Property Investment, Success & Money | The Michael Yardney Podcast

Over the years I've spent a lot of time studying rich people, and over the last decade I've personally mentored some very successful people. Along the way, I've become much more successful as well. I've written about success in my books and my blogs, and we discuss these topics in this monthly Rich Habits Poor Habits podcast. This is the second in a series focusing on the Success Habits of the rich. In today's show, we'll continue to look at some of the main success habits of the rich. Success Habits of the Rich The poor believe money will make them happier, while the Rich know that money has little to do with happiness, but it does make your life easier and more enjoyable. The Rich don't blame (what's the point?). They take responsibility for their actions and outcomes (or lack thereof). They know there is no such thing as a rich victim. The poor believe it's wrong for a small group of people (the 1%) to possess most of the money. The Rich welcomes the masses (the 99%) to join them. Successful people are not necessarily more talented than the majority, yet they always find a way to maximise their potential. They get more out of themselves. They use what they have more effectively. The poor believe they must choose between a great family life and being poor, or love and being poor. The Rich know they can have it all. Successful people are solution focused, rather than looking for problems or obstacles. Successful people are fearful like everyone else, but they are not controlled or limited by fear. They use it to empower themselves. Successful people get up early. They know there's no shortcut, so they work hard until they've accumulated a big enough asset base (created their own cash machine) so they don't have to work hard anymore. Now before you get too offended… I'm not making a judgment when I say rich people or poor people – they are terms I use to help clarify the different ways of thinking that 1% of Australian's exhibit from the majority of the population. It's also worth realising… We all have some of these successful habits and we all exhibit some dis-empowering habits. The big differentiator in the see-saw of life is: do you have more of these success habits or more of the dis-empowering "poor" habits. Links and Resources: Michael Yardney Metropole Wealth Retreat Rich Habits Poor Habits Michael Yardney's Mentorship Program Some of our favourite quotes from the show: "I think the point in some ways is that as people get a bit more money, it doesn't always make them happier, so you've got to make your life happier." –Michael Yardney "When you look at the 1%, most of the people listening to this podcast are already the 1% when you take into account the general wealth in the world." –Michael Yardney "The other really important point is this delayed gratification. That's clearly a trait of all successful 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.

While the Labor party have indicated that if they come into power they intend to introduce a number of taxes that will directly affect our property market, the 2019 Liberal Federal Budget made little mention of our property markets. However there was plenty of good news in the Federal Budget and many of the key initiatives will help promote economic growth which will be positive for our property markets. While our economic fundamentals are generally sound, home buyers and property investors are suffering from a crisis of confidence and our housing markets won't rebound until consumers feel more confident about their job security, our political stability, certainty about the tax treatment of property investment and when the media stops scaremongering about a 40% crash in house prices. Fortunately there was plenty in the budget to boost consumer confidence. The proposed tax cuts and giveaways will add to household disposable income Our economy is back on track with a surplus and there are measures in the budget to give small business incentive to invest, create jobs, hire more people and take on more apprentices. So what does the budget mean for property – that's the topic of this week's property insider chat with Dr Andrew Wilson.. Listen as we discuss: Infrastructure investment will help underpin our economic growth not just in our big cities but also in regional Australia as new jobs are created and local resources are used to leave a legacy for future generations. Migration has been reduced to 160,000 per annum (down 20,000) and this is clearly negative for housing and our economy. While these numbers are still robust, it should be remembered that migration has been a clear driver of our economy through jobs growth and better budget outcomes as immigrants are coming here for jobs, they buy goods and pay taxes At the same time the RBA changed its narrative at its April meeting suggesting it is now prepared to support the economy if required. In other words, it will be prepared to cut interest rates if our economy falters or if unemployment rises. This is again positive for property. The bottom line: The Budget will encourage confidence and support house prices, but as it is unlikely to be enough to keep Liberal Party in power at the upcoming election, be prepared for a raft of tax changes that could be negative for our property markets. You can also watch the video - Is the 2019 Federal Budget positive or negative for property | PROPERTY INSIDERS Your Property Insiders: Michael Yardney – Metropole Property Strategists Dr. Andrew Wilson – My Housing Markets

