Property Investment & Wealth Creation Australia | The Michael Yardney Podcast

One of the most helpful things you can do to help build your business or professional practice is to have a business coach. Today I'm speaking with the founder of Business Accelerator Mastermind, Mark Creedon. We talk about the things that the entrepreneurs he has coached have done, which have made him cringe, in order to help you avoid these pitfalls when you work with a business coach: Pitfall 1. "I'm too busy…" When you properly delegate tasks and invest time with a coach, you can actually make even more time for yourself and focus on more important tasks. Pitfall 2. You Lie to Yourself (And Your Coach) When you lie to your coach, you're actually lying to yourself. Pitfall 3. You Don't Think We "Get" It Regardless of the industry, most businesses have the same issues. A lot of successful business people are "almost there" – they need a few tweaks rather than big changes and what they are missing is someone to bounce ideas off of. Pitfall 4. You Don't Know How Much We Care What motivates Mark is seeing his clients achieve their goals. Business can be tough and lonely but everyone in your mastermind group cares about your goals as well. Why not join Business Accelerator Mastermind? Let Mark and his team help you build a business not a job? Do you know you're ready for more, but tired of wondering how you can grow your business? Are you looking to cure your frustrations and isolation with a Real Community? Are you tired of feeling like you're doomed to playing small? Are you tired of spinning your wheels and getting no traction? This community is for you if you're a business person, entrepreneur or professional who wants to 10x your income, elevate your ability to give, and leave a massive impact on your community and the world by up-leveling your tribe, improving your business acumen, and removing your limiting beliefs around money and success. Find out more at Metropole's Business Accelerator Mastermind Links and Resources: Metropole's Business Accelerator Mastermind Mark Creedon – Business Coach to some of Australia's leading entrepreneurs Read the full show notes plus more at the Podcast webpage: 4 Things Entrepreneurs Do That Make Business Coaches Cringe | Build a Business, Not a Job Podcast Some of our favourite quotes from the show: "And if only you had the courage to say no to other people's urgencies, and to the seductive call of your inbox, you could accomplish so much more." – Mark Creedon "We have all our clients prepare a strategy plan each quarter (which we also do for ourselves) and then we review them together during our sessions." – Mark Creedon "Hitting a roadblock is a normal part of growing a business. You have to push through it. Take it as a challenge and maintain your optimism." – Mark Creedon "Most people know what they want to achieve in business, but they haven't dug deep enough. Having a game plan, having a list of dot points, having a list of things you want to achieve; that alone isn't a strategy." – Michael Yardney "Even [entrepreneurs] should feel comfortable talking about the things that haven't worked out." – Michael Yardney "Outside lives infect how [entrepreneurs] run their business." – Michael Yardney "On your own, you can probably run faster, but in a group, you can run a lot further." – 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've noticed a trend recently that more and more investors are looking to get involved in property development. They want to "manufacture" some capital growth because the market has been a little flat. So that's what we're going to talk about in today's episode – how to get started in property development But today's show is going to focus on some real-world advice. There are too many enthusiastic but inexperienced amateurs giving what is probably well-intentioned, but ultimately poor property development advice. And even if you're not ready to jump into property development yet yourself, listen in anyway, because one day you may want to get involved in property development. During Our Conversation About Starting in Property Development, We Discussed Many developers start with renovations to mitigate risk and learn the basics The concept of Land Banking Waiting for the right time in the property cycle Buying the worst house on the best street Becoming an armchair developer by using Metropole's development project management service The risks involved in property development The benefits of property development The equity that you need to put in to get started on a development project Servicing your debt Coming up with a finance strategy Why developing townhouses is a good strategy Characteristics of a good property developer The sequences that developers follow Who should manage the builder? What makes different developments different, even when they look similar Choosing a property that's suitable for development Avoiding overpayment for a development property Buying at the right time in the cycle Knowing which costs to look out for Changes in laws and regulations that may affect your property development Delays that can occur during development Links and Resources: Michael Yardney Join us at this year's Property Renovations and Development Workshop – click here for more details and to reserve your place Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Bryce Yardney - Metropole Projects For the complete show notes plus more go to the episode web page: Here's the truth about getting started in property development Some of our favourite quotes from the show: "Buying the worst house on the best street, that's always been a really good strategy anyway." –Michael Yardney "Property development can be rewarding, but it definitely can be risky. But that doesn't mean you shouldn't consider getting involved in property development, it just means you have to go in with your eyes wide open." – Michael Yardney "You can't allow the builder to manage himself; somebody has to direct that." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

You're probably listening to this podcast because you're interested in property investment. And I bet you want to become a better investor. So, today, I'm going to teach you how to become a successful property investor. And it's probably not what you think. In fact, it's not what most people do, or more people would be successful. And then, with Ken Raiss, we're going to have a chat about estate planning. That's not a very sexy topic, but it is a really important one to set yourself up right to grow, protect, and pass on your wealth to the people you want to pass it on to and not to those who you don't want to pass it on to. And it's not just the tax man, it's the in-laws, the outlaws, and the other people as well. So, Ken's got some great tips for estate planning, and that's relevant for you at whatever age you are along your journey, because the sooner you get it right, the more protected you'll be. Then, in my mindset moment, I'm going to discuss some important financial mindsets that will help you get to the next level. Here's what you need to do to become a successful investor Don't wait too long – Everything doesn't have to be perfect for you to get started in property investing. The longer you wait to get started before investing, the longer it's going to take for you to build the money, the success, and the freedom you want. Don't let fear stop you – Fear stops most of us from getting what we want. Successful investors learn to harness their fears and take positive action instead of letting fear stop them. Don't try to wait till you know everything – The more you learn, the more you learn you don't know. The key is to recognize that you'll never know it all, but you do know enough to get started. Focus on passive income, not linear income – Not all income is created equal. If you're not making money while you sleep, you'll never become rich. Use money-making systems – Money-making systems take the emotion out of your investment decisions and makes the results more reproducible. Be patient – Successful property investing is a long-term affair, not a get-rich quick scheme. Estate planning with Ken Raiss Without a will, the government will dictate who will get your estate. And the way most estates are set up, a person's spouse or life partner won't necessarily get all of it. Just taking into account life insurance and the family home, there are significant sums of money involved in an estate that can either help your loved ones after your death, or cause headaches when your loved ones don't get what they think they should get. People often assume that superannuation or other funds, like money in trusts, that aren't in their own names will just get passed on to their kids. But that's not necessarily true. A will only covers assets that are in your name. When it comes to estate planning you need to talk to someone who understands asset protection, estate planning, taxation, superannuation, and structures like trusts. Having an incorrect will can leave your loved ones and assets exposed. A traditional will move assets from you on your death to your children, for example. But if your children get sued or end up in a family law court dispute, those assets could be loss. You also lose the flexibility of distributing income or capital gains to reduce the overall family tax liability. There's also a "minus tax" that applies a 66% tax to children under 18 who are receiving income or capital gains. You can create a will that as part of it has a trust that eliminates a lot of the potential problems with a traditional will. This is called a Testamentary Trust You also need to consider things like power of attorney, medical power of attorney, guardianship agreements, and superannuation when you're thinking about estate planning. The time to think about estate planning is when you're not ill or emotional and when you have time to sit and plan with a wealth strategist. You should review and revise your estate plan after any big life changes, wealth changes, or business changes. And even without those major changes, it's a good idea to revisit your plan every two to three years, just to make sure that there's nothing you need to change. Links and Resources: Michael Yardney Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Ken Raiss – Metropole Wealth Advisory Organise a time to speak with Ken by clicking here : www.Wealth.Metropole.com.au Some of our favourite quotes from the show: "Over the years, I've come to the conclusion that if you do what most successful investors do, you get to become one of them. And if you don't, you won't." – Michael Yardney "One thing's for certain: you need to drop the wage mindset and think like a businessperson or entrepreneur." – Michael Yardney "The only true failure in life is never letting yourself make a mistake." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new pe

