Property Investment & Wealth Creation Australia | The Michael Yardney Podcast

How wealthy are you? I guess that depends upon how you define wealth. In today's podcast, I chat with demographer and social commentator Mark McCrindle about wealth distribution in Australia. We talk about what's happened to the wealth gap between the rich and the average Australian, and we answer the question "are we better off financially than our parents were?" And of course, I'm also going to share my regular mindset message with you. So at the end of today's show, you'll have a better understanding of where you sit on the wealth ladder and what you can do about this. My conversation with Mark McCrindle: The rich keep getting richer, or so we keep hearing. But is that true? And last year, the coronavirus has seemed to affect certain demographics more than others. How has that affected the wealth distribution in Australia? With higher wealth and income levels than ever are we any better off? It's mixed. The cost of living is rising, costs of property and rentals are rising as well. So we expect income to rise because costs of living are rising. It's not as though we're rolling in money, but on average we're paying our bills. Two-thirds of Australian households carry debt, and a quarter of them have debt that's three times their household, so we're still carrying a lot of debt. But Australians have been moving forward with both income and wealth. How is wealth distributed amongst the different generations? It's mainly held by the older generations. It's largely in the household home. About one third is in financial assets such as shares and superannuation Are we better or worse off than our parents were? In so many ways, the younger generation is better off. It is getting more expenses to own a house. But the costs of things like travel, transport, and daily commodities are less expensive. Plus, the younger generations are investing more in their future earnings with education. Over time, they will start to catch up in terms of wealth. The younger generations will live longer and work longer, so they have a broader spread of wealth accumulation years. They also have the support of parents and higher earnings as they begin. What's happening to the gap between the rich and the poor? One of the best measures of that is the Gini coefficient. It highlights that inequality is getting less. How did COVID affect wealth? In many ways, it added to the equality of Australia. The government stepped in with Jobkeeper and Jobseeker and intervened to level the playing decks. Because of the uncertainty, many Australians also paid down debt and saved more. Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Mark McCrindle's article on Australia's Income & Wealth Distribution Find out more about McCrindle Demographers Shownotes plus more here: What's happening to the wealth gap and are we better off financially than our parents were? With Mark McCrindle Some of our favourite quotes from the show: "My grandparents' generation were more workers and it was rare for them to go to university." –Michael Yardney "I think one of the things you've got to remember is that in Australia, our poor are still richer than the rich in many other countries." – Michael Yardney "Timidity is not a virtue, it's an illness." –Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

I'm often asked what are the big lessons I've learned from investing in property for close to 50 years? Probably the most important lesson I think we can learn is that the market is driven not only by the fundamentals but also by the irrational and erratic behavior of an unstable crowd of other investors and homebuyers. So never get too carried away when the market is booming or too disenchanted when the market slumps, because letting your emotions drive your investments is a surefire path to disaster. Today, I'll chat with Brett Warren about some of the lessons I wish I'd known when I first started investing. If you can learn these lessons now, you can avoid paying some of the learning fees that I had to pay to the property market as I made mistakes. Now today's episode is part of what I call our summer series where apart from bringing you one new show each week we are replaying 2 previously published shows, and the foundational lessons I'm going to share in today's show which was originally published a number of years ago will help you take advantage of the new property cycle that is appearing in front of our eyes in 2021 Before we get into the main body of the podcast, I'd like to share two more lessons I've learnt over the years that I would've loved to have known when I first started investing. The first is that every year there is an X factor, and an expected factor that comes out of the blue to undo my best laid plans. Sometimes these are on the negative side and sometimes they're on the positive side like the unexpected election win in 2019 that led to strong property markets at the end of that year. The other big lesson that has taken me a number of decades to understand is that every 10 years or so the world breaks. Think about 2020 with the Coronavirus creating a world pandemic and recession. Then look back at 2008-9 with the Global Financial Crisis and before that was the Asian financial crisis. Can go back every 10 years or so and I found the world breaks. These lessons have taught me to be have a long-term focus and not make 30 year investment decisions on the last 30 minutes of news. They have also taught me to ignore the doomsayers and be very cautious of who's forecasts I pay attention to. The value of education It's easy to think you're smarter than you are when you don't know what you don't know. Goal setting Setting goals helps you focus because if you don't know where you're going, while any road may get you there, every road may also get you lost. Create a property team Most people think they know a bit about property. While property investing may be simple, it's not easy. You need to create a good team around you including mentors and advisors. If you're the smartest person in your team, you're probably in trouble. Think like a rich person Develop the mindset of rich people and build the rich habits that will help you achieve wealth Have an abundance mentality An analogy is to think of yourself as a cup. If your cup is small you can only accumulate a small amount of money, any extra will spill over and you will lose it. You simply cannot have more money than the size of your cup. Instead, develop an abundance mindset in which your cup is big and deserving of being filled with success. Delay gratification To become rich, you must learn to delay gratification as wealth is the transfer of money from the impatient to the patient. Overcome your fears Fear can prevent us from investing because we see it as too risky. Form a sound investment strategy, and get a property team around you to minimize the risks. Don't give in to fear Don't let failure hold you back We all make mistakes, but you can't allow them to hold you back. Learn from them and move forward. Understand the power of compounding and leverage The earlier you start investing and the longer you hold your properties, the more time your money has to grow. Property won't make you get rich quick. Having invested for nearly 50 years now, one of the many lessons I've learned is that property investment is not a "get rich quick" scheme. It's a get rich slow one! Ignore white noise It's not the media's job to educate you. It's their job to entertain you and get you to click on their links. Keep your eyes on your long-term goals and don't spend too much time worrying about short-term challenges in the market. Capital growth and cash flow are both important Residential real estate is a high-growth, relatively low yield investment vehicle and the key to wealth creation is to grow a substantial asset base of "investment grade" properties. However, while capital growth gets you out of the rat race, you need solid cash flow to keep you in the game. Location is non-negotiable Remember that 80 percent of your property's performance will be due to its location and about 20 percent because of the property itself– so never compromise on location. Develop financial discipline To become rich, you will need to learn to spend less than you earn, save t

Not all investors are created equal. If you want to become a successful property investor you really need to understand the five levels of investing which is a model that I've designed to explain how most investors progress along their path to financial freedom. Just to be clear, this has nothing to do with your level of income. It has a lot to do with your financial fluency and financial intelligence. If you want to work your way up the rung of investors, you're going to have to understand which level you're at right now present and what you have to do to work your way up to the next level. After today's episode, you'll understand more about the levels and where you fit into them. Then after I've explained the five levels of investing, I'm going to share a mindset message from one of my mentors. The Five Levels of Investing Level 0 – The Spender Those at level 0 end up with a high level of debt because they spend and borrow, living paycheck to paycheck. They aren't really investors at all; they're spenders and borrowers. Level 1 – The Saver Those at level 1 have one main investment – their home. They save money, but they save it to spend it later, not to invest it. Savers are often unwilling to take any risks with their money and fear financial matters that look risky. Level 2 – The Passive Investor Those at level 2 are aware of the need to invest in order to grow wealth. However, they don't necessarily understand the rules of money and may be hanging on to outdated ideas about finance. Passive investors look for outside sources and "experts" to tell them what to do with their money instead of educating themselves, which can make them easy prey for get rich quick schemes. Level 3 – The Active Investor Those at level 3 are actively involved in their investment decision and take responsibility for their own financial futures. They focus mainly on growing their asset base. Active investors understand that they can't do it all themselves, so they form networks of advisors and peers or join Mastermind groups. Level 4 – The Professional Investor Those at level 4 have risen to a level where they have built and now manage their own investment business. They have a substantial asset base that generates enough passive income to pay for their lifestyle, and they continue to grow their portfolio whether or not they work a real job. Professional investors retain control of their investments while employing a team to help them continue to achieve consistent results. Where do you fall in the levels of investors? Not everyone makes it to Level 4. In fact, few get that far. But you can, once you understand why the rich keep getting richer. Links and Resources: Michael Yardney Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Join us at Wealth Retreat in June this year – find out more here: Wealth Retreat 2020 Shownotes plus more here: Do you understand the Five Levels of Investing? Summer Series Podcast Some of our favourite quotes from the show: "Level 4 investors rarely stop educating themselves." – Michael Yardney "A final point about Level 4 investors is that they teach their financial knowledge to their children. They pass on their family fortune to future generations." – Michael Yardney "You can be a low-income earner when it comes to your day job, but still be a level three investor and have financial security." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

We're into a new year, and there's lots of good news on the horizon. We're going to have a better year this year than in 2020. We can't have all of those challenges again this year, can we? There's lots of good news. The economy is picking up, we've beaten the recession, it looks like we've contained the virus, and there's an earlier-than-expected arrival of a vaccine. The path to normality has come along a lot faster than we expected. What happened to that fiscal cliff? It was merely a step down before we started to ascend again. But among all of the good news, there's some bad news. Some people have had health issues last year, others have had financial issues that are continuing on. To increase your chances of financial and property success in 2021, I'm going to have a chat with two experts who are going to share their wealth building tips with you, in addition to some tips for success in 2021. Highlights of my interview with Kate Forbes: Kate's advice included:- The only certainty we have is that everything will change. Every year there's an X factor – an unexpected event that affects our markets on the upside, or often the downside. You need to be able to roll with the punch and tweak things to adjust, even within your long-term investment strategy We can only hope for the best, but 2020 shows that we also have to plan for the worst Insurance offers a buffer and peace of mind Owning quality assets are also a form of insurance, that's why it's important to own the best assets you can afford The best strategy is acquiring the best property you can at the best price you can and sitting on it The strategy of reinvesting may not be appropriate for as many people at present. Don't try to time the market You'll need a more holistic approach to be successful in 2021 Highlights of my interview with Ken Raiss: The lesson this year is nothing new from prior years. People who don't get good advice make the same mistakes over and over again. Strategic investors structure their purchases to protect their assets and maximize their cash flows It's harder and more expensive to fix these ownership structuring mistakes after the fact In 2021, review your affairs to minimize risk All investors should have a holistic plan that maps out their journey The plan should maximize their wealth creation and protect it and pass it on to the next generation The plan needs to have the correct structure to meet these goals Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Kate Forbes – National Director Metropole Property Strategists Ken Raiss – Director Metropole Wealth Advisory Shownotes plus more here: Wealth building tips for 2021 from 2 property experts – with Kate Forbes and Ken Raiss Some of our favourite quotes from the show: "That's one of the reasons the percentage of first homebuyers is at record levels." – Michael Yardney "Taking on extra debt, taking on extra commitments doesn't actually help their cash flow." – Michael Yardney "Buying an investment isn't an event, it's actually a process and it starts long before you buy it." –Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

Let me ask you a question - Have you made any mistakes in your investment career? If you're an investor, you almost certainly have made some mistakes. Nobody starts out as a great investor – property investment is a learned skill. Today, I'm going to share with you one of the biggest mistakes I made early on in my investment career indisputable proof that I began life as an investment suck up. Today's show is part of what I'm calling the 2021 Summer Series where we replay some of the best episodes of the past. Throughout January I'm sharing 3 shows a week with you rather than normal 2; and the reason I'm keen for you to listen to today show is because I hope you'll learn something from the big mistake I made. You see… I was taken in by a spruiker. In the almost 50 years that I've been an investor nobody has made mistakes in the investment journey than I have. In fact, I often say I'm a real success at failure. Yet I'm a very successful investor today, and that's largely because I've learned from my mistakes. So, as I said, I hope you learn from my mistake, made early on my investment journey where I lost 100% of my invested capital, and that was one of the many learning fees I paid to the market over the years. Subsequently, I made lots of mistakes and paid lots of learning fees along the way, and that's one of the reasons I share these regular podcasts with you to help you avoid making the same mistakes. Now the mistake that I'm going to share with you today was made in the early 1970s, but the lesson is just as relevant today because now that our property cycle is now entering a new stage there are plenty of sharks out there, plenty of property spruikers out there giving "advice" who have a vested interest rather than your interest at heart. And I hope you enjoy our chat as I expose a few things about my past. Then I'm then going to have a chat with Pete Wargent about 3 demographic trends you need to understand as a property investor. But remember, this is the replay of a show that was recorded a couple of years ago, yet the information is timeless, so it'll be interesting to see the comments we made about demographics before the coronavirus affected our markets in 2020. However, I believe the long-term trends Pete and I talk about are just as relevant today as they were back then. I also have a great mindset message for you. My Worst Investment Loss Exposed! I'm keen to tell you the story of how I lost 100% of my invested capital many years ago, way back in the 1970s, and the investment mistakes I made which created this disastrous result. But first I want to explain the 2 main reasons why I'm sharing this story. Losing investments can be great teachers. You'll not only learn from the investment mistakes you make, but you can also learn from other people's investment errors so that you don't have to make the same mistakes yourself. Most investors pay the market a huge learning fee in the way of mistakes. Studies show that around 50% of investors who buy an investment property sell up in the first 5 years. Clearly, they've done something wrong. And most investors who stay in the game don't make it past their first or second property, so clearly, they're not doing things right. So why not learn how to avoid their common mistakes? Losses are a natural and normal result of making investment decisions. Don't be so hard on yourself when things don't go as planned because the key to long term success is what you do when this occurs and the lessons you learn from your mistakes, so you don't repeat them. Here are a few of the more obvious mistakes I made with this investment: I gave my money to a virtual stranger without doing enough due diligence I invested in something I didn't understand I bought a story rather than investment fundamentals. I was lured by the opportunity of making quick money In reality, I was speculating, not investing and risked money I couldn't afford to lose. I had no investment strategy – just a desire to get rich quick. I learned many lessons from this experience including: Not everything that glitters is gold Sometimes your best investments are the ones you don't make. Don't invest in anything you don't fully understand. I knew nothing about gold mining, so I was speculating rather than investing. I had no competitive advantage and there was no mathematical expectation for my investment strategy. One of the worst things that can happen to an investor is to get it right the first time. I thought I was smarter than I was when in reality my investment success so far was in large part to a rising property market – a boom that made me look smarter than I was. Don't become overconfident -the market will soon humble you. I didn't understand the incentives of the so-called "advisor" who really had a vested interest which created biases in the recommendations he gave me. My worst investment mistake was a cheap lesson This investment was the first of many learning fees I've paid to the market ove

While you're listening to this podcast, my wife and I are away on our vacation. Unfortunately due to Covid, it's not the extended overseas trip we usually take at this time of the year, but we are able to take a number of breaks each year because we've built a substantial property portfolio that gives us the lifestyle we enjoy. I'm not showing off. What I'm suggesting is you should also build a substantial asset base to give you choices in life. How are you going to do that? How are you going to be different from all those investors who don't get past their first or second property? The answer is to learn from those who have already succeeded – who've achieved what you want to achieve. That's what Pete Wargent and I are going to talk about in today's show. As part of our summer series, I'm replaying the show it was it first published about a year ago where Pete tells us what he learned from successful investors when he attended Wealth retreat. I'll also share something special in today's mindset moment. Wealth Retreat Pete Wargent is one of the regular presenters at Wealth Retreat. But he attends to learn as well as present. Today he's going to share some of the tips he learned at last year's Wealth Retreat. There's not one property market There are multiple property markets around Australia all at different stages of their own cycle. In a boom, everything sells. But when a downturn comes, you can see how much better well-appointed properties hold their value. That's why you need a tried and tested formula and an investment strategy that always works, not one that only works right now. If you want to grow your business, you need a business coach You never know which nuggets of advice are going to make all the difference. Even if you're already successful in your own right, you can still use advice from other successful people. It helps to have someone to hold you accountable. The power of networking The most successful people always have the most powerful networks, so anything that you can do to build a network of successful, like-minded, and powerful people can only help. But there's only so much time in your life to make connections, so an event like the Wealth Retreat is a perfect opportunity to meet with the right sort of people. Links and Resources: Michael Yardney Metropole Property Strategists Pete Wargent Join us at Wealth Retreat 2021 in June 2020 – read all about it here now and express your interest Some of our favourite quotes from the show: "It's isolating, it's hard on your own and you need a tribe around you. But you need the right people." –Michael Yardney "Why not, while you are an employee, set up your own business on the side." – Michael Yardney "Failure is never permanent. That sinking feeling that you've got, that will never last forever." – 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

