contingency money in case unforeseen problems stretch your schedule. Be meticulous with your documentation Put everything in writing, especially when dealing with consultants and contractors. This helps avoid misunderstandings and confusion. And keep very clear accounts. If your paperwork isn't in order, it'll only cause headaches further down the line. Design your project with the market in mind To maximise your profits your project must suit its target market – not necessarily your tastes. Don't become overconfident I've seen many investors make substantial profits through property development; however I've seen even more developers, some much smarter than me, lose it all through overconfidence or undertaking just one more development before the cycle ended or a project with too little built-in profit margin. Hopefully these rules will help steer you on the path of property development success so you won't run into many potholes. What all successful people do differently There are so many sayings we just take for granted as true, but it's important to really look at them, because sometimes they don't make sense. What's the point of having a cake if you can't eat it too? Shouldn't the Trojans have looked that gift horse in the mouth? Today we'll look at two sayings that you may want to reconsider. Don't put all your eggs in one basket. Common wisdom suggests that you need to diversify. But is that really correct? Successful people specialize. Why not just take good care of your basket? Diversification is a protection against ignorance. But successful people focus their concentration on one single earning activity and become an expert in that area. Don't always be on the lookout for new opportunities. If you're like me, you're getting new opportunities in your inbox every day. Opportunities can be like obstacles if they take your focus away from what's in front of you right now. It can be exciting to chase the next shiny toy, but to become a successful investor, you've got to do the same thing over and over again. You'll only become an expert by doing one thing one hundred times, rather than doing one hundred things once. Links and Resources: Michael Yardney Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Bryce Yardney - Metropole Projects Join us in October for our annual Property Renovations and Development Workshop Learn more about how to become an "armchair developer" using Metropole's property development management services See the full show notes plus more here: The rules of property development | What all successful people do differently Some of our favourite quotes from the show: "Don't trust your memory, and don't allow other people to get it wrong either." – Michael Yardney "To find success, you'll sometimes have to dismiss common beliefs." – Michael Yardney "I've made more by saying no to perceived opportunities than by saying yes to them." – 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

Today's episode is unashamedly about becoming rich and getting more money. I've often said that money's important in those areas where it's important and not important at all in other areas. But any problem that can be solved by money isn't really a problem, is it? So please let me show you how you can obtain more money. First of all, we're going to explain why property investors develop financial freedom. In my mindset moment, we'll talk about some of the money habits of the rich. Then, I'm going to share the steps you need to take to develop financial freedom. It's a process, it takes time. There are no get rich quick schemes here. But if you're patient and follow a proven strategy, money doesn't discriminate. You can have as much of it as you want. Why property investors develop financial freedom We dream of it, work for it, and plan for it. But can the average Australian develop financial independence? Yes. If others have done it, you can too. Wealthy people don't do different things, they just do things differently. And you can learn to do the same. Not everyone works hard for their money. The rich earn recurring passive income. That means that they control a money source that makes money for them even when they're not there. This is how business owners or property investors build wealth. When it comes to how people make money, we can all be placed in one of four categories. Employees – Employees trade hours for dollars. They really only get what's left after the government takes its share in taxes. Self-Employed – a self-employed person owns a job. They want to be their own boss, but often they've simply swapped one boss for many bosses, called customers or clients. Self-employed people aren't business owners, but they do have an advantage over employees, in that they get to take advantage of tax deductions that allow them to pay their business expenses before being taxed on what's left over. Business Owner – A business owner owns a system and people work for them. They don't have to be at work in order for the business to run. They invest their money in an idea and a business system, then let that investment – in the form of a business – work for them. Investor – Investors don't have to work because their money works for them. This is the group that you want to belong to if you hope to be wealthy someday. Investors convert money into wealth. By building your own property portfolio with income-earning residential real estate, you are taking the steps to move from employee to investor. Money Habits of the rich The rich know how to work full-time at their job and part-time on building wealth. The rich save their money and spend what's left. Learn to live on 70% of your income after taxes. The rich contribute to their communities by giving to charity. Of the 30% of your income remaining, 10% of your income should go to charity. The remaining balance should go into savings. When you have sufficient savings, you can begin investing in growth assets. The steps to financial freedom Many Australians have chosen to invest in property to develop financial freedom and get themselves out of the rat race. As they take their investment journey they fit into one of the following five Levels