Well it's Spring– traditionally a time when there are more home buyers and sellers in the market. But what's going to happen to our property markets this year? Are sellers going to return? Are the low interest rates going to bring more buyers back? Are banks going to become more friendly? If you're a home owner or property investor you'll also want to know what's likely to happen to the value of your property, so to help you become better informed let's hear the thoughts of Australia's leading housing economist Dr. Andrew Wilson, give us his thoughts on what's ahead. World economic environment More volatile than at the beginning of the year China US trade war USA – Iran issues The Fed cut interest rates – not worried about US recession – taking insurance Australia's Economy Miracle election APRA loosening their grip Tax cuts 2 rate cuts (June July) and 2 more likely (Nov and Feb) High underemployment – rising participation rate – keeping wages growth low 13.5 percent unemployed or underemployed – little wonder our wages growth is slow Businesses having a tough time – esp. retail – confidence poor What is the likely impact of the rate cuts on our property market? More confidence In the past these type of auction clearance rates have meant double digit capital growth – unlikely to be the same this time Banks a lot tougher in their lending practices Still a lot of new apartment stock to hit the market – particularly Melbourne and Sydney The spectre or rising unemployment – esp in the construction and retail industries Low single digit capital growth next year. Auction clearance rates Running in the 40's at the end of last year – now 70's Factors affecting our property market moving forward Finance – cost and availability Consumer confidence Wealth effect – many in Sydney and Melbourne saw the value of their most valuable asset – their home drop and this made them curb their spending Rate cuts and tax cuts may compensate a little for this Supply and demand What's ahead for the Spring Selling Season? Traditionally a period of higher activity In Melbourne the best performing locations will include the eastern middle ring suburbs In Sydney the inner east, Lower North Shore, inner West and Northern Beaches will perform strongly In Brisbane well located properties close to transport and within 5 – 7 km of the CBD should outperform Well located Adelaide properties should keep growing next year Perth will continue to have flat or falling property prices for some time yet. Links and Resources: Guests: Dr. Andrew Wilson – My Housing Market Michael Yardney Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Join us in October for our annual Property Renovations and Development Workshop For complete show notes plus more visit the podcast page: Is the property boom coming back? | Property Insiders Spring market update with Dr. Andrew Wilson 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

Each day a tree will grow a little more. It's impossible to see the changes caused by the growth on a day to day basis. But, if you were to fast forward ten years and compare pictures of the old tree to the new tree, the change would be obvious and significant. Self-made millionaires are really no different than trees. Each day, they do small things that inch them closer and closer to success. And that's what I discuss in today's Rich Habits, Poor Habits Podcast with Tom Corley Tom explains: If you were to ask my group of millionaires how they got so rich, here is what they would say: I did the following things, every day, that enabled me to grow into the person I needed to be in order to acquire the wealth I now possess: I read to learn every day for 30 minutes or more. I kept in constant touch with certain influencers, certain important, success-minded people, and I built strong relationships with them over the past ten years. Eventually, those influencers helped open doors for me during my journey towards success. I honed and improved my skills every day. I deliberately practiced those skills every day. I also sought feedback from others who watched me perform my skills. I listened to and followed the advice of mentors who helped me during the pursuit of my dream and my goals. I exercised aerobically every day for 30 minutes so I could keep my body and brain strong. My strong body enabled me to work long hours. My strong mind enabled me to find creative solutions to problems and overcome numerous obstacles. I ate healthy every day in order to nourish my body and my brain, which helped my body and brain function at a higher level. When I encountered any problems or obstacles that stopped me in my tracks, I focused like a laser to solve those problems and overcome those obstacles. Oftentimes, this need to focus required that I sacrifice time with my family and friends. I worked hard every day to maintain a positive mental outlook. Especially when things were not going my way. I was able to do this because I knew exactly where I was going. I had a clear vision of my destination and that destination kept me focused on doing the work I needed to do in order to reach my destination. I spent less than I earned and then invested my savings prudently. Because I had savings, I was able to take advantage of opportunities that came along during my climb up the mountain of success. I always did my homework before taking any risk. I knew every conceivable outcome and had a plan in place to deal with every conceivable scenario, including worst case scenarios. I focused like a laser on a specific goal every day until I achieved that goal. Then I set another goal and pursued that goal. Eventually, I achieved all of the goals that helped me realize each one of my dreams. I always sought to exceed the expectations of everyone I did business with. This helped build confidence and trust and this generated more business and more revenue. I controlled my emotions and tried to remain on an even keel when dealing with others. No one wants to do business with someone who is not in control of their emotions. As a result, more people wanted to do business with me. I was careful how I spoke to others. I refused to curse or use language that offended anyone because I didn't want to damage any valuable relationships I had devoted many years to building. I treated everyone with the respect they deserved. Those that treated me poorly, I refused to do business with. Those that treated me with the respect I deserved, I did more business with. I limited my exposure to toxic, negative people. They just drag you down and infect you with their negativity. My positive outlook helped keep me focused on seeking and finding solutions to my problems. Positivity made me a problems-solver. Negativity made me a problems-finder. The sad truth is that most people are looking for a speeding train they can ride up the mountain of success. When people say they want to know the secrets to success, most really only want to know the short-cuts to success. They want some world-shattering, aha nugget of information that will guarantee them success in a very short period of time. They most definitely don't want to listen to a boring list of daily habits. The truth is, the secrets to success are the little boring things you do every day, that nudge you inch by inch, up the long, steep mountain of success. Consistency in doing those little things, keeps you growing and moving forward in the realization of your dreams and achievement of your goals. The little daily consistent things you must do to become successful are not exciting "secrets". They are boring habits. But they are boring habits that guarantee success. Links and Resources: Michael Yardney Metropole Rich Habits Poor Habits See the full show notes plus more here: Millionaires share their boring secrets of success | RICH HABITS, POOR HABITS Podcast Some of our favourite quotes from the show: "If you do

