Property Investment, Success & Money | The Michael Yardney Podcast

Today, we discuss the top 5 mistakes that property investors make, those that have nothing to do with buying the wrong property with Stuart Wemyss director of ProSolutions Private Clients. If you want to build wealth through investing in property, you’ll learn something from the mistakes that others have made so that you don’t make the same ones. I’ve talked and written a lot about how to choose the right property - an “investment grade property.”   So let’s assume you have found the right property. There are still many things that you can get wrong. Today’s episode should help you avoid some of those mistakes. The top 5 mistakes that property investors make: Not undertaking proactive tax planning before investing in property means you most likely pay a lot more tax than necessary (consider income tax, CGT and land tax). Not proactively managing your borrowing capacity and bank valuations which means you hit a “brick wall” and cannot continue to grow your investment portfolio. Wasting time investing in the wrong assets or adopting the wrong investment strategy that are fundamentally flawed and were never going to work. Trying to time the market. Waiting for “signs” or “indications” that it’s safe to invest now (these will never appear). Worrying about inconsequential issues and not taking a long term view. Not starting with the end in mind i.e. not understanding how you invest today will impact on your ability to achieve your longer term lifestyle and financial goals. You must work out if your proposed action will help or hinder your ability to achieve your longer term goals. Links and resources: Michael Yardney Metropole National Property & Economic Market Update Promo Code: Podcast Stuart Wemyss director ProSolutions Private Clients Episode 1: What Makes an Investment Grade Property | Become the Pilot of Your Life, Not the Passenger Quotes: “You shouldn’t be buying property for tax savings. Tax savings are just the cream on top.” Michael Yardney “You should get some structuring advice before you buy your property. Once you have purchased your property, it will be a bit too hard and expensive to change.” Michael Yardney “It’s always a difficult balancing act when you first start off because your priorities and finances take precedent, but you should always take a long-term view.” Michael Yardney Never miss an episode and keep up with all the good things going on at the Michael Yardney podcast by subscribing on iTunes. You can also subscribe to MichaelYardneyPodcast.com to keep up with the latest information including bonus material that comes out between the podcasts.

2018 is going to be a boom year. But before you get to concerned about “what I’m on” to make a statement like that, listen on as I share my perspective and why I think this going to be so. In my mindset moment, I’m going to talk about some interesting perspectives. Then I have a chat with my good friend Tom Corley about the rich habits that you must teach your children. Even if you are not a parent, these are still very important lessons. Once a year, I do a series of  1 day trainings around Australia to educate attendees. I will be joined by Dr. Andrew Wilson and Ken Raiss at the National Property & Economic Market Update. Use the promotion code “podcast” to join me as my guest. 2018 is going to be a boom year: My prediction is that 2018 is going to be a boom year for fright. The media is at it again and there is no shortage of scary stuff. If you look back every year has been predicted to be a boom year for fright. I have invested during property slowdowns, high interest rates, and times when prices were thought to never go up again. Despite all of this, the value of my properties keeps doubling allowing me to refinance and buy even more properties. There is always bad news and scary headlines in the media. This could have given me plenty of reasons not to invest in properties. To be a successful property investor, you need to step back and not be scared by every doom and gloom rumour and report. People are still living their lives, getting married, having babies moving house etc and a lot of people are getting rich. We’re still experiencing strong population growth and all these people have to live somewhere. The fundamentals are sound when taking a long-term perspective. There are opportunities out there with less competition than last year. We are now entering a buyers’ market. Smart investors buy in a buyers’ market. 