Property Investment & Wealth Creation Australia | The Michael Yardney Podcast

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

Taking control of your personal finances, becoming wealthy or successful in property investing, is simple, but it's not easy. That's not a play on words. It's simple if you know how, but it's not easy because a lot of investors make mistakes. They're fussed about the timing and the price they're going to pay for their property, but those factors may not matter as much as you think. That's the topic of today's chat with Stuart Wemyss, who's going to explain that it's what you buy that matters, not when or how much you pay. We're also going to talk about the characteristics of investment-grade property and the changing world of finance. Then, in my mindset moment, I'm going to talk to you a little about an important subject – failure. Highlights from my chat with Stuart Ego plays a big part in what and when we buy: everyone wants to look smart But we need to look more at the factors that the evidence says are important And less at the factors that are just based on emotion or gut feeling An advisor should be able to verify or substantiate their methodology Stuart looked at the outcomes of both buying below intrinsic value and buying above intrinsic value High performing investment-grade properties were less sensitive to how much you paid for the property Investing is a long game and quality is everything 3 attributes that Stuart believes properties need to be investment-grade Strong land value component Scarcity Past growth of the property and similar nearby properties Common traits of successful investors Consideration of risk Focus on quality 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 - Property market expectations & the impact of Coronavirus Stuart's Book – Rules of the Lending Game Shownotes plus more here: It's What You Buy, Not When or How Much You Pay, That Matters with Stuart Wemyss Some of our favourite quotes from the show: "We both agree that cash is important to keep you in the game, but it's capital growth that's going to get you out of the game." – Michael Yardney "If you're getting free advice, then in fact, you're the product." – Michael Yardney "The best way is to reflect on your failures and focus on the lessons that you've learned and the person that you're going to become, rather than spending your time trying to avoid failure." – 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

Being a property investor is simple, isn't it? Just buy a property, then sit back, collect the rents, and fund your retirement. If only it was as easy as that. Granted, investing in property is a simple concept, but the execution is a different story. I've often said property investment is simple, but not easy. The rules are simple if you know them, but the execution is more complicated. And that's what we're going to talk about in today's episode. Initially, I'm going to give you six tips to help you get on top of the property ladder. Then I'll talk with Brett Warren about tips that he would have liked to know when he was first investing. Then, in my last segment, I'll share some money tips. 6 strategies to get to the top of the property ladder Invest in your knowledge before you start investing in bricks and mortar Learn from others who've not only achieved what you want to achieve, but who've maintained their wealth over a long period of time. Surround yourself with like-minded people and get a mentor who will not only inspire and challenge you, but can also give you some perspective. Marry your investment plans with your investment capital Remember that all booms come to an end and, like in the past, this new property cycle will peak. So, while enjoying the current phase, make sure you're financially prepared for the market as it changes. Use your portfolio to reduce your risk Strategic investors look forward to the best of times but protect their portfolios for the tough times that will inevitably come. Rather than gearing to the max, they take a more prudent approach by building an emergency buffer. They also own the type of property that will be in continuous strong demand by owner-occupiers. Do the due diligence before you do the deal Sophisticated investors have an investment plan that they adhere to and carefully evaluate any potential investment opportunity in light of their long-term goals. They know that this makes their investment decisions less emotional and their results are more consistent and predictable. Keep your sights set on your goals While most investors buy a property and hold it for the long term, strategic investors regularly review their investment portfolio's performance in light of their long-term goals. Questions to ask when reviewing your portfolio's performance: Is this property performing to my expectations? Is this property likely to outperform the market? If this property were for sale today would I buy it again? Does this property still fit in with my overall plan? Treat your property like a business and evaluate your assets dispassionately and take appropriate action. Remember that in real estate, less is often more Concentrate on getting the best deals for your investment goals, not the most deals. When it comes down to it, capital growth is key in building wealth through real estate and properties that outperform the long-term averages always come at a price. Lessons and Success Tips with Brett Warren Location does 80% of the heavy lifting Successful investors look for locations that have a proven track record of strong capital growth which will outperform over the longer term because of their demographics. Choose capital growth over cash flow. Most of your assets when you retire will be your tax free capital growth – the increase in value of your home and your investment properties – not money you have saved or rent that you've collected or superannuation you've put away. Success comes from a series of small things. Take every opportunity you can to better yourself or your circumstances, change your habits to be more productive and work hard towards a long term goal that you are committed too. Successful people have multiple streams of income. You cannot save your way to wealth and success. But by investing the income you save in high growth assets, diversifying your portfolio and adding multiple streams of income from property, shares and business you can fast track your wealth and are not solely reliant of your salary. 7 Money Tips If you are born poor it's not your fault, but if you die poor it's your mistake You have to take responsibility for your financial future. You have to become financially literate. Becoming wealthy is a long journey and it's not easy. Don't follow the herd Successful investors know that to get to the top of the property ladder, they need to overcome the fears that hold most people back from ever stepping foot on the first rung, or of not waiting for the perfect time or the perfect investment. And they also understand the importance of, wait for it, going against the crowd! You should know how many months you have left in your wealth window Your "wealth window" is the time from now until when you stop receiving an earned income. How much are you going to earn in that time? Your financial future will depend on the balance between enjoying your money now and planning for then. Practice delayed gratification Successful people possess higher p

What makes an investment-grade property? What makes it different from all of the other properties? What's the right strategy for this stage of the property cycle? What's the endgame that property investors should be considering at the moment, considering how coronavirus has disrupted our property cycle? That's what we're going to talk about today. I'm going to share with you my new endgame because my living off equity strategy that has stood the test of time for many years is not going to work for most investors in the current market. At the end of this episode, you'll be a more informed investor, and you'll have a strategy to work toward to help build your own financial independence. What makes a good investment-grade property? Not all properties make good investments. In my mind, only about 4% of properties on the market make good investments. What makes a property a good investment? What makes a good investment generally? Strong, stable rates of capital appreciation Steady cash flow Liquidity The element of easy management A good hedge against inflation Tax benefits An investment doesn't have to offer all of those or all in equal proportions, but those are characteristics of a good investment. How do you make money out of property? Rental income Capital growth Accelerated or forced growth Tax benefits 5 Stages of Your Investment Journey Stage 1: Education – learning what property investment is all about Stage 2: Saving – spend less than you earn and trap the excess cash flow in a savings account to build up a deposit so you can invest Stage 3: Asset accumulation – it will take two or three property cycles to build up enough of an asset base of income-producing properties to move to the next stage Stage 4: Lower your loan-to-value ratio Stage 5: Live off the cash flow of your property portfolio 6-Stranded Strategic Approach to Buying Property Buy a property that has appeal to owner-occupiers -- Not because you plan to sell the property, but because owner-occupiers will buy similar properties and that pushes up local real estate values. Buy property below its intrinsic value – avoid new and off the plan properties, which come at a premium price. Look for a high land to asset ratio – that doesn't have to mean a big block of land, but one where the land component makes up a significant part of the asset value. Buy property in an area that has a long history of strong capital growth and that will continue to outperform the averages. Look for a property with a twist – something unique, or special, or different about the property. Buy a property where you can manufacture capital growth through refurbishment, renovations, or redevelopment. 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: The most effective property strategy for now and an update on my living off equity strategy Some of our favourite quotes from the show: "Too many investors don't recognize, though, that property investment is a game of finance with some houses thrown in the middle." – Michael Yardney "Bottom line is, cash flow keeps you in the game, but it's really capital growth that gets you out of the rat race." – Michael Yardney "The rich don't like to commute." – 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

How important is assessing demographics in building your property portfolio or planning your business or personal ventures? If you don't pay attention you could be missing the key to building long-term wealth in a way that minimizes your risks. In today's episode of Michael Yardney podcast, I chat with Simon Kuestenmacher, and we're going to talk about 7 macro / big picture demographic trends. So, at the end of the episode, you'll have a better big picture macro view of what the demographic trends in Australia are. Highlights from my conversation with Simon: Over half of Australia's wealth is in housing, so the housing market underpins Australia's wealth The property market itself isn't in trouble However, the Australian middle class has been hollowed out, and the big challenge is getting low-paid workers on the path to homeownership We may move into the right direction because of corona-inspired infrastructure programs that create middle-skill jobs Australia is the most intensely concentrated population on the planet This is because of the kinds of jobs that Australia creates A large percentage of Australians are born overseas The influx of international students to Australia has created a student boom One of six international students will become permanent residents Australia is more generationally diverse than ever before Australia may be the location of choice for companies who want to set up Asia-Pacific centers The need to build higher-quality buildings that last longer Changes in where people want to live and the kinds of accommodation they need Mixed development in the inner cities The makeup of the workforce Baby boomers are staying in the workforce longer Close to half of the workforce is Gen Y, so it's important to understand them Links and Resources: Michael Yardney Simon Kuestenmacher - Director of Research at The Demographics Group Simon's YouTube Channel In these challenging time why not get the team at Metropole to build you a personalised Strategic Property Plan – this will help both beginning and experienced investors. Join us at Wealth Retreat 2020 – click here and register your interest Shownotes plus more here: 7 Australian demographic trends investors and business people must understand Some of our favourite quotes from the show: "I think one of the great things about our cities over the last couple of decades is the vibrancy of being in the inner city." –Michael Yardney "There's no doubt that the bulk of these generations do think very very similarly, and to be a good employer or to sell to them, to be a good businessperson, you've really got to understand what drives, what motivates them." –Michael Yardney "Letting go of attachments makes your life richer, as you create space for new experiences to come." –Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