Negative gearing is set to be a key issue in the upcoming federal election. If elected, Labor intends to reform the practice with the aim of improving housing affordability. The Coalition intends to leave negative gearing as is. The problem is Labor's proposed policy will affect every Australian home owner and all property investors is designed to put downward pressure on home prices and improve affordability, particularly for first home buyers. But will it really be as bad for property prices as some media commentators suggest? Maybe not! In this week's show, Property Insiders Michael Yardney and Dr. Andrew Wilson chat about how the proposed negative gearing and CGT changes will affect our property markets You'll also learn about: Labor's tax grab and what it could mean to you. How the proposed negative gearing and CGT changes will affect our property markets Is there really a debt time bomb ticking away? Are migration levels too high You can also watch the video - Property Insiders | Is Labor's Policy On Negative Gearing Bad For Property? – Maybe Not So Bad Now Your Property Insiders: Michael Yardney – Metropole Property Strategists Dr. Andrew Wilson – My Housing Markets

History shows us that our property markets move through a cycle. There's a downturn, followed by a stabilisation phase, then an upturn, then a boom. And then the cycle starts all over again. Now that we're in a downturn phase of the property cycle, I want to share some valuable lessons that I've learned from past property cycles. I'll be explaining what you can do when you find that the property markets have gone a little crazy. I'll also talk about how you can make or lose a fortune in 2019. And I'll share a mindset moment all about acting in spite of feeling afraid. Are you set to gain or lose a fortune in property in 2019? What goes up, as they say, must come down. And segments of Australia's property market are now in the slump phase of their cycle, catching out some naïve investors who hoped the value of their properties would rise forever. This means you will probably lose money in this property downturn Now hear me out. I'm not one of those doomsayers saying our property markets will collapse. I firmly believe the outlook for Australia's property market remains robust and when prices rebound, the value of well-located investment grade properties will reach new peaks. That's because Australia's real estate markets are supported by two solid fundamentals: Our strong population growth, which ensures consistent high housing demand. The wealth of our nation, which means the majority of Australians can afford a property. But between now and the next upturn there's going to be a painful learning curve for some property investors. Those who got carried away during the boom, often because of a fear of missing out, and took on maximum debt not understanding how the cycle works. Of course, you could be the exception. In every property downturn, some strategic investors do well. I kept investing during the property slump of the early 1980s because I didn't know better. At the time there was limited information available and property statistics were only delivered annually – long after the fact. However, in the downturn of the early '90s, during the GFC in 2008-10 and in the slump of 2011-12 my portfolio performed well because I followed a few simple rules that helped me come out on top no matter what the market is doing. So, here's my advice to you: Become financially fluent Learn everything you can about how money, finance and property work and start investing early. While a trusted mentor and team will help immensely, you still need a solid understanding of how things work to make sound decisions, otherwise, you'll be easy prey for the many spruikers. Adhere to a proven investment strategy Follow a time-tested proven system and don't speculate. The problem is many investors find my strategy is too simple and boring. They're looking for something more complicated. Your property investing should be boring so the rest of your life can be exciting. Only buy investment grade properties I think that less than 5% of the properties on the market at present are what I call "investment grade" and will deliver stable wealth producing rates of returns. Sure, there is plenty of investment stock out there, but don't confuse the two. These are built specifically for the investor market and sold by property marketers to naïve investors. They lack scarcity and appeal to homeowners and are sold at a premium with no opportunity to add value. On the other hand, investment-grade properties are in the right location, appeal to a wide range of affluent owner-occupiers, have street appeal and a favourable aspect. Invest for the long term Real estate is a long-term investment, not a way to make "fast money." Growth isn't linear so there will be years when values are flat before they rise again. Ensure you factor insufficient financial buffers, so you won't be forced to sell when the market turns against you. Follow my 6 Stranded Strategic Approach and only buy a property: That would appeal to owner-occupiers