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

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

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

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

Have you ever thought of getting involved in property development? More and more investors want to become property developers. We're experiencing a period of lower capital growth at the moment, so investors want to "manufacture" some capital growth, want to get better rental returns, and want to get their properties at wholesale. This is the first of a series of podcasts over the next couple of months explaining more about the property development process that I will be conducting with my son, Bryce Yardney, who now manages the property development department of Metropole and who, over the years, has been involved in hundreds of property development projects. We're going to start with some of the rules you need to understand if you want to get involved in property development. Then, in my mindset moment, we're going to talk about one thing successful investors do differently to those who aren't as successful. The rules of property development Get all your ducks in a row before you start Before starting down the path of your first (or next) development project, get your finance pre-approved, have your ownership structures set up and have the core of your team of consultants selected. Understand where you are in the property cycle As a development project often spans two or more years, understand where you sit in the property cycle and pay attention to the big picture economic factors that will affect the real estate market. Do careful pre-purchase due diligence You need to undertake due diligence including checking the council zoning, as well specific property due diligence – things like checking: the title for covenants, easements and overlays the neighbourhood character as well as adjoining buildings and trees the topography of the site. Get your budget right Do a detailed feasibility study – be realistic rather than optimistic and include all the little costs beginners tend to forget. Then allow a contingency in case unforeseen costs crop up, because they always will! Don't overpay It's important to buy your development site at a price that allows you to make a fair profit; otherwise you're immediately at a disadvantage. Get a good team around you Your team is likely to involve a property lawyer, accountant, finance broker, architect, real estate agent and a project manager to oversee the whole process. And remember…if you're the smartest person in your team, you're in trouble. Be realistic about your schedule Setting realistic time frames will help you budget more accurately and remember to set aside some contingency money in case unforeseen problems stretch your schedule. Be meticulous with your documentation Put everything in writing, especially when dealing with consultants and contractors. This helps avoid misunderstandings and confusion. And keep very clear accounts. If your paperwork isn't in order, it'll only cause headaches further down the line. Design your project with the market in mind To maximise your profits your project must suit its target market – not necessarily your tastes. Don't become overconfident I've seen many investors make substantial profits through property development; however I've seen even more developers, some much smarter than me, lose it all through overconfidence or undertaking just one more development before the cycle ended or a project with too little built-in profit margin. Hopefully these rules will help steer you on the path of property development success so you won't run into many potholes. What all successful people do differently There are so many sayings we just take for granted as true, but it's important to really look at them, because sometimes they don't make sense. What's the point of having a cake if you can't eat it too? Shouldn't the Trojans have looked that gift horse in the mouth? Today we'll look at two sayings that you may want to reconsider. Don't put all your eggs in one basket. Common wisdom suggests that you need to diversify. But is that really correct? Successful people specialize. Why not just take good care of your basket? Diversification is a protection against ignorance. But successful people focus their concentration on one single earning activity and become an expert in that area. Don't always be on the lookout for new opportunities. If you're like me, you're getting new opportunities in your inbox every day. Opportunities can be like obstacles if they take your focus away from what's in front of you right now. It can be exciting to chase the next shiny toy, but to become a successful investor, you've got to do the same thing over and over again. You'll only become an expert by doing one thing one hundred times, rather than doing one hundred things once. Links and Resources: Michael Yardney Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Bryce Yardney - Metropole Projects Join us in October for our annual Property Renovations and Development Workshop Learn more about

Today's episode is unashamedly about becoming rich and getting more money. I've often said that money's important in those areas where it's important and not important at all in other areas. But any problem that can be solved by money isn't really a problem, is it? So please let me show you how you can obtain more money. First of all, we're going to explain why property investors develop financial freedom. In my mindset moment, we'll talk about some of the money habits of the rich. Then, I'm going to share the steps you need to take to develop financial freedom. It's a process, it takes time. There are no get rich quick schemes here. But if you're patient and follow a proven strategy, money doesn't discriminate. You can have as much of it as you want. Why property investors develop financial freedom We dream of it, work for it, and plan for it. But can the average Australian develop financial independence? Yes. If others have done it, you can too. Wealthy people don't do different things, they just do things differently. And you can learn to do the same. Not everyone works hard for their money. The rich earn recurring passive income. That means that they control a money source that makes money for them even when they're not there. This is how business owners or property investors build wealth. When it comes to how people make money, we can all be placed in one of four categories. Employees – Employees trade hours for dollars. They really only get what's left after the government takes its share in taxes. Self-Employed – a self-employed person owns a job. They want to be their own boss, but often they've simply swapped one boss for many bosses, called customers or clients. Self-employed people aren't business owners, but they do have an advantage over employees, in that they get to take advantage of tax deductions that allow them to pay their business expenses before being taxed on what's left over. Business Owner – A business owner owns a system and people work for them. They don't have to be at work in order for the business to run. They invest their money in an idea and a business system, then let that investment – in the form of a business – work for them. Investor – Investors don't have to work because their money works for them. This is the group that you want to belong to if you hope to be wealthy someday. Investors convert money into wealth. By building your own property portfolio with income-earning residential real estate, you are taking the steps to move from employee to investor. Money Habits of the rich The rich know how to work full-time at their job and part-time on building wealth. The rich save their money and spend what's left. Learn to live on 70% of your income after taxes. The rich contribute to their communities by giving to charity. Of the 30% of your income remaining, 10% of your income should go to charity. The remaining balance should go into savings. When you have sufficient savings, you can begin investing in growth assets. The steps to financial freedom Many Australians have chosen to invest in property to develop financial freedom and get themselves out of the rat race. As they take their investment journey they fit into one of the following five Levels of Wealth. Let's have a look at these more closely and see where you sit: Level 0 – Financial instability Since most Australians live from pay cheque to pay cheque, they are Financially Unstable. If they lose their job or have an emergency, such as an illness or the car breaks down, they have no money reserves to cope. Level 1 - Financial Stability To achieve this most basic level of wealth: You've accumulated sufficient liquid assets (savings or money in a line of credit) to cover your current living expenses for a minimum of 6 months. You have private medical insurance and some life insurance to protect you and your family's lifestyle should you become ill, disabled, unable to work or if worst comes to worst – suddenly die. Level 2 - Financial Security Now you have accumulated sufficient assets, such as a substantial property portfolio, to generate enough passive income to cover your most basic expenses. These would include; Your home mortgage and all home-related expenses. All your tax payments and the interest payments on your loans and debts. Your car expenses. Your grocery bills and minimal living expenses. Insurance premiums including medical, life, disability and your house. Level 3 - Financial Freedom You're financially free when you have accumulated sufficient assets to generate enough passive income to pay for the lifestyle you desire, not necessarily your current lifestyle, and all of your expenses, without ever having to work again. Level 4 - Financial Abundance A small group of sophisticated property investors achieves Financial Abundance when their portfolio works overtime. They're free of financial pressures and have so much surplus income that after paying for their lifestyle, all of their expenses and contributi