of Wealth. Let's have a look at these more closely and see where you sit: Level 0 – Financial instability Since most Australians live from pay cheque to pay cheque, they are Financially Unstable. If they lose their job or have an emergency, such as an illness or the car breaks down, they have no money reserves to cope. Level 1 - Financial Stability To achieve this most basic level of wealth: You've accumulated sufficient liquid assets (savings or money in a line of credit) to cover your current living expenses for a minimum of 6 months. You have private medical insurance and some life insurance to protect you and your family's lifestyle should you become ill, disabled, unable to work or if worst comes to worst – suddenly die. Level 2 - Financial Security Now you have accumulated sufficient assets, such as a substantial property portfolio, to generate enough passive income to cover your most basic expenses. These would include; Your home mortgage and all home-related expenses. All your tax payments and the interest payments on your loans and debts. Your car expenses. Your grocery bills and minimal living expenses. Insurance premiums including medical, life, disability and your house. Level 3 - Financial Freedom You're financially free when you have accumulated sufficient assets to generate enough passive income to pay for the lifestyle you desire, not necessarily your current lifestyle, and all of your expenses, without ever having to work again. Level 4 - Financial Abundance A small group of sophisticated property investors achieves Financial Abundance when their portfolio works overtime. They're free of financial pressures and have so much surplus income that after paying for their lifestyle, all of their expenses and contributions to the community (often through charity work or donations), their asset base continues to grow. Climbing to the top of the investment ladder So how do you climb the rungs to the top of the property investment ladder and achieve financial abundance? Here are 4 steps you can take: Decide you want to become wealthy. Most Australians dream of financial independence and want to be wealthy, but never make a firm commitment. If you don't truly commit, life gets in the way and you get sidetracked. Choose the date you're going to be financially free, then put it in writing, make a firm promise to yourself and tell others so you have no excuses. Invest in your financial education. If you're a beginning investor focus on increasing your financial education. To fast track your success, keep reading books, going to seminars, watching DVD's and learning from people who've already achieved what you want to achieve. Don't wait until you know it all to get started, because if you do, you'll never take the first step. One of the things I learned early in the piece is the paradox of knowledge: The more you learn, the more you realise you don't know. How do you know when you know enough to start investing? When you have the courage and conviction to take action, knowing that you'll never know it all, but you'll learn more along the way – educating yourself as you move up the investment ladder. Surround yourself with like-minded people. There's no such thing as a "self-made millionaire". Even financially independent investors surround themselves with a smart team of advisors and professionals as well as other like-minded individuals. Get a mentor, join an investment club and associate with others who have similar aims to you. If you stop associating with people who are negative and point out all the things that can go wrong, and instead surround yourself with people who are positive and will spur you forward, you'll reach your financial goals much quicker. Links and Resources: Michael Yardney Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Some of our favourite quotes from the show: "The rich and the poor both start with the same amount of money. They just have a different philosophy." –Michael Yardney "Be really, really careful who you listen to. Because if you listen to what most people listen to, if you follow the people that most people follow, you'll never get to financial abundance, because that's not what they're aiming for." –Michael Yardney "The lovely thing about money is it really doesn't discriminate." –Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

You are where you are in life because of all of the things you've chosen to do and all of the things you've chosen not to do. So, in today's show, I'm going to share with you 11 things that successful investors don't do, so you can move ahead in your investment journey. In my mindset moment, I'm going to explain the vast difference between being wealthy and being rich. And in my chat with Ahmad Imam, we're going to talk about the fears of first-time investors. So, if you're a beginning investor wondering if you should or shouldn't get in, this conversation will be very useful. But even if you're not a first-time investor, you may have some of the same fears, so you can get something out of this conversation as well. 11 things successful investors don't do While there are many great tips on what to do to become a successful property investor. However today I'd like to look at a number of things successful investors don't do. They don't concern themselves that the markets are unpredictable. Successful investors are comfortable with the reality that their future can't be predicted. They know that despite having the best plans and strategies there are always X-factors coming out of the blue that may affect them negatively. So they protect themselves by planning for the worst yet expecting the best outcome. They don't accept things as true without questioning. In an uncertain world, we love to be right because it helps us make sense of things. One of the ways we strive to be correct is by looking for evidence that confirms we are correct. Psychologists call this confirmation bias. Instead successful investors understand that most of us are ruled by our prejudices, so they maintain a healthy skepticism and question new information before accepting it to be true. They don't think success will come "quickly" or "easily." Successful