As adults we often forget that at one point in our life we saw the world and the people around us in a much different light— we saw the world through a child's eyes. As we grow up and mature, we allow life and rules to restrict some of the greatest instincts we had as children. Instead of never taking no for an answer, waiting for permission, or even embracing our wildest dreams, we fall into a strict regimen we believe will keep us safe and drive us to success. However sometimes it's important to remember that to truly be effective and productive leaders, our old "childish antics" can actually do us some good. In fact, it turns out the children can teach us a lot about being successful in business and in life. In today's episode, Mark Creedon and I discuss ten things we each learned from our grandchildren that can help us in business. Here are ten things Mark learned from a chat with one of his grandchildren, which I think can help us all in business, success and life in general: The importance of budgeting Iziah told me if he had $100 he would save half and spend half. He wanted to save half for the future and to have some money put away but he also wanted to enjoy his newfound 'wealth' a little. Follow your passion I asked him what he wanted to do when he grew up. "Be a vet" he replied. Because he wanted to help animals, he loves animals and he knows that what vets do. Understanding why you do what you do is a fundamental concept we all should get our head around. It is important to play I asked him what grown-ups should do other than work. "Play" was his response. Recent research from Psychiatrists from John Hopkins University have compared play to oxygen. Taking time to play feeds dopamine into a whole bunch of areas of the brain. Ask "Why" a lot Sometimes as adults we stop asking questions. Once we stop asking questions, stop enquiring we can fall into resignation. The end result of that is that we can miss opportunities because we didn't scratch the surface and look at why something is happening or why it might. Of course, the other issue about us stopping asking questions is we may also miss the opportunity to, learn from mistakes and so we may very well keep making them. Family is more important than money The point is that there has to be a bigger goal than just money. Money is a great tool and life can be pretty tough without it, but we have to know why we want that money. Family is more than just your household When I asked Iziah who his family was it was much more than just his Mum, Dad, and brother. he cited his aunts and uncles, grandparents, cousins. The point is to consider who your family is, keep it as wide as possible and make sure you are looking after and keeping connected with all of your 'family'. Don't keep secrets Families don't keep secrets from each other, Iziah told me. There is a great lesson here. By being brutally honest with our business family, we are more likely to have them join us wholeheartedly on the journey. Schedule time for fun We mentioned before about the importance of play but life can get in the way. Iziah has an arrangement with his Mum and dad that schedules time in the day for uninterrupted play. That way he knows it will happen and Mum and Dad know nothing will get in the way. It is like anything in life, business. If all we do is put it on a 'to do' list there is a good chance it will get missed or overtaken by other priorities. Schedule it in your calendar and treat it the same as any important appointment. Always Learn My grandson goes to school, he reads, he loves learning. That is something we should never stop doing. Get back up and believe in yourself I asked Iziah what happens when he falls off his bike. "I get up, get Mum and Dad to give me a hug and get back on the bike," he told me. We all know that what counts is not how many times we fall but how many times we get back up. the other thing he shared was how he deals with climbing high on the monkey bars without fearing a fall. "Think positively and believe in myself " was the answer. Couldn't we all use that little gem? Michael shares lessons from his grandchildren Kids have no fear In business, so many of us are stuck in the wrong job just because we are so afraid of the unknown. You don't need to know it all before you take a step towards what you want to do. Of course, kids need to be developmentally ready for certain tasks, but if they are interested in, and want something, they will go for it. And, so should we – whether it's big changes, or small, fear of failure should not stop us from new experiences. Kids are driven by curiosity We learn by being curious. Kids, especially, are so curious it drives them to learn and discover all new things every day. In our professional and personal lives, it's common that we settle in our ways, doing the same thing in the same way just because we've grown comfortable, losing our sense of curiosity. Curiosity is what drives new experiences and takes us to

Much of the Australian economy is being kept on temporary life support either by federal government schemes or through bank relief. These assistance measures are slated to end after 6 months, but clearly the coronavirus crisis won't be over by then, and unemployment probably won't return to normal levels for a few years. People are wondering what's going to happen to house prices, unemployment, and our economy once these protections are taken away, and there are lots of forecasts coming up. That's one of the things I want to talk to John Lindeman about today. Many of the upcoming predictions are bound to be wrong, so we're going to have a chat about what you should be looking for when you're looking at forecasts, and he's also going to share a great analogy with you about a plane flight and our property markets to help you understand where we are in the market at the moment, and how to pick the turning points. And then, in my mindset moment, I'm going to show you 11 ways to fail. You may not want to fail but knowing how to fail can actually help you to succeed in life. Highlights from my chat with John Lindeman How predictions often combine different types of property together Predictions tend to lump different types of housing together, like apartments and houses They also combine large geographic areas, when in actuality, coastal areas, outer suburbs, and inner rings of cities may perform very differently. Predictions that lump too many different factors, geographic areas, or types of housing together are largely useless The difference between expectations and predictions Expectations are based on knowledge of what has happened in the past and extrapolating from that what will likely happen in the future Predictions are more specifically aimed and therefore less likely to be accurate How to time the turnaround Signs that things are starting to look up. 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 ReportsJoin us at Wealth Retreat 2020 in November Shownotes plus more: Property forecasts - which are useful and which to ignore, with John Lindeman Some of our favourite quotes from the show: "I see a big difference between an expectation and a forecast." – Michael Yardney "Those who are happy and successful don't necessarily have a more blessed or lucky life than the other mob." – Michael Yardney "Cynicism requires a lot less work than belief in something." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

If you're like the most listeners to the Michael Yardney podcast you are here to learn about success, money and property investment. Well you're in for a treat today because I'm going to be chatting with Mark Victor Hanson who has inspired over 1 billion people through his books that have been translated into 54 languages. I know he inspired me when I first read his chicken soup for the soul series of books, but then I went on to read his books related to entrepreneurship and property and they came at the right time in my life when I needed them. I know currently a lot of people are feeling challenged by what's going on in the world around them, so I hope Mark words of inspiration will come at the right time of your life, just like they came at the right time in my life. He got a powerful message to share with you and it's more than his normal message about the principles of perseverance, excellence and believe in oneself. It's a message for everybody in these challenging times so I'm proud to have a chat with one of the worlds most respected thought leaders who is known globally is the ambassador of possibility. Mark Victor Hansen is probably best known as "that Chicken Soup for the Soul guy" and has sold over 500 million Chicken Soup for the Soul books worldwide. But there's a lot more to Mark than that. For more than 44 years, he has focused on helping people and organizations reshape their personal vision of what's possible. He's been featured by Oprah, CNN, and The Today Show… just to name a few. We discuss: How Mark is handling Covid-19 Don't wait until everything is right. It will never be perfect. There will always be challenges obstacles and less than perfect conditions so get started now. Life isn't meant to be easy - make the most of life's challenges. If you can't change the situation you can change your response. The importance of adaption Charles Darwin, famously taught the principle of Survival of the Fittest which said: "It's not the strongest of the species that survives, nor the most intelligent that survives. It's the one that most adaptable to change. Today the world is changing at a most amazing pace, so it's important to keep up and adapt. Your destiny Mark believes each of us has a destiny and it's our job to find it. He explains how we go about doing that. We should ask for more Mark teaches us to ask for more, explaining that the world responds to those who ask. Most people in this world, however, find themselves in settled lives, never really achieving or receiving what they hold in their dreams . . . because they just never ask. You get whatever you expect to get. The only question is, what do you want? Do you know clearly what you want you wake up every morning excited about life? 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 Mark Victor Hansen at a free livestream in Australia on Sunday 26th July at 10.00 - mesiti.com/chickensoup Some of our favourite quotes from the show: "If you do things the same way you always done, you'll get the same outcome. In order to change your outcomes, you've got to do things differently." – Mark Victor Hansen "If you keep believing what you have been believing, then you'll keep achieving what you've been achieving." - Mark Victor Hansen "The size of your thinking determines the size of your results. Life is about thinking big to play big and achieve big. The future has extraordinary opportunities that are scaling beyond anything ever previously imagined and each of us gets to participate actively as you control your mind power." - Mark Victor Hansen PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes – it's your way of passing the message forward to others and saying thank you to me. Here's how

The coronavirus pandemic has created one of the worst recessions the world has seen since the 1930's Great Depression – but it was also shaping up to be one of the shortest. Australia's economy was already showing signs of bouncing back, following a "very deep contraction" but then the threat of a second wave of coronavirus hit us. What would a serious second wave of coronavirus due to our economy and our property markets? That's what I want to discuss with you today. While I'm optimistic about the future, I realize that unemployment and underemployment rates are set to take years to return to pre-coronavirus levels. Our economy will grow more slowly this year and next, but a significant second wave of coronavirus will do some damage to our consumer confidence and slow everything down again, so I'll explain my thoughts about this in more detail today. Then I'd like to share an important message from one of my mentors, Jim Rohn, that will help you give you some inspiration to work through these challenging times. What would a second wave of Coronavirus do to our property markets? Our property markets have been remarkably resilient so far, but how would a significant second wave of coronavirus affect our housing markets? Well…If we look back there are a few lessons we can learn to help us better understand what's ahead. In spite of the Coronavirus induced economic downturn Australian property values didn't crash as the doomsayers predicted and our economy rebounded more quickly than many expected. At the same time, rental relief packages have kept tenants in their homes, and mortgage support has meant that there have been very few forced sales. However, home buyers and sellers went on strike choosing to postpone their next move until more certainty returned to the market and this contributed to a 32.4% drop in property sales volumes over April. Then as social distancing measures eased and consumer confidence returned, property transaction numbers experienced a strong recovery in May and June. Initially, it looked like we were going to experience a deep, but short, economic recession and that our property markets would weather the storm defying the 10%-20% fall in values some had predicted. But if Australia is hit by a significant "second wave" of coronavirus cases it would postpone the economic recovery that many economists expected in the second half of 2020. So what's ahead? Of course, no one really knows what's going to happen to property values, so it's important to analyze and anticipate possibilities and probabilities. A significant second wave of Coronavirus and a continuing barrage of negative news in the media about our health, unemployment, and businesses going bust is likely to dampen consumer confidence further and have a negative impact on our property markets. But if a second wave of infection overtakes us, we can expect further government support. The government and the Reserve Bank have clearly stated that they will do anything and everything they can to support our economy and minimize the impact of the coronavirus on our businesses and our economy. What about property values? If a second wave of coronavirus causes further lockdowns or more social distancing restrictions, our property markets will slow down as they did in March and April. Both buyers and sellers will go on strike until the picture becomes clearer. But like earlier this year, property values won't plummet, because it's unlikely that there will be a flood of properties for sale. At the moment I'm seeing three levels of buyer property sentiment out there. The Negative Nellies who are worried that property prices are going to crash and all they can think of is doom and gloom. Those who are bunkering down, battening the hatches, and just waiting for news that this is all over. Those with a positive outlook who have a secure job and a long-term focus who is seeing great buying opportunities in the market when there is less competition and interest rates are the lowest of ever been in history. The worst affected residential markets will be:= Apartments in high-rise towers – in fact, this is these properties are likely to be out of favor for quite some time. Off the plan apartments and poor-quality investments stock (as opposed to investment-grade) apartments, particularly those close to universities. Outer suburban new housing estates house and land packages, where young families are likely to have overextended themselves financially and with many people will be out of work for a while Properties in the blue-collar areas. On the positive side, households and property investors whose incomes remain stable and secure will be able to take advantage of historically low interest rates. What's going to happen to our economy? Yes, the health crisis has led to an economic shutdown, and some were concerned that this had the potential to create a major financial meltdown, but clearly that hasn't happened. Unfortunately, there is no roadmap to