as they buy with their hearts (while investors buy with their calculators) and are willing to pay more for a home and consequently push surrounding property values higher. Below intrinsic value – so avoid new and off-the-plan properties which come at a premium price. With a high land to asset ratio – where the land component makes up a significant part of the asset value. In an area that has a long history of strong capital growth and will continue to outperform the averages because of multiple drivers of capital growth and the right local demographic who will be able to afford to pay a premium to live there because they have higher disposable incomes. With a twist – something unique, different or scarce about the property Where you can manufacture capital growth through renovations or redevelopment rather than waiting for the market to grow organically. Focus on value, not bargains Bargains rarely have potential. If no one else wants to buy it today, no one else will probably want it in 5 years' time. Price is what you pay, value is what you get; so, buy the best property you can afford – the type of property you'd still be happy to own in 10 to 15 years' time. 7. Surround yourself with successful investors It's been said that you're the average of the five people you hang out with the most, so surround yourself with high-performing, successful people to soak up their behaviours, habits, and mindsets. You also gain access to their experience, knowledge, and resources that'll help you make better investment decisions and financial choices. Sure, a downturn can be a scary time, but there are things you can do to ensure that no matter what happens, you'll pull through better than most. Links and Resources: Michael Yardney Metropole Property Strategists Wealth Retreat Some of our favourite quotes from the show: "Booms don't last forever. Whether it's property, whether it's shares, whether it's bitcoin, booms don't last forever." – Michael Yardney "So, putting it all together, there are three legal investment strategies. You can be smarter than other people, you can be luckier than other people, or you can be more patient than others." – Michael Yardney "If you want to get to the next level, start before you're ready." PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how.

What will the property markets be doing for the rest of 2019? And what can we expect to happen after 2019? In today's episode, I'll be asking those questions of property researcher John Lindeman who joins us to talk about why he disagrees with many of the so-called experts predicting long-lasting house price falls and what he bases his analysis on. During today's mindset moment, we'll talk about winners and losers and what one of the big differences is between them. It's probably not what you think. Finally, I'll have a chat with Adam Nobel, a top selling agent in Brisbane, about how to choose a selling agent to sell your property. Understanding how selling agents work can help you whether or not you're in the market to sell right now. Some of the questions I asked John Lindeman Many so-called experts are predicting long-lasting house price falls - as much as up to a further 25 to 30% in the next few years, but reading your commentary I see you don't agree. Why is that? John's answer: After looking at all the indicators that have caused booms and busts to occur, what we're looking at right now is not similar to the indicators that have caused large crashes in the past. Most experts make their housing predictions based on past performance because they believe the market will continue to perform in the future test in the past, but you have a different view. What are your forecasts based on? John's answer: Past performance can tell us a lot, but you also need to know what the main indicators are. You can use those to predict what's going to happen. In a recent blog you made property forecasting easy – you boil it down to a simple equation. Could you please go through that with us? John's answer: Demand is up (300,000 new residence from overseas and other states arrive in Brisbane Sydney and Melbourne each year) + Supply is down (housing investor finance fell and new dwelling approvals plunged) = Rental Crisis What happened in previous cycles we got to the stage where Capital growth slowed down or stopped? What do you see happening to our property markets moving forwards? Highlights from the conversation with Adam Nobel Why choosing the right selling agent is important The highest profile agent isn't always the right choice for your property What kind of research to do when looking for selling agents Why selling agents need to be local experts How to mystery shop agents Links and Resources: Michael Yardney John Lindeman – Lindeman Reports Adam Nobel – Hugo Alexander Property Group Organise a Strategic Property Plan with the team at Metropole Some of our favourite quotes from the show: "I've found that in general, people fall into one of two groups: those who make excuses and those who don't." –Michael Yardney "When you wake up in the morning, you get to choose which route you take." –Michael Yardney "You'd be surprised how much more the right agent can get for your home – or put the other way, how much the wrong selling agent could cost you." –Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how.