investors don't look for the next "get rich quick" scheme, knowing that those with a long-term perspective and who delay gratification are more likely to be financially successful because wealth is the transfer of money from the impatient to the patient. They don't wait for the "right time" to take action. Successful property investors don't try and time the markets. They know there isn't a "right" time to do anything. They don't try and do it on their own Successful investors know that if they're the smartest person in their team they're in trouble. So they're prepared to pay good advisers and have mentors who inspire and motivate them and keep them accountable. They don't waste their time worrying Interestingly most things you fear will happen, never do. They are just monsters in your mind. And if they do happen then they will most likely not be as bad as you expected. The lesson here is that you shouldn't take things too seriously because that which seems like a big problem today, you may not even remember in five years. They don't give others the power to define "success" for them. When you compare yourself to others you let the outside world control how you feel about yourself. Successful people pursue what makes them happy without worrying about what others think, especially other people's definition of success. They don't dodge responsibilities. Successful people are human so they make their share of mistakes, yet they're willing to accept responsibility and admit to their faults. They don't ignore problems. Successful people confront problems as soon as possible. Like all of us they're tempted to neglect things that are difficult to deal with, but tackle them anyway, because putting off a problem only turns it into a bigger one. They don't speculate Rather than following the latest fad, successful investors follow a time-proven strategy that they repeat again and again, recognising that you can't become an expert by doing one hundred things once. Instead, they do one thing a hundred times till they become proficient and can produce repeatable results – that's how they know they've become an expert. It may make their investing boring, but the results make their lives exciting. They don't forget the people who matter. No matter how busy they might be, successful investors make time to tend to their personal relationships, knowing how empty life would get without love and friendships. So, there you have it – 11 things not to do if you want to be a success. Overcoming the fears of being a first-time investor Fear and uncertainty lead to procrastination. The best way to overcome fears is to ask yourself two questions: what am I really afraid of? And how likely is it? Today's chat with Ahmad Immam may help address some of your fears. Strategies for overcoming fears Only listen to people who know what they're talking about. Everyone has an opinion, but not everyone's opinion is useful. Understand the media's love of sensational headlines. You can't turn on the news without hearing something about property, but bad news and sensational headlines sell papers and generate clicks. That doesn't mean the information is useful – most property journalists are not economists. Stick to reading journalists who understand the economy, real estate, and how to create wealth through property. You don't need to know everything before you get started. If you want to know everything, you'll get to a stage where you're procrastinating and never really get started. Accept that you'll likely make some mistakes but minimize them by getting a good team around you. Being wealthy is different to being rich There are a number of definitions of wealth. True wealth isn't your money or your property or how big your business is, it's what you're left with when they take all your money away. Another definition of wealth has to do with time freedom. Being rich doesn't mean you're wealthy. The rich may have a lot of money, but they have to keep working because they spend most of it. The wealthy have money without having to work too hard for it, and their money covers all their expenses. Generally, they've worked hard to get to the point where they don't have to worry about money. The difference between the rich and the wealthy is that the wealthy don't have to worry about money while the rich do because they generally spend most of what they earn because they haven't put enough money aside to invest in income-producing assets. You can think of the definition of wealth as how long you can survive and maintain your living standard without working. Links and Resources: Michael Yardney Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Ahmad Imam Metropole Property Strategists Sydney Some of our favourite quotes from the show: "The lesson here is strive to become the best you can be and look at how far you have come, what you have accomplished and how you have grown." – Michael Yardney "Sometimes negative experiences, mistakes and failures can be even better than a success because you learn something new which another win could never teach you." – Michael Yardney "True wealth is money plus the ability to keep growing and learning and spirituality, and that means different things to different 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