2018 is a great time to educate yourself and take advantage of opportunities. Mindset Message: It’s all a matter of perspective I want to put things into perspective. What are your most important priorities? What are you going to focus on and what are you going to ignore? What if you only had 15, 10, or 5 years to live? How much time would you spend obsessing about investments and property rates? What if you only had 1 year, 1 month, 5 days, or 24 hours to live what would you spend your time on? Now that you have perspective, what are you going to do with the time that you have? Rich habits you must teach your children: Will your child be rich or poor? Are you, as their mentor, teaching them rich or poverty habits. Science shows that by the age of nine we have learned most of our habits. These habits come from our parents. We mirror our parents thinking, habits, and emotions. Emulating bad habits can force you into a situation where you are eeking out a living. The beauty of rich habits is that you only need one or two of them to transform your life. Habits like reading and exercising will change your future. If you don’t accept responsibility for your life, you won’t even be aware of the issues that are causing you struggles. Once you are aware and take responsibility you can make the changes in your life. Parents are responsible for most of the poverty in the world by not teaching their kids success habits. This is part of the reason why the rich get richer. It’s not too late. People can change and become success oriented. You can change your habits anytime all throughout your life no matter what your age. Links and resources: Michael Yardney Metropole Rich Habits Poor Habits Thomas C. Corley Rich Habits Will your child be rich or poor? – 15 Poverty Habits parents teach their children National Property & Economic Market Update Promo Code: Podcast Dr. Andrew Wilson Ken Raiss I Spent 5 Years Studying Rich and Poor People and I Would Like to Share What Separates The Rich From the Poor Episode 1: What Makes an Investment Grade Property | Become the Pilot of Your Life, Not the Passenger Quotes: “If you look back, every year is a boom year for fright. As far back as I can remember, there have always been scary stories from the media.” Michael Yardney “What you look for is what you see. If you look for bad news, you are going to find it. If you look for opportunity, you will find opportunity.” Michael Yardney “It is so important to be responsible for your life rather than being a victim.” Michael Yardney Never miss an episode and keep up with all the good things going on at the Michael Yardney podcast by subscribing on iTunes. You can also subscribe to MichaelYardneyPodcast.com to keep up with the latest information including bonus material that comes out between the podcasts.

If you’re curious about what will be affecting the property markets for 2018, you will love today’s show, because I discuss 8 trends that will affect the property markets for 2018. I’m also going to teach you one of the important laws of success which is the Law of Accumulation. After 5 years of soaring property prices the forecast for our capital city housing markets remains mixed for 2018, with property values likely to finish the year higher than they started, but growth will occur at a slower pace. The fact is, 2107 produced stronger average house price rises than many commentators predicted, however there are now signs that we’ve moved into the next phase of the property cycle as house price growth stabilises, auction clearance rate have dropped and lending to investors has slowed. Looking forward, here are 8 trends that could shape our property markets in 2018…   Price Growth to Moderate - The phenomenal price growth experienced by Sydney and Melbourne over the last 5 years has come to an end. What will happen to property values next year will depend in what the RBA does to interest rates and if APRA tightens the screws on lending further. Having said that… Interest rate will remain unchanged - The official RBA interest rate is likely to remain at 1.5% throughout 2018.   Australia's economy is still operating below its potential with economic growth not strong enough to justify an interest rate increase. The positive signs of jobs creation, falling unemployment and rises in full-time employment are being offset by slow wages growth, sluggish retail sales and a benign inflationary environment. Fortunately, the RBA will be pleased our property markets are cooling and will not feel the need to use rising rates to slow the market.   APRA is unlikely to tighten its macro prudential measures - APRA is getting its way…. Under its watch stricter bank lending criteria have created a “credit squeeze” which has stifled the Sydney and Melbourne property booms. But this time round the slowdown has occurred in a low interest rate environment meaning our banks are in a healthy financial position and loan defaults are at a minimum. This means it is unlikely that APRA will need to tighten the screws further, but on the other hand it is too early for APRA to relax its guidelines. Jobs growth will continue - More than 335,000 jobs were created in the past 12 months, the majority in full-time work. And Australia’s golden run of jobs growth is likely to continue to underpin our economic growth. Strong population growth will continue - Our strong population growth will also underpin our property markets. Last year, Australia's population grew by 389,100 people to reach 