Are you interested in getting into property development? If so, the insights in today's episode can help you on your journey. And even if you're not planning on getting into property development yourself, you can still learn a lot about property selection and how the mind of a successful property developer works by listening to the interview in today's episode. In this special bonus episode, you'll hear Dan Gold of Long Property interview my son, Bryce Yardney. Bryce has been overseeing and the property development arm at Metropole for many years. This interview will provide some interesting and useful insights into how successful property development works. Highlights from Dan Gold's Interview with Bryce Yardney How Bryce got into property development How the property development division of Metropole works What Bryce would recommend for an entry-level property development Why the overarching strategy is buy, develop, and hold, rather than buy, develop, and sell quickly Why Bryce focuses on capital growth How Bryce finds a good property for development Why you need a development-friendly council Types of financial metrics people should be focused on when they do due diligence on a potential investment site How to size up a good deal versus an average deal Holding costs through the development period Tips for people who are considering a substantial renovation or development project What happens after a successful development project Links and Resources: Michael Yardney Metropole Property Strategists Bryce Yardney Metropole Dan Gold – Long Property Metropole's Property Development Services Organise a Strategic Property Plan with the team at Metropole Some of our favourite quotes from the show: "I got involved in property development in the 1980s, and I made lots and lots of mistakes, but a rising market carried me through. If you make those mistakes in today's current flatter market, you're going to get yourself into real financial trouble." – Michael Yardney "Getting through is the hard bit – you've got to have the financial buffers, but once you get to the end, it's surprisingly easy to hold onto the completed development. And then, you profit from the strong cash flow and capital growth over the long term." –Bryce Yardney "The more inexperienced you are, the more unsure you are, the bigger contingency you have to allow the bigger the risk margin you have to allow, because you've got to assume you're wrong." – Bryce 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.

Many commentators are worried that the current crisis in consumer confidence will impact economic growth. They suggest that the negative wealth effect of falling house values could lead to a cut in consumer spending and that this plus the collapse in construction activity (one of our biggest employers) at a time of overseas economic headwinds could combine to create the perfect storm which could lead to Australia into recession. In his first public speech for 2019 Reserve Bank Governor Philip Lowe highlighted the issues that are likely to shape the future. Lowe also believes the current slump in our property markets is "manageable" but conceded that now it's just as likely that the next move in interest rates is down as it is likely that we'll have a rise in rates. For what it's worth I think interest rates will be cut twice this year bringing the rate down to one percent. 6 Reasons we're not going into recession Here are 6 reasons given by Governor Lowe as to why we're not going to have a recession: Despite the various political issues and the trade wars creating some downside risks, the world economy and the economies of our trading partners are performing well. Australia's economic growth is forecast by the RBA to be around 3% over 2019 and 2.75% over 2020. This should be enough to see further gradual progress in lowering unemployment. 3. We're creating more jobs. Last year: 212,000 full-time jobs created last year 51,000 part-time jobs created last year Unemployment is falling - at 5% it is now the lowest it has been since 2011 In NSW and Victoria (our two economic powerhouses) unemployment is around 4.25% With the number of job vacancies at a record high, unemployment is forecast to drop further to 4.75% over the next few years. There are finally signs of wages growth ahead A gradual pickup in underlying inflation is forecast as spare capacity in the economy diminishes. Underlying inflation is now expected to increase to about 2 percent later this year and to reach 2¼ percent by the end of 2020. Now I'm not an economist but I see plenty of other positive signs amongst all the pessimism in the media. These include: The next Federal Budget is likely to deliver a surplus for the first time in years. Our population is growing strongly – albeit a little slower than before Australia's population grew by 390,500 people or 1.6% during the year ended 30 June 2018. Natural increase and Net Overseas Migration contributed 39.4% and 60.6% respectively to total population growth for the year ended 30 June 2018 Infrastructure boost - We have a very strong infrastructure investment pipeline mainly coming from State Governments. The next Federal Budget is likely to deliver a surplus for the first time in years. Australia's population grew by 390,500 people or 1.6% during the year ended 30 June 2018. Natural increase and Net Overseas Migration contributed 39.4% and 60.6% respectively to total population growth for the year ended 30 June 2018. The Australia dollar is likely to stay low for some time yet and this is good for our export industries. Our Mining Sector is on the improve assisted by our falling Australian Dollar and increasing mineral prices. This means the big economic drag we have seen from the downturn of the mining sector over the last five years or so from falling mining investment