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

Do you have children or are you planning to have children? How about grandchildren? If so, this episode is for you. Even if you haven't got children, you'll get some great money lessons from this episode. Today we'll share seven tips to make sure your children grow up rich. And it's not just about money. We're talking about tips that will help children find success in all areas of life. So how do you go about creating a rich child? Here are some of the things we discuss: Reading to Learn Tom Corley found that 88% of the rich folks in his study spent 30 minutes or more every day reading to learn, whether it was about money, how to succeed in their industry, self-help, biographies of successful people and history. Cultivating relationships: You want to associate with those people that typically upbeat, optimistic, enthusiastic, positive types. If you're not in a circle that meets those criteria, volunteering at a community nonprofit is a good way to find them. Exercising: Because exercise improves brain performance by increasing the amount of oxygen and helping the health of the neurons, people who exercise think faster and have better memories—which make you more competitive in the workplace. Managing anger: It's normal to feel anger and frustration, but how you express it can make or break your success. Exploring talents: When kids are little, they get to do a lot of activities such as art, music, theater, and sports. But as they get older, they focus on just one or two. But that's a mistake. Exposing kids to numerous activities helps them explore their talents Keeping an abundance mindset: Of all the habits, this is the most significant that plays out in every aspect of our lives. Our brains are wired to emulate our parents from the start. Dream-setting: Dream-setting is a process. It's visualizing what your ideal life would be. The self-made millionaires in his study would map out what their dreams are at least 10 years into the future, and then build goals around the dream to make it a reality. Some of our favourite quotes from the show: "Being rich is about wealth in all facets of life." –Michael Yardney "You definitely have to grow and learn by having that habit of reading. It's a success habit not just of children, but of adults." – Michael Yardney "I want an expandable pie where if we all do well, are more productive, our country is better. There's enough for everybody." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how.

Our property markets are changing in front of our eyes, but a couple of things are changing that you may not be aware of. One of those things is the ghost towers in Sydney. What's a ghost tower? You'll find out in this episode. It may not be what you expect. I'm also going to have a chat with Andrew Mirams about the changing finance markets and bust some myths about finance. In my mindset moment, we'll talk about 12 things that are more important than money. Listen in and by the end of the show, you'll be a more informed businessperson, investor, or entrepreneur. Sydney Ghost Tower warnings The ghost towers that are springing up across Sydney aren't haunted buildings, they're empty apartment buildings. By the end of this year, around 54,000 new apartments will have flooded the Sydney market in just two years. This has led to an oversupply of apartments for sale or for rent. Of course, this has occurred at a time when first-time buyer incentives have worked, with one in four people in the Sydney property market currently buying their first homes. It just hasn't been enough to soak up the extra apartments, though, and ghost towers are on the rise in Sydney. These vacancies have created a tenant's market, giving tenants the upper hand in lease negotiations. Landlords and property owners need to keep their rents the same when the lease expires, and may even need to drop their rents when their property become vacant in order to find new tenants. Metropole's Sydney vacancy rates are at about half the general market industry average, and they're currently sitting at around 2%. A large factor in this is the type of properties that we bought for our clients over the years – established apartments in small blocks that are close to amenities, that are still in strong demand and that have some uniqueness to them. Those apartments are holding their values well and they're leasing more quickly. The problem is we're building too many of the wrong type of apartments, and there are too many of the wrong types for sale or lease. Currently, the apartment market is being artificially propped up by developers manufacturing scarcity by holding onto their stock. They're not releasing a lot of their vacant apartments on the market because the market is saturated. At the same time, many investors are not putting their properties on the market for lease. They're keeping them in brand-new condition and waiting for better times. Developers built high-rise apartments aimed at foreign investors and a new generation of local investors who really didn't understand what made a good investment. This has led to high vacancy rates. Investors are going to lose out not only because they're not getting their rent, but because they're unlikely to see an increase in the value of their properties for at least a decade. Those who wish to sell or have to sell are going to have trouble finding buyers. Established apartments, the ones that used to be called flats, are outperforming new apartments. They're what we call "investment grade" apartments because they appeal to a wider range of more affluent owner-occupiers, not just investors. They're located in the right places, a short walking distance to lifestyle amenities. They have street appeal and good views, they offer security, and they usually have the ability to add value. And they have a high land-to-asset ratio, which is very different to the big buildings. The bottom line is that buying an investment-grade property is all about following a proven blueprint laid out by successful investors. It surprises me that people are still talking about buying off-the-plan apartments. Your best move is to avoid them. You're more likely to increase your chance of financial success in the future and reduce your chance of getting caught out as the property market moves to the next cycle by buying the right property in the right location. Don't worry about the timing. This is one of the best countercyclical buying opportunities I've seen in many decades. Busting finance myths It doesn't matter how long you've been with a bank, you still have to meet the current assessment criteria. Don't assume that your bank will take care of you out of loyalty. Things change with the credit cycles, and just because you got money in the past doesn't mean that you'll be able to do it again. You may not qualify, or you may need to meet new criteria. Your credit cards and credit limits matter. Whether you use it or not, you could spend up to that limit. And at any time your circumstances could change. So, it does matter and you do have to disclose credit cards and limits If you're adding a higher interest rate and a lower term, that has significant impacts on your borrowing capacity. We've hit the bottom of our credit squeeze. We want a balanced market. That will have a positive effect on the ability to borrow. Having a finance strategist on your side makes a big difference because the banks really aren't on your side. 12 Things