What drives property price growth? Especially in this era of lower interest rates, lower inflation and lower capital growth in general? If you want to one day live off the fruits of your property portfolio, you'll need to own the sort of properties that grow at wealth producing rates of return that outperform the averages. Today we're going to have two different views on the subject. First, Brett Warren is going to give his thoughts and views on the subject. Then, I'm going to have a chat with Pete Wargent, who says there are only three factors that drive property price growth. These two guests are probably going to end up in much the same place, but after listening to both you'll be much more informed about how to choose an investment-grade property. Demographics is the key with Brett Warren Demographics is a critical factor in both property prices and the economy. Understanding the demographics can make the difference when it comes to choosing the right property. Some of the most important factors to look for include: Owner-occupier appeal A homeowner is unlikely to panic and sell their home at the first sign of a crisis, but an investor might. An area with a higher percentage of homeowners than investors is likely to be more stable than an investor-heavy area. Income level Areas that are good for investing tend to attract residents who aren't living paycheck to paycheck. Instead, the owner-occupiers tend to have multiple income streams. Dual incomes, bonuses and commissions, side business, and income from property or shares, for example Occupation type Look for areas where people are employed in professional services such as IT, financial, and health services We have to take a step back and assess the fundamentals because the fundamentals don't change from week to week or month to month. If you can get those right, you can make the best investment decisions. Don't forget the 6-stranded approach. Look for: High owner-occupier percentage Not off the plan Land-to-asset ratio What happened during a downturn Something with a twist The ability to add value 3 Factors that drive Property Price Growth with Pete Wargent Supply – The rate of new construction and the number of properties listed for sale Interest Rates – The cost of borrowing 3. Population Growth – Includes factors like immigration, natural population growth, and interstate migration. Links and Resources: Brett Warren - Metropole Property Strategists 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 Join us at Wealth Retreat in November 2020 – find out more here Shownotes plus more here: Are there really only 3 factors that drive property price growth? With Brett Warren and Pete Wargent Some of our favourite quotes from the show: "We're looking for areas where people can afford to, because they've got higher incomes, and they're prepared to pay to live in those areas, because of the aspirational element of those suburbs." – Michael Yardney "There was a period of oversupply before, but now it's the other way around. There's actually the lowest level of listings available with new or established properties than there has been for a long time." – Michael Yardney "The government hasn't spent all that money and all that effort to get us across, and then let us fall over a cliff." – 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 halfway through the year, and let's hope the second half of 2020 is going to be better than the first half. That's what we're going to chat about in this episode of the Michael Yardney podcast, while I give you some ideas about what's ahead. I also chat with Pete Wargent about what's really happening with the financial system, our housing markets, and concern about housing stress. Hopefully, today's episode will bring some extra clarity and certainty in today's uncertain times. Now that we're halfway there I've never seen a trilogy like this with: A global pandemic, Australia slipping into recession and Increasing geopolitical and local social unrest. This means there's a lot to think about … both at the macro-level affecting our country and its place in the world economy and at the micro-level with your investment or business strategy. It's like those jugglers at the circus, with so many plates spinning in the air at the one time. Which ones are going to keep spinning, and which ones are going to come crashing down? This means it's important to keep an eye on all those spinning plates and watch out for warning signs. Ignoring the warning signs of plates about to topple almost always ends badly. Yet even rational adults at times revert to burying their heads in the sand trying to hide from the scary realities of what's going on. Of course, you can ignore reality, but you can't ignore the consequences of ignoring reality. Then there are the pessimists who only seem to see the downside. And at present, they're out in force. These Negative Nellie's can only see the worst happening with a major world recession. On the other hand, there are the optimists who only see the upside … and some may get blindsided by dangers which are obvious in hindsight. Yet over the years, I've realized that the secret to success is the ability to pursue the upside while keeping the downside in view so it can be managed. Sure, there are lots of downsides if you look for them. Which of those plates will keep spinning and which will topple? If they topple will they break? If so, what does that look like? Do you have a plan? But if you love the freedom to pursue opportunity, own property portfolio, build wealth, and retain and enjoy the fruits of your efforts, it's hard work you'll need to do. So what's ahead? Australia's economic outlook depends on the success or otherwise achieved by the government health authorities and communities in suppressing the spread of the virus. If the virus is contained and the active caseload remains manageable, then more parts of the economy will reopen, and a degree of normality can return to society and the economy. You see…there is no roadmap to follow so governments will need to quickly respond to changes in circumstances. But most of the bright folks I've been following and talking with agree that Australia is in a better position than any other country in the world to work its way through the challenges ahead. It looks like we will have a stepwise recovery as our economy opens up in stages. Sure, some of our support mechanisms will be taken away at the end of September, with JobKeeper and mortgage holidays ending; but I can't see the government pulling the rug out from under us. They have spent too much time, money, energy, and publicity telling us how they are going to support us, so it's likely the support will remain but in a more targeted fashion. Our governments have a vested interest in keeping our real estate markets liquid and buoyant, recognizing that consumer confidence is critical for our economic recovery. They know that the quickest ways to see consumer confidence plummeting is for people to see the value of their homes dropping. At the same time, our banks have a vested interest in supporting our property markets. Highlights from my chat with Pete Wargent: The good news is that things look a lot better in July than they did in mid-April When there's a known risk, the more people talk about it, the more the impact is dampened The government does have the opportunity to smooth things over in September It's going to be a step-wise increase, not a V-shaped recovery The demographics of the people most affected by the economic difficulties suggests that mortgage repayment won't be as big a problem as initially thought People need to think carefully about the incentives to buy high-rise apartments or house and land packages Australia is predicted to do better than any other developed country's economy going into 2021 This means that once Australia can open again, the demand for Australian visas and work in the Australian economy is likely to be as good as it's ever been 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 ReturnsJoin us at Wealth Retreat in November 2020 – find out more here Shownotes plus more here: We're halfway there and the real truth about M

There's no lack of property-specific data information out there. It is often available with just the click of a mouse. However, with this increased availability of data, there are new challenges. How do you make sense out of all this data? Whose numbers can you trust? In today's episode of the Michael Yardney podcast, I chat with Kate Forbes about her specialty, how to interpret data. How important are median prices? In the simplest sense, the median house price is the middle point of all sales ranked from high to low. For example, if there is an influx of first home buyers in a location who are buying at the lower end of the price scale, then the median price will drop. On the other hand, the median will go up if a lot of people in the area are renovating and upgrading their properties. Median prices tell you what's happened recently, but it doesn't give you much information about individual properties. What factors in supply and demand should you look at? It's important to understand a number of factors with the number of properties for sale. A number of new properties is indicative of vendor confidence. How long houses have been on the market matters as well. If there are a lot of properties for sale, but they've all been there for a long time, that's not a good sign. Days on market I've found the trend of days on market can tell you whether we're in a buyer's or seller's market. If it's taking longer for properties to sell, it's usually a sign of softer market conditions and vice versa. Vendor discounting When there are fewer buyers out looking for property than there are properties for sale, vendors usually need to discount their asking prices to secure a buyer. But when there's plenty of buyer interest vendors have less need to discount their asking prices. Market Depth The more people that you have looking for one particular thing, the greater the market depth there. Rental Yield If a rental yield starts rising that's a sign that there is strong demand from tenants to live in those locations. However, as more investors go to the location and property prices rise, rental yields begin to drop. 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 Organise a time to speak with Kate Forbes- National Director Metropole by clicking here Shownotes plus more here: Number Crunching: How to Understand Property Data, with Kate Forbes Some of our favourite quotes from the show: "We like market depth from owner-occupiers, not investors." –Michael Yardney "At any level of your financial journey, money management is important." –Michael Yardney "Being aware of your spending is one of the most powerful tools that you've got for being aware of yourself." –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. 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 the difference, and eventually invest it. The problem is that too many people throw away their money buying things they don't need with money they don't have to impress people they don't like. Gratitude is important But I've learned over the years that true wealth has nothing to do with how many properties, or how much money, you have. Give back to the community and charity Apart from being grateful for what you have, you also need to give back to the community and charity. I believe it's our responsibility to help others who are less financially fortunate. Links and Resources: Michael Yardney Brett Warren - Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Join us at Wealth Retreat in November 2020 – find out more here Shownotes plus more here: 16 Things I wish I knew when I first started investing Some of our favourite quotes from the show: "Today, there's no shortage of information. I guess what there is a shortage of though, is perspective." –Michael Yardney "If you believe you deserve to be rich, if you believe you deserve to be successful, you will achieve that." –Michael Yardney "It takes probably 30 years to develop a significantly big asset base to start to live off of 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