is starting to fade. The Agricultural Sector on the improve – and if we play our cards right we could become the Asian food bowl. Tourism is booming International student education is continuing to be a huge "export industry" for us - up 17% last year. Our Housing markets And while clearly not all the news is good for our housing markets there are clearly some positives that the media tends to overlook. Interest rates are low and are likely to fall further this year as the RBA tries to stimulate our markets. The good news is the RBA has plenty of ammunition up its sleeve but there is always the question of whether banks will pass on interest rate cuts to their customers, and whether they will loosen their tight lending criteria. Residential vacancy rates are tightening Rents are likely to rise The underlying demand for property is still strong but hindered by consumer sentiment and tight credit. There is clearly an oversupply of new apartments in many locations, but the pipeline is slowing down. The big unknown Clearly, we have a mixed bag of economic fundamentals that will interplay on our economy and our housing markets. While these are relatively easy to quantify, the big unknown will be consumer sentiment and currently, that is low and unlikely to change until the outcome of the federal election is known. Having said that, those investors who take a long-term view and recognise that all economic downturns are temporary, while the increase in the value of well-located residential properties in our capital cities is permanent, will be able to take advantage of the property investment opportunities the current buyer's market is delivering us. Links and Resources: Michael Yardney Metropole Property Strategists National Property and Economic Market Update 1 day Trainings use the coupon code: PODCAST Some of our favourite quotes from the show: "The housing markets don't work in isolation, similarly, the Australian economy doesn't work in isolation." – Michael Yardney "If you're in the financial position and it fits in with your long-term strategy, it definitely is worth considering getting into the market now, because underlying demand is going to pick up between now and when the election occurs." –Michael Yardney "You need an area that's going to have current and future levels of multiple growth drivers, and population growth and economic growth." –Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how.

These are times of financial and economic turmoil. With the current uncertainty and many changes on the horizon, it's time to go back to the big picture. In today's episode, I'll be discussing 24 things all investors and entrepreneurs should understand about the way property investing and the economy work. A favourite columnist of mine, Morgan Housel, wrote a great column about 122 things everyone should know about investing and the economy. I'm joined today by Ahmad Imam, and we're going to talk about 24 of those big picture ideas that everyone should understand about investing and the economy. Saying "I'll be greedy when others are fearful" is easier than actually doing it. When most people say they want to be a millionaire, what they really mean is "I want to spend $1 million," which is literally the opposite of being a millionaire. Daniel Kahneman's book Thinking Fast and Slow begins, "The premise of this book is that it is easier to recognize other people's mistakes than your own." This should be every market commentator's motto. As Erik Falkenstein says: "In expert tennis, 80% of the points are won, while in amateur tennis, 80% are lost. The same is true for wrestling, chess, and investing: Beginners should focus on avoiding mistakes, experts on making great moves." There is a difference between, "He predicted the crash of 2008," and "He predicted crashes, one of which happened to occur in 2008." It's important to know the difference when praising investors. Wealth is relative. As comedian Chris Rock said, "If Bill Gates woke up with Oprah's money he'd jump out the window." The Financial Times wrote, "In 2008 the three most admired personalities in sport were probably Tiger Woods, Lance Armstrong and Oscar Pistorius." The same falls from grace happen in investing. Choose your role models carefully. Investor Nick Murray once said, "Timing the market is a fool's game, whereas time in the market is your greatest natural advantage." Remember this the next time you're compelled to cash out. Jason Zweig writes, "The advice that sounds the best in the short run is always the most dangerous in the long run." Billionaire investor Ray Dalio once said, "The more you think you know, the more closed-minded you'll be." Repeat this line to yourself the next time you're certain of something. John Reed once wrote, "When you first start to study a field, it seems like you have to memorize a zillion things. You don't. What you need is to identify the core principles — generally three to twelve of them — that govern the field. The million things you thought you had to memorize are simply various combinations of the core principles." Keep that in mind when getting frustrated over complicated financial formulas. James Grant says, "Successful investing is about having people agree with you … later." Scott Adams writes, "A person with a flexible schedule and average resources will be happier than a rich person who has everything except a flexible schedule. Step one in your search for happiness is to continually work toward having control of your schedule." Investors want to believe in someone. Forecasters want to earn a living. One of those groups is going to be disappointed. I think you know which. As the saying goes, "Save a little bit of money each month, and at the end of the year you'll be surprised at how little you still have." John Maynard Keynes once wrote, "It