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

Imagine you woke up one morning and found out your investment property was on Airbnb. Your tenant, who you thought was looking after your property is now letting anyone and everyone in. What are your rights? What would you do? Today we're going to have a chat with Leanne Jopson about what your rights are and how you can prevent this. I'm also going to share in my mindset moment, six things successful people only ever do once. In our first segment, I'm going to chat with Ken Raiss about whether Australia could fall into a recession. Are we in trouble? What could be ahead? What should we watch out for? You'll find out in today's episode. Could Australia really fall into recession? What is a recession? A recession measures how the economy is growing measuring GDP. Every quarter is measured against the previous quarter. A recession is when the value of goods and services (GDP) has fallen in two quarters in a row. According to Ken Raiss, if a recession did occur now, the bounce back would be relatively fast. The negatives at the moment are subdued property prices and wage growth. But more people have jobs than ever before and for most people, the ability to pay their living expenses and home expenses is driven because they have a job. The unemployment rate is at the lowest it's been for quite some time. The Australian economy has turned around in relation to property process, so the rate of decline has slowed. There's a lot of activity in the economy and money being generated. The RBA has relaxed its restrictions on home lending. APRA have reduced the gap that they require to show that people have an ability to repay. We also have a more stable government, we're seeing a stimulus by the government at both the state and federal level, and we're seeing growth in iron ore and coal, both in price and volume. Additionally, population growth is up. These are all signs that we should be optimistic about the future of Australia's economy. What if my investment property ends up on Airbnb? Leanne Jopson Every state has slightly different legislation, but landlords do have protection against their tenants letting out their properties on Airbnb. In Victoria, owners' corporations have the power to impose fines on owners of properties where their tenants who disturb other residents. They can be charged a separate fine for each resident affected. Across all states, landlords are protected because a tenant can't sublet your property without permission. That restriction was briefly lifted in 2016, but now it's back in place. In New South Wales, planning laws limit the number of nights that a property can be let on a short-term stay basis (like Airbnb). The key to finding out a tenant is subletting is having a professional property manager monitor for telltale signs. Some signs include: Key safes outside of properties Too many toothbrushes Empty or extra beds Lots of spare linen in the cupboards When it comes to insurance claims for damage caused by an Airbnb letting, if you granted permission for your tenants to let the property, you will need to have your policy adjusted to cover that risk. But if your tenants were letting the property without your permission or awareness, you'll be able to make a claim for your damages. Links and Resources: Michael Yardney Metropole's Strategic Property Plan – to help both beginning and experienced investors Ken Raiss – Metropole Wealth Advisory Organise a time to speak with Ken by clicking here: www.Wealth.Metropole.com.au Leanne Jopson – national director Metropole Property Management Some of our favourite quotes from the show: "Sometimes we ignore our gut instinct about people, and it can get us into hot water." – Michael Yardney "If you make decisions based on what you may think feels good in the moment, then it's very likely you're going to fail to take care of your long-term plans." –Michael Yardney "If you're not strong on detail, you'd better surround yourself with people who are." – 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 Reserve Bank's board meeting minutes for July paint a much more gloomy picture of the economy than the one governor Philip Lowe paints in public. The RBA has left the door open to even more interest rate cuts due to their ongoing concern about the state of the jobs market and the lack of wages growth. So what does this mean for our economy, for our property markets and for your pay packet? The RBA board members agreed jobs growth needed further acceleration when they cut the cash rate to a record low to 1% at the beginning of July, but the minutes from the central bank's latest board meeting confirmed that further rate reductions are on the table. In fact the money markets are pricing in a 78% chance of another 0.25% rate cut in November. Some of the topics we discuss: What is going on with our economy The RBA minutes seem to contradict the positive spin RBA governor Phillip Lowe put on things when he recently met with Treasurer Josh Frydenberg and said: "I agree 100 per cent with you that the Australian economy is growing and the fundamentals are strong." The Reserve Bank seems to have set itself some ambitious goals when it indicated that it wanted our unemployment rate to drop to 4.5 per cent, which they argued would mean full employment. At that level the RBA believe excess capacity in the labour market would be soaked up, wages would start to rising and in turn this would drive inflation back up into the RBA's target band. This looks like quite a challenge. The last time unemployment was that low was late 2008, and inflation has only been in their preferred range of 2-to-3 per cent a couple of times in the past five years. The big question is - where will all the new jobs come from. With the construction industry slowing down and retail spending languishing, it will be really hard to create the number of new jobs the RBA is hoping for. Will this lead to another property boom? Some commentators are suggesting we're on the cusp of another property boom with surging house prices. While lower rates and more jobs will be positive for our property markets, I don't see a property boom ahead. Sure prices will flatten out over the next few months and then start rising gently, but it is likely property values will only rise 3% to 5% in our 3 big capital cities next year. Of course our markets will, as always, be fragmented, so some areas will outperform. However if overall house prices do respond aggressively, this will create a policy dilemma for the RBA which doesn't want this to occur. What's happening on the jobs front The continued flood of new job seekers has pushed the participation rate to record highs and meant solid employment growth has made no inroads into the unemployment rate (5.2%) which has actually climbed a little over recent months. Why we are skeptical that lower rates will decrease the unemployment rate to the range the RBA is looking for. If the RBA expects growth will only return to trend "over coming years", then it's unclear how the economy will produce enough jobs to push the jobless rate to 4.5 per cent or below, which is where monetary policymakers now reckon it needs to be before we get some meaningful and sustainable wages growth. Links and Resources: Dr. Andrew Wilson, chief economist of MyHousingMarket.com.au Join us at our annual Property Renovations and Development Workshop in October – click here for more details This podcast was originally published as a video here:Are we heading into dangerous territory? What the RBA minutes reveal – PROPERTY INSIDERS VIDEO 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 mood for our property markets has definitely changed. If I were to ask you what moves our property markets, what would you say? Finance? Supply and demand? Today I'm going to discuss one of the major factors that move our property markets. It's one that most people don't talk about or understand. In my mindset moment I'm going to discuss ways to fail. This show is usually more about success than failure, but if you understand how to fail, you'll better understand what not to do so that you can become more successful. Finally, I will have a chat with Ken Raiss about some finance hacks about getting more financially fit. How investor mindset moves the markets Market movements are far from an exact science. The fundamentals are easy to monitor. Things like population growth, supply and demand, employment levels, interest rates, affordability, and inflationary pressures. However, one overriding factor that the experts have difficulty quantifying is investor sentiment. And that's what's really been behind market movements of late. We're not rational I've found that investors often suffer lapses of logic when investing and many of their investment decisions are driven by emotion. For example, we tend to extrapolate the present in the future. When things are booming we tend to think the good times will never end and when the market mood is glum, we have difficulty seeing the light at the end of the tunnel. Can you see how investor psychology, drives booms and busts? Can you see how the dominant investor mentality of the time helps drive the property cycle? Just to make things clear…homebuyers, who make up around 70% of property transactions drive our property markets. But investor activity creates our booms and busts. We follow the herd. Obviously, one or two misguided investors won't be able to influence property prices, but investor psychology is infectious. People tend to want to do what others are doing - they 'follow the herd' because going against popular opinion is perceived as risky. What if you make a mistake? What if "the crowd" is right and you are wrong? This behaviour stems back to the days of our ancestors when it was safer to remain part of the herd rather than leave the security of the pack and be eaten by a Saber-toothed Tiger. This "herd behaviour" is magnified by several things including; Mass communication enabling the behaviour to become infectious. Now more than ever we are bombarded with messages from the media that influence how we think and feel about things. When we hear that real estate is doomed, all but a handful of sophisticated investors get scared out of the game. And when the media tells us housing markets are booming everyone wants a piece of the action. Pressure to conform. If your friends or family are doing it, it must be right. Right? Human nature makes us reluctant to do the opposite of what our peers are doing. A major precipitating event can give rise to a general belief that motivates investor behaviour. The Global Financial Crisis that saw waves of investors scared out of the share and property markets. On the other hand, the resource boom enticed thousands of investors into mining town housing markets to cash in on the resulting property boom. A general belief that grows and spreads. When the belief that property values can only go one way, and that is up, spreads through an uneducated new generation of investors the enter the market pushing up prices, perpetuating the belief and helping make it a reality! Similarly, when the herd believes the market is going to crash, they steer clear, this gets reported in the media and the negative sentiment feeds on itself. When investor sentiment is positive, the crowd jumps in feet first, pushes up demand and places upward pressure on prices – causing boom conditions. Conversely, when sentiment is negative, the crowd backs off and frequently sells out of the game due to concerns that they're about to lose everything – causing market slumps. What can an investor learn from this? Our property markets aren't only driven by fundamentals, but also by the often irrational and erratic behaviour of unstable crowd investors. Booms never last forever, and neither do busts. Don't be surprised when they come around and don't overreact. This will stop you from getting sucked into the booms and spat out during the busts. Treat your property investments like a business and stick to a proven strategy to help take the emotion out of your decisions. Recognise that property is a long-term play and set up financial buffers to help you ride the property cycles. Invest counter cyclically I've always been an advocate of counter-cyclical investing because moving against the crowd often produces the best results and can mean the difference between outstanding gains in the property market and average ones. Sure, it takes some courage to do the opposite of what everyone else is doing, but the results of your contrary behaviour will ultimately speak for t