24.5 million by the end of March 2017. Demand for housing has averaged about 164,000 dwellings per year over the last 5 years and according to the ABS in the five years to 2021, continued strong population growth (underpinned by net migration of 240,000 per annum), plus some shifts in household composition (more one and two person households), means we’re likely to grow by 172,000 households a year – a 5% increase in demand. Over the last year Victoria was the fastest growing state with a population increase of 2.4% and this soaked up much of the anticipated oversupply of new apartments in Melbourne.Net overseas migration accounted for 60 per cent of Australia's total population growth as we added 231,900 people to the population. Overseas migration was the major contributor to population change in New South Wales, Victoria, South Australia and Tasmania, whilst natural increase was the major contributor in all other states and territories. Brisbane will finally get its turn in the sun - If interest rates remain unchanged, APRA don’t impose further lending restrictions and our economic growth remains steady, in the absence of any major international surprises this is what our research suggests is likely to occur to capital city property values in 2018:   The Sydney property market has run out of steam, but won’t crash like some are suggesting. Instead it is likely to grow between +4% and 6% Melbourne houses, townhouses and villa units are likely to be the best performing market - +6% to 10% Brisbane’s market will move up a notch, spurred by jobs growth and infrastructure growth - +3% to 6% Hobart will again perform well - +6% - 10%; encouraged by speculators chasing the next hotspot. But remember how hot spots often become “not spots” – so with few long-term growth drivers, I would avoid the Apple Isle. Canberra will continue its steady performance - +4% to 7% - but excessive land tax is a strong disincentive to property investors in Australia’s capital. Adelaide is likely to underperform again – 0% to 4% growth The Perth property market may be near its bottom, but won’t see strong capital growth for a number of years - it’s too early for a countercyclical investment - -1% to +1% Darwin has very few long-term growth drivers – but prices are likely to stop falling - -1% to +1% Overall apartments are less likely to perform as well as houses and will continue to be influenced by significant levels of new stock coming on the market ahead of demand through 2018 – steer clear of new and off the plan apartments particularly in our CBD’s   A fight to quality - During the last few years FOMO (fear of missing out) led inexperienced investors and home buyers to purchasing almost any property that there budget would allow and they were fortunate as a rising tide lifted all ships. But as the market turns in 2018 we will see a flight to quality with well located A class homes and investment grade properties still selling well, but secondary properties languishing in the market More property investors will sit on the side lines - With market forecasts of subdued growth many would be investors will be questioning whether property still represents a smart investment. On the other hand, strategic investors who have a long term outlook will see the period of slower growth as a buying opportunity. Sure investors may not see double digit capital growth in the short term, but the slower markets will give smart investors an opportunity to buy the type of property they’d have to compete more strongly for over the last few years when there were more buyers than sellers. The type of property that will have them looking back in 10 year’s time saying “boy I bought that cheaply!”   Mindset Message: The law of accumulation: Understanding the laws of money and success. The law of accumulation says that every great financial achievement is an accumulation of hundreds of small efforts and sacrifices that no one ever sees or appreciates. Everything you do or fail to do will impact your results. Knowledge Getting experience Money - large amounts come about by many small accumulations Links and resources: Michael Yardney Metropole Rich Habits Poor Habits Property Update App   My National Property Market and economic 1 day trainings:   Promotion Code: Podcast Our favourite quotes: “What’s going to happen to property values will depend on what happens with interest rates and what APRA does to the availability of finance.” Michael Yardney “This slowdown has occurred in a lower interest rate environment, which means the banks are in a healthy condition and loan defaults are low.” Michael Yardney “Australia’s golden run of job growth is likely to continue to underpin our economic growth.” Michael Yardney Never miss an episode and keep up with all the good things going on at the Michael Yardney podcast by subscribing on iTunes. You can also subscribe to MichaelYardneyPodcast.com to keep up with the latest information including bonus material that comes out between the podcasts.