Robert Kiyosaki has taught millions and millions of people some important financial concepts. I learned a lot from him in my early years, and I've quoted him on many occasions. But I also believe that the way he thinks about real estate – which may work for him in the US – is not relevant in Australia. And there are a number of his other concepts that I don't believe are correct. He does have some great basic rules of investing that I'm going to share with you on today's podcast. I'm also going to share what I disagree with about his concepts. Then you'll have the information you need to make your own decisions. Some of Robert's basic rules: Rule number 1: You should adjust your money mindset. Rule number 2: Know what kind of income you're working for. Earned income, portfolio income, or passive income? Rule number 3: Convert ordinary income to passive income. Spend less than you earn, save it, invest it into an asset class that will give you investment income. This involves delayed gratification. Rule number 4. The investor is the asset or the liability. Invest in your financial education first. Like that one. Rule number 5: Learn to evaluate risk and reward. Rule number 6: Understand the cash flow quadrant. Where I disagree with Robert: Where I disagree with Robert is that he defines an asset is something that brings in cash flow, while I view capital growth as another form of income. I believe you have to build a substantial asset base first, then convert that asset base to cash flow. The end game usually involves a number of different types of assets. We don't know what's going to happen 10 years in the future, but we do know that if you have assets, you will have choices. Robert has done a great job of making sure people understand the importance of how money works. But I'm concerned that he has scared off many investors and led others astray with his prophecies of Armageddon. He's become a pessimist. I find no real substance behind his beliefs that the market is going to crash. Further, I feel that Australians are misled by investment advice that may work in America, but not in Australia. Real estate investments are not cash flow investments in Australia. In my mind, investment decisions should be based on the potential for capital growth. Cash flow is important, but it's not the end game. Robert suggests that your home is not an asset. I disagree with that. Robert is an ardent real estate investor. He owns 3 homes and 8000 rental properties. So clearly, he knows a lot about property – in the United States where the rules and tax regimes are very different. Robert says that your home is not an asset, it's a liability, because it doesn't bring money in and you must spend money on it. But that's not my definition of an asset and it's not the standard definition of an asset either. I believe this assumption is flawed. 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 us at Wealth Retreat 2020 Some of our favourite quotes from the show: "The first step is to use leveraging gearing to buy high-growth assets." – Michael Yardney "If you're focusing on cash flow as a goal, you're not doing it right." – Michael Yardney "If a problem isn't going to matter in ten months, don't even spend ten minutes worrying about it." –Michael Yardney Shownotes plus more here: Here's where Robert Kiyosaki is wrong about property 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 often talk about the things that we learn in business, the lessons that we get, and the people we get the lessons from. That got me thinking just the other day about how I also think there are some lessons that we can learn not from people, but in fact, from animals. So today I chat with Mark Creedon, founder of Business Accelerator Mastermind, about 10 life lessons we can learn from dogs. Here are some of the things we discuss. Dogs live in the moment. They don't worry about the past. They don't think about the future. Dogs find ways to overcome fear. Truth is there's often a lot of fear around being in business, especially in the current challenging climate. But interestingly dogs learn ways to overcome their fears. Dogs don't hold grudges. I didn't take him for our normal morning routine a walk this morning, yet he hasn't held a grudge against me. It's not as if he's turned his back on me and ignored me. Dogs don't hold grudges. Dogs play every day. When was the last time you played? To me, play is two things. It's about physical movement and getting out, whether it's throwing the ball with your dog, or playing with the kids, or playing in the park, or flying a kite, or running on the beach, or going for a swim, whatever it might be. But it's not just about physical movement, it's also about psychological well-being or mental health, and the release of dopamines, and all the neuropsychology that goes around that. Dogs jump for joy when they're happy. When was the last time you just showed unabashed joy? Dogs just jump for joy. You can go out for five minutes and come back, and they're all over you. Dogs accept who they are. Dogs don't want to be another dog. They don't want to be a different breed. They don't wish they were somewhere else. They just accept who they are. Dogs enjoy the journey When we're talking about setting goals with clients, we often talk about the importance of both destination and journey goals. In fact, it's important to enjoy the journey otherwise you won't enjoy the destination. Dogs are loyal and dependable. Dogs are pack animals. My best mate is a dog trainer who often talks about the link back to wolves and packs. Dogs understand who their pack is. Dogs drink lots of water. Dogs know what their body needs, and so they drink lots of water. So should you! Dogs love unconditionally. I'm not talking about romantic love, or holding hands and singing Kumbaya. I'm just talking about love in terms of affection, support, loyalty, attention, appreciation, gratitude; things dogs do unconditionally. So there it is….. Ten things that dogs can teach us that you can apply not only in business but in life in general. 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: Ten things dogs can teach us about business… and life | Build a Business, Not a Job Podcast Some of our favourite quotes from the show: "Look for something that's holding you back – let's put it differently. Something that you're still holding onto that you should have let go." –Michael Yardney "Here's another challenge for you, the people listening to this podcast: think about something that makes you happy. Now, why aren't you doing that more often?" –Michael Yardney "Long-term goals are important, but if they're too far out, you're not going to achieve it so you need those intermediate goals. –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 living in challenging and interesting times – a coronavirus pandemic, a recession, social unrest, financial instability – so today, I'm going to offer you something very different as I speak to two of the world's best motivational and inspirational speakers, Les Brown, and Dr. Willie Jolley,both from the United States. We're not even going to talk about property today. When you come to my podcast, you're usually interested in success and improving yourself. Property is really just a vehicle to get more financial success, but today we're going to talk about a more important vehicle: you. Your mind, your brain. We'll talk about how to rebound back even stronger after the challenges we've been through. One of my guests is an inspirational speaker and one is a motivational speaker. What's the difference? Listen in, and you'll find out. Les Brown's Top 10 Rules for Success For over 50 years, Les Brown has transformed lives internationally as a fast-talking radio DJ, as a community activist, a State Legislator, and a motivational guru. His global following call him The World's #1 Motivational Speaker. Here's his advice:- Believe in Yourself Believing in yourself when no one else does is one of the strongest characteristics a human can hold. Don't Stop Running Towards Your Dream This is Les Brown's most important advice: never give up. You will have to make sacrifices to achieve your dreams, and you will doubt yourself, but don't stop. That's all. Don't stop. Take Full Responsibility for Your Life Early on, Les recognized that he had to accept where he was at. He couldn't just be angry, he had to accept reality and move forward to improve it. Stand Up to Yourself The inner negative conversation is the most insidious and dangerous enemy we face when we seek success. Conquer yourself and you can conquer anything. Go All Out Going all out means doing whatever it takes to make things happen in your life. Whatever it takes to make your business succeed, whatever it takes to get that dream job or raise. Do whatever it takes! Stay Busy When Brown was fired from his long-time job at the radio station, he didn't quit or take a break. Instead, he stayed busy by running for election in the Ohio House of Representatives — and he won. Stay busy and keep planting seeds. Keep putting yourself out there, and something will happen. Give More Than You Are Paid For Success comes through hard work, and that is why it is critical to give more than you are expected to give. Don't half-ass your life. You will be rewarded for hard work. Someone's Opinion is Not Your Reality You will face defeats in your life. You will face those who doubt you, despise you even. But other people's negative opinions about you do not determine your reality. You determine your reality. You're Different If you truly want success in your field, you must believe and embrace the fact that you are different. Don't you think that you perform better when you believe that you are the best? Go Above and Beyond; Amaze your Customers Les Brown teaches the point that it is necessary in this customer-driven economy to not just serve your customers but to actually amaze them. To go so far beyond what they expect that they are blown away. Conversation with Dr. Willey Jolley Dr. Willie Jolley has been called "the most powerful speaker, singer, and author combination in the world today!" Dr. Jolley was named "One of the Outstanding Five Speakers in the World" by the Toastmasters International. Only 50 speakers worldwide have been given that honour - including Colin Powell, Nelson Mandela, and Margaret Thatcher! Some of the Topics I Discuss With Dr. Jolley The importance of adapting during a crisis How to get past the negativity in media The impact of good news The importance of choosing your network wisely Finding opportunity in adversity Lifting and shifting your mindset Investing in yourself Changing your responses when you can't change what's happening The difference between a motivational speaker and an inspirational speaker Links and Resources: Michael Yardney Metropole's Strategic Property Plan – to help both beginning and experienced investors Join us at Wealth Retreat in November 2020 – find out more here Les Brown's book: You've Got to be HUNGRY: The GREATNESS Within to Win Dr. Willie Jolley's Free Gift To register for the FREE for the Get Motivated Get Wealthy Online conference on Sunday 28th June 2020, featuring Les Brown and Willie Jolley visit www.getmotivatedgetwealthy.com.au Shownotes plus more here: Inspiration and Motivation from 2 of the world's top masters: Les Brown and Dr. Willie Jolley Some of our favourite quotes from the show: "I guess that's where it all starts, isn't it – in self-belief, not what other people think of you." –Michael Yardney "It's not just that you read, but it's also what you put in your mind." –Michael Yardney "Every adversity creates opportunities, carries opportunities, the challenge is to find that seed of opportunity." –M