Want to build a business and not a job? If you're a business owner, entrepreneur or professional, you'll have to grow your business very differently to most people. The traditional way to build a business is to build a Level Two business. In a Level Two business, you as the business owner gather up the reins of power. If something should happen to you, your business would crumble. If you manage to somehow escape for a short vacation, you probably sneak your laptop or iPhone with you on the trip and check email when your spouse and kids aren't looking. What's wrong with building a level 2 business? Pitfall 1: It caps your income and your success. If your business revolves around you and your personal production, as you become more successful, you'll smack up against the ceiling of how much you personally are able to produce for your business. Pitfall 2: It puts everyone at greater risk. If you stop working or get injured, your business dies—quickly. This is risky for you, your family, your employees, your customers, and your investors. Pitfall 3: It eventually corners you in the Self-Employment Trap™— the more success you have, the more trapped you become inside your business. You're so busy doing the "job" of your business that you can't step back and focus on growing your business. What's the way out of the Self-Employment Trap? Simple: build a business, not a job. In the traditional Level Two approach, you try to escape by personally working harder. But that's like stepping on a treadmill and saying that the way to get off is to simply run faster. Not so. The faster you run, the faster the speed of the treadmill. You take on more overhead and hire more employees, but you put them into a Level Two model that merely increases your personal pressure to produce. A job is something that you do yourself; a business you build does your job for you! Getting your business to do more means building the infrastructure that profitably produces value in the market in a scalable way. This means building your business with the end in mind, the end being the day when it no longer needs your time and attention on a daily basis. As you enter Level Two, you'll face a crucial decision point at which you can settle for owning a Level Two job or instead choosing to raise your business to be a strong and independent entity that benefits from your involvement but is ultimately independent of it. The traditional Level Two approach is for you the owner to work harder, to do more—to work at the job of your business. The Level Three solution is for you to do less and get your business to do more. The 4 Building Blocks of All Level Three Businesses Every Level Three business is made up of these four key building blocks: Systems Team Controls Scalable solution Links and Resources: Metropole's Business Accelerator Mastermind Mark Creedon – Business Coach to some of Australia's leading entrepreneurs Some of our favourite quotes from the show: "I've learned over the years that it really is important to let go of control" –Michael Yardney "If everything's dependent upon you, what happens if something happens to you?" –Michael Yardney "Having a group of people around you who are already movers and shakers, who are already successful, that's so, so different to reading something on the internet. It's so different to reading a book or listening to a podcast." –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 looking for more money, more success or to learn to be a better property investor, today's show is for you. I'm going to share three important concepts in today's episode. Firstly, I'll be sharing some tips for a better financial future. Then, in my mindset moment, I'll explain the big investment that the rich make that the poor don't. Finally, I'll have a chat with Brett Warren, the Director of Metropole Properties in Brisbane, about the lessons that he would have liked to know earlier in life that would have helped him become a better investor and more successful person. 7 Tips for a better financial future Start paying attention to your finances Allocate where your money is going Faithfully follow your budget Keep track of your net worth Set some financial goals Pay off your debts Spend less than you earn, and start saving the rest The investment that separates the rich from the poor I'd like to share with you one surprising investment that separates the rich from the poor. And that's how you invest your time. That's going to determine how your financial future will unfold. People often tell me they can't invest because they don't have enough money, and I tell them that if they don't have enough money, invest their time. However, most people don't have enough time to invest either. They think working harder or longer is going to make them richer. But nothing could be further from the truth. The problem is most of us are working harder, but the inflation-adjusted wages have stayed stagnant. Working more doesn't mean making more or keeping more. Rich people work to build assets. This means businesses or investments that will bring cash flow whether the person is working or not. Adding assets doesn't mean working longer or harder. The more financially fluid you are, the less you'll need to work. Rich people know how to make their money, and other people's money, work for them. Lessons for Better Property Investing and Success Location does 80% of the heavy lifting Choose capital growth over cash flow Success comes from a series of small steps in the right direction Successful people have multiple streams of income Links and Resources: Michael Yardney Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Brett Warren – Director Metropole Properties Brisbane Some of our favourite quotes from the show: "Debt takes away your options, and debt takes away your future financial freedom" –Michael Yardney "Never buy anything with your credit card that you can't pay off by the end of the month." –Michael Yardney "Success is a long-term journey, and along the way, as we've mentioned before, there's lots of little failures." –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

Would you like to know where house prices are going to be at the end of this year and next year? Today, I'll share the latest forecasts from Domain, and we're going to run through them state by state and explain what might make them better or worse depending upon what happens in our economy. Then in my mindset moment, I'm going to show you how you won the lottery. Today's episode contains a lot of numbers and figures, but I think the trends that I'm going to explain will give you some comfort. What's Ahead for Australia's Property Market? Remember, it wasn't that long ago that our media was predicting housing market Armageddon. The property pessimists have again been proven wrong. Having said that, this has been the longest and the deepest property downturn in modern history. What's ahead? Remember there is not one property market nor one Sydney or Melbourne property market, but having said that, Trent Wilshire, economist for Domain, forecasts that property values are likely to stabilize in the capital cities by the end of the year, and in fact rise in some locations, and he predicts moderate growth in 2020. Forecast for Sydney: House and apartment prices will be 2% higher by the end of 2019 In 2020, house prices will increase by 3 to 5% Apartment prices will rise by 2 to 4% in 2020 About 25% of home loans in New South Wales in March went to first home buyers Prices of off-the-plan and new apartment in high rise towers Sydney are likely to fall Forecast for Melbourne: House prices have fallen about 11% since their peak, and apartment prices have fallen about 8% Prices are likely to increase by about 1% by the end of 2019 In 2020, house prices will increase by 1 to 3% Apartment prices will rise by 0 to 2% in 2020 Melbourne's population is predicted to rise by 10% in the next few years Forecast for Brisbane: Housing prices will bottom out in the next 6 months and rise by 1% by the end of this year and 3-5% in 2020 After bottoming out apartment prices in Brisbane will remain flat next year. Brisbane's fragmented market means that some areas will rise faster than others Forecast for Canberra House prices will rise by 2% by the end of 2019 Apartment prices will rise by 1% by the end of 2019 Canberra will be the strongest property market in 2020 House prices will grow by 4 to 6% in 2020 Apartment prices will be subdued by the oversupply of apartments Apartment prices will grow by 1 to 2% in 2020 Forecast for Perth: Prices will bottom out over the next 6 months After prices bottom out, there will be slow growth Perth will see 0 to 2% growth in 2020 Perth will see a rise in population growth Forecast for Hobart: Hobart has been the best performing property market in the last 3 years, but the boom is over Hobart will not see any growth in housing for the rest of 2019 Apartments will grow by 2% in Hobart by the end of the year There will be 2 to 4% growth in Hobart house prices in 2020 Forecast for Adelaide Adelaide property prices continue to rise slowly Adelaide will see 1% growth for houses in 2019 Adelaide will see 2% growth in apartments in 2019 In 2020, Adelaide's housing prices will rise by 1 to 3% Links and Resources: Michael Yardney Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Some of our favourite quotes from the show: "Remember, Melbourne is rated as one of the 10 fastest growing large capital cities in the developed world." –Michael Yardney "Property prices are driven by investors in particular." –Michael Yardney "Entitlement gets us nothing but heartache. It blinds us to the magic of gratitude." –Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