2018 is going to be a very different year in property, so today we are going to discuss what is happening in each state around Australia and what you can expect to happen in our property markets. 2017 started with a bang and ended in a whimper. In the middle, foreign investment slowed down, we embraced stamp duty, and hiked land taxes. Other disincentives were given to foreign investors and APRA slowed down lending. Over the last property values rose 5.5 percent across all the combined capital cities. As always, the property markets were fragmented. Only Melbourne and Hobart record value growth over 10%. Perth and Darwin’s property values decreased. Once a year I conduct a series of seminars around Australia, and I will be joined by Dr. Andrew Wilson, Ken Raiss, and local property experts. If you would like to attend for free use the Promotion Code Podcast at  https://propertymarketupdate.com.au/ Today’s discussion includes: An update on the following: Sydney Property Market with Ahmad Imam There is still good upside for investment grade properties The market sentiment is subdued and investors are holding Invest for long term capital growth and consider borderless investing Prices in Sydney should rise this year, but not as much as the previous 12 months You can’t expect the same level of growth that we had over the last 4 or 5 years There will not be growth in secondary locations. This is a time to focus proven stable locations. People are looking at better class assets – a flight o quality. There is much less competition for the A grade assets because people are holding. Select the right location in the middle rings of Sydney and then find the right property there. Melbourne Property Market with Kate Forbes The fundamentals haven't changed – we’ll have another good year in property.   Last year we had 144,400 new residents. There are not a lot of vacancies – vacancy rates are around 1.8% The Melbourne property market grew by 10.1% last year Finance availability is cramping the number of people that can get into the market. Foreign investors have slowed because of finance challenges and new taxes. The introduction of a “Window Tax” for properties that have been vacant for six months. Will this lead to owners putting them on the market. Invest for the long term especially in the inner to middle ring affluent suburbs that are built out and have a reasonable supply cap. Growth corridors did well last year. As the markets are slowing these buyers will have more difficulty. As things slow down there is a flight to quality. Brisbane Property Market with Brett Warren Brisbane property had an overall growth of 2.45% last year, pulled down a bit by the apartment market. But there was solid growth of some housed -  even 10 and 15% growth in superior locations You need to buy the right property in the right location to outperform the markets. Jobs and employment bring certainty and higher demand for housing. The Gold Coast may be a good market in the short term, but it is volatile and influenced by tourism. There is not enough job opportunity for long term growth on the Gold Coast. 60% of jobs in Queensland are around Brisbane. The demand for property will be where the jobs will be. Brisbane doesn’t have urban sprawl and job opportunities in the outer suburbs. Buy in superior locations where all the boxes are ticked and demand is fairly high. Other Major Capital Cities of Australia Adelaide is still speculative. There weren’t a lot of growth drivers like jobs. Perth hasn’t bottomed yet. Sales volumes are down, but people are still waiting to see if it hits rock bottom. Significant oversupply of apartments in Perth. Hobart is still Australia’s most affordable capital city. The market is very small. This years hot spot can be next year’s not spot. Darwin is still suffering from the effects of the end of the mining boom. Cenberra is a two tiered market. Detached homes rose, but apartments are holding back. The population should grow 6% by 2020. It may not be a good place to invest because of the large land tax. There are some regional markets which are also growing well. The Property Markets of 2018 The market needed to calm down. The growth wasn’t sustainable. There won’t be a bubble or crash in 2018. There should be more of a soft landing. Hobart should be the hottest market encouraged by speculators – so it’s one to avoid. Melbourne should be the second best performing market. Canberra will also be a steady performer. Avoid the apartment market. Well located homes in Brisbane should do well. Adelaide should underperform the other cities. Perth is near its bottom. Darwin property values will continue to drop. Links and resources: Michael Yardney Metropole Rich Habits Poor Habits Property Update App APRA Dr. Andrew Wilson Ken Raiss Ahmad Imam Kate Forbes Brett Warren My National Property Market and Economic Updates : http://propertymarketupdate.com.au  Use Coupon Code: Podcast Quotes: “2017 was also the year when first time home buyers came back. There were more than 94,000 first time homes bought across Australia.” Michael Yardney “There was also a significant oversupply of apartments in the capital cities in 2017.” Michael Yardney “2017 was also the year that headlines in Sydney changed from boom to flat lining and doom and gloom.” Michael Yardney Never miss an episode and keep up with all the good things going on at the Michael Yardney podcast by subscribing on iTunes. You can also subscribe to MichaelYardneyPodcast.com to keep up with the latest information including bonus material that comes out between the podcasts.