Today's podcast is based on your questions: questions listeners have asked and the questions that our clients are asking us at Metropole. There's still so much uncertainty about a recession and uncertainty about what's going to happen to property values, so today I'm going to give my thoughts and leave you with more certainty and better direction. We've been hit by a health crisis that's led us into the most serious global recession in almost a century. But there is some good news. Recent events have left many of us feeling uncertain, but they're also responsible for some of the best opportunities in our lifetime. It may be your opportunity to realize financial independence. What's going to happen going forward? Recessions are always periods of significant opportunity because they are a time of transfer of wealth The technical definition of a recession is two-quarters of negative GDP and while we're not there yet, we're in recessionary times. By the time we find out we're officially in a recession, it will all be over I see a staggered, satircase recovery rather than a V-shaped recovery In the meantime, many will probably stash their cash waiting for the news that we're through the worst of things We entered this recession with a positive balance of trade, an almost-balanced budget, and a solid banking system in Australia We're not seeing many mortgage defaults because in general, debt is in the hands of those who can afford it There will be higher unemployment for a while, but it's likely it won't be as bad as initially predicted Reduced wages will lead to less spending power for a time The real estate markets have slowed down. There are fewer transactions and fewer houses on the market. The property market is starting to pick up, and there's a flight to quality but there are \ great opportunities for investors prepared to take a long-term view Over the next few years, interest rates will remain at historic lows There will be a short-term window for those who want to get into property, as many are still sitting on the sidelines The Reserve Bank can't lower interest rates any further, so governments will have to stimulate the economy with fiscal policy Unemployment will likely be high for a couple of years While some industry sectors will suffer, others will do OK Tourism, education, retail, and maybe the financial sector will suffer Government, manufacturing, technology, defense, agriculture, infrastructure, and healthcare will all do well Some Recommendations: Don't overreact. Be careful not to get sucked in by the news and by the hype. Instead, think long-term. Don't try to time the market, and don't try to get a bargain. Just buy the best property you can in the best location you can in your budget Before you get into property, make sure you have a solid foundation. Have financial buffers in place and talk to some experts about the right ownership structures to maximize your upside and minimize your risk 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 us at Wealth Retreat 2020 Shownotes plus more here: Coronavirus, Recession, and Property: Who's right – the pessimists or the optimists? Some of our favourite quotes from the show: "I see a staggered recovery as we move out of lockdown in stages." – Michael Yardney "Recessions are largely driven by how the population as a whole is feeling about the economy, more than what the economy itself is doing." – Michael Yardney "We know from previous downturns that before unemployment goes down, the property market starts to pick up. Rising property values always lead us out of recession." – 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've been hit by a health crisis that has led us into the most serious global recession in almost a century. Despite living in one of the richest countries in the world, many Australians are currently struggling financially, and if history repeats itself, the gap between the wealthy and the average Australian will only get wider. But there's still good news. Though recent events have left many feeling uncertain, the same events will also be responsible for some of the best opportunities of our lifetimes. It may give you the opportunity to realize your own financial independence. We're moving into a time of change. Most people don't like change; we'd prefer a more predictable environment. But if you can get past that, you'll be able to take advantage of the opportunities that are going to arise, and that's what I'm going to talk about today. How the Rich think differently There is a classic book by Napoleon Hill that I recommend you read called Think and Grow Rich. While it was written almost 100 years ago, you will find it on the bookshelf of almost every successful investor. Now there is a good reason why the book is called Think and Grow Rich and not Get a Job and Work Hard and Grow Rich. It's because the rich think differently to most people and those who work hard at a job don't end up rich. So let's look at the difference between wealth-generating thoughts and impoverished ones. The Rich think Big Picture, while the Poor get lost in Detail. I frequently see the rich do well by recognizing opportunities, while the poor get bogged down and distracted by all of the finer points. This often means that all they end up seeing in a given situation are obstacles or problems. The Poor trade their time for money, while the Rich work their money. The only way the average Australian knows how to get more money is by working harder; by trading hours for dollars - they either work more hours or get a second job. The rich invest in assets like property that increases in value and brings in money whether the owner works or not. The Poor think Cash Flow, the Rich think Assets. The poor build their cash flow while the rich build their asset base (like their investment property portfolio). The poor spend their cash flow (the money they earn after paying tax), while the rich spend their capital or money generated by their assets. The Poor save their Money. The poor save their money thinking it is a way to become wealthy. On the other hand, the rich are comfortable borrowing and using leverage to buy appreciating assets. The Poor decrease their Debt while the Rich increase their Debt. The average Australian is scared of debt. The rich realize that they become even more wealthy by owning assets that increase in value, such as well-located investment properties. The Poor try to pay off their Home. Your home is an appreciating asset and the only way most of us can ever buy a home is by taking out a mortgage, so even though your home loan is not tax-deductible, it is not bad debt - it is "necessary debt." The rich recognize this and don't strive to pay off their home loans. The Poor like to Trade. The poor try to make money through trading - through buying and selling. Whereas the rich understand that they make more money by holding onto their assets and never (or rarely) selling. They realize that they can refinance against the appreciating value of their properties. The Poor think Scarcity while the Rich think Abundance. The truth is that money is just energy, an exchange for value. If you make the mental shift that money is limitless, that it can be invented and generated on demand, in line with the value you provide, it will open up all sorts of possibilities. The Poor believe that Life Happens to them, while the Rich believe they Control Their Lives. The rich believe they are the pilot of their destiny while the poor feel they are just a passenger being taken along for a ride in the flight of life. The Poor think Small while the Rich think Big. The rich think big. They take responsibility. They play the game to win and they do well. When you think like a rich person you have big visions and dreams, you focus on doing what you love and are most passionate about. The Poor want to be Rich, the Rich are committed to wealth The poor want to be rich, while the rich are committed to becoming wealthier. The Poor are scared of Failure. The poor have a fear of failure - they see it as something bad. The rich know that on their way to becoming financially independent they will have moments where things won't go according to plan - what I like to call retracements. Just because something doesn't work out, it doesn't mean you have failed. Nor does it mean you are a failure. It simply means you have found another method or approach that doesn't work, and this discovery brings you one step closer to making sure it will work the next time. The Poor think they know it all and don't need to be taught to become wealthy. The rich know they

The coronavirus crisis has cut Australia off from the world. And our population growth is about to slow dramatically. This is going to affect our property market and slow economic growth by up to 2%. Every time we have an economic downturn, immigration becomes a topic of great interest. And with the likelihood of unemployment rising to over 10%, the discussion has become even more vocal. In today's show, I discuss the political, economic, and property implications of immigration with our regular guest, leading demographer Simon Kuestenmacher. You may be surprised by what his research suggests will happen to immigration, and the information may help you shape decisions going forward. Highlights from my talk with Simon: The variables Simon had to consider when looking at the consequences of the decrease in immigration The idea is that by 2030, Australia will still have grown, but by one million less than they could have without the pandemic So far, Australia seems to be getting through the pandemic with very few deaths, so there isn't currently a need to alter the death rate predictions Over the next year or two, the demand of the labor market will be able to be filled with people who are already in Australia. But after a year or so, Australia will hit the wall again and new talent will need to be brought in. The demographics of the missing million How those missing demographics affect businesses How temporary visa holders will be affected The jobs that are servicing the property and construction industry will be suffering the most from decreased immigration Infrastructure spending Millennials finally in the family formation stage of the life cycle, which should be a positive for property and the economy Links and Resources: Michael Yardney Simon Kuestenmacher - Director of Research at The Demographics Group Simon's YouTube Channel Shownotes plus more here: How will plummeting immigration affect our economy and property? With Simon Kuestenmacher 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. Some of our favourite quotes from the show: "I think there's other benefits for infrastructure spending as well. We use local resources, we create local work, but it also leaves a legacy for the future." – Michael Yardney "It looks like now we're banding together from both sides of parliament, both sides of government, and wanting to build a new, stronger Australia." – Michael Yardney "In order for you to grow stronger, part of you must die." – 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 you were a kid, you probably thought being an adult was all about staying up late and not doing your homework. But now that you're an adult, you know that there's a lot more to it than that. Going to work, household responsibilities, paying the bills – and having your finances in order. And it's easy to get down on yourself when you don't have your finances where you think they should be. But we all have different definitions of success and different ways of measuring how far we've come. If you think about it, most Australians are living paycheck to paycheck and have a level of bad debt. When you realize that most Australians can't pay an unexpected bill of $400 or more, you'll realize that you're probably better off than you thought you were. Today, I'm going to have a chat with Brett Warren about why so many Australians are bad with money. Here's a number of reasons why we are so bad with money? The Dunning-Kruger effect. People's lack of understanding about basic things prevents them from making good decisions. For every $1 raise you receive, your desires rise by $2 or more. You spend lots of money on material stuff to impress other people without realizing those other people couldn't care less about you. You have never been able to predict what the market will do next. This doesn't deter you from trying to predict what the market will do next. You get upset when you hear on TV that the government is running a deficit. It doesn't bother you that you heard this on a TV you bought on a credit card in a home you purchased with a no-money-down mortgage. The single largest expense you'll pay in life is interest. You'll spend more money on interest than food, vacations, cars, school, clothes, dinners out, and all forms of entertainment. You're thrilled that the credit card you're paying 22% interest on offers 1% cashback on all purchases. You work in a stressful job in order to make enough money to have a stress-free life. You don't see the irony in this. You're a pessimist in a world where far more people wake up in the morning trying to make things better than wake up thinking we're all doomed. You try to keep up with the Joneses without realizing the Joneses are buried in debt and can probably never retire. You associate all of your financial successes with skill and all of your financial failures with bad luck. Rather than admitting and learning from your mistakes, you ignore them, bury them, make excuses for them, and blame them on others. You say you'll be greedy when others are fearful, then seek the fatal position when the market falls 2%. You let confirmation bias take control of your mind by only seeking out information from sources that agree with your pre-existing beliefs. You think you're too young to start saving for retirement when every day that passes makes compound interest a little bit less effective. You're investing for the next 50 years but get stressed when the market has a bad day. You don't respect the idea that "do nothing" are two of the most powerful words in investing. You feel especially smart after last year's market rally without realizing that you had nothing to do with it. You seek advice from a doctor to manage your health, an accountant to do your taxes, a lawyer to manage your legal problems, a plumber to fix your plumbing, a contractor to build your house, a trainer to help you exercise, a dentist to fix your teeth, and a pilot to fly when you travel. Then, with no experience, you go about investing willy nilly, all by yourself. You think financial news is published because it has useful information you need to know. In reality, it's published only because the publisher knows you'll read it. Bonus Points: You forget that the single most valuable asset you have as an investor is time. A 20-year-old has an asset Warren Buffett couldn't dream about. You nodded along to all of these points without realizing I'm talking about you. Links and Resources: Michael Yardney Brett Warren - Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Join us at Wealth Retreat in November 2020 – find out more here Shownotes plus more here: 20 reasons you're awful with money with Brett Warren Some of our favourite quotes from the show: "The concept here is that once you earn more, you tend not to save it." –Michael Yardney "One of the reasons we're no good at money, one of the reasons we're scared of making investments or decisions is because of all the negativity out there." –Michael Yardney "We are all irrational with money. We all drive 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