Do you have children or are you planning to have children? How about grandchildren? If so, this episode is for you. Even if you haven't got children, you'll get some great money lessons from this episode. Today we'll share seven tips to make sure your children grow up rich. And it's not just about money. We're talking about tips that will help children find success in all areas of life. So how do you go about creating a rich child? Here are some of the things we discuss: Reading to Learn Tom Corley found that 88% of the rich folks in his study spent 30 minutes or more every day reading to learn, whether it was about money, how to succeed in their industry, self-help, biographies of successful people and history. Cultivating relationships: You want to associate with those people that typically upbeat, optimistic, enthusiastic, positive types. If you're not in a circle that meets those criteria, volunteering at a community nonprofit is a good way to find them. Exercising: Because exercise improves brain performance by increasing the amount of oxygen and helping the health of the neurons, people who exercise think faster and have better memories—which make you more competitive in the workplace. Managing anger: It's normal to feel anger and frustration, but how you express it can make or break your success. Exploring talents: When kids are little, they get to do a lot of activities such as art, music, theater, and sports. But as they get older, they focus on just one or two. But that's a mistake. Exposing kids to numerous activities helps them explore their talents Keeping an abundance mindset: Of all the habits, this is the most significant that plays out in every aspect of our lives. Our brains are wired to emulate our parents from the start. Dream-setting: Dream-setting is a process. It's visualizing what your ideal life would be. The self-made millionaires in his study would map out what their dreams are at least 10 years into the future, and then build goals around the dream to make it a reality. Some of our favourite quotes from the show: "Being rich is about wealth in all facets of life." –Michael Yardney "You definitely have to grow and learn by having that habit of reading. It's a success habit not just of children, but of adults." – Michael Yardney "I want an expandable pie where if we all do well, are more productive, our country is better. There's enough for everybody." – 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 are changing in front of our eyes, but a couple of things are changing that you may not be aware of. One of those things is the ghost towers in Sydney. What's a ghost tower? You'll find out in this episode. It may not be what you expect. I'm also going to have a chat with Andrew Mirams about the changing finance markets and bust some myths about finance. In my mindset moment, we'll talk about 12 things that are more important than money. Listen in and by the end of the show, you'll be a more informed businessperson, investor, or entrepreneur. Sydney Ghost Tower warnings The ghost towers that are springing up across Sydney aren't haunted buildings, they're empty apartment buildings. By the end of this year, around 54,000 new apartments will have flooded the Sydney market in just two years. This has led to an oversupply of apartments for sale or for rent. Of course, this has occurred at a time when first-time buyer incentives have worked, with one in four people in the Sydney property market currently buying their first homes. It just hasn't been enough to soak up the extra apartments, though, and ghost towers are on the rise in Sydney. These vacancies have created a tenant's market, giving tenants the upper hand in lease negotiations. Landlords and property owners need to keep their rents the same when the lease expires, and may even need to drop their rents when their property become vacant in order to find new tenants. Metropole's Sydney vacancy rates are at about half the general market industry average, and they're currently sitting at around 2%. A large factor in this is the type of properties that we bought for our clients over the years – established apartments in small blocks that are close to amenities, that are still in strong demand and that have some uniqueness to them. Those apartments are holding their values well and they're leasing more quickly. The problem is we're building too many of the wrong type of apartments, and there are too many of the wrong types for sale or lease. Currently, the apartment market is being artificially propped up by developers manufacturing scarcity by holding onto their stock. They're not releasing a lot of their vacant apartments on the market because the market is saturated. At the same time, many investors are not putting their properties on the market for lease. They're keeping them in brand-new condition and waiting for better times. Developers built high-rise apartments aimed at foreign investors and a new generation of local investors who really didn't understand what made a good investment. This has led to high vacancy rates. Investors are going to lose out not only because they're not getting their rent, but because they're unlikely to see an increase in the value of their properties for at least a decade. Those who wish to sell or have to sell are going to have trouble finding buyers. Established apartments, the ones that used to be called flats, are outperforming new apartments. They're what we call "investment grade" apartments because they appeal to a wider range of more affluent owner-occupiers, not just investors. They're located in the right places, a short walking distance to lifestyle amenities. They have street appeal and good views, they offer security, and they usually have the ability to add value. And they have a high land-to-asset ratio, which is very different to the big buildings. The bottom line is that buying an investment-grade property is all about following a proven blueprint laid out by successful investors. It surprises me that people are still talking about buying off-the-plan apartments. Your best move is to avoid them. You're more likely to increase your chance of financial success in the future and reduce your chance of getting caught out as the property market moves to the next cycle by buying the right property in the right location. Don't worry about the timing. This is one of the best countercyclical buying opportunities I've seen in many decades. Busting finance myths It doesn't matter how long you've been with a bank, you still have to meet the current assessment criteria. Don't assume that your bank will take care of you out of loyalty. Things change with the credit cycles, and just because you got money in the past doesn't mean that you'll be able to do it again. You may not qualify, or you may need to meet new criteria. Your credit cards and credit limits matter. Whether you use it or not, you could spend up to that limit. And at any time your circumstances could change. So, it does matter and you do have to disclose credit cards and limits If