Did you make New Year's resolutions for 2021? What were they? Were you planning to get more money? Become healthier? How many have you broken already? My resolution of eating more healthily didn't last long. But I know that a lot of people are planning to make 2021 a great year considering the challenges and how many opportunities were lost in 2020. So, in today's episode, I've got two segments to help you if you're interested in property investment. The main segment is a long, detailed discussion about gentrification. You see…If you understand how gentrification works and what to look for, you can consistently outperform the market with your investments because of the cycle of the suburb. Then in my mindset message, I'm going to ask you where you're going to be in ten years' time. Because wherever it is, you're surely going to be there. But are you deciding how you're going to get there and if you're doing the right things to get to the right spot? Gentrification and the cycle of the suburb Gentrification represents a powerful opportunity to increase both your property returns in the short term, and your overall real estate wealth in the long term. There is no such thing as one property market in Australia – instead, there are multiple property markets, each with their own specific drivers and fundamentals. While each state has its own property cycle, suburbs have their own cycles as well. These suburbs are "gentrifying" – which means that they are going through a period of improvement. In general, capital growth in these areas will outperform the averages. These areas go from and ugly ducklings to a beautiful swan and therefore the homes in these suburbs increase in capital value faster than the average. As a property investor, if you can identify an area at the earlier stages of gentrification and buy while prices are more affordable – you stand to benefit from ongoing capital growth. What caused this gentrification? One of the main factors behind this revitalisation was the exodus of manufacturing to the suburbs, driven in part by cheaper transport and better roads. At the same time, many migrant workers departed to the suburbs to live in detached houses with front and back yards. Interestingly at around the same time, our society started to experience higher education levels, which necessitated more people being closer to campuses. These were usually in or near the CBD, and so being close to the city became more desirable. The diversity of serviced-based jobs located in the CBD, together with the increasing number of women in the workforce and declining household sizes, all made the prospect of living in those smaller properties near the city more attractive to a larger cohort of potential buyers and renters. Gentrification is a change in the fortunes of a suburb as it is discovered by a higher income demographic, which slowly pushes out the lower-income residents. This usually occurs where working-class people, tenants and migrants move out as the land becomes too valuable and more affluent people move in renovating the old homes and improving the surrounding shops. These new, more affluent residents invest time and money improving their new neighbourhood, pushing up prices and rents. So how do you spot a suburb that is in the process of going through this metamorphosis? One unusual and unexpected property research strategy to help in this regard might be through look at the dogs walking around the neighbourhood. Yes, you read that correctly – I am suggesting that you look to the dog breeds for a sneaky clue! To make things clear: just because a suburb has cheap properties, that doesn't mean it's destined to become the next growth area. Some suburbs are inexpensive for a reason and won't improve because of various socio-economic factors. There might be too much industry in the area, a lot of social or public housing or possibly an ongoing crime, gang or drug problem. Or maybe they are outlying suburbs with poor infrastructure, facilities or public transport, and little prospect for change. On the other hand, the type of suburb to look for is one that is relatively cheap today but has the potential for future capital growth. Some of the major drivers of capital growth are: Proximity to the CBD or the water. Adjoining a more expensive neighbourhood so it can benefit from the ripple effect. Desirable amenities such as good public transport, a large shopping centre, or within the catchment of a highly prized public school. Older attractive houses with character features, that are ready to be renovated. Areas where governments are investing in local infrastructure or beautification programs. Some of the steps you can take to find a suburb that is improving are to go for a drive and a walk. You'll "know it when you see it" because you'll find evidence that people with money are moving in. They will be spending large amounts of money renovating or extending their homes. There will be white (the new black) SU

Success is no accident. The most successful people in life may not always seem like they have much in common. How are The Beatles similar to Steve Jobs? Or Warren Buffett and Shane Warne? But when their traits, habits, and work ethics are distilled down, these unlikely characters share many similarities. They do the work, they turn up, they believe in themselves and sometimes, they even wear the same clothes. In today's Build a Business not a Job Podcast I chat with Mark Creedon, founder of Business Accelerator Mastermind about a dozen techniques to triumph. Drive – know where you're going Whether it is the drive to be the best in the world at a specific skill – spin bowling – or the passion to build the most user-friendly tech experience at Apple, successful people are focused on their end goal. Proven losers Once people have the ability to spring back from their losses, they are more able to take the risks and challenges life inevitably throws out. And once that mindset is in place, coupled with a focus on achievement, a loss can create a gain. Let others do their part There is a necessary time to allow others into the business and to allow them to do the job in their way. By allowing others to take the load and share their knowledge, the outcome can be greater than the sum of its parts. Avoid distractions – from their goal and in daily life Achieving a distraction-free state of flow is the best and most efficient way to work and get things done. Communicate. Without it, 'It's like winking at a girl in the dark' Berkshire Hathaway founder Warren Buffet says communication skills are the most important traits for success. "If you can't communicate, somebody said, it's like winking at a girl in the dark," he says. "Nothing happens." Break the mold Successful people are often willing to stand out. Test cricketer Stuart McGill says spin legend Shane Warne "broke the mold" in cricket, not only with his spin action but also with his off-field antics. This pairing of performance and personality brought new followers to the game. Think on your feet The ability to be agile and take chances – even if they fail – is a key habit of the successful. Let's do it People who thrive see the outcome. They determine a course of action and set their minds to achieve it. Routine is a common element for those who succeed. Yes, yes, yes, no. Make the decision Successful people are decisive. They may not always be right, but at least they make a decision, which allows for a speedier process and new possibilities. 'Done is better than perfect' This leads on from decisiveness. The philosophy is about achieving small steps, not about sacrificing quality. As there is no such thing as perfection – which is different for different people – many successes consider milestones and progress more important than a mythical ideal. 'I get knocked down, but I get up again' Resilience is considered the most important characteristic for success. People will inevitably get knocked down, criticised, rejected, or considered wrong, but with stamina and grit, many people overcome. Old-fashioned hard work, turning up every day, gets results. T-shirt and jeans Many successful people have systematized their life to strip back distractions. By either planning ahead or making a routine of everyday tasks, they can reclaim time and energy to think about other outcome-focused enterprises. Links and Resources: Why not join Metropole's Business Accelerator Mastermind Learn more about Mark Creedon – Business Coach to some of Australia's leading entrepreneurs Shownotes plus more here: 12 habits of highly successful people - Summer Series with Mark Creedon Some of our favourite quotes from the show: "I think one of the worst things that can happen is to get it right the first time." – Michael Yardney "I think one of the traits of successful entrepreneurs, businesspeople, professionals, is that they get going knowing they don't know it all, but they know enough to get going and understand that they're going to learn the rest along the way." – Michael Yardney "It's just too hard to do it on your own." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how.

There are many definitions of what it means to be rich. In today's podcast, we're going to discuss the #1 factor that makes poor people rich. Being rich is more a state of mind than a dollar amount, though – the rich can be poor and the poor can be rich. Being rich is really more about having what you want and being able to enjoy your wealth. You need a sense of balance, and true wealth isn't about money or how many properties or shares you have. You need your health. You need time to enjoy and appreciate things. You need somebody to love and someone to love you. You've got to have the ability to give back to the community. You need spirituality. You need to be able to grow and learn. In these podcasts, I talk a lot about money, but money isn't a zero-sum game. One person's wealth can't stop you from becoming wealthy as well. And in today's episode, you'll hear more about building the habits that can help you become wealthy. How can poor people become rich? If no poor person on the face of the earth ever rose from poverty to wealth, you might have a case that it's impossible to become rich if you were born and raised poor. But, reality paints a very different picture. There are thousands of poor people every day who become rich. According to Forbes Magazine, just in America, there are approximately 1,700 working-class people a day who become millionaires. And, according to Tom Corley's Rich Habits study, 41% of the 177 self-made millionaires he studied were born and raised in poverty. What was the #1 factor that helped them shake off the chains of poverty and become wealthy? Changing their daily habits. Changing your habits can be hard, especially if you don't know how. Here are some short-cuts to changing habits. Habit Merging When an old habit does not perceive a new habit as a threat, it does not wage war against the formation of the new habit. Law of Association Old habits can be triggered by the individuals you associate with. If you are trying to get rid of some old, bad habits you need to limit the time you spend associating with those individuals who act as a triggers for those bad habits and begin associating with individuals who possess the new good habits you are trying to adopt. You can find these new individuals in network groups, non-profit groups, trade groups or any group that is focused on pursuing similar goals. Changes in Your Environment It is much easier to abandon old habits and form new habits when your environment changes. New home, new neighbors, new friends, new job, new colleagues, new cities, etc., all offer an opportunity to forge new habits. When your environment changes, you are forced to think your way through each day. Start Small It is far easier to change your habits if you start with small habits. Small habit change involves adding habits that require very little effort. Examples include drinking more water during the day, taking vitamin supplements or listening to audiobooks while you commute to work. Schedule Your New Habits Sixty-seven percent of self-made millionaires in my study maintained a to-do list. To-do lists are a way of processing success into your life. One of the tricks self-made millionaires use is to incorporate certain good daily habits onto their to-do list. Firewall Your Bad Habits One trick to habit change is to make it harder for you to engage in a bad habit by creating some type of firewall between you and the bad habit. Links and Resources: Michael Yardney Tom Corley - Rich Habits Get your own copy of our international bestseller Rich Habits Poor Habits Join Michael Yardney and Tom Corley at Wealth Retreat 2020 – click here and register your interest Wondering what's ahead for our property markets? Organize a time to speak with the team at Metropole by clicking here Shownotes plus more here: The #1 Factor That Makes Poor People Rich – Summer Series with Tom Corley Some of our favourite quotes from the show: "At no other point in history have so many people escaped bitter poverty in such a short time as in China." – Michael Yardney "Small changes give you momentum. They increase your confidence." – Michael Yardney "I think the message is, if other people can do it, you can do it." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how.

2020 didn't exactly turn out the way I or anyone expected at the beginning of the year. Just as the bushfires were receding, we started to learn about this virus in China that eventually made its way to our shores. The pandemic caused massive health issues in Australia and around the world. Many countries, including ours, have had two waves of Coronavirus. It kept many of us confined to our homes, it shut down major parts of our economy, and many major economies have seen falls of the GDP of 10% to 20%. Australia did pretty well, comparatively, but we also saw a surge in our unemployment, and we saw inflation plunge. But we got through it much faster than most expected, and while we're officially out of the recession, we're not out of the woods just yet. So today, I'd like to discuss some lessons from last year and see how they're going to affect our economy and property markets this year with leading commentator Pete Wargent. Some lessons from last year that will affect this year: The world economy is going to look very different moving forward. There's going to be a bumpy and slow recovery in Europe and the United States There will be a lot more trade tensions in the years ahead The pandemic increased tensions in China There are a lot of challenges still to go in the U.S. They will probably have a bumpy recovery In Australia, the Reserve Bank has stated they won't increase the cash rate for at least three years. The cash rate has a direct impact on mortgages, so this is important for property Established and first home buyers are back in the market Immigration has taken a hit, with mixed results Some Australians are returning home An oversupply of new apartments is less likely to be an issue Technology is being embraced faster and is making people more productive Debt is cheaper than it's ever been Changes to stamp duty will impact our property markets Strategic investors were protected from the ups and downs of 2020 by: Owning the best assets Having financial buffers in places Setting up the right ownership structures Having insurance Obtaining holistic advice We discuss why people want to hear negative forecasts You need recessions and downturns to test resilience Predictions for 2021: 8% to 12% price increases for Sydney and Melbourne The increase will affect houses more than units Brisbane will see 6% to 10% or more Perth might experience a rebound as well Links and Resources: Metropole's Strategic Property Plan – to help both beginning and experienced investors Pete Wargent Next Level Wealth Pete Wargent's new book Low Rates High Returns Shownotes plus more here: Here's what the next 12 months have in store for our economy and property with Pete Wargent Some of our favourite quotes from the show: "I think one of the effects of COVID is that inflation around the world is going to remain weak." – Michael Yardney "There isn't the large construction pipeline with lots of new dwellings coming there, so I can't see an oversupply looming in our big cities." – Michael Yardney "I slept much better because I actually had set myself up by expecting the worst, and being prepared for the worst, I guess, but looking forward to the best." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

I was recently asked to put together a list of simple rules that distilled my property investment philosophy, so in today's episode, I'll give you 9 simple property investment rules to go by. In my mindset moment, I'll share 2 inspirational quotes that have helped me and that might be helpful for you as well. Then we'll discuss some of the differences that separate rich people and poor people. Hopefully, by the end of the episode, you'll be a little wiser when it comes to money, property, and success. 9 Property Investment Rules Become financially fluent – You need to understand how money, finance, the property market, and the economy work. Adopt a proven investment strategy – Real estate is a high-growth, low-yield investment, so it's best to invest for capital growth. Not every property is investment property – you want properties that are going to out-perform the averages in capital growth. Demographics drive markets – Demographics are more important than short-term ups and downs when it comes to shaping our markets.rules-1752406_1920 Real estate investing is a game of finance with some properties thrown in the middle – property is a long-term game, so you'll need financial buffers along the way. The economy and our property markets move in cycles – each boom sets up the next downturn, and each downturn sets the stage for the next boom Follow my 6 Stranded Strategic Approach and only buy a property – properties should: Appeal to owner occupiers Be priced below intrinsic value Have a high land to asset ratio Be located in an area that continually outperforms the averages Have a twist that adds value Come with the potential to manufacture capital growth Don't focus on bargains — Properties that no one else wants today will probably be the type of property that no one else will want in 5 years' time. Allow for an X-factor – unforeseen events can be positive or negative, but they're sure to happen. 10 major differences between rich and poor people If you've been listening to my podcast you'd realise that I believe wealth is a choice that we must all make. Wealth is a mindset Bill Gates once said, "It's not your fault if you were born poor, but it's your fault if you die poor." In Australia, there's no reason why you should live in poverty. Wealth is waiting for you, but you have to make up your mind if you want it in your life. For years I studied the rich then I became one of them, and for the last decade I've mentored over 2,000 people to become rich Here are 10 of the major differences I've realised that separate rich and poor people: 1a. Poor people are skeptical. I distinctly remember a nephew of mine saying, "Those plumbers are a rip-off! They'll charge for things they haven't done. He thought that everyone unjustly wanted his money and that everyone is out there to get him. Do you know someone like that? 1b. Rich people are trusting. Rich people have the tendency to trust those they meet (within reason) and give others the opportunity to be themselves. 2a. Poor people find fault. People who are poor are always looking for the problems instead of the solutions. They end up blaming their environment, circumstances, jobs, weather, government and will make an extensive list of excuses as to why they cannot be successful. 2b. Rich people find success. Rich people understand that everything happens for a reason. Rather than letting life happen to them, they take direct action and make big things happen. They put aside all the excuses and eradicate their blame lists because they have to do what must be done. 3a. Poor people make assumptions. When it comes to knowing the truth, poor people often make assumptions. If they want to reach out to a someone, they might say, "They probably don't have time to talk to me." Instead of checking the facts or asking questions, they never make a true attempt when it comes to getting what they want. 3b. Rich people ask questions. Many rich people ask the question, "What if?" For instance, "What if I wrote an email to that person and he or she answers?" If you begin to ask questions, you will save yourself a lot of hassle. The power is in the hands of those who ask the right questions. Then don't answer your questions, question your answers. 4a. Poor people say, 'they' and 'them.' Have you noticed how the people at the checkout at the supermarket say, "They never have enough cashiers. I don't know what's wrong with them." Obviously, these people don't take any ownership and responsibility for their job. They certainly separate themselves from the job that was paying her. 4b. Rich people say, 'we.' At one of my favourite restaurants, the server said, "We take great delight in cooking our steaks in real fire." Her sense of pride and ownership stimulated me, which allowed me to give her an honourable tip. Surely, you will be rich when you invest more into what you believe in. 5a. Poor people want the cheapest way. Have you noticed how poor people tend to look for the cheapest i

For many of us, 2020 has been a year to forget, but I don't think we're going to do that easily. I'm confident that we're going to remember 2020 for a long time. I don't know when you're going to listen to this podcast, but it's almost certainly time for me to wish you a happy, healthy, and prosperous 2021 – a much better year ahead. 2020 brought a lot of its challenges to us, but it's actually been a great year for me, my family, and my team, as well as for this podcast and blog. I look forward to continuing this education in 2021, but for today, I want to say thank you for being part of my community, and to share with you 20 lessons I learned in 2020. Michael Yardney's 2020 lessons Each year brings its own set of wins, challenges, and lessons to learn and 2020 was certainly no exception. It's been an extraordinary year. Nobody could have foreseen all that's happened, including the coronavirus, its economic fallout and the way our lives changed. But as we head into 2021, I can't help but reflect on what Australia as a country has accomplished and what I've achieved personally, what I've overcome, and the lessons I want to carry with me into the New Year. Here are my top 20. Expect the unexpected. Every year an unexpected X factor comes out of the blue to undo the best laid plans – sometimes on the upside (like the miracle election result in mid-2019) and sometimes on the downside like Covid19 in 2020. While an X factor seems to come every year, a major Black swan event as some call it, one that "breaks the world", tends to come every decade. Focus on the long term Strategic investors have a long-term focus and don't change their plans based on what's happening "now". In fact, they don't buy investments that are working now – they investment in the type of assets that have always worked. Clearly this was the thinking behind Warren Buffets quote "Be fearful went others are greedy and be greedy with others are fearful." It's the media's job to entertain you – not educate you. Remember… it's media's job to get eyeballs on the advertisers' content, rather than to educate you. Think about it… how many of those expert's forecasts this year came true? But look how many people worried and stressed about the potential outcomes that just didn't occur. Unfortunately, being overwhelmed with misinformation led many people to live in a state of fear and anxiety and caused some to make disastrous investment errors. Take economic forecasts with a grain of salt. If you're reading something frightening in the business section, or hearing it on TV, or learning about it from your neighbour, it's almost certainly too late to act—because the information is already reflected in market – in either the share price or property prices. Don't believe the Doomsayers There will always be somebody wanting to stall the aspirations of their fellow Australians who are looking to take their financial futures in their own hands and do something about it. Don't let them stop you achieving your financial dreams – the doomsayers are always wrong, at least in the long term. 6: No one really knows what's going to happen to the property markets. As a real estate investor, while it's important to have mentors make sure you're listening to somebody who has not only built their own substantial property portfolio, but someone who has kept their wealth through a number of cycles. There are just too many enthusiastic amateurs out their offering investment advice at present. 7. There is no such thing as the "Australian property market." There are multiple markets in Australia, and each state is at a particular stage of its own property cycle and within each state there are multiple submarkets depended upon price point, geography and type of property. Don't try and time the markets. Even though they are armed with all the research available in today's information age, economists never seem to agree where our property markets are heading and usually get their forecasts wrong. That's because market movements are far from an exact science. And if you think about it, the top and the bottom of the market are really only one or two days or weeks or months in the cycle. The crowd is usually wrong Market sentiment is a key driver of property cycles and one of the reasons why our markets overreact, overshooting the mark during booms and getting too depressed during slumps. Remember that each property boom sets us up for the next downturn, just as each downturn sets the scene for the next upswing. Property Investment is a game of finance with some houses thrown in the middle If you can only afford to own 2 or 3 properties, make sure they are all "investment grade" properties that are working hard for you. Invest for Capital Growth At Metropole, our 40-year analysis of investment returns shows that properties with higher rental yields generally deliver low overall returns for investors. Our analysis proved that over the medium to long term, properties with lower rent