An Australian recession is just around the corner. But what will it look like? And what will it feel like? That's what we're going to discuss in today's podcast as I chat with Ken Raiss, Australia's leading property tax strategist and Director of Metropole wealth advisory. We're going to talk about what you need to understand about a recession, why this time will be different, and what you're likely to experience. We're also going to talk about what it will look like after the recession – don't worry, there will be an after and it will be good. We'll discuss how to protect your downside and give you some tips so that you don't miss the opportunities this recession will bring. What will the recession in Australia look and feel like? It's no secret that Australia is going to fall into recession. But what does that really mean? How will this affect you, your job, your finances, and the value of your home or your investment properties? Recessions are always periods of significant opportunity and transfer of wealth. That's just how the economy works. For instance, because of social distancing we aren't going to restaurants anymore, but we're still going to be eating, and some restaurants are prospering with takeaway while other grocery stores supermarkets are prospering because we are buying more food there. So, there's always opportunity. It doesn't always mean that if you win somebody else is going to lose. What is a recession? A recession is when the value of goods and services has fallen in two quarters in a row. Why this recession will be different? Recessions usually come after a period of substantial growth, speculation, and general excess. This time around, the Australian government has sacrificed economic activity in the name of health in response to the COVID-19 crisis. It's not alone in this, as you'd well know, major economies worldwide including major powerhouses like the US and China have done and are doing the same thing, albeit in different ways. What will we experience as we move through this recession? There will be much higher unemployment, it will be harder to switch jobs, and it's reasonable to expect more redundancies and terminations as the crisis continues. This leads to a loss in income and falling wages, which reduces the spending power of affected Australians. Even for those who are holding on to their jobs, uncertainty will rise. The Real Estate market will take a hit because of social distancing and the inability to inspect properties and transact in the normal way. Property transaction numbers will decrease – there will be fewer buyers in the market and there will be fewer sellers placing their properties on the market for sale. Property parties will drop slightly, but investment-grade properties and A grade homes will not fall much in value. Some recommendations: Don't overreact Recessions are largely driven by how the population on a whole is feeling about the economy—not the economy itself. Investors overreact, and some bargains will become available because of this in the stock market, and in the property market because sellers will overreact. Think long term Don't make 30 investment decisions based on the last 30 days of news. Think 10 years down the road. Don't try and time the market. Build a solid financial foundation. Have the right finance strategist. Direct ownership structures to ensure you maximize your upside, protect your risks, minimize tax, and pass on your wealth to future generations Links and Resources: Michael Yardney Ken Raiss Metropole Wealth Advisory Get the team at Metropole to help build your personal Strategic Property Plan Shownotes plus more here: What life looks and feels like in a recession Some of our favourite quotes from the show: "There's no doubt that some bargains are going to become available – in the stock market in the property market – because some sellers are going to overreact." – Michael Yardney "I think people are going to try and time the market. They've always done that. We've always got it wrong." – Michael Yardney "Remember, even if 20% of the population's unemployed, 80% will still be gainfully employed." –Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

If you're interested in success, more money or property investment, today's show is for you. First, we're going to talk about the single greatest trait of successful property investors, in fact of people in any field. Then, I'm going to chat to Ken Raiss about land tax. That's a tax I don't like paying, but let's understand a bit more about it, what you can do about it, and if it can ever be avoided. And finally, this week my mindset moment is a special session where I'm going to give you some hints to help you achieve your goals in any area of life, not just investment. The single greatest trait of successful property investors If you cornered me and asked me to come up with one single trait that I have found in common amongst the successful investors I've come across… what would that be? It's that they make decisions and take appropriate action. In his classic book "Think and Grow Rich", Napoleon Hill outlined 17 principles that he found to be responsible for the success of the world's top business leaders of his day. Way back in the 1930s, Hill discovered that all of the most successful people had the habit of making swift and committed decisions. This principle, which is just as relevant today as it was almost a century ago, holds the key to determining the level of success you will achieve. I've found successful investors gather the necessary information quickly, make an informed decision, and then take appropriate action. And even when they don't have all the information they need, they believe it is better to make a decision with some information, than not to make a decision at all. They then take action and gather the balance of the information as they move on. How do successful investors manage to take decisive action? The fact is that successful investors are faced with just as much uncertainty in their lives as the rest of us, however, they manage to take action because they have focus. They have clarity about where they want to be. They know exactly why they are investing in property. They have a time tested property strategy, a finance strategy to see them through the ups and downs of the property cycle and a tax and asset protection strategy to protect their assets. To make the most of our current turbulent economic and property markets strategic property investors will need: Unbiased economic insights. Education based on proven property investing principles and strategies. Guidance from expert investors who have been there, done that. Insider information so you can spot market trends that are "hidden" from the average investor. That is why it is critical to learn from experienced and successful property investors, from someone who has already achieved what you want to achieve and has retained their wealth in the long term. What is the land tax? With Ken Raiss Who should pay it? Does it apply to my home? And can I reduce this major property cost which seems to eat into my rental income disproportionally? These questions are often asked by serious property investors who already have or are in the process of building a significant property portfolio. So to answer your common Land Tax questions I had a chat with Australia's leading tax strategist Ken Raiss, Director of Metropole Wealth Advisory. Land tax is generally levied on the unimproved capital value of the land – not the total property value. Each state has different rules and thresholds of when the land tax will be applied. As is the case for most taxes, it is up to the taxpayer to advise the relevant state department that they are subject to land tax based on self-assessment by submitting either a land tax registration form or a land tax variation form. The land you own and occupy as your home is your principal place of residence (PPR) and is exempt from land tax. There is a threshold (a dollar value) at which land tax will become payable. What is my property is in the name of more than one entity, for example, a couple? The couple is seen as a partnership and only one land tax threshold is available. If either of the persons has land in their own right then at the secondary level only the proportion held together is included when determining the liability in total. When purchasing land or property it is important to apply for a land tax clearance certificate to ensure you will not be liable for someone else's tax or to give you the opportunity to have any liabilities adjusted at settlement. Links and Resources: Michael Yardney Ken Raiss: Metropole Wealth Advisory Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Join us at Wealth Retreat 2020 –find out more here Shownotes plus more here: The single greatest trait of successful investors | What you need to know about Land Tax with Ken Raiss Some of our favourite quotes from the show: "One of the big things that holds many people back, I've found, is fear." – Michael Yardney "You must become a master at visualization." – Michae

If you're like me, you're probably sick of hearing about coronavirus all the time, so good news! Today's episode won't be about the coronavirus. Instead, I'm going to teach you about wealth accelerators. If you don't know what those are, you will know by the end of the show, and you'll understand how wealthy people use them to keep getting richer. Then I'm going to have a chat with Pete Wargent about how Australians aren't moving much anymore. The rich use these 7 wealth accelerators to keep getting richer Do you understand what a wealth accelerator is? Well, maybe you should … because that's the way the rich keep getting richer. Now you've probably heard the expression money begets money. Maybe you've even wondered why it's easier for people who already have plenty of money to make more of it. Or maybe you've wondered why making your second or third million is much easier than it is to make your first million dollars? Well, here's why…. Strategic property investors who have built a true property investment business, grow their wealth faster by using a number of what I call "wealth accelerators" that leverage their returns. Let's look at them…. Other people's money One of the biggest differences between how the rich and average Australian go about building wealth is how they invest…not their own money, but how they leverage and use other people's money. The wealthy have mastered the art of using money they don't have to build their wealth. They used borrowed money to magnify their investment activities and enjoy accelerated returns by borrowing and leveraging against assets they own and use this to acquire even more assets. Other people's time While many beginning investors waste time, energy, and effort trying to do everything themselves, successful investors put their time to its highest and best use. Some beginning investors believe they're saving money by doing their own research, spending weekends house hunting, and competing with agents undertaking property negotiation. However, their lack of experience usually means they get a secondary result and pay a huge learning fee to the market by paying too much for their property or buying the wrong property and missing out on significant future capital growth. Legally take advantage of the tax laws. Believe it or not, the tax laws were written to benefit business owners, meaning if you run your property investments like a business you're able to accelerate your wealth creation by taking advantage of these laws. Essentially, as an employee, your cash flow is a bit like this…. You earn money, you pay tax, you spend what's leftover. However, as a business owner, the pattern is quite different. You earn money, you can spend it on legitimate expenses associated with operating your business and earning income, and then you pay tax on what's leftover. Correct ownership structures. Another wealth accelerator used by the rich is their ownership structures. If you choose the right ownership structures for your investments you can accelerate your wealth. Sophisticated investors own nothing in their own name, or very little in their own names, but control everything in structures such as companies and trusts. Their network. Successful investors realize they don't have to be an expert in every field if they develop a good network around themselves, including a smart finance broker, good solicitor, a property savvy accountant, and a knowledgeable property investment strategist. Having a great network around you enables you to leverage off other people's expertise. Your network of relationships is critical to growing your wealth, not just for what they know themselves, but often for the people they know who could help you. Their mindset. Another leverage point that makes the rich richer is the way they think - their mindset. They just think differently to the average person. The not so rich have a different reality to the wealthy. To put it simply, your reality is what you think is real, which means your perception is your reality. So if you want to truly become wealthy, you're going to need to open your mind to a whole range of new ideas. They own the right assets. When you look at the various rich lists you'll find that most wealthy Australians have either made their money through property or if they've made it through other business ventures they invested the bulk of their money in real estate. Choosing the right property, owning it in the right structures, financing it correctly so that you can use more of other people's money, using the tax laws wisely to pay minimum tax and understanding the law to protect your assets, vastly accelerates your wealth creation. Here's another interesting thing about these wealth accelerators… Combining two more of them doesn't just speed up the growth of your property investment business incrementally. It helps grow it by quantum leaps. So now you understand the wealth acceleration secrets of the rich. We're moving less often Some of