you're adding a higher interest rate and a lower term, that has significant impacts on your borrowing capacity. We've hit the bottom of our credit squeeze. We want a balanced market. That will have a positive effect on the ability to borrow. Having a finance strategist on your side makes a big difference because the banks really aren't on your side. 12 Things more important than money Put your health and wellness above everything else Take the time to do the things you love Stop taking life so seriously Always say what you need to say Open up your mind to possibilities Follow your own path Stop living in the past Accept the things you can change Practice mindful living Stop chasing money, fame, and possession Always practice gratitude Pay attention to all the sources of love in your life Links and Resources: Michael Yardney Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Andrew Mirams – Intuitive Finance Some of our favourite quotes from the show: "It surprises me that people are still emailing me, leaving comments on my podcast, leaving comments on my Property Update blog talking about buying off-the-plan apartments." – Michael Yardney "When you get to know me, you'll realize I believe true wealth is what you're left with when they take away all your money." – Michael Yardney "Appreciate what you've got. Be grateful for what you've got." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

Are you looking for more success in life? If so, then today's show is for you. I'll be sharing with you tips from high achievers to help you get further in your property investments, career, and other parts of life. I'll also have a chat with a successful person, Ahmad Imam, who's going to share some property tips as well as some general life tips that he would have liked at the beginning of his career. 13 things high achievers do differently I've noticed there are some rules that high achievers never break. I makes sense that if you obey these rules, you will also become a high achiever. So let's look at them… Don't compare your life to others and don't judge them; you have no idea what their journey is all about We all have our own distinct purposes in life. Be yourself always and become the best version of you. Don't act the way you are feeling. Instead, act the way you want to feel High achievers get disappointed a lot because they fail many times, but since they are highly optimistic people, they see advantage in adversity and make the best of every situation. Make peace with your past so it won't screw up your present Forgiveness is the first step to progress and only those with a strong heart can forgive themselves and those who have hurt them. Move forward today and stop dwelling on the past. Don't answer ads that promise get-rich-quick schemes because it won't be you who gets rich quick If it sounds too good to be true, then it most likely is. You can't do everything yourself, so get help along the way Your level of influence in most cases determines your level of success. Make meaningful relationships and help others get what they want. Don't envy what others have; you don't know how they got it The truth is that you don't know how he got what he has or the price he had to pay in exchange for it. Think about this before you envy somebody. If you can't say anything nice, don't say anything Most successful men are very careful with their tongues–they hardly speak out of turn or when it is unnecessary. Learn to talk less and listen more. Be comfortable only outside of your comfort zone Do something every day that scares you and break your own records each day. If you are going to jump off a bridge, make sure you know how deep the water is This is the gateway to tremendous self-improvement. It is the secret of high achievers. Always determine the price you have to pay for every decision you make before making that decision. Change only what you can change and let go of the rest No matter how important it may be, sometimes it's better to do your own part and leave the coming generation to do theirs. What others think of you is none of your business Ignore whatever anyone has to say about you and hold firm what you know and what you believe. Never test the depth of the river with both feet Spread out your risks in life. There is no way to succeed without taking risks, but it's wiser and safer to take calculated risks. Honesty is a very expensive gift. Do not expect it from cheap people Do not expect too much from people–only a few men have that virtue called integrity. Investing and success tips from a property expert Take the emotion out of your investment decisions – When investing in property, decisions should be based on strategy, statistics, and logic. Will the property provide wealth-building rates of growth? Is it the highest and best use of your funds? Is the location a stable market? Does the property have owner-occupier appeal? Can I purchase the property at or below intrinsic value? Does the property have a twist that will make it unique relative to the level of demand? Does the property have the potential for value-add via renovation or development? Avoid speculative investing – it can be tempting to buy a property in a location that's predicted to be the next best thing, but it can also be risky. Hot spots tend to be not-spots. There are three core fundamentals to keep in mind: Leverage Compounding Time If you want something you've never had, you have to do something you've never done. Amazing things happen outside of our comfort zones. It doesn't matter how slowly you go, as long as you do not stop. Links and Resources: Michael Yardney Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Ahmad Imam – Metropole Property Strategists Sydney Some of our favourite quotes from the show: "It's not going to be you who gets rich quick. It's the person who's going to sell you whatever they're selling you." –Michael Yardney "I keep saying, I'd like my investments to be boring so the rest of my life can be exciting." –Michael Yardney "You are where you are today because of all the things you've done and all the things you've chosen not to do." –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