You're in for a treat today because I'm going to chat with one of my very early mentors when I started my property investment journey. I bought my first investment property in 1971 without much money, having saved a little deposit and going halves with my parents and I definitely didn't understand the rules of the game. I just knew that wealthy people owned property and I wanted to be wealthy. At that time, I didn't have any books on property investing and clearly there were no podcasts. There weren't even investment tapes or CDs available in those days. One of the first books I read was by Robert G Allen, an American author who wrote the book Nothing Down. Obviously, the concept of buying properties with none of my own money – nothing down as the Americans would say, or no deposit – seemed a very attractive proposition. While it may well have work in the United States, those principles did not work here then or today, even though some people still suggest you can work your way around the system by investing in property with no money down. Let me make it clear: I don't advocate that strategy and never have. However, Robert Allen went on to write 10 books including five New York Times bestsellers and I kept buying them and learning from him. Especially his great book Creating Wealth which explained how to retire using his seven principles of wealth – this book, which we'll be discussing in my chat with this legend of real estate today, changed my way of thinking about money and property investing Robert's subsequent books and training courses also were part of my early investment learnings and still stay with me today, so I was excited to have the opportunity to interview Robert Allen recently. I'm sure you going to get a lot from our discussion. But here's a word of warning…. Robert does mention his concept of buying property with nothing down and that you can go and find distressed vendors and take over their mortgage and buy a property at a huge discount. I was going to cut that section out of the interview but decided to leave it in, not out of courtesy to Robert, but because while these principles may work in the United States where the economic situation is very different, they definitely won't work for property in Australia. However, I decided to leave that segment of the interview in so that you can hear how some people think and how others in the property market in Australia are incorrectly teaching these principles to naïve investors today. Let me be clear, our housing markets have moved on and the next property wave has commenced. There are very few mortgagee sales happening, and there are very few distressed property owners who would let you take over the mortgage as Robert suggests. As I said the situation maybe different overseas, but this particular aspect of his investment strategy just doesn't work in Australia should be very wary of those selling courses trying to teach you those techniques here. There are legal and stamp duty reasons why this doesn't work here. It's another example of how many overseas gurus just don't understand the local market here in Australia and why their teachings are not necessarily relevant here. The fact is, there is a shortage of investment grade properties in the market at the moment with more buyers than sellers. You won't get a bargain if you look for the right type of property – an investment grade property - that will grow at wealth producing rates of return. It is often said you make your money when you buy your property, but it's not because you buy a bargain, it's not because you buy a secondary distressed property cheaply as Robert will recommend, it because you buy the right of the property – one that will grow at above average rates of capital growth, a property that will be in continuous strong demand by owner occupiers and tenants who can afford to and will be prepared to pay you higher rents. Over the years I have had many mentors, and as I explained Robert Allen was one of my early mentors but like with everything in life I've chosen to select portions of his learning the applicable to Australia and discard others that are not. Of course, this is easy for me today with the perspective of close to 50 years of investing – I know what works and what doesn't, but I can understand why beginning investors get lured by the concept of nothing down – remember Real Estate investing is not a get rich quick scheme and wealth is the transfer of money from the impatient to the patient. Now that you've heard that disclaimer, there is so much great information in my interview with Robert Allen, so please let me know and welcome to today's episode of the Michael Yardney podcast. Some of the topics that Robert and I discuss Robert started doing research on how to buy property with little or no money down because he had little money when he started According to Robert, the reason Nothing Down became so popular was because people were so skeptical about it. Robert's

Today's podcast is a little different: it's all about me. This is an interview with me. I hope it will help give you some insights about what makes me tick, what I've learned, what I've done wrong. This interview is with Peter Fritz of the Office Anywhere Podcast. Peter is a client, a successful property investor, and an author who writes regularly on Property Update. Peter has had his ups and downs like all of us have. He went through a midlife crisis, recognized what's important in life, like his family and his children, and he now works in a different way. He's less stressed and closer to his family because now he no longer has a commute, he works at home. That's what his Office Anywhere blog is about, to live and work on purpose. I think some of that is going to come out as he chats with me. So I hope you'll gain some insights and learn some new things from this episode. Topics discussed in Peter Fritz's interview with me: Whether it's been difficult to swim against the tide of get-rich-quick mentalities How Michel got into real estate investing in the first place What can happen when you're overconfident and impatient The importance of investing in oneself The value of perspective The definition of wealth and success How the pandemic is feeding into the desire to build wealth independently The opportunities available because of the pandemic The work from home situation and how it's working for Michael Tools Michael and his team are using to manage their projects as they work from home Whether Michael's team will continue to work from home post-pandemic Michael's heroes, and why they're his heroes Why it's important to listen to people you don't agree with Darker periods in Michael's business journey Where Michael feels most inspired What matters most to Michael these days What legacy Michael would like to leave behind Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Peter Fritz's Office Anywhere Podcast Shownotes plus more here: Methods, Mindset and Masterstrokes of a 45 Year Investor Some of our favourite quotes from the show: "I would rather make more Australians wealthy and help improve our communal wealth and the beauty of our country rather than knock other people." – Michael Yardney "If everything's important, nothing's important." –Michael Yardney "I've also learned not just to read and speak to people who confirm my assumptions and my beliefs." –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

One of the interesting benefits I experienced from the prolonged lockdowns during 2020 was that I've been working more efficiently. Prior to COVID-19, I worked from home one or two days a week and from the office the other days. But interestingly, working from home full time made me much more efficient with my use of time. So, how do you make the most use of your time? How do you make sure you're working most efficiently? That's the topic of discussion today in my monthly Build a Business, Not a Job podcast with Mark Creedon. But even if you're not in business, and even if you're not a professional, this podcast is going to be valuable, because for most of us, it seems there's never enough time in a day. However, we've all got the same 24 hours to accomplish a task, and some of us seem to be exceptionally good at it, while others seem to struggle meeting their deadlines. So, my question is, why are some people so much more efficient at using their time than others? And the answer lies in time management. Today, I'm going to share with you how successful people manage their time, so you can make the best use of yours. We all have the same amount of time but some of us squander it, waste it, don't use it efficiently, so my aim today is that at the end of this podcast that you'll be able to see how much time you have in the day and you'll find something in that will help you get more out of your day. #1 Time is your most valuable and scarcest resource You should realise how truly valuable time is. You can lose money and get it back again if you're sick you can often get your health back again but once the time has gone it is gone and is irretrievable. You'd be surprised how much you can achieve in one minute, and your health you could take some deep breath stretch and relax, in your relationships in one minute you can tell somebody that you love them. In business you can come up with a breakthrough idea in one minute. #2 Identify your most important task (MIT) and do it first. What is that project that's going to double the size of your business what is that task that he's going to get you that promotion at work, and then break it down – what domino can I tip over today that will lean on the next one and the next one? Schedule time to work on your MIT – preferably in the morning –– we are at our cognitive best for a two-hour window of time first thing in the morning. #3 Work from your calendar – not a to do list 41% of items that people have on there To Do list never get done it all. A To Do list is the graveyard of important but not urgent items. If you really want to get something done – pick a day, a time, a duration and put it in your calendar #4 There will always be more to dos I first started out five days a week wasn't enough, so I work seven days a week. When I first started out eight hours a day wasn't enough – so I worked 10 and at times 12 hours a day. #5 Always carry a notebook Maybe it's journaling, maybe it's capturing ideas words of wisdom etc Our minds are best used for processing different ideas, not for holding onto information #6 Control your inbox Shut off the notifications on your emails and go to inbox when you want to do it, not when somebody calls you. Process emails three times a day. #7 Schedule and attend meetings as a last resort You may not be in the position that you could say no to your boss, but it is likely you can say no to a lot of meetings or make them shorter meetings, stand-up meetings. If you're most productive in the morning say no to meetings in the morning. #8 Say no to everything that doesn't support your immediate goals. The problem is when you say yes to one thing you're actually saying no to another thing, or many things. #9 Follow the Powerful Pareto Principle 80% of your results will come from about 20% of your activities, so slow down and look at all the work you're doing and then work out the handful of tasks that give you the most results and focus on them #10 Focus on your unique strengths and passions Learn to delegate – remember the 80/20 rule #11 Batch your work Leading consultant Dan Sullivan says entrepreneurs should have focus days, buffer days and free days Free days are days when you don't work – you're resting and recharging. #12 If you can do a task in less than five minutes do it immediately The touch it once principal #13 Productivity is about energy and focus, not time Look after your body, sleep take more breaks We're designed to sprint and have a break Links and Resources: Why not join Metropole's Business Accelerator Mastermind Learn more about Mark Creedon – Business Coach to some of Australia's leading entrepreneurs Shownotes plus more here: How successful people manage their time revealed – with Mark Creedon | Build a Business, Not a Job Podcast Some of our favourite quotes from the show: "We've all got the same 1440 minutes every day." – Michael Yardney "You don't get most of the things on your to-do list done. You never do." – Michael Yar

It's clear that we've worked our way through the COVID-induced recession and the resultant lull in our property markets has now turned the corner and the markets are on the move again. Property predictions are now coming thick and fast. One is that there's an elephant in the room that most aren't aware of. That prediction was made by property researcher John Lindeman, and I'm going to ask him what he means by that. But first, I'm going to give you the answer that I gave to a journalist who recently asked me "why are property values going up at the moment, when wages aren't going up and unemployment is still high?" This should provide you with some insights as to what's ahead for our property markets and help you make your own plans. And of course, I'm also going to share my regular mindset message. Why are property prices rising? This isn't the same as asking why house prices are resilient. Swelling disposable incomes at a time of falling interest rates and therefore lower property holding costs have left many borrowers much better off than they would have been a year ago. And we know that property is a game of finance and if credit is easy and holding costs are low, property values go up. Like the virus itself, the economic consequences of the virus have not hit everyone equally. The people hit hardest by the pandemic tend to be lower income workers more likely to be tenants than homeowners. This has hurt the rental market, especially the apartment market, but not the overall property market. Thanks to government intervention to support jobs, 90% of Australians are still employed. At the same time, many workers have recently seen their pay packets go up because of tax cuts. Australians have also wiped out a lot of credit card debt and stashed much more cash than usual as a buffer against Coronavirus. So, a significant group of Australians have secure income, secure employment, and are in a position to take advantage of low interest rates. The Elephant in the property market One respected researcher believes there's an elephant in the room that many people just haven't been paying attention to and that happens to be John Lindeman Now just to make things clear…John isn't the Elephant – John is widely respected as one of Australia's leading property market analysts. With well over a decade of experience researching the nature and dynamics of various types of assets at major data houses. In a recent blog he suggests that an elephant is about to make his presence felt in the property market and it's a potentially significant game changer. It won't be deterred by rising unemployment, housing finance restrictions, buyer confidence or economic downturns. It has the power to radically alter housing prices and rents, and it's about to be unleashed on our property markets. What is this elephant in the property market and where will it reveal itself? The elephant is the massive movement of people from one State or Territory to another that will result in large changes to our property markets. Before the pandemic there were twice as many people moving as there were new residents arriving or being born here, but there's much more to it – these relocators pack a double whammy. Not only does every moving household increase demand by needing a new home where they move to, they leave an empty one behind, increasing housing supply where they move from. Even when our State borders reopen, the potential effect of these relocations is still likely to go unnoticed. This is because many statisticians and economists quote and rely on net interstate migration numbers, not the total number arriving or leaving. Net interstate migration hides changes in housing needs and preferences Where will the winners and losers be? The most recent housing approval figures show that while approvals for detached dwellings has increased, there is actually very little in the pipeline for new apartments. Developers are often blamed for building unsightly, even unsafe high-density apartments and encouraging speculative investment, yet housing development has been the means by which our cities and towns have grown and been rejuvenated. Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us John Lindeman – Lindeman Reports Shownotes plus more here: Why on earth are property prices rising + The elephant in the property market with John Lindeman Some of our favourite quotes from the show: "Now all credible economists agree that our property markets are going to enjoy a period of strong capital growth." – Michael Yardney "I couldn't go from being unknown in the real estate community to being the most respected expert straightaway." – Michael Yardney "What I'm trying to say is at the time, I set myself some audacious goals that were unrealistic for me." –Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discove

We've worked our way through the recession, the property markets are moving on, and more Australians are looking at getting into property. So today, I want to share three segments with you that will help make you more successful. First, I'm going to talk about 6 learning fees I don't want you to pay. These are costs that investors and homebuyers have paid to the market, or marketers, or spruikers, and if you can avoid paying them, there will be more money in your pocket. Next, I'm going to have a chat about some new urban trends with a leading demographer, Simon Kuestenmacher. We're going to talk about how the pandemic has forced all of us to reevaluate how we live, and what that means for you for your own lifestyle, but also as a property investor and a business owner. Then finally, in my mindset message, I'm going to talk to you about what I believe success is – and what it isn't 6 Learning Fees Here are 6 "learning fees" I've seen investors pay: The "Oops, I bought the wrong property "learning fee" Did you know that statistics show 20% of investors sell up their property in the first 2 years and 50% in the first 5 years? So, you decide to sell within the first year or two and regardless of what price you sell the property for, you need to remember the huge costs associated with buying and selling real estate. There's the stamp duty when you bought it (plus the stamp duty for the new place), legal fees when buying and selling, selling agent commissions and marketing costs and, of course, the cost of moving twice in quick succession. This means your learning fee is likely to be tens of thousands of dollars and potentially into six figures when you take into account lost opportunity costs. The "no capital growth" learning fee This is the fee that you pay when you buy an investment with poor capital growth because it's in the wrong city, suburb, or street. Perhaps it grows at 2 or 3 percent per annum when buying the right property may have achieved 6 or 7 percent capital growth. A three-percentage point difference might not seem like a lot but over the years this could add up to a learning fee easily in the hundreds of thousands of dollars. The "renovation reality" learning fee This is the learning fee that you must pay when you realize that renovations are hard work and not as easy as the reality TV shows or the property blogs would suggest. Perhaps you bought a property that needs a significant renovation in the order of 10 percent of its purchase price. But then everything ended up costing more than you expected, and the project ran over time, which increased your holding costs substantially. This learning fee could easily cost you tens and tens of thousands of dollars as well as a waiting period of many years as you wait for the market to improve enough to get your money back. The "I got eaten by a shark" learning fee Here we have Sam and Susan, a couple of 25-year-olds who charge off to one of those investment property seminars that promise you'll make a million dollars in six months. Instead, our bright young things end up knee-deep in cash flow tables, bank documents and (oh dear) a signed investment home contract that results in their off-the-plan, out of town, so-called whiz-bang investment property growing at a miserable 1 percent or so per annum over the next 10 years. The learning fee in this scenario is especially scary as that "shark advice" could end up being a millstone around their necks for many years. The "buying with emotion" learning fee You can end up paying this fee in 2 ways. Firstly, when you fall in love with a property and overpay. Now while this may be allowed when you buy your home, it's a big mistake for property investors. The second way you pay this fee is when you miss out on an opportunity because you have an unrealistic expectation of what the property's price actually is and offer well below an acceptable price. You then get angry that the vendors are being "greedy" and storm off, not prepared to negotiate at all. This learning fee here is about your own ignorance and not remaining objective and basing your negotiations on cold hard facts such as recent comparable sales. The "negotiation" learning fee This is the extra cost to you when you are too afraid or too inexperienced to negotiate on price. Many property purchasers are "shark bait" to selling agents who are highly trained negotiators who are taught how to get the top dollar for their clients – the seller. Some highlights from my conversation about urban trends with Simon Kuestenmacher Now that we live in a pandemic world with less travel, we're seeking more entertainment within walking distance. We have a large share of young people living in apartments, that spend time outside of the home because apartments aren't ideal for socializing and exercise That's going to shift in the next ten years as those young people grow older and move to houses. They'll be looking for neighborhoods that allow them the same amenities

The way we live in Australia has changed. We've traded backyards for balconies and courtyards and this has resulted in around one in five Australians living in apartments today. That's up from one in seven in the 1990s. According to the Australian Bureau of Statistics, of the ten million or so dwellings in Australia, around 10% of these are what they call attached dwelling apartments built in capital cities over the 17 years or so to December 2018. And the trend to medium and high-rise living is only going to increase. So, are apartments good investments? The answer is yes and no. Not all apartments are the same. Some make great investments, substantially increasing in value over the long term. But many, especially those in high-rises built over the last 15 years or so, will continue to underperform. Today, I'm going to dissect a recently produced report by Stuart Wemyss on the performance of investment grade apartments, and there are some very valuable lessons in there for property investors and even potential buyers. And of course, I also have my regular mindset message to share with you today. Highlights from my conversation with Stuart Why Stuart decided to research the performance of investment-grade apartments Typically, houses tend to have growth spurts that last 5-10 years In Melbourne, between 1997 and 2010 apartments grew at 10.7% Apartments can provide very attractive growth Between 2010 and 2020 the median growth rate has only been 2.7% -- just a touch above inflation Why have apartments underperformed? The supply has increased significantly With the demand keeping up with the supply, there's not been much room for overperformance The intrinsic value of apartments must have increased, but the increase is being masked by all of the new apartments coming online Local buyers are dominating the market, which means that developers need to build a higher-spec apartment This leads to higher costs for the next round of apartments Lifestyle is going to be a big factor in the neighborhoods people choose going forward This will push older-style apartments – the kind that used to be called flats – into a renaissance It's probably not fair to compare apartments to houses Houses are a better proposition if you're in the financial position to afford one However, quality is always crucial. A higher quality apartment in a desirable area might be preferable over a lower-quality house in a less desirable location Location does a lot of the heavy lifting when it comes to property value Apartments have underperformed, but they do have periods of cyclical growth Melbourne and Brisbane are set for the next stage of increased apartment values Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Stuart Wemyss – Prosolution Private Clients Stuart's Book – Rules of the Lending Game Get Stuart's special report - A performance review of investment grade apartments Shownotes plus more here: An unbiased performance review of investment-grade apartments with Stuart Wemyss Some of our favourite quotes from the show: "The cost of new apartments is going to be much, much higher in the next round of them." –Michael Yardney "It's hard to subdivide where everyone wants to live, in the middle ring suburbs." –Michael Yardney "Firstly, most of the things we worry about just don't happen, and secondly, even if they do happen, worrying doesn't really help, does it?" –Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