There is change in the air – our property markets are showing some promising signs And the biggest question buyers and sellers in Sydney and Melbourne are asking is: "Are we there yet?" In other words, they're wondering have our property markets hit the market floor and is it time to get back in again? We've also received the much anticipated second interest rate cut, which by the way isn't good news. In this month's Property Insiders market update Dr. Andrew Wilson and I bring you up to date on what's happening around our property markets. We discuss This month's interest rate announcement – the RBA is clearly targeting unemployment. They want to move the unemployment rate down into the low 4's to soak up the spare capacity in the employment market with the aim of impacting wages growth. The Global economic environment. The major story this month has been the trade tensions between the US and China. If they persist they could impacting global GDP but we did see some positive moves recently with a downgrading of the tensions. The Domestic economy – including GDP - we saw the March quarter GDP figure — growth for the March quarter of 0.4%, which meant that the annual pace of growth in the economy has dropped from 2.4% down to 1.8%. The unemployment rate in May was steady at 5.2%. There were 42,300 jobs created — the strongest monthly jobs growth in the past 12 months – 39,800 new part-time jobs were created, whereas only 2,400 jobs full-time. The participation rate rose to 66%, which is the highest it's ever been in terms of people looking to get employment. The Wilson Asking Price Index - There are mixed signs this month with asking prices improving in Sydney – but falling elsewhere Auction clearance rates What's ahead? Nationally our property markets are likely to bottom out in the next few months and property values are likely to be a little higher at the end of the year than they are today. While servicing a mortgage may become a little easier, the introduction of the Banking Code of Conduct and the expansion of Comprehensive Credit Reporting from the beginning of July means the scrutiny on loan applications will remain significantly greater than it has been in the past. Given this, don't expect a significant bounce in property values – the recovery in housing market conditions is likely to be slow and gradual. Links and Resources: Guest: Dr Andrew Wilson – MyHousingMarket.com.au July 2019 Housing Market Commentary | PROPERTY INSIDERS VIDEO PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

Our subconscious never sleeps, it keeps working tirelessly day in and day out. It's the seat of our emotions and our memory and it responds to our beliefs. That's what I want to talk to you about today. There's something in your brain called the reticular activating system that acts as a data filter. Our brains are constantly bombarded with millions of bits of information, and this system eliminates most of those, allowing in only the sounds it's preprogrammed to allow in. What I'm trying to show you in these sessions, is that some of the habits we have are engrained in the subconscious. We all have empowering and disempowering habits. In today's show, I want to go through with you the habits that differentiate between the successful people and the average person so you can learn to work on developing habits that will help you on your way to success. Success Habits of the Rich Successful people don't believe in or wait for fate, destiny, chance or luck to determine or shape their future. They believe in and are committed to actively and consciously creating their own best life. The poor think about money emotionally, while the rich think about money logically. Successful people have a plan for their lives and work methodically at turning that plan into a reality. Their lives are not a blundering series of unplanned events and outcomes. The poor often think that rich people are dishonest, while successful people know that rich people are ambitious. While the poor believe money is the root of all evil, wealthy people know that poverty is the root of all evil. The poor believe money changes people. The rich understand that money reveals people. The poor are worried that if they become rich they will lose their friends. The Rich believe being wealthy will expand their network. Successful people are resilient. When most would throw in the towel, they're just warming up. The poor believe their thinking is unrelated to their net worth. Successful people know their mindset is critical to their results. Many people believe you have to be educated and smart to be rich. Successful people know intelligence has little to do with getting rich, but know they have to be financially fluent. Links and Resources: Michael Yardney Metropole Rich Habits Poor Habits Some of our favourite quotes from the show: "People sabotage themselves and they don't get rich because they have these feelings that the rich are ugly greedy bad people, and that's not necessarily the case." –Michael Yardney "If you can change your habits, you're going to change your life." –Michael Yardney "Your mindset is critical to your results in life, in all areas of your life, including money." –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 I would do differently if I could live my investing journey all over again. If you ask me, one of the keys to investment success is the ability to pick yourself up from setbacks, learn what you can from them (including your own limitations) and simply try again. So, to help prevent you from making the same mistakes, I've put together 16 things that I wish I'd known when I first started investing. The value of education My first couple of investments were successful, but the worst thing that can happen to a beginning investor is to get it right the first time – you think you're smarter than you are when in truth my early successes were because of a rising market rather than my own "brilliance". Thankfully, I recognised this and set about becoming better educated by reading books and seeking out teachers, mentors, and consultants for advice. And I still continue with my education and personal development to this very day. Goal setting Far too many people invest in property with no idea what they want to achieve or by when. They may buy one or two investment properties, usually in suburbs where they live or "understand", but they haven't set any clear long-term goals. 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 Because everyone has lived in a property of some sort, most people think they know a bit about property. While property investing may be simple, it's not easy and that's not a play on words – it takes skill. And sometimes those skills should come from other people who know more than you do. So, create a good team around you including mentors and advisors or your "brains trust" as I like to call it. However, if you're the smartest person in your team, you're probably in trouble. Think rich, not poor You probably believe that you deserve to be rich and successful. The problem is your income will seldom exceed your personal development. That's why it's important to develop the mindset of rich people and the rich habits of successful property investors. Have an abundance mindset To become successful, you'll also need an abundance mindset. What do I mean by that? 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. Delaying gratification Far too many people can't resist the instant gratification of buying that shiny new toy using their credit card thinking the money in their limit is theirs. It's not – it's the bank's money you pay interest on for the privilege of using. 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 The truth of the matter is that fear is a powerful human emotion. While it can help us, it can also prevent us from investing because we illogically see it as too "risky". However, with a sound investment strategy, and a property team around you, you can minimise the risks. Don't let failure hold you back We all make mistakes. The difference between ultra-successful people and the average Australian is that successful people don't let failure hold them back. Instead, they get up and try again. What I mean is that, because we can't go back in time to change decisions that we've made, there really is little point in dwelling on them, is there? Instead, I prefer to learn from my mistakes and move forward smarter than I was before. And in the world of property investing, there is so much to learn and unfortunately, mistakes can be costly. Understanding the power of compounding and leverage One of the big secrets to successful property investment is the power of compounding and leverage. This means the earlier you start investing and the longer you hold your properties, the more time your money has to grow. And with a long-term horizon, you don't have to be overly concerned about the ups and downs of the market. It's not a get rich quick scheme Sure, Sydney's property market has made heaps of money for investors over the past six years. But for the 7 years before that, the market was actually flat. Having invested for over 40 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 You're probably aware how the media loves a real estate story – particularly those that "predict" a property bust. The truth is that a significant price falls in well located "investment-grade" capital cities properties is unlikely. So, learn to ignore the "white noise" and keep your eyes on your long-term goals while not taking notice of short-term market vagaries. Both capital growth and cash flow are important In m