With our property markets moving to the next phase of the cycle, how do you create capital growth? Do you have to change your strategy? Today, we discuss Some of the myths of capital growth. The "5 P's"that actually cause capital growth. Some likely trends for property in 2018, and   I talk about what is ahead with Dr. Andrew Wilson, Australia's leading property economist from My Housing Market. 6 Myths About Capital Growth: Population growth leads to capital growth. That’s only partially correct, but you need to find the right locations with the correct demographics and people with higher disposable incomes so they can afford to pay more for properties. Invest in any capital city and experience strong capital growth. Not true – in each capital city there are multiple submarkets. You can’t just buy in any property and expect it to outperform. Buy land and it will appreciate. Not all land is equal. Target where you will get above average capital growth. Inner and middle ring suburbs of our capital cities are the places to invest. Find areas that are gentrifying and locations where people want to live and are therefore prepared to trade space for place. You can predict capital growth. There is no shortage of experts predicting the next hot spot. But most have been wrong much more often than they have been correct - you must understand the level of accuracy of their predictions. You are likely to get capital growth if you buy negatively geared properties. This is another myth as many negatively geared properties have experienced no or minimal growth. Negative gearings isn’t an investment strategy, it is just the way the property is financed at a certain point of time. New developments are good news for an area. Not necessarily. These may lead to local population growth, but they often stifle the supply and demand ratio. The demographic may have less disposable income or be overstretched. The 5 P’s of Capital Growth: People Purchasing power Position Property Places Some property market trends likely to occur in 2018: Increased stock levels, as more vendors come to market and thousands of new apartments are completed following the construction boom. A reduction in investor demand – due to lower consumer confidence and as owner occupiers struggle with affordability. Flight to quality - the buyers remaining in the market will be pickier given improved supply Auction clearance rates will fall back to the more normal rate of around 60%. Price growth will continue – albeit at a slower pace, particularly in Sydney and Melbourne’s best suburbs. There will be some minor price corrections – a healthy outcome following such a prolonged period of rapid growth. The Bottom Line: don’t let yourself be distracted by the headlines. Yes, the boom is over but the opportunity to make money in the slowing Sydney and Melbourne markets will always be there if you keep a long-term view. There will be some good opportunities in Brisbane in 2018. Links and resources: Michael Yardney Metropole Property Update App National Property & Economic Market Update Promo Code: Podcast My Housing Market Dr. Andrew Wilson Episode 1: What Makes an Investment Grade Property | Become the Pilot of Your Life, Not the Passenger Quotes: “After five years of an upward trajectory, we are now seeing affordability constraints, tighter lending criteria, and lack of consumer confidence. We have moved to a new normal.” Michael Yardney “There are two things you can do about the new normal. Learn the new rules and understand how they work and take advantage of the current available opportunities.” Michael Yardney “Real wealth from real estate is achieved through long-term capital appreciation and the ability to refinance and keep adding to your asset base.” Michael Yardney Never miss an episode and keep up with all the good things going on at the Michael Yardney podcast by subscribing on iTunes. You can also subscribe to MichaelYardneyPodcast.com to keep up with the latest information including bonus material that comes out between the podcasts.