Life after coronavirus will never be the same as before. We're waiting for a new beginning, and the forecasts for 2021 are starting to appear one by one, and some of them are more optimistic than others. Today, I'd like to share two sessions with you that will help you make the best of 2021. First, I'm going to share three tips for 2021 if you're interested in getting into property investment, and then I'm going to have a chat with Dr. Nicola Powell, senior research analyst at the Domain Group. We're going to talk about the trends that Domain has noticed and what's ahead for property. At the end of today's podcast, you'll be well equipped to have a better understanding of where we are and what's ahead. I'm also going to share my regular mindset moment with you. 3 Tips for 2021 Property investment is a process, not an event. To be successful with property is more than just doing some research on the internet. Searching for a property is very different from researching the property markets. Successful investors have a long-term strategy to grow their wealth. They have the correct asset protection and finance structures in place, and they have a good team around them. Location will do 80% of the heavy lifting of your properties. Some locations in the last decade have outperformed others by 50% to 100%. How do you identify these locations? It has a lot to do with demographics. Look for gentrifying locations, lifestyle or destination locations, locations with a high walk score, lots of amenities, and locations where the tenants rent for lifestyle reasons and can afford to pay more. You can't pick the top or the bottom of the property market, so don't try. Rather than trying to time the market, you should buy the best asset you can and hold onto it for the long term. One extra tip – don't be scared of taking on debt in today's market, because debt is not a problem. Understand the three types of debt – bad debt, necessary debt, and good debt. Highlights from my chat with Dr. Nicola Powell Two property highlights of 2020 It took a pandemic to reimagine work lives The reaction of the housing markets when faced with social distancing rules and lockdowns Many workers will choose to continue working from home if they have the option The use of the term "home office" has increased since the beginning of the pandemic There are other differences in the searches for neighborhoods – specifically, more lifestyle words are being searched Interest in a second home may trend upward post-pandemic Dire predictions about the property market didn't come to fruition. Historically, property prices fare relatively well against negative economic shocks House prices don't necessarily fall during recessions Rental markets have seen more disruption than sales markets Likely a shorter holiday period in Melbourne Other capital cities have been performing near normal Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Shownotes plus more here: Property Investment tips for 2021. Is this changing property trend permanent with Dr. Nicola Powell Some of our favourite quotes from the show: "I believe our capital cities have passed the bottom, and when we look back next year, you're going to see that in mid-October this year, in general, our property markets have turned." – Michael Yardney "Your money's going to run out long before the opportunities will." – Michael Yardney "Who you are today is a result of all the decisions you've chosen to make and the decisions you've not chosen to make in the past." –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 invest your money to give yourself the highest likelihood of reaching your goals. But how do you know if your investment is actually helping you reach your goals? And what do you do if your investment properties are underperforming? That's what I'm going to discuss today with Brett Warren, and our conversation will be informative for both new and experienced investors. Then, in my mindset moment, I'm going to share some advice from Bill Gates. Are your properties achieving the results you were expecting? Will it get you where you want to get to? The first thing to understand is what your overall strategy is and how the property fits into that strategy. Then you need to know whether the property is performing as expected and whether it's outperforming the market. Ask yourself if you would buy the property again if it were on the market today. Are there improvements that you could make to the property to increase its value? How is the property going to perform going forward? Ask yourself why you chose this property – often because it was recommended by someone with a vested interest. Where are the locations that will outperform? Places where people have multiple streams of income and more wage growth Gentrification Infrastructure Livability and amenities – people will be prepared to pay a premium to live in places where they feel safe and comfortable, especially post-COVID-19 Good investment properties need multiple pillars. Just one of these factors isn't enough. 4 Reasons why properties under perform Timing – bought at the top of the cycle Price – paid too much for the property Location – if the location is under performing, the property will be as well Property – poor selection, something wrong with the property If the timing or price was wrong, but the property is right, it might just be a question of waiting. But if the property isn't going to improve in value, it's time to sell. Links and Resources: Michael Yardney Metropole's Strategic Property Plan – to help both beginning and experienced investors Brett Warren - Metropole Property Strategists Shownotes plus more here: What you do with a dud property. How do you know if you should sell or hold, with Brett Warren Some of our favourite quotes from the show: "I think it's important to understand what motivated them, what their thoughts were when they chose that particular property. " –Michael Yardney "We frequently say it takes the average property investor 30 years to become financially independent, that's because in the first 10 years you make all those mistakes." – Michael Yardney "If you can only own 2 or 3 properties, you've got to own the best ones you can." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

It looks like we worked our way through the recession, and slowly but surely, the coronavirus pandemic is coming under control. That means that the recession that we had was very different from previous recessions. But what does our recovery look like? That's what I'm going to talk about today with Pete Wargent. We'll discuss what's ahead for our economy, why the recession panned out as it did, and how that's going to set the scene for the next stage of Australia's economy. Then, in today's mindset message, I'm going to discuss the concept that yes, money can buy happiness… with some qualifications. How will this recovery differ from previous recoveries? Most economists predicted a recession due to the pandemic, but they differed on what it would look like. Today we're going to discuss why this recession, that we've now worked our way out of, and the coming recovery are different from previous downturns. We may no longer technically be in a recession, but it's not all over yet. We have a long way to go to get back to pre-COVID levels Prices have stopped falling, even in Melbourne The reserve bank has released further interest rate cuts, quantitative easing, cuts in fixed-rate mortgages There are still issues relating to mortgage deferrals The response from the government to this recession has been very different from the responses to previous recessions There are actually more dollars in the economy because people can't take vacations and spend money overseas Some of the changes in working – such as more working from home and online – are likely to stick A V-shaped recovery is probably too optimistic But Australia is still better placed than many other countries for a strong rebound next year Sydney and Melbourne will lead the way in double-digit housing price growth next year, with a strong performance in Brisbane as well However, some sections of the market will still lag, such as high-rise apartments in the CBD Links and Resources: Michael Yardney Metropole's Strategic Property Plan – to help both beginning and experienced investors Pete Wargent -- Next Level Wealth Pete Wargent's new book Low Rates High Returns Shownotes plus more here: The recession is over, here's how the recovery and property will be different, with Pete Wargent Some of our favourite quotes from the show: "I think one of the government's jobs is to look after its citizens." – Michael Yardney "Interest rates are not going to go up for at least three years, and that gives people a level of security." –Michael Yardney "Generally speaking, having enough money for the basic necessities in life, as well as your wants and needs, usually means a happier 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

There are signs that the modest coronavirus-induced housing correction has come to an end. Nobody's going to ring a bell telling us the market's bottomed, but I'm sure when we look back in 12 months' time, we're going to find that the value of some properties has increased significantly and our property markets turned the corner in October 2020. But as usual, some segments of our property markets will continue to languish. Now I'm not denying that we're still going to have some challenging times ahead. We are. But the recovery of our home values has been underwritten by a number of factors that we're going to discuss in today's podcast as I have a chat with Stuart Wemyss. Stuart's going to talk about what kinds of properties are going to lead the recovery in 2021 and why buying the right property next time around is more important than ever. And then, in my mindset moment, I'm going to share with you one of the most important lessons I learned from one of my mentors as we talk about the miracle of personal development. At the end of today's podcast, I hope you'll have a bit more clarity about what's going to happen to our property markets inn 2021 and what you need to do to position yourself correctly. What properties will lead the recovery in 2021? The major media has done a backflip on their predictions earlier this year of 10, 15, 20, and even 30% drops in property market values. One of the people who has forecast things over the past year and gotten it right most of the time is director of Prosolutions, Stuart Wemyss Highlights from our conversation: The market didn't take as much of a hit as many predicted that it would this is because: The government absorbed most of the cost The people who were hit hardest by the coronavirus pandemic were mostly younger and lower income There are two major sectors to be concerned about: Regions dominated by low-income earners Inner city apartment markets The loan pause data shows that 9 out of 10 of the greatest loan pause suburbs have been in southeast Queensland This might be because the area was heavily impacted by the reduction in tourism It's also possible that most of the loan pauses are out of convenience rather than necessity. Since prices are down on the lower end of the market, why not get in on that and get a bargain now? There are two types of tenants in rentals: lifestyle tenants and necessity tenants It's the properties occupied by tenants that rent by necessity that are on the lower end of the market These properties don't offer much capital growth in the medium to long-term The tenants may be living week-to-week, which makes it less likely these properties will be profitable Lending criteria will soon be lessened. This is a game changer for property markets Interest rates are low and probably going to stay low for several years to come This decreases the risk of taking on debt and makes it more affordable Lower interest rates will probably have a bigger impact on the top end of the market Choosing the right first property is important because good decisions compound and lead to future good decisions Links and Resources: Michael Yardney Metropole Property Strategists Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Stuart Wemyss – Prosolution Private Clients Stuart's Book – Rules of the Lending Game Some of our favourite quotes from the show: "Interest rates are likely to have a larger impact at the top end of the market, the luxury end of the market." – Michael Yardney "Instead of asking about your work, your job, "what am I getting?" instead you should be asking yourself "what am I becoming?"" – Michael Yardney "If somebody hands you a million dollars, you better hurry up and become a millionaire." – Michael Yardney Shownotes plus more here: This is the type of property that will lead the recovery in 2021 with Stuart Wemyss 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 wondering what's ahead in property for 2021? Maybe you'd like to know what other Australian property investors plan to do? Well, that's exactly what we discuss in today's show as we unpack the results of this year's Property Investor Sentiment Survey. You'll hear what 1,500 Australians feel about our current real estate markets and what they plan to do. And you'll also hear what COVID did to their property plans and how if at all it changed their strategy And to discuss the results of this year's survey, I'm joined by Brett Warren. Being Australia's longest-running and largest survey of Australian property investor sentiment, it showcases insights from property investors and would-be investors across the country. Running since 2011, it offers rich and vibrant insights into how property consumer trends and sentiments have changed over time. And as usual I'll share a mindset message with you – because if you can change your thinking it could change your life. Highlights from the Sentiment Survey Has the coronavirus induced recession affected you? Are you considering moving to live in a different location because of COVID-19? Has the pandemic changed your strategy or approach to property investing? These are some of the Covid-19 related questions we recently asked 1,500 Australian property investors and would-be investors in our annual Property Investment Sentiment Survey, and some of the answers were enlightening. Being Australia's longest-running and largest survey of Australian property investor sentiment, it showcases insights from property investors and would-be investors across the country. Running since 2011, it offers rich and vibrant insights into how property consumer trends and sentiments have changed over time. So if you're wondering what's ahead in property for 2021 you'll enjoy today's podcast because you'll hear what 1,500 Australians feel about our current real estate markets and what they plan to do. And to discuss the results of this year's survey I'm joined by Brett Warren national Director of Metropole Property Strategists. These are some of the highlights of the survey that Brett and I discuss today: Survey respondents already owned an average of about 2 properties each Survey respondents who don't already own property are planning to get into the market in 6 months to 2 years About half would consider rentvesting – renting for themselves while owning an investment property. Most respondents are not considering moving because of COVID-19 Only 3% of respondents did not have an investment strategy 74% of respondents think that now is a good time to invest Only 6% said they're worried about the future of property investing Only 10% of respondents said they had applied for a mortgage repayment holiday for either their home or investment properties because of COVID-19. One-quarter of the respondents had received a request for a rental reduction or holiday because of COVID-19 from the tenants While 20% are pausing their investment plans until the situation became clearer, the majority of respondents are not going to change their plans and 14% are going to take advantage of the current climate to enter the market sooner. 50% of the respondents were planning to buy an investment property in the next 12 months 38% want to buy a property with value-add potential of renovation or development Close to half of respondents didn't see boom conditions. Most had a realistic view and saw good long-term conditions Ultimately, most respondents have a realistic and positive view of the year ahead. Links and Resources: Michael Yardney Metropole Property Strategists Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Get the results of the 2020 Property Investor Sentiment survey here Shownotes plus more here: Here's what 1,500 investors think is going to happen to property in 2021 - Our Annual Property Investment Sentiment Survey Some of our favourite quotes from the show: "No one's born talented at making excuses." – Michael Yardney "As you go in this journey we call life, you're going to get the chance to back out and make excuses or not. You have a choice." – Michael Yardney "One thing you can't move, change, or improve is the location of your property." –Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

You're probably listening to this podcast because you're interested in property investment, but if you're like most people, you're also interested in more success in various elements of your life, as well as more money. We're going to have two separate sections to today's show. In one I'll explain to you why wealth is about what you don't spend. In the second segment, I'll have a chat with Tom Corley who studied millionaires and poor people for five years, and one of his conclusions was that being rich comes down to only two things. Is it really as simple as that? Clearly, it's not that simple or more people would be millionaires. But Tom has a great message, and at the end of today's show, you'll know more about the rich habits you want to develop and the poor habits you should leave behind. Why Wealth is About What You Don't Spend Some people use exercising to justify food binges. They feel that they've done the exercise, so now they deserve a treat. The same kind of thing happens with money. Even though Australians earn more than they ever have before, financial gains made by higher wages are often lost due to higher spending. Financial well-being is in the gap between what you earn and what you spend. Savings relies on your ability to earn an extra dollar, acknowledge that it would feel great to spend it, but to save it anyway. In other words, delayed gratification. Earning more money is an important part of building wealth. But it's not enough by itself. Earning more won't help you build wealth if you spend every extra dollar you make. Learning to contently live with less has the same effect as growing your income. And it's often easier for you to control. Building wealth is a negative art. It has a lot to do with actions you don't take and things you avoid. Everything has a price. The price of building wealth isn't just the work of earning more money, it's also avoiding the urge to spend. Becoming Rich Boils Down to 2 Things The first thing you have to do to become rich is to accumulate wealth. This isn't easy and it will take time. The second thing you have to do is keep the wealth that you accumulate. How can you do these two things? With the right habits. One of the first thing you can do is start by setting some goals for yourself. Use visualization. Your brain thinks in pictures. When you visualize a goal that you want to achieve, you see a picture in your brain and starts looking for ways to get to that picture Once you've started to set goals, you have to start pursuing daily growth. Become a bit better every day than you were the day before. Don't compare yourself to other people, compare yourself to who you were before. How should you pursue daily growth? A common habit of rich people is reading. Rich people do specific, focused reading every day, usually for about 30 mins. Another way is to practice your skills outside of work. When it comes to keeping your wealth, delayed gratification is important. Spend less than you earn so that you can put your money to work for you. Stay optimistic and open-minded. Having a positive mental outlook leads to looking for solutions to problems and listening to other people's ideas. You need to have a strategy that you're following for saving and building wealth Wealthy people are also prepared to pay for coaches and mentors Links and Resources: Tom Corley - Rich Habits Michael Yardney - Metropole Get your own copy of our international bestseller Rich Habits Poor Habits Shownotes plus more here: Here are 2 proven ways to get rich | Rich Habits, Poor Habits Podcast with Tom Corley Some of our favourite quotes from the show: "Spending more when your income rises is as tempting as eating more after you exercise. It feels like you've earned it." – Michael Yardney "Don't compare your chapter one with somebody else's chapter twenty." – Michael Yardney "The ones who are optimistic, they do better in 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.