How much will property prices fall during the recession? There's no doubt that turnover of property sales is dropping, and yes properties in some areas are falling in value. But will they drop 10%, 20%, 30% like some people are suggesting? Which headline do you even start to believe? Well, let's not worry too much about the headlines, because today I'm going to have a chat with Stuart Wemyss and we're going to give you evidence-based facts about what could happen so you'll have a better understanding about what's going to happen to unemployment and property prices and what you can do to weather the storm from a finance perspective. Some Topics that Stuart and I Discuss: While it makes sense that higher unemployment could affect property, when you look back, there is no historical relationship between higher unemployment and property prices. Property values have risen fast after previous downturns, while unemployment has lingered. The best approach to property is to take a long-term view The fundamentals and basic concepts of property haven't changed Transaction volumes have dropped, but so far property prices are holding Is timing important when it comes to buying a property during a downturn? The value of investing in an asset that provides most of its return in capital growth instead of income There will be a lot of negative noise around the property markets This can cause people to avoid making decisions Why Stuart wrote a book on finance 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 - Property market expectations & the impact of Coronavirus Stuart's Book – Rules of the Lending Game Shownotes plus more here: How much will property prices fall during the recession? With Stuart Wemyss Some of our favourite quotes from the show: "It's really hard to be greedy when others are fearful when you keep getting the negative messages." –Michael Yardney "People ask me, "Michael how has your strategy changed for the current circumstances?" The answer is, it hasn't." – Michael Yardney "I believe you've only got the right to say financial wealth is not worth it after you've created 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

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 Join us at Wealth Retreat late in 2020 in join- find and more and register your interest here Shownotes plus more here: 12 habits of highly successful people with Mark Creedon | Build a Business, Not a Job Podcast 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.

The coronavirus crisis has transformed our markets back to buyers' markets. But does that mean it's a good time for you to buy property? That's what I'm going to discuss in today's show, and in quite some detail. Of course, like with most things in property, the answer is that it depends. Are you buying a new home or an investment property? How secure is your job? How easy is it for you to get financing? I've got a couple of interesting concepts that I'll discuss during the podcast, but let me answer the question: yes, it's a good time to buy property if you're one of the lucky ones who remains financially secure. Because if you buy well now, you could set yourself up for the growth that's certainly going to come later this year. But there are a lot of ifs and buts and maybes between now and then. In this episode, I'll give you more detail about what I see happening to the property market in the short and long-term, as well as some lessons we can learn from previous downturns. Hopefully, at the end of this episode, you'll have some more clarity about what's ahead. What's ahead if you decide to purchase property? Is now a good time to buy property? Should I hold off and wait for property values to fall further? What's ahead for our economy and the property markets as Australia falls into recession? These are the type of questions I'm regularly answering for our clients at Metropole and for the many journalists who have been asked me for my opinion. And what I have been telling them is that our economy started the year with a little cold that progressed to the flu and now looks more like we have a case of economic pneumonia. What's next? Based on my perspective having been involved in the property market for over 45 years, I believe the impact of this on our property market will ultimately be temporary. Now, this view may be a little different from what others who are forecasting that property values will drop anywhere from 10 percent to 30 percent; but remember …this too shall pass. What will happen to our property markets will depend upon how long we are in lockdown, how soon our economy picks up, the level of unemployment, and importantly the level of consumer confidence coming out of our recession, which will be a good barometer of all the above factors. Of course, if Australia experiences are multiyear downturn, caused by the world economy imploding, then, of course, property values would drop considerably. I know some doomsayers are predicting this, but these are not the type of forecasts made by the credible economists I have been following. What will be the short-term effects of coronavirus on Australia's housing markets? Clearly our housing markets won't be immune to the Coronavirus economic fallout, but the impact on property values will depend on how long it will take to contain the virus. Transaction levels will be significantly impacted over the next two to three months with discretionary sellers staying out of the market. It really makes no sense to put your property on the market for sale at this time unless you really need to. However, there will always be nondiscretionary buyers and sellers who do need to transact over the next little while. It is likely that sellers will discount the price of their properties to conclude a sale, while buyers will take advantage of this to nab a bargain But this doesn't mean property values will plummet. In fact, as an asset class, bricks and mortar has performed exceptionally well during previous economic shocks. This time around, with the banks giving mortgage deferments or holidays, it is unlikely that we will have a large number of forced or mortgagee sales that could undermine market confidence. Many commentators are trying to compare the current markets predict how the current markets are going to perform based on how our property markets performed during previous economic downturns such as the Global Financial Crisis in 2008 or the recession of the early 1990s. However, unlike previous downturns that were essentially financially lead, this downturn is a medical problem that morphed in an economic issue because of a short-term shutdown of our economy which has led to a supply-side downturn (even though we'd like to, we can't go out and buy goods as their supply is limited because the shops are closed) rather than a lack of demand-driven downturn. Because of this and based on the predicted pace of the post-recession recovery, I would expect the pandemic to have a more limited and shorter-lived impact on house prices than either the early-1990s recession or the Global Financial Crisis. What does this mean for property prices? In the short term: "Investment-grade" properties and A grade (above average) homes could fall in value by around -5% B grade (average) homes could fall in value by up -10%, C grade (less than perfect) will be the hardest hit as there will be a flight to quality. The worst affected residential markets will be: Apartments in high-rise

My special guest today is Robert Kiyosaki author of the best-selling book Rich Dad, Poor Dad. When Robert's team reached out to me and asked me if I'd like to have him as a guest, I jumped at the opportunity, because I heard that he's got a message that he wanted to share with Australians about the challenges for our economy ahead, and the opportunities on the other side of the downturn. Now, I don't agree with everything he has to say, but I respect that he's taught millions of people about the basics of financial literacy, so I was keen to hear his opinions. You're going to enjoy the conversation as we talk a bit about his basic financial concepts before we get into deeper topics. Although I don't agree with everything Robert says, I thought I'd give him the courtesy of the airtime he deserves, then after my chat with him, I'm going to share my views. So, be sure to listen to both sides of the discussion, and then you'll be able to use that to inform your own views. Topics that Robert and I discussed: Why so few people are becoming financially independent Robert's advice to people taking on too much debt The shadow banking system The Cashflow Quadrant What's ahead for the average Australian's financial future How bad Robert thinks the crisis is going to get Whether Robert's predictions have become more pessimistic over time The upside Robert sees on the other end Factors other than resilience that it takes to be a successful entrepreneur Whether today's technologies make it easier to get started in business What Robert thinks will happen to house prices in the capital cities Robert's thoughts about superannuation What it was like dealing with Donald Trump before he was president Michael's Thoughts on Robert's Interview Clearly Robert knows a bit about real estate in the United States, where the rules are very different, where the tax regimes are very different, where the markets are very different, where the way you invest is very different. In previous podcasts, I've explained why Australian real estate is different from overseas, but many overseas gurus just don't get it. In Australia, property markets are underpinned by the fact that 70% of properties are owned by homeowners, and half of them don't even have a mortgage against their properties. Of the other half, many are well ahead in their payments, while others are using their mortgage to support the purchase of investment properties that bring cash in. This is very different to overseas. Australia really doesn't have a debt problem – at least, not when it comes to real estate assets. Robert also suggests that your home is not an asset – meaning that it doesn't bring money in, only expenses going out, so it's a liability. And if you accept his definition of an asset, he's right. But that's not my definition of an asset. It's also not the common definition of an asset. I believe a million dollars is an asset if you have it sitting in a bank, or even if you take it out and put it under your mattress. It's an asset even with no cashflow. Robert is a cashflow investor, and that's what's appropriate for the tax rules and the system in the United States, but it has not made people wealthy in Australia. There are four ways to make money on residential real estate in Australia: capital growth, rental return, tax benefits, and manufacturing growth through renovation and development. The most important of those is tax-free capital growth. Unfortunately, too many people look for cashflow from their residential real estate investment, and that's just not how it works in Australia. Similarly, Robert's concerns about our superannuation funds not being fully funded are just not accurate. The average superannuation fund that you and I are part of are fully funded. There's no doubt that Australia's economy, and that of most countries in the world, will experience a recession. But currently, a combination of monetary and fiscal policies should see us start to rebound in the third or fourth quarter of this year. Robert an innovative thinker and an expert in personal finance, but he's not an economist. We have some very astute economists employed by our banks, by the Reserve Bank of Australia, by the International Monetary Fund, and they all see a difficult six months ahead, but nowhere near as negative as the naysayers grabbing headlines at the moment. 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 Robert Kiyosaki's Australian virtual seminar Shownotes plus more here: Robert Kiyosaki Interview – Do what the 99% are not doing! Some of our favourite quotes from the show: "I wouldn't invest the way the way I invest in Australia in New Zealand, where the rules are very different, or in the United States." – Michael Yardney "I'm not suggesting that there's a bubble in Australia, and I think those who think there are, are probably wrong." – Michael Yardney "In Australia, r

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 | RICH HABITS, POOR HABITS 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.