What habits do rich and successful property investors share? Today, we have another summer series episode of my show where I’m interviewed by Tyrone Shum of Property Investory. Tyrone digs in deep and asks what held me back when I first started investing in property investment. He also asks me about the rich habits versus the poor habits of property investors and why some are more successful than others. I explain a bit about the nuts and bolts of my own property investment strategy, and how I add value to property. I even give some insight into my personal habits that have helped me achieve my goals. Today’s discussion includes: How Michael had a desire and dream to be a successful property investor, but his mindset conditioning would have only got him so far. Recognizing the importance of mindset and being mentored by Jim Rohn. What held Michael Yardney back when he made his first investment into property. Yardney’s personal finance book, Rich Habits Poor Habits, he explains what sets it apart from other books on the market. Wealthy people do things and think in a certain way. Money habits include delayed gratification and saving and investing. Wealthy people also hang around with other wealthy people. How many people have had poor educations around money. People often have bad money habits and don’t know how to get out of the rat race. Recognize what is not working and disempowering habits and then replace them one by one with empowering habits. The importance of having and being good mentors. Coming from a place of abundance and making other people wealthy while making the world a better place. Yardney explains the nuts and bolts of his own property investment strategy. How investor’s today can be plagued with too much information. The importance of looking at what is going on in the future. Finding properties with continual strong demand. Population growth and demographics. How Metropole strategists come from a financial background and are wealth advisors. Yardney’s six-stranded approach to identifying investment grade property to buy. How to add value to your portfolio. Michael believes in having a useful belief of taking responsibility for his actions and not blame others. Learning from mistakes and using those lessons to move foreword. Yardney’s personal habits that helped him to achieve his goals. Links and resources: Michael Yardney Metropole Rich Habits Poor Habits Property Update App Property Investory   Jim Rohn Wealth Retreat Roger Hamilton Christopher Howard Brian Tracy Quotes: “If you suddenly become wealthy, but your mindset does not grow to your level of wealth you will lose that wealth.”  Michael Yardney “Every year I upscale and upgrade the way I think about things because I want to keep growing.” Michael Yardney “What average people think and do is very different from what wealthy people think and do.” Michael Yardney Never miss an episode and keep up with all the good things going on at the Michael Yardney podcast by subscribing on iTunes.

Are you interested in getting into property investment this year? Either your first investment or to grow your portfolio – well today’s show is for you. Hopefully, you’ve been enjoying a bit of a vacation at the beginning of this New Year. Pam and I are currently cruising around South America, so this show is another episode in the summer series where I share the recording of an interviewed with me by Alex and Liz from the Finder Money Podcast In this episode, they ask me about how I got started in property investment and I give some of my best tips for those looking to get into the property market. During our chat I answer their questions and share the lessons I have learned from my hands on experience after buying my first investment property over 40 years ago. In the Podcast We Touched On: How real estate investment is not a get rich quick scheme. Running into problems by buying quickly and not investing in the right type of properties. Residential real estate is high growth relatively low yielding investment. Buying for capital growth as opposed to cash flow. The most important difference between successful and average property investors The three stages of your property investment journey: asset accumulation, lowering your loan-to-value ratios, and then living off of your property portfolio. How real estate investing is a game of finance with some properties thrown in the middle. Finding properties that will have strong demand in the future – what I call investment grade properties. How investment grade properties are stable with above average market growth. Where an investor should be looking in Australia for their first property How important location is in the success of a property investment and how property type factors into this Capital growth drives your investment. You need to get your first property purchase right. Why it's wrong to buy an investment property you would like to live in How you know when you're ready to invest in property Michael's personal property investment strategy and how he selects an area to invest in The difference between investment grade properties and investment stock Investing where the job growth will be. Why I think Melbourne and Sydney are still good places to consider invest. What really drives property prices How having the wrong habits and a poor wealth operating system is why so many don’t get out of the rat race. Using debt to leverage your money and buy appreciating assets that go up in value. Some of the mindset differences between the rich and poor Recognize that you are where you are today because of what you have chosen to do and what not to do. Become financially fluent, learn about money, and hang around with people who are financially fit. Links and resources: Michael Yardney Metropole Rich Habits Poor Habits Property Update App Money Podcast #37: Michael Yardney gives us his best property investment tips Warren Buffet Quotes: “It’s not the size of your portfolio that matters, it’s how big the asset base is and how the properties work. ” Michael Yardney “Find other people who have achieved what you want to achieve and then do what they do.” Michael Yardney “Cash flow will never get you out of the rat race, but an asset base will.” Michael Yardney Never miss an episode and keep up with all the good things going on at the Michael Yardney podcast by subscribing on iTunes. You can also subscribe to MichaelYardneyPodcast.com to keep up with the latest information including bonus material that comes out between the podcasts.