We're almost at the end of another year. And what a year it's been! 2020 started off with predictions of a fantastic year in property. Remember we were coming off the end of 2019 when property markets were very strong. Then the predictions changed to doom and gloom because of COVID. And it wasn't just the naysayers – economists were suggesting property doom as well. Now it's been said that the role of an economist is to explain to you tomorrow why what they predicted yesterday didn't come true today. This is a very apt description of the behavior of many economists and all of those other experts chasing headlines who were very noisy in the media with their attempts to exploit the pandemic for publicity. But those of you who saw the dark side, you were wrong. We've had great support from incentive programs from the government, and now it's become clear that our property markets have turned the corner and will perform very strongly over the next couple of years. However, life is still going to be very different going forward, and that's part of what will discuss on today's episode of the Michael Yardney Podcast. I'm going to share some lessons that you can learn from what happened to airline pilots (and it's probably not what you think.) Then I'm going to have a chat with Brett Warren about the suggested trend toward working from home. And finally, I'm going to share a mindset moment with you that may help you think differently about life and your situation. What the Bad News for Airline Pilots Means for You Qantas lost billions of dollars and has shed thousands of employees. Virgin went broke and similarly, its employees, including pilots, are facing layoffs or job losses. While a gate attendant might easily transition into a customer service position in another industry, what does a pilot to do? How do their special skills translate into a new industry? Of course, pilots aren't the only people with high-paying, prestigious jobs based on skills that are narrowly marketable should the industry they're in slow down. Chefs and entertainers are suffering. Even many surgeons were temporarily put out of business to preserve medical capacity for COVID victims. It can happen to anyone with very little warning. Do you have skills that are transferable? And if so, which industries are expanding? Is there even room for you? If you think about it, it's really no different than when an illness, accident, disability, or any severe life event takes you out of action. When you trade time for dollars … even for a high income…you are vulnerable. And even if you have insurance or some money saved for a rainy day – this might not absorb the entire impact. Of course, the key to security and resilience is to have a cash machine. By that I mean a portfolio of investments that provides you with enough income to live on … and more … whether you work or not. And the right time to start building that cash machine is right now. Actually, that's wrong! The best time to have started building your property portfolio, your cash machine, would have been 20 years ago. The second-best time is right now. Wherever you are now, it's smart to use what you have to create resilient wealth to shelter yourself from tough times … whether they're on the horizon or on your doorstep. The good news is …. properly structured property portfolios have a strong track record of resiliency through challenging times. The bad news is it takes money, knowledge, relationships, credit, and in particular, time to build a resilient portfolio. I don't know your personal circumstances; maybe all you can do at the moment is hunker down and get through the challenging times we are going through. But for many Australians now is the time to get all your ducks in a row and look after your future. Now is a good time to prepare to take action and set yourself up to take advantage of the next stage of the property cycle which will come sooner rather than later. Working from home revolution with Brett Warren We've heard a lot in the media about the working from home revolution that will change where and in what homes Australians want to live. Will this trend have an impact on property markets? Brett Warren did the research and found out some interesting things. For one thing, about a third of Australia's workforce works from home regardless. For another thing, only about 36% – 37% of Australia's jobs can actually be done from home. This means that even if the trend of increased working from home continues, it's going to remain a minority trend. There's only so much room for increased numbers of work from home workers in Australia's workforce. The other 63% of the workforce will continue to follow historical trends. So why fight the big trends? We already know where 63% of the workforce will want to be. Rather than chasing minority trends, property investors should focus on known and proven historical trends, supported by facts, research, and data and not the latest headlines. Li

How do you pick the turning point of the property market? And are we there yet? With so many mixed messages in the media today, I'm going to spend today's show explaining my thoughts about what's ahead for the property market so that at the end of the show you'll have a better idea of what's to come. I believe there's a window of opportunity before we have what I call a "perfect storm of influences" that will create strong capital growth in our property markets. And before you say "oh, Michael's an eternal optimist," stay with me because I want to share with you what locations are going to outperform moving forward and what type of properties will be popular post-pandemic. And of course, I also have a mindset message to share with you. Are we there yet? The messages in the media have changed in recent times. Today the common theme is that the property market will turn later this year or early next year, with many asking, "have we reached the market bottom yet?" But as they say – no one rings a bell when we reach the bottom, so how do you pick the turning point in the property market? If you're a home buyer or property investor and you have a secure job and your finance organized, now is an ideal time to purchase your next property countercyclically knowing your downside is minimized and your upside is maximized. However, here are some of the indicators the research team at Metropole watch carefully looking for a signal that the market could be turning. The economic fundamentals Our property market doesn't work in isolation, so we keep an eye on the macroeconomic factors such as the world economy and Australia's economy. We're probably out of the recession by now but won't know the official figures for some months yet. Finance Recognizing that our property markets are driven by the availability of credit we keep track of the ABS data on credit growth which is a leading indicator, turning positive before the markets do. Finance approvals are moving in the right direction, and the recent announcement of sweeping changes to remove overly restrictive lending rules will give more people access to easier credit. At the same time many Australians are saving more than they have for a long time and this, together will historically low interest rates, will encourage more Australians to buy their first home, upgrade their home or purchase an investment property. Market Sentiment Increasing consumer and business sentiment point to good times ahead. Supply and demand While Australia's population growth will stall in the short term due to lack of immigration, there is currently a lack of good quality property on the market. A-grade homes and investment-grade properties are selling quickly due to the normal flight to quality which happens after economic shocks. On the other hand, there is an oversupply of apartments in some locations, particularly in our CBD's, due to the lack of buyer interest from investors and tenant interest in the absence of overseas students and visitors. To keep an eye on the state of our property markets we track the following: Housing credit growth Google and Property Portal Search volumes Days on Market and Vendor Discounting Asking Prices Auction clearance rates We're setting ourselves up for a perfect storm in property There will be a perfect storm leading to a period of strong property price growth in the second half of 2021 and into 2022 due to the following: Federal Government spending, initiatives, and infrastructure projects State Government spending and infrastructure initiatives Historically low interest rates The security that interest rates will remain low for a number of years Easing of credit approval criteria A return of international demand for Australian property A return of immigration and students to Australia is also possible This means that there will be a window of opportunity between now and the second half of 2021 for savvy investors to really amplify their wealth position. There hasn't really been as good a time to buy counter-cyclically for well over a decade. But be careful – our property markets will remain fragmented and not all properties will make good investments. As always correct property selection will be critical. What is going to be the right type of property? We're going to have a two-tier market. Higher-end properties, more expensive properties in middle and inner rings of capital cities are going to increase more. The right type of property is going to be different than it was before the pandemic. Some will pay more for properties with pandemic appeal. Apartment living might fall out of favor. Standalone dwellings that easily allow for reducing contact will be in demand. Low-rise, low-density apartments, what we used to call flats, might be in demand. People will pay a premium for the ability to have social isolation. Buyers will also want to be able to separate work and living space. That may mean a separate home office or Zoom room. Neighborhoods will also

If you're a poor negotiator, you're going to spend a fortune, if you're a good negotiator, you'll save a fortune, if you're a great negotiator, hopefully, you'll make a fortune. Success in life depends upon your ability to influence. And I've just recently had my 9th book published - Negotiate, Influence, Persuade. In today's podcast, Mark Creedon has a chat with me and I share some tips from my book. Now if you think about it, life is one long negotiation. Either you're buying what somebody else is telling you or selling you, or they're buying what you're saying. And you negotiate all day in your life, with your spouse, your children, your work colleagues, your customers, and your clients. At the end of today's show, I hope you're going to know some negotiating rules and you're going to be a better influencer and more persuasive. Some of the topics we discuss in today's episode: Why negotiation is so important Whether you realize it or not, you're negotiating all of the time, not just in business, but in life. You need to know more than just negotiating techniques. You need to know how to communicate with people, how to do it in different ways, such as digitally, and how to ethically influence and persuade people. How Negotiate, Influence, Persuade is about more than just negotiation The book isn't just for salespeople, it's also for consumers, because we all negotiate every day. The book is meant to help readers get the best deal whether they're buying or selling. Further, the book is meant to help readers get what they want when they want while still maintaining good relationships. It includes a theme of using negotiating skills in an ethical way The book includes 27 rules of negotiation. These are three of them Everything's negotiable. That doesn't mean you're always going to get what you want, but it means that the potential for negotiation is always there. You should know what you want before you negotiate. Know what the highest price you'll be willing to pay is, or the lowest price you're willing to sell for Treat negotiation as a game. If you're too emotionally involved, you'll lose perspective You often hear that you should never be the one to make the first offer Actually, people who make the first offer actually usually have the upper hand. How important preparation is in negotiation It's important to know what you'll be willing to pay or accept It's also necessary to understand the other person and what they're trying to achieve. Why building rapport is such an important part of the negotiating process 95% of persuasion occurs at the subconsious level Some of the different types of bias in a negotiation: Cognitive bias Anchoring bias Bandwagon bias We don't always realize how much we negotiate. You're negotiating when you're trying to get the best table at the restaurant, decide who will take out the trash, or determine what to watch on TV 3 sources of power in negotiation: Time power Information power Alternative options power Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan. Click here and have a chat with us Get your own copy of Negotiate, Influence, Persuade by clicking here Shownotes plus more here: Learn how to be a top negotiator, influencer and persuader, from the person who wrote the book Some of our favourite quotes from the show: "If you're a poor negotiator, you're going to spend a fortune, if you're a good negotiator, you'll save a fortune, if you're a great negotiator, hopefully you'll make a fortune." – Michael Yardney "In my mind to become a power negotiator, you need to understand human psychology, human nature." – Michael Yardney "If you want to become a better negotiator, you're going to have to understand how the mind works, yours and the prospect's mind." – 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

When I wrote the first edition of my book How To Grow A Multi-Million Dollar Property Portfolio - in your spare time, way back in 2006, it was outsold by another author who promised the secret to going from 0 to 230 properties in three and a half years. Subsequently, the same author wrote another book, 0 to 260 properties in seven years. Now who wouldn't want to be able to achieve that? But the question is, is that realistic? And the answer is - No. And the author didn't own that number of properties either. He was using a form of options financing that is now illegal (not that I'm suggesting he did anything illegal at the time.) Anyway, there are still people out there claiming that you can build significant property portfolios in a short amount of time. But my guest today, Daniel Gold, who's a finance broker, will explain why owning 50 properties is virtually impossible today. Now clearly, it's not how many properties you own that's important. More important is the size of your asset base and how hard your money's working for you. I'd rather own one shopping center than 50 properties in regional Australia. When we dug into the latest Australian tax office data that showed how many property investors were in Australia and how much they owned, the statistics were telling. Most property owners never get past their first or second property. Less than one percent of all property investors owned 6 or more properties. That's it. In today's conversation, I'll show why it's really hard to grow a portfolio of 50 properties. Then, after my conversation with Daniel Gold, I'll share a mindset message with you. Why is it harder to own 50 properties now? The credit environment is now completely different from what it was 10 years ago This is largely due to the National Consumer Credit Protection Act 2009 The NCCP changed the way banks assess rental income and expenses Most banks are discounting your rental income by 20-30% The bank assumes that interest-only commitment is a principle and interest commitment Banks buffer up the interest rate by as much as 2.5% more than the actual rate You need more cash flow to hold onto your properties than you did in the old days Right now, a cash-flow neutral or even cash-flow positive property will hinder new borrowing in some way Everyone has a borrowing or credit ceiling Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan. Click here and have a chat with us Daniel Gold, director Long Property Daniel Gold's article - Sorry – owning 50 properties is near impossible now Shownotes plus more here: Sorry, owning 50 properties is almost impossible now with Daniel Gold Some of our favourite quotes from the show: "I guess the reason behind this is, some people were lent a bit too much money, they got a bit ahead of themselves and got themselves into financial trouble." – Michael Yardney "You've got no choice at the moment; the banks are actually forcing us to become good money managers." – 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

Maybe you're rich. Maybe you're poor. Maybe you've experienced both at different points in your life. There is no doubt the divide between the rich and the poor is only becoming bigger. By the way…if you haven't figured it out yet, being wealthy isn't all about money. So what's the difference between the rich and the poor? That's the question that I was asked by Andy Hart when I was interviewed on his Maven Money Podcast. Today's episode is a recording of his interview with me where we discuss my book Rich Habits, Poor Habits that I wrote with Tom Corley. I'm sure you'll get a lot out of his probing questions of me as we talk about the difference between the rich and the poor mindset. Highlights from my conversation with Andy Hart My background in property investment How COVID-19 caused a recession in Australia How COVID-19 has affected being a landlord in Australia Landlords can put mortgage payments on hold for awhile Tenants can seek rental relief How poor money habits keep people in the rat race What differentiates the rich from the average person The rich have learned to spend less than they earn They understand the concept of delayed gratification The know the difference between assets and liabilities The five levels of wealth Level 0 – Financial instability: not even on the hierarchy, no reserves Level 1 – Financial stability: The most basic level of wealth. Some savings, insurance, can handle an unexpected challenge as long as it doesn't last too long Level 2 – Financial security: Accumulated enough passive income to cover the most basic expenses, can maintain a basic lifestyle if you stop working Level 3 – Financial freedom: Accumulated enough assets to create enough passive income to pay for the lifestyle you want, more than just the basics Level 4 – Financial abundance: Financially free, can give back to the community, can train their kids to get to the next level Financial abundance means not just having enough wealth for you, but having generational wealth as well Whether we're exiting the golden block of time for real estate wealth creation The wealth creation machine Why Rich Habits, Poor Habits is the book I'm most proud of Mistakes that crop up frequently in property investment How to handle a partner who isn't interested in growing wealth The difference between being rich and being wealthy Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Andy Hart – Maven Adviser Maven Money Podcast Shownotes plus more here: Here's why is the gap between the Rich and the average Australian widening – with Andy Hardt Some of our favourite quotes from the show: "In my mind, if you don't have the right mindset, and you suddenly come into money, you lose it." --Michael Yardney "The first thing is to invest in your financial education, because as we've said a couple of times, most people don't even know about this." -- Michael Yardney "You can't driver around in a Lamborghini with the engine of a Hyundai in it, so you've got to upgrade your wealth operating system." -- Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

What's ahead for our property markets? It's hard to make predictions, especially about the future. It's even harder to predict the endpoint of a moving target. Yet there is a palpable change in property sentiment happening. Earlier this year, there were a number of dire predictions suggesting property values would plummet. But now, most of the pessimists have changed their minds and backtracked on their forecasts. Australia survived the coronavirus better than many countries, and despite a recession, rising unemployment, and Melbourne's severe prolonged lockdowns, the property markets have remained resilient. Recently, there have been 2 significant game changers that have altered my view on what's ahead for property markets in 2021 and 2022, and that's what you're going to hear about in today's episode, which is an audio recording of my Masterclass. We're also going to talk about which areas you should be investing in, and which areas you should avoid. The Perfect Storm for the Property Market I believe we're setting ourselves up for a perfect storm in the property market in 2021 and 2022. Back in March, I suggested that A grade properties wouldn't drop much in value during this pandemic – maybe 5%. I was correct. I suggested that B grade properties – not investment-grade properties – would drop around 5-10%, and that was pretty right also. And I suggested that C grade properties wouldn't be moving at all. And, right now, we're seeing a fallout in off-the-plan market and inner city apartment market. Only certain segments of the market suffered. I was able to get those predictions right because I've been through many cycles. Most of the credible economists who had dire predictions at the beginning of the pandemic have changed their stance and gotten more positive at this point. How come? Why is the coronavirus-induced housing correction coming to an end? There are several reasons. House prices rise quickly but slide slowly. Property prices rise quickly in a boom, but when buyer demand falls, potential sellers hold on instead of dropping the price and devaluing their property. There were very few forced sales during the pandemic because the government and banks threw lifelines to owners. Renters have been harder hit than homeowners. And finally, we're not all in the same boat. Unemployment is high, but not everyone is struggling. While I was always positive that our property markets were going to pick up, recently two major factors have underpinned the property market. These two factors will lead to the perfect storm that will have property markets performing very strongly in 2021 and 2022. The first was the announcement of sweeping changes to remove overly restrictive lending rules. This will give more people access to more credit, enabling them to get into the market. The other big gamechanger is the budget. It's calibrated to create jobs and promote consumer confidence, which will encourage buying and investing. Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan. Click here and have a chat with us Watch the Masterclass – get all the details here Shownotes plus more here: The latest research has changed my view on what's ahead for property Some of our favourite quotes from the show: "It's becoming increasingly clear that this modest coronavirus induced housing correction is coming to an end." – Michael Yardney "Easier availability of credit is going to flow in through the system and push up property values." –Michael Yardney "Hot spots tend to be short-term areas of growth. You've got to dig deeper and look for areas of gentrification that give long-term capital 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

Inspirational quotes trigger something within us when we hear them and read them. They activate our emotions and sometimes when they resonate with us, they increase our pulse and get our creative or critical thinking juices flowing That's one of the reasons why I often share quotes from already very successful entrepreneurs with Mark Creedon, founder of Business Accelerator Mastermind in our monthly Build a Business Not a Job podcast. Today will be discussing some quotes from Richard Branson. Even if you're not a Richard Branson fan, and even if you're not in business or professional practice, today's show will be for you because I believe there are some great benefits you can reap by listening to inspirational quotes. Maybe when you hear Mark and I dissect some of Richard Branson's quotes you'll get a different or better angle on a particular subject. Maybe you'll get an insight into the thoughts and teachings of somebody a little wiser Maybe won't learn something new but the repletion of words will remind you of something you already know and hopefully it will trigger something within you to get you back on track or further down the track. Even if you're not a fan of quotes I hope you enjoy today's show because if you want to become more successful in life whether it's in business, entrepreneurship, investing or just simply in your relationships. 15 intelligent Richard Branson quotes Richard Branson needs no introduction; he is the daredevil entrepreneur who is best known as the founder of Virgin Group. If you're looking for inspiration, it's interesting to know that in school, Branson struggled with dyslexia and couldn't really adapt, so at 16 he decided to drop-out of school and start a youth culture magazine called "Student". The magazine was the starting point for a humble music store called Virgin Records. Today Branson has a net worth of over $4.9 Billion and having more than 400 companies, he is one of the most highly respected CEOs in the world. "Screw it let's do it." Instead of waiting for the perfect moment, just get started and get it done. "There is no greater thing you can do with your life and your work and follow your passions in a way that serves the world and you." If you're not passionate about your work, maybe it's time to think about making a change. "When you're first thinking through an idea, it's important not to get bogged down in complexity. Thinking simply and clearly, it is hard to do." If you wait until every possible detail is covered, you'll never get around to doing it. "If you don't succeed at first, there is no need for the F word (failure). Pick yourself up and try, try again." Failure is part of the process. Learn from it and move on. "You don't learn to walk by following rules. You learn by doing, and by falling over." "Luck is what happens when preparation meets opportunity." If you're not prepared and you don't have the right mindset, luck will pass you by. "Don't become a slave to technology – manage your phone, don't let it manage you." It's fine to use and enjoy technology, just don't let it take over. "Chance favours the prepared mind. The more you practice, the luckier you become." The more time you spend focusing on what you want to achieve and practicing the skills you need, the more opportunities will find you. "Life is a hell of a lot more fun if you say yes rather than no." Don't let negativity or negative people limit you. "A business has to be involving, it has to be fun, and it has to exercise your creative instincts." You'll attract more clients, customers, and opportunities if you're enjoying yourself. "I have always believed that the way you treat your employees is the way they will treat your customers, and that people flourish when they are praised." "Hard won things are more valuable than those that come to easily." You don't tend to value things that come too easily "How slim the line is between genius and insanity and between determination and stubbornness." In order to be successful, you have to be determined, but you also need to know when to quit. "I will continue questioning, questioning, questioning. I will never completely get to the truth, but I want my life to be one long strive to get there." Hold on to your curiosity. It will make you more innovative and creative "Capitalism – which in its purest form is entrepreneurism even among the poorest of the poor – does work; but those who make money from it should put it back into society, not just sit on it as if they are hatching eggs." Look for ways to help other achieve success too. Links and Resources: Why not join Metropole's Business Accelerator Mastermind Learn more about Mark Creedon – Business Coach to some of Australia's leading entrepreneurs Shownotes plus more here: Learn some lessons from these 15 intelligent Richard Branson quotes with Mark Creedon Some of our favourite quotes from the show: "Analytical people definitely have their role and can become very successful businesspeop