is safer to be a speculator than an investor in the sense that a speculator is one who runs risks of which he is aware and an investor is one who runs risks of which he is unaware." Our memories of financial history seem to extend about a decade back. "Time heals all wounds," the saying goes. It also erases many important lessons. You are under no obligation to read or watch financial news. If you do, you are under no obligation to take any of it seriously. Most economic news that we think is important doesn't matter in the long run. Derek Thompson of The Atlantic once wrote, "I've written hundreds of articles about the economy in the last two years. But I think I can reduce those thousands of words to one sentence. Things got better, slowly." The "evidence is unequivocal," Daniel Kahneman writes, "there's a great deal more luck than skill in people getting very rich." There is a strong correlation between knowledge and humility. The best investors realize how little they know. Not a single person in the world knows what the market will do in the short run. The more someone is on TV, the less likely his or her predictions are to come true. How long you stay invested for will likely be the single most important factor determining how well you do at investing. Links and Resources: Michael Yardney Metropole Property Strategists Ahmad Imam – Director Metropole Sydney National Property and Economic Market Update 1 day Trainings use the coupon code: PODCAST 122 Things Everyone Should Know About Investing and the Economy by Morgan Housel Some of our favourite quotes from the show: "As rational people, we often act very irrationally when it comes to money." –Michael Yardney "Don't compare your life with the highlight reel that people put on Facebook and Instagram." –Michael Yardney "Those people who are prepared to take action today, in five years' time or ten years' time are going to look smart." –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.

Just over 30 years ago I began my study of rich and successful people. Of course, not all rich people are successful, and not all successful people are rich; but remember I was much younger and more naïve then and wanted it all. I tried to understand why some people were rich while others kept struggling financially. Over the years I attended many seminars, paid mentors and read as many books as I could on the topic of success. I modelled successful people and eventually grew successful myself. It wasn't easy, I've had my challenges in life (mostly self-inflicted) and I've hit rock-bottom, but I got up again, learned from my mistakes and moved forward. And for well over a decade I've mentored over 2,500 successful (and some not so successful) investors, business people and entrepreneurs. In fact, a by-product of this is our top selling book – Rich Habits Poor Habits In it, Tom Corley and I explain how being rich has little to do with the money itself Instead, it has a lot to do with how you think about money. So, if you want to become rich, one of the first steps is to know how the wealthy think about money differently than you do and to start thinking like them. The next step is to take action, and to let the action become natural by thinking the way wealthy people think. We've found rich people share similar habits. While we explain this in some detail in our book, in today's podcast we begin a series where we discuss… 21 Success Habits of The Rich …. The average person thinks about spending their money, while the rich think about how to invest their money. The average person worries about running out of money while the rich think about how to use their money to make more money. Most people believe hard work makes you rich, while the rich know that leverage creates wealth. Successful people don't procrastinate. They don't spend their life waiting for the 'right time' or waiting until they know it all or have figured everything out. The average person believes having a job gives them security. The Rich know there's no such thing as "job security." Most people want to be rich. The Rich are committed to being Rich. (They are very different things.) When things go wrong, the Rich find a lesson, while others only see a problem. The average Australian sets their financial expectation low, so they're never disappointed. On the other hand, the Rich set their financial expectations high so they're always excited. Successful people take calculated risks – financial, emotional, professional, psychological. But once they've built their wealth, they take fewer risks. The Rich consciously and methodically create their own success, while others hope success will find them. The Rich look for and find opportunities where others see obstacles. The average Australian believe life happens to them. They are a passenger, while the Rich believe that they create their own destiny. They are the pilot of their lives. Successful people align themselves with like-minded people. They understand the importance of being part of a team. They create win-win relationships. Links and Resources: Michael Yardney Metropole Rich Habits Poor Habits Michael Yardney's Mentorship Program Some of our favourite quotes from the show: "We all can, in the countries that most of the people who are listening to this podcast, become financially independent, become wealthy, if you know how the wealthy think, if you learn about their habits, and if you start doing what they do and thinking what they think." –Michael Yardney "If your money's not working while you're asleep, you'll never get rich." –Michael Yardney. "It's those who get up again, who find a lesson in their mistakes, who find a way of overcoming them who do well, while the average person sees it as a problem and they don't get up again." –Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how.