Time is More Valuable than Money. Most people look at their bank accounts with great attention and assess how much money they have to spend, to invest, and to give away… ... In fact, time is much more valuable than money because you can use your time to make money, but you can't use money to purchase more time. In today’s show, I chat with my good friend Louise Bedford about time management and investing your time like it is money. I know people say that time is like money, but I’ve found that when I invest money I make more. I have never found a way to get my time back. That is why today, we are teaching a different concept of time management. How to Invest Your Time Like it Is Money: Transforming your relationship with time so that you have more focus and balance and are able to get more done. How time is the one thing that we don’t get a second chance at. How not all time is created equal. We need to leverage our time and do things in a smart way to become wealthy. Pretend you are going on holiday tomorrow and do what needs to get done. The importance of having integrity with our time. How women give, give, give, and their energy reserves get depleted. Putting your own goals and prosperity above everybody else's goals. Letting emergencies get in the way of your personal projects. Looking for time leaks, so that you can have the outcome that you want. Having a focus day  where you isolate yourself from the world and focus on one core skill. Not letting distractions eat up your goal. Not having time shouldn’t be an excuse. You should say it is just not a priority anymore. How 20% of your time produces 80% of your results. The sweet spot of time that produces results. How most people have no idea what their A, B, and C activities are and don’t know how to structure their time. Leveraging your time and systems instead of increasing your hours. Getting into the level of genius and not getting overwhelmed with low-level activities. Structure your days to use your time more effectively. Upgrading your time is the wealthy solution. Trading time for dollars is the non-wealthy solution. Learning to structure your time to have fun, so you can work less for a longer amount of time and years. Delegating and dumping the D activities. Finding where you are wasting time. Tracking your activities and finding the time bandits. If it is not earning you money, creating pleasure, or giving back to your family or community then why are you doing it. Concentrating on one thing at a time and setting specific goals to manage your time. Not assigning too many tasks for one day, or using an electronic to do list which will automatically assign them to the next day. Getting the unpleasant tasks out of the way first thing. As long as they are important. Eat That Frog. Delegate. Don’t do it. It takes practice to do what you need to do. Find the bottlenecks. Write down where the holdup is and then take action. Becoming accountable to somebody. Having mentors, business coaches, and being part of mastermind group. Setting your phone for 20 minutes and trying to complete a 25 minute task. Giving your family undivided attention. Michael Yardney’s Guide to Getting Rich and the habits and thought processes for the rich. Getting a money education. Any problem that money can solve isn’t a problem. Ask what the most productive and profitable use of your time is? Ask what the payoff is? How Michael has made more from saying no to things. Asking what your state of mind is? Links and resources: Michael Yardney Metropole Rich Habits Poor Habits Property Update App The Trading Game The Forgotten Secret Lee Milteer Pareto Principle Todoist Eat That Frog Basecamp Guide to Getting Rich Vision Day Quotes: “Sometimes it’s not about managing our time, but managing our priorities to achieve more.” Louise Bedford “You have to put yourself and your time above everyone else’s time.” Louise Bedford “Having time integrity means that you are honoring commitments to yourself.” Louise Bedford “It’s important to know what is important. A lot of things are urgent, but are they important?” Michael Yardney “Working harder won’t always give you the results that you want.” Michael Yardney “Most professionals seek to increase their income by increasing their hours as opposed to leveraging their time.” Michael Yardney Never miss an episode and keep up with all the good things going on at the Michael Yardney podcast by subscribing on iTunes. You can also subscribe to MichaelYardneyPodcast.com to keep up with the latest information including bonus material that comes out between the podcasts.