How will the next five years unfold? That's the question everyone is asking, isn't it? What's going to happen to my life, my health, my job or my business? And for many people listening to this podcast, they're wondering what's going to happen to our property markets and the value of my home and my investment properties. Of course, nobody knows for sure, the world seems to be in a state of chaos. While some of the parts of the world are experiencing a second wave of coronavirus, other poor parts of the world are experiencing extreme first wave. Add to this the state of flux of Australia's trade relationships, the world's geopolitical problems, and we are living in interesting times – aren't we? But amongst this chaos in tune, there are some things that can be said about the next five years, some emerging trends, behaviours and opportunities that will flow from the various undulation is in our Australian demographic landscape and that's what I'd like to talk about today with Simon Kuestenmacher. One of the themes of our regular discussions tends to be how demographics drive our markets – not just the property markets but business as well. Let's start with the elephant in the room – clearly, we are going to have less immigration in the short-term. Immigration will slow in the short-term We'll have fewer students, fewer tourists and fewer backpackers As soon as practical, the government will open the gates and encourage immigration as a way of increasing our GDP We shouldn't forget that almost half of Australia's population growth comes from natural increase, and an even bigger driver of demand are emerging trends, behaviours and opportunities flow from the various undulations in the demographic landscape. A breakdown of the different demographic groups: Kids – birth to late teens Learning – entering university, moving out of the parental home, becoming an adult Partnering – may stay in the inner-city (near jobs) with a partner Building – having children with a partner, real estate needs increase, need 3-4 bedrooms Easing – When you're 55-64, in the later stages of a career, may be taking more time off Retiring – Even if they aren't all retired, they have less of an influence on the workforce. Spending more time with grandchildren. Staying in home as long as they can. Aging – 80+ cohort, needs accessible property, needs to be located near medical facilities Which of these groups are going to change significantly and place an increasing demand on our resources? Teenagers - schools, sporting facilities 40 somethings – family, accommodation Retirees Because of their sheer size and stage in the life cycle, no generation will shape Australia more during the 2020s than millennials. Millennials were born between 1982 and 1999. This makes them aged 21 to 38, and they will be 31 to 48 by 2030. Millennials perfected the art of procrastination as they popularised the gap year, forgot to move out of the parental home, pursued education for much longer, settled for a partner much later in life, and pushed out buying their first home and birth of their first child into their mid-30s. Throughout the 2020s, this generation of procrastinators will follow in the footsteps of every generation before them and enter the family-formation and home-buying stage. As life pushes you forward, preferences change. Throw a newborn into the mix and even the hippest inner-city couple gives in and follows the suburban sirens Throughout the 2020s, millennials will leave their centrally locat­ed one or two-bedroom apartments and migrate to the suburbs or even regional centres in search of more bedrooms. They want an additional bedroom or two to bring up the kids and to work from home occasionally. How are millennials going to reshape suburbia? Due to COVID-19, reshaping will be more intense. Millennials will want to be able to walk or cycle to the basic functions of their lives within 20 minutes. Parents will want childcare available. May want to be able to cycle their kids to kindergarten. Public transport may be perceived as unsafe, so they will want infrastructure for safe and pleasant cycling and walking. Local neighbourhoods should be functional, beautiful, and child-friendly. Who will move into the inner-city apartments left behind by the millennials? Gen Z is a much smaller generation than the millennials, so there will be empty spots. Inner cities might be flat for a while and prices will go down. But that is temporary, because as soon as immigration fires up again, knowledge jobs that Australia is creating will cluster in the inner cities near other knowledge jobs. Conclusion: Life will go on post Covid-19 and Australians will transition from one stage of the life cycle to another. Many will move from the bush to the city, some will move from the city centre to the city edge, pre-retirees will move between states, some may even be motivated to pursue the space and the serenity of low-density living in what they consider to be a contagi

Are you interested in getting involved in the Brisbane property market? If so, today's episode is just for you. But even if you aren't interested in investing in the Brisbane property market yourself, considering that each state and city has its own nuances, the message that you're going to hear from Brett Warren today will be useful to change and translate to the area where you want to invest. 10 things you must know before investing in Brisbane Where are the jobs being created? Demand will be stronger closer to major employment hubs and right now in Brisbane, there are 50,000 jobs being created between the CBD and the Airport. So, in Brisbane, stick to the 10km ring to encompass the CBD, Hospitals, and the Airport precincts. Suburbs within a school catchment will continue to attract a premium – 1) not all schools are equal and 2) do not just assume buying in a suburb gives you access to that school. Missing the catchment by a single house or street could mean a difference of $50,000, so it pays to get it right! So, paying slightly more to get into the right catchment will greatly benefit future growth. People are not wanting to move further out and away from the City – While accommodation is smaller, there needs to be more happening outdoors, think lifestyle and entertainment precincts, green space, and convenience. Walkscore can be an invaluable tool for this. Public Transport a MUST - Our roads will get busier – There is probably an 80/20 rule here in Brisbane for public transport. Inside the 10km ring there is an 80% chance of having some form of public transport, that drops to as low as 20% when you start getting out past the 15km to 20km ring. Moving forward, identifying a location close to a bus, train, or even ferry, will be critical as commute times balloon! Majority of new infrastructure projects are within 5km of the CBD – Brisbane is not as mature as Melbourne or Sydney. That maturity is maybe 10 or 15 years away. Flooding and Stormwater are common – There have been several major floods over the last century and while they generally only come along every 20 – 30 years, it still must be on your radar. Even more common though are Brisbane's storms and stormwater runoff – overland flow. We may buy in most suburbs, but not in all parts of a suburb – To get wealth-producing levels of return, you need to not only buy in the best suburbs but in the best pockets of those suburbs Zoning is becoming critically important – You can't necessarily pull down a house that would be past its use-by date in another city, and the agent won't necessarily tell you that. Important to stick to areas that are already designed right The Rich will get richer over the next decade Brisbane is not Melbourne or Sydney – property outside will 10km will not catch up. Links and Resources: Michael Yardney Brett Warren - Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Shownotes plus more here: 10 Things Investors Must Understand Before Investing in Brisbane with Brett Warren Some of our favourite quotes from the show: "People come from other states, and they try to bring their local knowledge, how they would invest, how they would live in some of the other states to Brisbane, and it doesn't really work." – Michael Yardney "I think we've realized in the recent downturn, but in previous downturns as well, that some industries are more stable and others are more seasonal and more fickle." – Michael Yardney "By the way don't compare yourself with other people, because the things you see on Instagram and Facebook aren't real." – 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

Money doesn't care about what color, race, or class you are. It doesn't care what your parents did or who you think you are. It doesn't discriminate. And you have the same rights and opportunities as everyone else to make as much of it as you want. But the majority of Australians will never be financially independent. On the other hand, a small group of Australian investors and business owners are becoming very wealthy. Why is that? Most people complain they don't have enough money. But the reality is that most people just don't understand the rules of money. Today, I'm going to have a chat with Pete Wargent about how the rules of money have changed in this new era. 3 ways in which the rules of money have changed. Lower interest rates Interest rates will be stuck at the effective lower bound for years to come. Yields are also being pushed down further out along the curve, with the 3-year bond yield being a particularly important funding benchmark in Australia, so mortgage rates are also falling to the lowest level in history. Central banks and governments want you to go out and spend, invest, and build businesses, and incentives will be put in place for you to do so. Cash is dead The cash economy was dying before 2020, but the shutdown effectively sounded the death knell for cash as a means of payment and exchange. The latest usage data showed that retail spend on credit cards is now actually higher year-on-year, and this in spite of the shutdown. Increasingly we pay for goods using plastic rather than physical currency in the form of notes or coins. This trend was well underway before 2020, but the shutdown has accelerated the death of the cash economy. Overcoming mental obstacles about money More than ever before, it's important to be mindful and attentive towards your money, but it's also critical to remove the silent mental obstacles towards growing your wealth and bank balance. As alluded to above, central banks are effectively creating new money at an unprecedented rate. With the growth of social media and online commentary, it's become abundantly clear that many infer you can somehow only have more and become more at the expense or to the detriment of others. To be blunt if that's your world-view, and how you view money and self-development, you'll never sustainably be able to have more wealth. Money is, after all, inanimate; it does not and cannot care what you think of it. Links and Resources: Michael Yardney Metropole's Strategic Property Plan – to help both beginning and experienced investors Pete Wargent Next Level Wealth Pete Wargent's new book Low Rates High Returns Some of our favourite quotes from the show: "The way you become wealthy is by upgrading your wealth operating system; turning up your financial thermostat." – Michael Yardney "You can't have a scarcity mentality about it; you've actually got to think abundantly." – Michael Yardney "Successful people don't let setbacks set them back." – Michael Yardney Shownotes plus more here: What You Must Understand About How the Rules of Money Have Changed with Pete Wargent 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 life be like when the COVID-19 crisis passes? What aspects will stay with us, and what will disappear? We've been thrust into a moment of rapid change, but most of us don't like change. It makes us feel uncomfortable. We like a level of certainty about our future, health, and jobs, as well about the worlds of finance and property that most of us are interested in. But there are lessons in history that can provide us with valuable insights. In today's episode, we'll talk about some of the things that never change in a world that never stops changing. Successful investors and businesspeople need to be prepared for change but also understand the things that don't change. So, by the end of today's show, you'll come out with some ideas about how to get some more certainty in these uncertain times. I'm also going to share a mindset moment from one of my mentors and have a chat with Ken Raiss about estate planning. Some things that never change in a world that never stops changing The things that never change are the most important things to pay attention to. However, change gets the most attention because it's exciting, it's surprising, it's something that the media can comment on. You see…predicting the future is hard. Very few can do it. On the other hand, understanding what stays the same is very useful. Particularly in challenging times like we're currently experiencing. Of course, I still have no idea what's going to happen in the future, but I'm a little less surprised whatever does happen if I have a handful of assumptions that I can put my faith into to guide me moving forward. So, let's look at some things that never change in a world that never stops changing. More people wake up every morning wanting to solve problems than wake up looking to cause harm. I'm an optimist and have faith in society, but I recognize that those with a negative message get more airplay in the media and incite negative sentiment in our community. Fact is… in life you get whatever you expect to get. The only question is, what do you want? If we were not optimistic, none of us would bother setting up a business, employing people, taking risks, or investing in property. If we were totally realistic about how often people fail, how often things go wrong, how most property investors never build a substantial property portfolio, we would never even bother getting started. Your outside world is a reflection of what's happening inside your mind. So, feed it with positive, optimistic thoughts. The world breaks about once a decade. This is an interesting expression I learned from columnist Morgan Housel of the Collaborative Fund. But it's true and there seem to be very few exceptions to this. There is a major disruption every decade or so. It could be an economic, political, military, or social issue. The bad news is never as bad as it sounds How many times does the end of the world as we know it need to arrive before we realise that it's not the end of the world as we know it? Of course, those with a long-term perspective, who have lived through a number of economic shocks and property cycles, tend not to get as shocked when major events like we're now experiencing hit us. However, those who have not experienced these types of shocks tend to worry more and imagine the worst because they have no perspective to rely on. This too shall pass Nothing too good or too bad stays that way forever. I've found these types of major upheavals are not as scary if you have the underlying belief that they'll keep happening but that in the long term they don't prevent the long-term growth of our economy and our property markets. History doesn't really repeat itself. We've all heard it before - "History repeats itself!" It's an inane statement that seems so wise on the surface but crumbles under serious scrutiny. Morgan Housel wisely said: "History is mostly the study of unprecedented events, which, ironically, we then use as a map for what could happen in the future." Estate Planning with Ken Raiss Estate planning is something a lot of people don't think about until it's too late. But you want to be able to pass on your wealth in an efficient manner, and estate planning is crucial to your overall wealth plan. Some critical estate planning documents: A will – your will should be set up so that instead of passing on your assets to your beneficiaries directly, they're passed on in a testamentary trust. This has tax benefits and helps to ensure that wealth remains in the family. Non-Estate Assets – You may need either a Binding Death Nomination or Superannuation Will in order to distribute superannuation funds. Enduring Power of Attorney – this document pass decision making authority onto another person in the event that you're physically or mentally incapacitated. These documents can give authority that is as broad or as specific and narrow as necessary. Medical Power of Attorney – This document helps you to finalize your wishes in relation to t

You're probably here because you're interested in property investment or money. But if you think about it, underlying that is success. You're probably looking for more success in all areas of your life, and success depends on your ability to influence and communicate. That's what we're going to be talking about today. In today's episode, I'm going to be talking with a very successful person Allan Pease, about the importance of body language. Body language is an important part of communication because so much communication happens in a nonverbal way. Allan also has a lot to say about success, and he has some thoughts on who will win the American presidential election based on the candidates' language. The Beliefs that Guide Successful People Successful people believe in themselves. They know if they don't believe in themselves, no one else will Successful people believe they're in charge of their own life. They believe they're the pilots of their own lives, not just a passenger. Believing you're responsible for what you make of a situation is empowering. Successful people believe that there are opportunities everywhere. Because they look for opportunities, they find them. Successful people believe in doing things that no one else will. They take risks and are willing to try things that others won't. They know if they want to be different, they have to do different things. Successful people believe that execution is critical. The power is not in the information, it's in the action you take. Successful people believe in winning through hard work. Work comes first and the payoff comes later. Successful people believe in giving back. Giving back keeps successful people grounded, humble, and in touch with reality. Highlights from my conversation with Allan Pease Words only make up a small amount of communication. It's your intonation, how you say things, and how your body is responding You use a different part of the brain for first impressions than for subsequent impressions People don't buy from someone they don't trust Body language tricks for Zoom calls You can do a few things on video calls that you can't do in person, like staring "Just be natural" can be bad advice in a lot of cases It's a good idea to film yourself so that you can see how you look to others The differences between how men and women communicate How deciding what you want to do helps you see how to do it Why people should listen to Allan's seminar Who's going to win the American presidential election Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Join Allan Pease at a free livestream in Australia on Friday 9th October – register here Shownotes plus more here: Success boosting body language tricks with Allan Pease Some of our favourite quotes from the show: "If you don't believe in your own abilities if you don't believe in your own potential, how can you expect anyone else to?" "Risk is very much in the investor, rather than in the commodity." "You've really only got a short period right at the beginning to make a good impression." 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