Mentors are an important part of your success. They help you get further in life, whether that's in property investment, entrepreneurship, or just in how you handle your money. Today it's easier now to find a mentor than it ever has been before, but the ready availability of information has its downsides. There's such a thing as too much information from too many sources, some of them untrustworthy. So when choosing a mentor, it's important to do your research and find out if the person you've chosen is trustworthy. In today's show I'm going to share with you some lessons that I've learned from one of my mentors, Warren Buffett. I'll also have a conversation with Ahmad Imam about FOBO – what it is and how to cure it. And in today's mindset moment, you'll learn about some of the differences between successful people and unsuccessful people. What I learned from Warren Buffett "Be greedy when others are fearful, and fearful when others are greedy." This is a well-known quote by Warren Buffett. Initially, I took the words literally and thought I had to buy counter-cyclically. But in context, what Buffett actually suggests is that to profit in the market you don't really have to predict downturns. I learned several lessons from my new understanding of this quote. Fear and greed drive our markets and cause them to cycle. Too often, it can cause them to cycle too far in either direction. Trying to predict these market cycles are is a fool's game. We know much less than we think we do, even when we have plenty of data. As an investor, you simply need to know that these cycles keep recurring. When you know that the cycles will recur, you'll be prepared and not surprised when it happens. Don't overreact to a new phase in the property cycle or allow your emotions to affect your investment decisions. How to diagnose and treat FOBO You've heard of FOMO: Fear of Missing Out. But there's a new acronym people are using: FOBO. It stands for Fear of Better Options. People with FOBO are those who are constantly procrastinating because they know there are many options out there and they aren't sure which is better for them. This leaves them unable to commit How do you know if you're suffering from FOBO? Symptoms include: A severe case of analysis paralysis Feeling overwhelmed by all of the information and choices High anxiety created by the fear of buyer's remorse Cold feet when you're on the verge of making an important decision People with FOBO suffer from a lack of perspective. They have difficulty identifying which sources or information to take seriously. Analytical people often procrastinate the most. They get so caught up in analyzing the options that they fail to take action. It's important to recognize that you won't know it all, but that over time you will know enough to start taking action and you'll find out more along the way. How to cure FOBO: Do your research. If you don't know how to do due diligence, engage people that do know how. Set a deadline for research and stick to it. When the time is up, you'll need to make a decision. Be decisive. If you can't, engage an expert in the field who can do it for you. Links and Resources: Michael YardneyMetropole Property StrategistsNational Property and Economic Market Update 1 day Trainings Coupon Code: PODCAST Ahmad Imam - Metropole Properties Sydney Some of our favourite quotes from the show: "One of the mistakes I made early on is I didn't actually reach up high enough on the food chain of mentors, because if I did, I would have been further along with my success earlier." –Michael Yardney "Another trait of successful people is that they talk and share and encourage ideas with other people. –Michael Yardney "Our system of growing wealth through property is too simple for many intelligent people. They think there's got to be more to it than that, and there isn't." 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.