Are you interested in getting involved in property renovations or development? In today's show I’m sharing an interview where Justin Gehde and I talk about how I got started in property renovations and development. This is part of the summer series of my show, where, while I’m on vacation, I pull out some of my favourite past podcasts not previously shared on this show. So today there are some great hints for you because I discuss many of the lessons I learned and some of the things that I got wrong along the way. How Michael Got Started With Property Development Michael bought his first investment property in the 1970s. He paid (a half share of) $18,000 for it and was got $12 a week rent. His second property needed a renovation. He got involved in development in the 1980s. He had good partners and mentors that helped him until the recession hit. Then he started helping others in the late 1990s helping people with property development management and doing development for clients. Michael is still very actively involved in property development. He enjoys creativity and finding solutions for problems. He takes pride in his large developments that have changed the face of some suburbs. Michael thinks property development is the best way to use money and buy assets cheaply. He doesn’t flip, instead he renovates and holds on for the long term. In the 1980s Michael was very brave and maybe a little stupid, but he took some big risks and the rising market got him through He has learned from mentors and he has seen partners go bankrupt and he is a much more careful investor. A common problem Michael encounters with clients is they have unrealistic expectations. His advice is to start small do the renovation and then move up. The importance of finding investment grade properties in suburbs that outperform the averages and where the jobs are and where people have more disposable income. How today Michael conducts the orchestra and still has fun at work and undertaking property development. Michael still enjoys the marketing, research, recording the podcast, dealing with the media, and strategic actions. Michael and his property development management business became experts in certain municipalities, so they know what does and doesn’t work. How experience makes a difference in property developments and creating the type of property that tenants want and what the end product should be. Location, owner occupier appeal, demand for a wide demographic of people who want to rent or buy there. Investment grade property. If starting over again, Michael would educate himself more and learn from people who have already done what he wants to do. Rather than flipping, property developers should be adding value, refinancing and keeping their properties. This way they are much more likely to become wealthy. Links and resources: Michael Yardney Metropole Metropole’s property development services Rich Habits Poor Habits Property Update App Property Developer Podcast Our favourite show quotes: “Property investment and development is a game of finance and having the right cash flow.” Michael Yardney “You have to have money set aside for a rainy day because the finance markets can turn very quickly.” Michael Yardney “I’m actually having fun sitting back a bit and enjoying the results.” Michael Yardney Never miss an episode and keep up with all the good things going on at the Michael Yardney podcast by subscribing on iTunes. You can also subscribe to MichaelYardneyPodcast.com to keep up with the latest information including bonus material that comes out between the podcasts.

Would you like LifeTime Wealth? Well…today we’ll explain what that means and how you could achieve it as I replay a chat I had with my good friends Louise Bedford and Chris Tate from The Trading Game and we discuss the concept of true wealth. Hopefully, your New Year’s resolutions include becoming more successful and growing your wealth. If so, you will love this inspiring chat. How to Obtain Lifetime Wealth Michael shares how he bought his first investment property over 40 years ago. He’s made plenty of mistakes, but has still built a substantial property portfolio. He also gives back. To be truly wealthy you need much more than just money. You need monet plus family, friends, health, spirituality, growth, and contribution. Chris shares his background. It is similar to Michael’s but replace the word property with shares. How children absorb things without being taught directly. Legacy and leaving a ripple or something outside of you that carries on when you are gone. We learned about money, wealth, and riches from our parents and culture. What is your financial thermostat set for? You’ll be surprised – it’s set for what you have already got. Your thermostat won’t change until you change and throw away the blame. The imposter syndrome or undeserved success. Not feeling worthy and self-sabotaging. Self-awareness deserving your success. How people believe the tool has something to do with their success, when it is actually the software that makes a success. How people who’s views are mismatched may not be a match as a couple. The disconnect can produce tension and tear relationships apart. Couple’s need to talk about their views about money. Partners need to be compatible on a whole host of issues. In the old day’s people passed their trades on. Now property or shares can be passed to your kids, but it is not what you leave your kids it is what you leave in your kids. How we learn about money from our parents whether it is spoken or unspoken. Replacing non-productive beliefs with empowering beliefs. Teaching kids about training by loaning them money to trade and letting them keep half of the profits. How IQ and socioeconomic status can be linked. The importance of mentorship and getting together with other entrepreneurs. Find like minded people and the isolation disappears. How attending Wealth Retreat can help change your mindset and money habits. Links and resources: Michael Yardney Metropole Wealth Retreat The Trading Game Rich Habits Poor Habits Property Update App Chris Tate Louise Bedford Richard Branson Warren Buffet Donald Trump Robert Kiyosaki Our favourite show quotes: “Wealth isn’t about how much money you have, but what you’re left with if you lost everything and had to rebuild it.” Michael Yardney “You either have to pay the world, the market, or your mentors when learning about investing.” Michael Yardney “If you took all of the money in the world and divided it equally it would all end up in the same pockets again.” Michael Yardney Never miss an episode and keep up with all the good things going on at the Michael Yardney podcast by subscribing on iTunes.