In today's show, my guest, property researcher John Lindeman, is going to help you solve the property investment puzzle. Clearly, in today's more uncertain environment, we know that some locations are best avoided, while others still deliver good capital growth or better rental returns. As a property investor, you need to understand which suburbs are going to deliver what you're looking for at your stage of the investment journey. The problem is, the housing markets are like a huge jigsaw puzzle, with more than 10 million properties spread over 15,000 suburbs. It seems almost impossible with so many suburbs and so many properties – and that may be true since most investors don't end up with the portfolio they want. So in today's episode John Lindeman will divide all of the suburbs into four different groups. Once you understand which group the suburb you're looking at falls into, you'll understand whether it's right for you or not. That, together with the other things I'll discuss with John today will give you more results and clarity in this uncertain time. Then, I'm going to share with you some money lessons to teach your children. Don't worry if you haven't got children – these lessons are useful for you as well. 4 Categories of Suburbs Sleepers – the majority of the suburbs. They create the median performance in the market Long Shots – speculative investment locations. These suburbs may have new infrastructure projects or other factors that could make them more profitable. They could pay off well or they could end up not growing well at all. Cash Cows – areas with high yields but limited growth. They can get you cash flow but are unlikely to give you growth. Shooting Stars – these are the suburbs that have it all, strong growth and cash flow. They're the hardest to find, but they're what investors should be looking for. To determine which category a suburb falls into, John looked into the different types of households in different areas. Lots of renters indicate cash cows, for example. Infrastructure projects, what the banks are doing, and whether they're lending can also tell you what type of suburb you're looking at. Money Lessons to Teach Your Children Today's debt equals tomorrow's slavery: Your children need to know is that today's debt is robbing them of tomorrow's earnings, because they're sacrificing money they don't yet have. He who dies with the most toys isn't the victor: Possessions don't make for a rich life, it's the experiences and people – the things that money can't buy – that make you truly wealthy. Take responsibility, and that will make you the master of your own destiny: The decisions that you make today are what will decide where you are tomorrow. The value of patience and waiting: Understand the difference between wants and needs and recognize that all the money you spend on those material items you just 'had to have' today, is less that you'll have to fund your retirement with tomorrow. Luck is made through hard work: Truly successful people do the hard yards to reach the pinnacle of their chosen field or endeavor. You don't need millions to achieve financial freedom: Financial freedom is not dependent on money itself, but on your relationship to it and the level of personal responsibility and fiscal discipline you're prepared to exercise throughout life. Spend less than you earn and invest the rest: Aim to invest at least 10 percent of your earnings and the power of compounding will take care of the rest. Youth won't last forever, so use it wisely: Start saving and investing early in life and you're likely to secure your financial future. Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us John Lindeman – Lindeman Reports Why not get John Lindeman's Shooting Star Suburbs Report. Read John Lindeman's article- The Property Investment Puzzle Solved Shownotes plus more here: The Property Investment Puzzle Solved with John Lindeman Some of our favourite quotes from the show: "This is not a social commentary, but it just seems to be a fact to me that the haves and have-nots are separating more and the current crisis that we're going through has shown that up even more than normal." – Michael Yardney "Really demographics is going to be one of the biggest factors of what makes some areas do better than others in the long term." – Michael Yardney "Fact is, there's no such thing as rich victims." – 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're smart. You've made a few dollars. You've done what the financial books have told you. You've listened to the podcasts, you've gone to the websites. So why isn't it working? Why aren't you getting ahead? Maybe your emotions and expectations are getting in the way of good sense. Maybe you're paying attention to the wrong people. We've all made mistakes with money, sometimes unknowingly, sometimes recklessly. We all have poor habits that hold us back. That's what I'm going to talk to Tom Corley about today. We'll chat about why smart people do stupid things with their money, and hopefully, by the end of the conversation, you'll be more aware, and you won't make those mistakes. 12 Reasons Why People Make Money Mistakes Ego – Ego-driven money decisions prevent you from managing whatever money you do have in a prudent manner. Emotion – Spending decisions that are based on spur of the moment emotions. Bias – Making money decisions that are not fact-based but, instead, ideologically-based. Ignorance – Not doing your homework. Taking uneducated risks could be Ego-based or Ignorance-based. Overthinking – Simple solutions are usually the correct solutions. Seeking more complicated solutions leads to chaos. Fear – Never make money decisions out of fear. An example would be liquidating investments during a downturn in the stock market. Stress – Studies have shown that stress reduces your IQ by 13%. Never make money decisions when you are under stress. Poor Decision-Making Habit – Making frequent poor decisions is a habit. There are a number of reasons why you make bad decisions: Ego, Emotions, Bias, Ignorance, Fear, Stress, Tired or Hungry, and Impairment. Desperate Decisions – These are decisions that you make from a position of weakness. They are typically the result of prior bad decisions and always forced upon you by some third party, such as a lender, government agency, credit card company, employer, spouse, family, or friends. Impulse – Making spur of the moment purchases. Related to emotion-based spending mistakes but could also be caused by Decision Fatigue. Externalities – Keep up with the Jones's spending decisions are an example. Other reasons for making bad money decisions can be due to pressure from a spouse, family, friends, work colleagues, etc. Impatience – Making poor money decisions, such as liquidating investments during a downturn in the market can be fear-based or driven by a lack of patience. Making any major purchase without wanting to spend the time on doing your homework, is another example. Links and Resources: Tom Corley - Rich Habits Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Get your own copy of our international bestseller Rich Habits Poor Habits Shownotes plus more here: Why Smart People do Stupid Things with Money with Tom Corley Some of our favourite quotes from the show: "The trouble today with social media is you're seeing people's highlight reels and it looks like their life's really good. You don't know all the hard work that they've done to get there." – Michael Yardney "We're not pointing the finger at people, we're not saying look how bad you are. We're saying, if you want to improve your financial position, what you should be doing is having a look at your habits." –Michael Yardney "If you recognize some of these habits in yourself, maybe now's the time to replace them with some good habits." – 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.

When it comes to property investing are you a fox or a hedgehog? Is property investment an art or science? Maybe property investment isn't what you should be spending your time on; maybe you should stick to your day job instead That's what I discuss today with Stuart Wemyss. And then, in my mindset moment, I'm going to share with you why we're not all created equal. You'll get lots of great information from today's show that will help you get more success in your investments. Why you might want to stick to your day job: You must take responsibility for your money, however, that doesn't mean that you need to make all of the decisions Instead, you should have a team of experts who know how to make those decisions wisely and defer to them Looking for property in your own backyard isn't really research. Investing isn't a hobby, it should be approached as a business The hedgehog concept: This refers to a story about a hedgehog and a fox. The fox knows how to do one thing, but the hedgehog only knows one big thing. In other words, the hedgehog has the specialized knowledge that it needs to survive. Does it make sense for you to spend 10 hours a week making financial decisions that you don't have specialized knowledge about? Or would your time be better spent advancing yourself in your chosen profession that you do have specialized knowledge of, and deferring the finance decisions to experts in that field? You may be very smart, but that isn't necessarily a guarantee that you'll make smart investment decisions. Your talents in one area might not translate to other areas, like finance What you need is a holistic team of experts who can advise you in your investment endeavors You should choose people who have not only done well in the short term but have kept their wealth over the long haul Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Stuart Wemyss – Prosolution Private Clients Stuart's article referred to in the Podcast - Why you should stick to your day job Stuart's Book – Rules of the Lending Game Shownotes plus more here: Maybe you should stick to your day job and not invest in property Some of our favourite quotes from the show: "Your investments should be boring so that the rest of your life can be exciting." –Michael Yardney "Not only have we built wealth, but we've kept it, and I think that's one of the important principles." –Michael Yardney "If you're listening to this in Australia or one of the other great countries that a lot of people listen to this podcast in, you've already won the lottery in 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

Today, we're going to be talking about asset protection with Australia's leading property tax strategist, Ken Raiss. Asset protection is the use of smart legal strategies to protect what's yours. For instance, we're going to discuss why people who own properties in their own names are putting themselves at risk, and why even homeowners, not just property investors, need to have asset protection strategies in place. Very few of us are taught about the importance of asset protection, yet smart investors look for ways to protect their assets from their creditors. Hopefully, after today's show, you'll have a bit more clarity about what you could be doing and should be doing to protect and keep your assets so that you can pass them on later. What is asset protection? Safeguarding your hard-earned assets from litigation whether eventually successful or not. Defending an action can be costly in time, money, and emotionally. The world is becoming increasingly litigious. Many people are seeing the easy road to financial security is to sue someone for their wealth. I have read that Australia is the 3rd most litigious society in the world. In these uncertain times and with no-cost legal services available many people are choosing to sue someone even if for greenmail – to get something just to go away. Why should we be concerned about it? There are many instances of both legitimate and unscrupulous litigations. We should all do the right thing and have appropriate insurances in place but sometimes this is just not enough for example: What do you say to people who believe this is just being paranoid? You have a car accident before paying your overdue registration and insurance due to a busy work week. Your house is underinsured and burns down and destroys the next-door neighbor's property. You are up for the underinsured payment Your child illegally downloads music or videos. You take on a new job with increase occupational health and safety responsibilities. You become a director in a business. Sometimes you are called a director but not on the ASIC records. You are responsible for all tax obligations plus the normal director responsibilities I heard a story a few years ago when a thief while running from the police jumped a fence and fell into a hole that the homeowner had dug for the garden. The thief injured himself and sued the homeowner Safeguarding the family wealth for current use and to pass down to the next generation is not paranoid but prudent. The older you get the harder it is to rebuild so why risk the twilight years after a lifetime of hard work Typical Strategies and Mistakes Typically, people go and see their lawyer for these strategies, but the lawyer does not understand the accounting, taxation, and estate planning intricacies that all must be built into the final solution. I see many people who have transferred their assets to a trust which for investments is reasonable but there is a cost in relation to capital gains tax For property there is also the potential increase taxes in relation to land tax and the foreigner's taxes if they have overseas relatives. They also ignore the impact on the family home. In a trust, they lose the main residence exemption and will be subject to land tax. You need an integrated approach that looks at the legal, taxation, accounting, estate planning and future changes to your life needs when looking at an appropriate strategy. We have seen many clients implement strategies, but the majority have only looked at one aspect of the total picture and have therefore left holes that can be exposed which reduces the overall effectiveness of the strategy. They have done the work to identify their concerns, have found a solution only to be let down in the execution. At Metropole Wealth Advisory we have four different strategies that can help people and in all cases, no taxes are triggered. You can also protect the family home and keep the main residence tax benefits in relation to CGT and land tax. The most appropriate of the four strategies is identified for your specific needs and as your life circumstances change, they can be modified. Each of the strategies build on a solid foundation looking at tax, accounting, estate planning future flexibility, and with the added benefit of adding a layer of asset protection for your family wealth in case of litigation. The benefit of the Metropole Wealth Advisory way is we look at all assets including the value of wealth in your trusts or companies. How Should People Go About Protecting their Assets Typically, these are ignored due to the tax implication but there are solutions when taking an integrated approach. The wealth in these structures is incorrectly perceived as being safeguarded. This is not the case if the tenant in an investment property sues or a customer sues a business. The value is protected if you are individually sued but the other risks within the structure can be greater. It is like the trojan horse, if the attacker

Donald Trump is inarguably one of the most interesting personalities in the world today. Regardless of what you think of Donald Trump, you have to acknowledge that his decision to leave his highly successful day job as a property developer and run for President of the United States was gutsy. For years I used to watch him from afar, I've read his books, watched him on TV and I used to admire his supposed success. It's very different today - now he provides me with a very different type of entertainment, but I also keep learning lessons from him – more recently lessons of what one shouldn't be doing. Now before I get any hate mail, I want to acknowledge that what we're going to discuss today is not a political statement of any kind. It's just an observation of some life lessons you can learn from Donald Trump – some things you could start doing and some things you shouldn't do to help you become more successful at whatever you choose. Because I think that if you sift through all the negativity on both sides and look deeper, you will find some amazing life lessons everyone will benefit from what I'm going to discuss in today's episode of the monthly Build a Business, Not a Job podcast that I host with Mark Creedon, founder of Business Accelerator Mastermind. Donald Trump's Terrible Success Lessons Like or loathe him, and there are very few people who sit on the fence, there's no denying that the current President of the United States knows how to get people's attention. As I explained in the main introduction I'm not going to talk about Donald Trump's suitability to lead his country or the world – that's not my area of expertise – but I think he's provided a few lessons of what one could do and what one shouldn't do if you want to be successful. We know he's arrogant and Trump has been quoted as saying: "You know I'm, like, the smartest person" If you're the smartest person in your team you're in trouble "Nothing is easy – but who wants nothing?" For once this quote makes sense "I have never met a successful person that was a quitter, successful people never, ever give up." "Always try and learn from other people's mistakes, not your own – it is much cheaper that way!" "If you hang around with losers you become a loser." The corollary of this is that if you want to become successful, you should hang around with successful people. "I try to learn from the past, but I plan for the future by focusing exclusively on the present. That's where the fun is." Yesterday is past, and tomorrow is yet to come, so the only time that you actually have is the present. Use the moment to make smart and profitable decisions that will lead you towards success. Respect time as it is the most valuable resource available to you. "Sometimes, by losing a battle, you find a new way to win the war." If you fail at something, remember it is only a natural process and perfection takes time. Once you fail, think of it simply as if you have discovered another path that does not lead to success. It does not mean that you are lost, it only means that you will probably choose the correct path the next time. "As long as you're going to be thinking anyway, think big." Leave "little thinking" for people who want to accomplish little things, but not you. Success begins with thinking big. "If you're interested in balancing work and pleasure, stop trying to balance them. Instead, make your work more pleasurable." It is important to love what you do. It is only logical that a person will be self-motivated and more likely to work harder at something they love. Loving what you do is thought to be the first factor toward making you successful at what you do. "What separates the winners from the losers is how a person reacts to each new twist of fate." Change is one of the most essential and important parts of life, be it your private or professional life. It is not necessary that every individual plan will work for every different person. Winners are known to react positively to fateful situations while losers are known to panic and stall in the path. "Without passion, you don't have energy; without energy, you have nothing." One thing that remains common in most of the success stories is the unnatural and high levels of energy that people displayed when it came to pursuing their dreams. "Experience taught me a few things. One is to listen to your gut, no matter how good something sounds on paper. The second is that you're generally better off sticking with what you know. And the third is that sometimes your best investments are the ones that you don't make." Experience is the best teacher. It teaches you anything in such a way that you understand it very well. Some of the most valuable lessons are learned through past experiences. Links and Resources: Why not join Metropole's Business Accelerator Mastermind Learn more about Mark Creedon – Business Coach to some of Australia's leading entrepreneurs Shownotes plus more here: Terrible Success Lessons Fro

We all know that real estate is a long-term investment. So, what were the best-performing suburbs over the last couple of decades? They may not be the ones that you'd first think of. Today's I chat with Bret Warren about what made certain suburbs outperform over the last couple of decades. I'm also going to have a chat with an SAS commando. Why? This is a show about property and success and money, but most of us are being affected by a form of hostage situation – COVID-19. So who better to tell us how to handle a hostage situation when you've got a terrorist that you can't even see than someone who's put his life on the line more often than he's had a hot dinner? We're going to have an interesting chat with Mick Donaldson. Highlights from Brett Warren's research on the best performing suburbs Would you like to know which suburbs are going to outperform over the next 20 years? Well, maybe a good starting point is to understand which suburbs outperformed over the past two decades. The principles we're going to discuss today are relevant for all property markets. Past history is not always a good indicator of future growth, but at least it's a starting place for our research. The longer the past history, the more accurate predictor of future performance it will be. Most investors only research back five years or so Go back a minimum of 20 years – and if possible 40 years, however, it's important to understand how a suburb has changed in that time – might have gentrified, new infrastructure, etc. Some suburbs in Brisbane have performed more than 400% over a 20-year period. Understanding what the top-performing suburbs have in common What investment horizon means How a property investor can out-perform the market What will drive property prices moving forward Some of the topics I discuss with Mick Donaldson Mick's background How COVID has affected Mick The stages you go through when you get a shock like COVID What you can control in a survival situation The options in a hostage situation Maintaining a level of control Mick's acronym: PEARL Perseverance Equanimity Agility Resilience Leadership Links and Resources: Brett Warren - Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Mick Donaldson – HQ Tag Shownotes plus more here: What can you learn from the best performing suburbs over the last 20 years, with Brett Warren Some of our favourite quotes from the show: "Gentrification goes on over a number of decades, so it's not a bad way of trying to find an area that's going to outperform the averages." – Michael Yardney "Sometimes the right thing to do is nothing." – Michael Yardney "It's going to take longer than I expected, longer than we'd all hoped, but there is an end in sight and life will go on." – 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

Recently, I appeared on the Australian Taxation Office's podcast, Tax InVoice, to talk about tax-related matters that would be of interest to property investors in a time of crisis. I spoke with assistant commissioner Adam O'Grady about how the events of 2020 impacted property investors and what recent law changes mean for residential property investors. Some of the things we covered included what can and what can't be claimed, how to avoid some of the common tax mistakes, and where to find further information. This was an informative discussion, one that I think listeners of my podcast will find relevant and useful, so I'm going to share that episode with you today. Subjects I discuss with Adam O'Grady Landlords can continue to claim their deductions and interest, even if their tenants currently can't pay rent due to COVID-19 How interest is being accrued on bank loans, even though the bank isn't charging interest right now The tax implications of using your rental property yourself, even when you can't rent it out If the surge in available rental markets affects what you can claim How recent tax law changes affect investors who are foreign residents for tax purposes Changes to the tax deductibility of holding vacant land Avoiding mistakes in apportioning expenses and income if you co-owned a property Misconceptions about when you can claim renovation work to your investment property The difference between a repair and a capital improvement How investors can use the Government's Renovations Grant to improve their property, and what they can claim from that Differentiating between what's deductible and what isn't Keeping records that provide evidence of income The elimination of travel expenses to inspect your property or collect rent as a claimable expense Links and Resources: Find this episode on the ATO website Shownotes plus more here: Tax matters for property investors in a time of crisis | ATO Assistant Commissioner Adam O'Grady Some of our favourite quotes from the show: "There's some changes to the legislation, there's issues with COVID, there's been floods and bushfires, we've had a challenging year." – Michael Yardney "As we said there's fewer tourists for the short term rental market, there's fewer international students coming, and currently people are just a bit more nervous about moving anyway, so a lot of people are going to have longer vacancies or are going to have to drop their rent." – Michael Yardney "I've seen many people buy a property, it's a bit rundown, so they go ahead and they do a renovation to make it more attractive to tenants, to get more rent, so they're doing it for good, legitimate reasons, but then they think the repair can be claimed as a repair in that tax year." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