We're heading for the biggest crash since the great depression and it's just around the corner, according to Harry Dent. He's doing a virtual seminar telling anyone who's prepared to listen that we're headed for a stock market crash, a major depression, and the value of your home dropping 40-50%. Today we're going to have a chat with Harry Dent, and I'm also going to have a talk with Pete Wargent.Before we get into the interview, a word of warning. Especially for the fainthearted. Harry makes some really scary predictions. Please listen to the whole interview, and don't sell up your assets before you listen to my views and Pete Wargent's. Topics Discussed With Harry Dent Why Harry thinks that we're approaching an economic winter with fallout worse than the Great Depression Why Harry believes we're in a bubble Whether bubbles have to burst – can't they just deflate? What the demographics are indicating will happen next to our economy The trigger that will burst the bubble Whether Harry believes there are safe ways to invest What business owners should be doing right now What Harry sees happening to the property market in Australia How immigration underpins Australia's real estate market The upsides that Harry sees on the other side of the downturn What Harry would say to people who heard his previous predictions The message that Harry has for Australians in his virtual seminar Topics Discussed With Pete Wargent What a bubble really is and what happens when one bursts Whether the average Australian household has taken on too much debt The government's current response to the crisis What the government has learned from previous downturns When the recovery will begin How Australia's demographics compare to other countries The soundness of Australia's banking system What could cause a collapse in the value of property in Australia Australia's culture of homeownership Where there are likely to be the most difficulties in the property market 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 Harry Dent's website Harry Dent's Australian virtual seminar Pete Wargent Next Level Wealth Pete Wargent's new book Low Rates High Returns Shownotes plus more here: Will the bubble burst or do we burst Harry's Dent's Bubble? | Interviews with Harry Dent and Pete Wargent Some of our favourite quotes from the show: "Well, we have some features of a bubble, yes, but we're actually not in a bubble." – Michael Yardney "Here we've got 70% of properties owned by homeowners, half of them without debt, and those of them that do have debt, it's in the hands of those who can afford it." – Michael Yardney "In the rest of the world, a lot of people expect to be tenants all their life; here in Australia people would rather eat dog food than give up their homes." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

The coronavirus has clearly infected Australia. And it doesn't discriminate rich or poor, young or old. I heard it said that we are all in the same boat. But it's not like that. We are in the same storm, but not in the same boat. Your ship could be shipwrecked and mine might not be or vice versa. For some, quarantine is optimal. A moment of reflection, of re-connection, taking life easy, or having a cocktail or coffee. For others, this is a desperate financial & family crisis. For some that live alone, they're facing endless loneliness. While for others it is peace, rest, and time with their mother, father, sons, and daughters. Some are getting money from the government through JobKeeper and JobSeeker while others are working more hours for less money due to pay cuts or loss in sales. Some want to go back to work because they don't qualify for unemployment and are running out of money. Others want to kill those who break the quarantine. Some are home spending 2-3 hours a day helping their child with online schooling while others are spending 2-3 hours a day to educate their children on top of a 10 to 12-hour workday. So, we are not in the same boat. We are going through a time when our perceptions and needs are completely different. Each of us will emerge, in our own way, from this storm. It is very important to see beyond what is seen at first glance. Not just looking, actually seeing. We are all on different ships during this storm experiencing a very different journey. And in today's podcast, I want to chat about how the coronavirus crisis is going to affect different demographics and generations with leading demographer Simon Kustenmacher. As always you'll find my chat with him educational, informative, and lots of fun, so welcome to today's episode of the Michael Yardney podcast. Topics We Discuss in This Episode: We will see a slowdown of migration intake for at least two or three years Australia will have 0 net migration or negative net migration for 2020 Migration was the main driver for the housing market, so this will have a major impact on property The small towns will be hit first – bad news for regional Australia Temporary visitors like students or short-term workers will be affected as well. This, in turn, affects the short-term rental markets, like student accommodations and Airbnbs. Regional Australia is somewhat reliant on temporary workers, so this is more bad news for them Different generations will be affected differently Baby boomers who are now about to retire will see their super balance shrink by 20% or more Some may have to put off retirement Holidays overseas are also probably canceled for some time to come Local tourism may be on the rise, which may be beneficial for Australia Baby boomers may find themselves supporting adult children who have lost jobs Gen Xers will probably suffer a lot from the coronavirus Xers are at a time in their life when they're most likely to be overextended and spending every penny they earn Millennials are in a better position to ride out the next few years They're reaching family formation stage of the life cycle More likely to have jobs where they can work from home and will want homes that allow for that. Millennials will need larger homes They may look for homes in the suburbs or in satellite cities Gen Z is concerned with global issues They're in a position to ride out the pandemic and recession before kickstarting their career The pandemic may be the kickstart needed for working from home to happen on a large scale Links and Resources: Michael Yardney In these challenging time why not get the team at Metropole to build you a personalised Strategic Property Plan – this will help both beginning and experienced investors. Simon Kuestenmacher - Director of Research at The Demographics Group Follow Simon on YouTube Shownotes plus more here: We're all in the same Coronavirus storm, but not in the same boat. Who will be hit the hardest? With Simon Kuestenmacher Some of our favourite quotes from the show: "Economic growth comes, I guess, from certain efficiencies and producing things more." – Michael Yardney "Even though we all think we're unique and different and special, we're really all much the same as others." – Michael Yardney "Humans aren't logical. We believe we're rational, but we're not, and at the moment emotion is driving a lot of what we're doing." – 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 usually refers to someone with perfect vision, so it's ironic that in 2020 we have such a poor picture of what lies ahead of us. We're moving through challenging, interesting times. We're making history as we work through the coronavirus crisis and how it's affecting our lives, our economy, and our health. But to give some clarity on what could be ahead, I'm going to have a chat with property researcher John Lindeman, who's got some interesting thoughts about what's going to happen in the short term and what's going to happen in the medium to long term. We're going to talk about what's happening in the rental market, what's going to happen to property prices, what's going to happen to the supply and demand ratio, and how the rush for toilet paper relates to property prices. You see.. Many of us were amazed by the recent scenes of people stampeding to buy toilet paper, and some of us may even have joined the frantic rush to grab a few rolls before supplies ran out. Supermarkets were left without toilet paper for weeks afterwards and with toilet paper supplies only now slowly returning back to normal, many of us are left wondering "What was all that about?" This event was a classic "self-fulfilling prophecy", which is when the prediction itself causes the result. The same kind of panic buying events can also occur in the property market. It starts when we hear about certain locations where properties are selling faster. We are urged to be quick or miss out. As more investors rush in to buy, they create the shortage that is being predicted. This is why you need to make sure that any property opportunity you are interested in is backed by actual rental or owner-occupier demand, not just by speculative demand. The COVID-19 pandemic will likely result in significant changes to our housing markets. But you also need to keep in mind that the short-term impacts are likely to be very different from the long-term outcomes. Property markets where buyer demand is falling right now include those relying on tourism, short-term accommodation, and recreation. Markets at risk from falling rents are short-term business, holiday, Airbnb, and student rental locations. This has caused owners of short-term rental properties to list them as longer-term rentals instead, which is leading to a rise in rental vacancies. Rent could fall in some locations as a result. However, this is also likely to be short-lived, because restrictions on movement and assembly are lifted, these markets are likely to bounce back quickly. We expect a general surge in housing demand to occur after the current crisis is over and the restrictions on movement and assembly are lifted. Rental demand will rise as tourism and holiday markets recover and we will experience an influx of migrants from other countries. As a result, many suburbs will experience excellent growth, with buy prices right now at their lowest. 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: The correlation between the toilet paper panic and property prices | John Lindeman Some of our favourite quotes from the show: "Migrants come in and they buy refrigerators and televisions and carpets, and they grease the wheels of industry." "It's easy to forget that even though the external circumstances are different, the downturn in the property cycle is a normal part of the cycle." "The first major lesson in life to learn is how to handle the winters." 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

With so much uncertainty around us, we're even more keen to get a level of certainty. But let's be honest, we're pretty terrible at working out what's going to happen in the future. When the future doesn't cooperate, we spend even more time trying to change the next bit of the future so it winds up more like what we were hoping for. But no matter what you do and how stressed you get; the future is going to take care of itself. Having said that, I am going to spend a little time trying to predict the future with Pete Wargent today. But I want to go beyond the recession we're going to have and take a look at what life might be like after the recession. Clearly the past couple of months have been a period of immense uncertainty. And despite the actions of governments and banks, 2020 is now expected to see a sharp decline in GDP. The world is going to go into recession. Australia is going to go into recession. But at some point, we're going to cross that bridge, the virus will be under control, and things will go back to normal. But what will normal look like? Will it be the same, or will it be different? That's what Pete Wargent and I will discuss today. Some of the topics we discuss: We might be able to start easing restrictions sooner than we'd feared. Any way you look at it, we can expect low-interest rates for a long time to come. The low rates won't apply to every product, but new borrowers will see the lowest mortgage rates they've ever seen. Governments all over the world are piling on new debt. Australia is now borrowing at the lowest rates in history and we're relatively well-placed. Once we cross the bridge, the government will have to do other things to get the economy moving again. The government will need to create jobs, infrastructure projects, healthcare projects. Some people will probably need to stay in the workforce for longer. The government is hoping this will be a business-led recovery, and that the budget will be balanced just by getting the economy moving again. The media has changed. People are turning to different sources. There are fewer hard-copy publications and more internet sources. Retail is going to be different. We were moving to online retail anyway, but this will speed up the transition. Tourism is changing. There are going to be fewer departures, more staycations, and holidays at home. Resources and commodities may go through a boom. People are going to be working from home more. This may lead to a change in the type of properties they want to live in. People will want more spacious properties with room to work. Links and Resources: Michael Yardney Pete Wargent Next Level Wealth Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Join us at Wealth Retreat 2020 in October –find out more here Pete Wargent's new book Low Rates High Returns Shownotes plus more here: What will our economy look like after the Coronavirus led recession - with Pete Wargent Some of our favourite quotes from the show: "There are always opportunities that occur during a downturn." – Michael Yardney "I think we've also changed who we trust when it comes to looking for relevant, for factual information. We're going to different sources." – Michael Yardney "The trend of living in big cities is going to continue, but maybe the sort of properties we're going to live in will be a bit different." – 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