I remember where I was when I first heard about coronavirus, it wasn't called COVID-19 then. I was on the other side of the world on a cruise with Pam, for our annual end of year overseas excursion and this virus thingy was a problem that was happening in China. Who would've thought then we'd be where we are today with a worldwide pandemic, a recession, and so much political and social unrest? Today those pre-COVID-19 days in January feel like a different lifetime. COVID upended everything and still today every new day seems to bring a new shock. A lockdown in Victoria, the worst recession in a century, massive unemployment, business closures. But if you survey the confusing mess we're in you have to remember that none of it happened in a vacuum. Every event has parents, grandparents, siblings, and cousins – previous events that planted the seeds, passed on their DNA, and continue to influence what's happening today. To have any hope of making sense of what's ahead we have to pay attention to a bunch of seemingly unrelated stories that began before anyone had heard of Covid-19 and that's what I'm going to be talking about today with leading demographer Simon Kuestenmacher. So let's have a chat about what got us to where we are today and what's ahead. Understanding the factors that help us forecast the future If you were told in January what April 2020 would look like, you wouldn't have believed it, would you?. If you were told in May that in August we'd have Stage 4 Lockdown, you wouldn't have believed it. So how do you begin to make sense of the future when things change so fast? I recently read a great article on from Morgan Housel, one of my favorite social commentators where he explained that until we know where we've been and how we got here it's difficult to figure out where we're heading. Why are so many people so angry? To understand why so many people are so angry in 2020 you have to realize that half the world has gained insight into the other half at the very moment those halves were as different economically as they've ever been. Over the years the gap between the haves and have-nots grew - people grew apart financially at the same time they became connected digitally, which exacerbates tribal instincts and exposes you to people who don't see the world as you do, who become easy targets for criticism and blame. Was an increase in working from home coming anyway? Up until recently working from home was not really an option, but let's look at how things have changed: A century-long shift away from labor-intensive jobs towards creative-thinking jobs created a stark contrast between jobs that can be done during a pandemic and jobs that can't. The pandemic has brought forward some trends that probably would have happened anyway, including working from home. Pandemics are not new or unheard of, so why does this one feel so much different from similar events in the past? Things have been pretty good for a long time. So a setback, even if it's not unprecedented, feels overwhelming. The coronavirus pandemic feels real to us in a way that pandemics that we've only read about in history textbooks cannot. For future generations, 2020 will likely be only a page in the history books that doesn't carry the same urgency we feel while living in it. Why is the news so negative? Local news gave way to national news which gave way to global news, which can make the world feel perpetually broken because there is always a tragedy somewhere, and now you are guaranteed to hear about it. Why haven't the direst predictions about the economy come to pass? The Federal Reserve in the US and the RBA here and the central banks around the world learned how to keep the financial system from falling apart. That's both kept a lot of the economy humming and ruined a lot of assumptions people had about how the economy works. Links and Resources: The article By Morgan Housel quoted in this show here: Here We Are: 5 Stories That Got Us To Now Simon Kuestenmacher - Director of Research at The Demographics Group In these challenging times why not get the team at Metropole to build you a personalised Strategic Property Plan – this will help both beginning and experienced investors. Shownotes plus more here: There are a few things we must understand before we try and forecast the future Some of our favourite quotes from the show: "A century ago people had more labor-intensive jobs. Now we've gone to more creative thinking jobs." –Michael Yardney "We were feeling complacent, I believe now we're going to probably think differently moving forward." –Michael Yardney "Bad news seems to get more attention than good news because pessimism is seductive. It feels more urgent than optimism." – 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

Today, we answer some of your common questions. Questions like…How should your property investment strategy change given the current circumstances? Should you still be focusing on capital growth for your investments? How do you transition from the capital growth stage to the cash flow stage for your investments? We'll also talk about those 40-year spreadsheets and property strategy plans. Do they work, or is there a more effective property strategy plan? People also want to know about how much of a financial buffer they need or whether diversification is the right move for them. These are all good questions, and hopefully, my conversation with Kate Forbes will bring you some clarity. Q&A with Kate Forbes How has Metropole changed what they buy given the current circumstances? It hasn't. When you invest in property there are three major factors deciding where you buy and the type of property you buy: Your budget – and that is usually determined by the banks The location - we are not prepared to compromise on this because location will do 80% of the heavy lifting of your property The property you purchase. – It has to be the right type of property, one that's going to outperform the averages with regard to capital growth. We don't change our strategies, which are long-term plans, due to the short-term fluctuations of the economy or property markets. Why should I focus on capital growth over cash flow? Especially now when there is likely to be lower capital growth? Despite what you'd like to believe, you just can't live off the rents of your property. In my mind the only way to become financially independent through property is to first grow a substantial asset base (by owning high-growth properties) and then transition to the next stage – the cash flow stage – by lowering your loan to value ratios. In other words, reducing your debt, but not paying it off completely. Remember the 3 stages of wealth creation I've mentioned before The asset growth – this requires leverage Transitioning to lower LVR - where you slowly pay down your debt Living off the Cash Machine of your property portfolio How are you going to repay all your loans before you retire? An ideal situation would be to own a mixture of growth and income-producing assets that looks a little like this: You would own your own home with no debt against it You'd have a substantial superannuation fund which should be delivering you a regular income You would own a multimillion-dollar property portfolio which is no longer negatively geared and, if it does have debt against it, the LVR would be such that the portfolio generates income. This would not need to be a lot of income but needs to be sufficient so that your property portfolio is not draining your cash flow. I know many financial planners suggest you should go into retirement with no debt at all, but in my mind entering retirement with a conservative amount of leverage works well for those investors who have set themselves up correctly. These investors often live off their superannuation assets and income for the first 10- 15 years of their retirement allowing their property portfolio to once again double in value which allows their already low loan to value ratio to fall even further enabling their property portfolio to spin off even more cash flow. Others achieve their cash flow in retirement through the dividends from shares or from the positive cash flow of commercial property investments. So how do I transition to the cash flow phase of my investing? Grow your portfolio at a slower pace Once you've grown a substantial asset base, one option is to slow down the pace at which you grow your property portfolio. Convert to a principal and interest loan As you transition to the cash flow phase of your investing, you could convert some of your loans to principal and interest, allowing your tenants to slowly pay off your mortgages, thereby putting you in a stronger cash flow position. Remember that while paying interest on investment loans is tax-deductible, paying off the principal portion of the loan is not. Sell a property or two and repay debt You know I prefer to hold properties for the long term, but the purpose of owning these properties is to give you the lifestyle you want. This means sometimes the right thing to do is sell off one or two investments and use the proceeds to reduce your portfolio debt and increase your cash flow. Investing in commercial properties. Different from residential real estate, commercial properties tend to have strong cash flow but less capital growth. So, adding commercial properties to your portfolio once you already have a strong asset base may be appropriate for you. Use part of your Super or savings to pay off debt Redevelop a property or two to repay debt Some property strategists put together 40-year spreadsheets as part of their plan for their clients. Why doesn't Metropole do that? Our plan is a lot more than just spreadsheets are numbers and figures. Even th

There's so much uncertainty with what's going to happen to our economy and our property markets. How do you plan for your financial future? That's one of the questions we're going to answer today in the first of a series of question and answer podcasts. Today I'm going to have a chat with Brett Warren to answer some of your questions including how to formulate a property plan, what your endgame should be, and how many properties you need to retire comfortably. At the end of today's show, you should have answers to some of the common question investors like you are asking. Highlights from my conversation with Brett Warren: People don't often know where they want to end up. Property investors need to start with the end in mind and work toward that end, rather than starting with the property but no clear end goal. In the current climate, it's hard to tell what will happen to your superannuation, so you can't count on that alone. You need a long-range plan. It's more important to have quality properties than a large quantity of properties. You need to begin to build wealth by acquiring assets that will grow in value. Then you'll need to work on adding value to your assets and increasing your cash flow. Property is not a get rich quick scheme. Property isn't a quick way to build wealth, it's a long-term process. But you can find ways to add value and increase your returns. If you only have a short amount of time to build wealth, you can't afford to make mistakes. Getting a good team around you that can help you achieve better results is even more important if you've left wealth-building until late in the game. Links and Resources: Michael Yardney Get the team at Metropole to help build your personalised Strategic Property Plan Click here and have a chat with us Brett Warren – Director Metropole Property Strategists Shownotes plus more here: Q&A Day: How to plan for your financial future in a world of uncertainty + more | with Brett Warren Some of our favourite quotes from the show: "You've actually got to accumulate your assets first, and then live off the cash flow." – Michael Yardney "If you do what everyone else does, if you listen to who everyone else listens to, you're just not going to build the wealth that you're looking for or that you deserve. It's just not the way property works." –Michael Yardney "We're all walking around with one foot on the accelerator and one foot on the brake." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

What will life be like post-COVID-19? Even though many of us have spent weeks dreaming about the day things are going to get back to normal, it may not be as smooth sailing as some of us would like. We can expect to see lots of changes. Your favorite café might not survive the shutdowns. You may greet friends with a nod or wave rather than a hug. There will be practical and economic changes that will affect our jobs and property markets, and that's what I'm going to talk about today with my guest Pete Wargent. The shock of a pandemic will have shaken a lot of people's beliefs about the world, but there will also be positives coming out of it. Unfortunately, those who have lost income and lost their jobs will have challenges to overcome. This may lead to stress and anxiety. But this is not going to be a gloomy show. I'm an optimist and a realist, and after today's show, I hope you'll be more prepared for what comes next. What will life be like post-COVID-19? Whether or not a vaccine can be found, we'll probably see changes in the way that we live – we'll probably be more cautious. Investors may also approach their investments with more caution than they did previously. Low interest rates will probably continue for some time – at least until unemployment comes down. It could take at least 4-5 years for employment to decrease to previous levels. Low interest rates will be good for property in the medium to long term. Lower wages growth, on the other hand, will impact people's ability to pay more for properties and could negatively impact the property market. Local recoveries will be uneven. Some states are already doing better than others. Because lots of people are getting stimulus or grants from the government, they're not feeling as poor as they usually would during a recession. It may take time for people to wean off of this assistance. Lower immigration will affect economic growth and housing demand in certain sectors. Certain business models, such as retail, are going to change. We're getting more accustomed to shopping online, working from home, and having virtual meetings. The younger generations who are just entering the workforce or would earn more during this time are likely to suffer more than others. Young Australians could face as much as ten years of pay cuts and youth unemployment is likely to remain high for several years. Links and Resources: Metropole's Strategic Property Plan – to help both beginning and experienced investors Pete Wargent Next Level Wealth Pete Wargent's new book Low Rates High Returns Shownotes plus more here: A reality check on life in a post-COVID world with Pete Wargent Some of our favourite quotes from the show: "I think we've realized that we're all in the same ocean, but we're not in the same boat." – Michael Yardney "As the economy picks up and life gets back to normal, so will our property markets." – Michael Yardney "I think the first thing you should do is practice noticing what's great about 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

Post-COVID Properties Much of Australia's economy is being kept on temporary life support either through the federal government's Job Keeper and Job Seeker schemes or through loan repayment relief from the banks. The coronavirus has really played havoc with our economy, with our lives, and with our property market. In fact, Melbourne, which has often been hailed as the world's most livable city, is currently going through a crisis and is in lockdown. No matter where you are, your economy, your lifestyle, and what's going to happen next is going to be affected by what's happening in Victoria. So what do we have to do differently in this environment? You may not be able to stop the waves, but you can learn how to surf them. Today, in two separate sessions, I want to share with you the property investment rules that you need to keep in mind in these trouble times, and some things that you'll need to change in order to be more successful in a post-COVID world. How will the property market change post-COVID? COVID-19 has changed the world immeasurably, and in some ways, forever. The pandemic has exposed weaknesses in our employment and housing markets, and we're not likely to forget them any time soon. In the wake of COVID, priorities are likely to change, and these changes will be reflected both in our property markets and in the way we live. When it comes to properties, buyers will be looking for properties with pandemic appeal and will be willing to pay a little more for those properties. What constitutes pandemic appeal? Consider that high rise apartments are full of the very things that we want to avoid during a pandemic – elevators, buttons, shared doors, close proximity to neighbors. And if you're quarantining in a high rise apartment, you may be stuck indoors, without access to a private balcony or backyard that you can enjoy while maintaining social isolation. This means that these types of apartments are likely to fall out of favor, and we'll see increased demand for standalone houses and the types of apartments that used to be called flats – the kinds of places that give you access to private entrances, that aren't too close to the neighbors, that offer balconies or outdoor spaces that you could use while isolating. Open floor plans might also fall out of favour. Instead, buyers will be looking for homes with better home office facilities and separate spaces, so that they can work from home and still separate work and living spaces. What will you need to change to be more successful post-COVID? If you're interested in property investment, it's probably because you're interested in changing your level of wealth. But most property investors won't be able to change their level of wealth until they make changes in and of themselves. Some of us love change and some of us hate it. Change is hard because, in order to change, you have to move out of your comfort zone, and that's scary but necessary. Because when it comes to creating wealth, it isn't what we know that holds us back, it's what we think we know that isn't so. The thing that holds most of us back is our wealth operating system. That's our financial blueprint, the programming that we received as children. In order to change it, you have to begin by changing your thoughts about wealth. Remember, your thoughts lead to your actions, and your actions inform your results. Wealth is a result. You won't achieve it until your actions change, and you won't take the actions that result in wealth until you change your thoughts. Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Learn the Science of Getting Wealthy – join Michael Yardney's Mentorship Program – www.MichaelYardney.com.au Shownotes plus more here: Some of our favourite quotes from the show: Property investment rules to keep in mind in troubled times "If you're looking to buy a new property, you're going to have to look at things differently." –Michael Yardney "It takes courage to leave something familiar, something you're comfortable with, and try something new." –Michael Yardney "It's no coincidence that your inner world creates your outer world." –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? That's what I'm going to talk about today with Bryce Yardney, director of Metropole Projects. We're seeing more and more people interested in property development because, in times of flatter capital growth, you're looking to manufacture capital growth. Today we're going to talk about some of the risks involved in property development. Property development involves a wide range of activities and processes and in order to be successful, you'll need to know about the market, the property, economics, finance, town planning, construction, and even marketing. It's difficult, but if you have a good team around you and you have the finance to do it, property development is a great way to build your assets and buy your next investment at wholesale. Hopefully, today's show will give you some insight into whether property development is for you, now or sometime in the future. Some of the common risks of property development that we discuss: Mistaking precedent for permission: The rules can change. Just because somebody else did it doesn't mean that you'll be able to do it. Not understanding what "subject to council approval" means: "Subject to council approval" is like the word "but". Anything that comes before it is meaningless. You need to understand the council you're getting into and understand something about town planning – or at least have someone on your team who does. Not being cautious about competitive developments Delivering the wrong product to the market: Remember, it's not about what you would want. You need to understand what the market really wants Not anticipating bank hurdles: The banks are currently more difficult than They're afraid of what's going on and more conservative than usual. Borrowing is not impossible, but you need to be prepared for a number of hurdles. Not understanding what goes into choosing a builder: There are three big factors that go into choosing a builder. These are quality, time, and dollars. Don't get so hung up on dollars that you sacrifice the quality. Not having enough money for upfront costs: Banks don't lend for soft costs, like stamp duty, interests, consulting costs, etc, so you need to allow for enough money upfront to handle these expenses, that can run into the tens of thousands. Underestimating the power of the council Not employing a project manager Not know what you don't know: That's why you need somebody around you to help you – someone who will know the things that you don't know. Links and Resources: Interested in getting started in property development? Find out more here Bryce Yardney – Director Metropole Projects Metropole's Strategic Property Plan – to help both beginning and experienced investors Shownotes plus more here: Is getting started in property development right for you with Bryce Yardney Some of our favourite quotes from the show: "In my mind, one of the biggest risks in development is actually the developer: you, the person listening to this." – Michael Yardney "Once you get it and it works, and you're manufacturing equity and you're getting good cash flow, it actually can almost be a self-perpetuating machine." – Michael Yardney "Enjoy the journey, because if you don't enjoy the journey, you're not going to appreciate the destination when you get there." – 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 ever secretly wish that you could achieve more with your time? You are not alone. Most people want more from their lives but simply don't know where to start. Science says that only 8 percent of people actually achieve their goals. The good news is that learning to accomplish greatness in your life is totally possible if you learn to study other successful high achievers. In today's Build a Business, Not a Job podcast that I record each month with Mark Creedon, the founder of Business Accelerator Mastermind, we are going to discuss the things that high achievers do differently to become successful. What high achievers do that others don't I've found high achievers, be they property investors, businesspeople or entrepreneurs do things in a certain way and think in a certain way. Recently, I read a number of rules that I read on a blog by Abayomi Jegede. After looking at the lives of certain great men, Jegede was able to come up with 13 rules that he says high achievers never break. He suggests that if you obey these rules, you will become a high achiever too. 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 Be yourself always and become the best version of yourself. 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 an advantage in adversity and make the best of every situation. Make peace with your past so it won't screw up your present High achievers don't go around beating themselves up for the mistakes they have made. Forgiveness is the first step to progress and only those with a strong heart can forgive themselves and those who have hurt them. Don't answer ads that promise get-rich-quick schemes because it won't be you who gets rich quick Believe me when I say this: apart from bonanzas, lottery, promos, or TV shows, there is nothing you can do in this world that gets you rich in a jiffy. You can't do everything yourself, so get help along the way 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 High achievers don't talk just because they have to say something; they talk because they have something to say. 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 Many great men today are college dropouts, but they knew what they wanted and the understood the implications, so they went all-out. So, before you quit your job or quit college, and before you jump off that bridge, ask yourself this very important question: "how deep is the water?" Change only what you can change and let go of the rest You can't change everything you want to change. 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 People will always talk about you, and if they don't, then you are probably not worth much. 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 The sooner you learn this, the better. Do not expect too much from people–only a few men have that virtue called integrity. Summary: There is one secret that almost every successful person knows. This secret is very important because it's the reason they are successful in the first place. This big secret can be summed up in the words of the mighty Aristotle: "We are what we repeatedly do. Excellence, then, is not an act, but a habit." Successful people have gone through the painful process of forming successful people's habits, and you can become successful financially prosperous as well if you make up your mind to do the same. Links and Resources: Why not join Metropole's Business Accelerator Mastermind Learn more about Mark Creedon – Business Coach to some of Australia's leading entrepreneurs Some of our favourite quotes from the show: "I think with social media, it's so hard not to do that. Because unfortunately, you see their highlight reel, you don't see all the bits on the cutting room floor." – Michael Yardney "I guess the lesson is to forgive yourself for the mistakes that you've made. They got you to where you are now, and now you've moved forward and can take advantage of the lessons you've