Do you want to know when our property markets are going to bottom out? Think about it…it wasn't that long ago that the media was telling us that we're in for even further property price falls. But look what's in the media today. Many people are asking how to pick the turning point in the property market. Is it too early to get in and buy countercyclically? Is this the right time? In this episode, we'll talk about what to look for to pick the turning point in the property market. Also, I'll share my views on buying counter cyclically. I'll also share some of the lessons that we've learned from past property downturns, and in my mindset moment, we'll have a chat about fears. How to pick the turning point in our property market Even the smartest economists armed with all the data can't pick the exact moment the market turns. But there are some signals you can look for. The macro economics – The property market doesn't work in a vacuum, so the world economy and the country's economy matter. Keep an eye on inflation and wages growth as well. Finance – Property markets are driven by the availability and affordability of finance. Keep track of data on credit growth. Credit growth is a leading indicator – it turns positive before the markets do. Market sentiment – Increased consumer and business confidence are good signs for the future. Supply and demand – The population is growing faster in Australia than any other country, and this fuels demand for property. Vendor discounts -- When sellers don't have to give as much of a discount to sell their home, that's a sign that property markets are starting to turn, and that will come before property values start to increase. Increase in the number of transactions – This will happen as buyers and sellers return to the markets Asking prices – Asking price is an accurate real-time indicator of what's happening in the market Option clearance rate – This is a good indicator of market confidence. Now is a good time to make a countercyclic purchase in Sydney or Melbourne or ride the property wave that started a while ago in Brisbane. Lessons learned from past property downturns I've been investing since the early 1970s, so as you can imagine, I've seen the ups, the downs, the stabilisation phases, and the booms come and go and repeat themselves. I'd like to share with you ten lessons I've learned from previous cycles. Booms never last forever – Every boom sets us up for the next downturn, so be prepared when it comes. Adhere to the strategy – Don't change your long-term strategy because of short-term factors. Getting rich quick is getting poor quick – Successful property investing takes time. There are no shortcuts. You need a long-term perspective – Keep your eye on the long-term horizon. Property investment is a game of finance with some houses thrown in the middle – Strategic investors buy time by having financial structures in place to ride through the cycle. Invest in locations with a future, not a past – Find a location where the local economic growth will lead to jobs and wages growth. You know less than you think – An overinflated ego will leave you worse off than you started. Surround yourself with mentors and experts who can teach you things you didn't know. Don't mistake money for wealth – True wealth hasn't got to do with how much money or property you have. It's what you have left when you lose it all. When good times seemingly turn bad, property pessimists and doomsayers come forward – Sophisticated investors ignore the white noise and focus on the long term. Opportunity is knocking – Take action when those around you are talking doom and gloom. Links and Resources: Michael Yardney Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Some of our favourite quotes from the show: "As I see it, there really hasn't been as good a time to buy counter cyclically for over a decade." –Michael Yardney "A world without fear would be simultaneously more dangerous, less rewarding – just plain flat." –Michael Yardney "Don't be scared of bad things happening. Do your homework, do your research, and get on with it." 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 thought about investing in commercial property? You're not alone — faced with the prospect of more moderate returns from their residential property investments, many investors are considering this as an alternative. By this, I mean offices, shops or warehouses. In today's podcast, I'll be exploring the benefits of investing in commercial property, as well as some of the negatives. Benefits of commercial property There are of course many benefits from investing in commercial property Strong returns — Over the years commercial property has provided strong returns as a combination of capital gain and income. Stability of income — One of the important features of commercial property is returns are generally high and more secure. Returns for property fluctuate considerably less than returns on shares. Low risk — There is less volatility in the value of commercial property than in shares — if you own the right property. Exposure to different sectors of the economy — Retail and industrial properties have a direct relationship to the general state of the economy. Retail property depends upon consumer spending. Tax benefits — Commercial properties provide generous tax benefits with substantial depreciation allowances. Some buildings also attract building allowances, where a portion of the structural cost can be offset against the assessable income. Hedge against inflation — The value of commercial property and rentals of commercial properties have outpaced inflation over the long period. Investment control — As the owner of commercial property, you have a significant degree of control over your investment. You can choose to do improve your return through renovations, upgrading, and change of the use of the property, or you may amend the terms of the lease or the type of tenant you have and you always have the option of further development of the property or dispose of it. Leverage — Just as with residential properties it is possible to leverage your returns by borrowing up to 70% of the value of commercial property. Adding value — Just as investors in residential property are able to add value by buying a run-down property and renovating or redeveloping it, there are opportunities in commercial property to add value. In particular, if you can increase the rental income from your property this will directly reflect on the valuation of the property. Ways you can add value to your commercial property investment include: Renovating Upgrading Subdividing or enlarging the block Improving the appearance of the property Obtaining permission for redevelopment Renegotiating the lease Changing its use for example to residential The negatives of commercial property Some of the disadvantages of investing in commercial properties include: Lack of liquidity — Selling a commercial property can take several months — often longer than it takes to sell a well-located residential property. Lack of pricing information — Compared to residential property there is little pricing information available for investors in commercial property. It is, therefore, more difficult to know the value of your particular property. You may able to get some information from the Property Council of Australia or from the following websites https://www.commercialrealestate.com.au/or http://www.realcommercial.com.au Scarcity of other information — If you are interested in share or in residential property, there are many blogs, magazines, newspapers, and websites that will help keep you informed and make you a better-educated investor. There are very few information resources for people interested in commercial real estate. You will find some articles in the Australian Financial Review and in the reports produced by some of the larger commercial property agencies. Higher costs — The entry level to purchase a commercial property is usually higher than that for residential. Partly because the price of a good commercial investment is substantial and partly because you require a larger deposit as banks won't lend you as high a proportion of your property compared to residential real estate Ongoing management — Direct property investment in commercial properties can require your ongoing management but usually requires less management than similarly priced residential properties. Links and Resources: Michael Yardney Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Commercial Property Investment Guide Ahmad Imam - Metropole Properties Sydney Some of our favourite quotes from the show: "My mistake was doing it a bit too early because I didn't recognize at the time that while I got good cash flow, I didn't get much capital growth." –Michael Yardney "As a commercial investor you need to come up with more equity, you need more cash in your stash to get going." –Michael Yardney "In general, commercial investors are looking for the security of the lease." –Michael Yardney PLEASE LEAVE US A REVIEW

The 7 Major Benefits of Taking Your Business to Level Three It's well worth investing your time, energy, and resources to build a thriving Level Three business. When you do, here are the seven tangible benefits you'll get: It gives you control over your financial future. It will massively increase your net worth. Your business is much easier to scale. You earn your freedom from your business. A Level Three business gives your staff security and growth opportunities. Your business is dramatically more stable. You have a greater impact on your market. So, let's look at 4 myths that hold people back building a level 3 business Myth 1: It's too risky. Is starting your own business really so risky? Let's look at the facts. Fact: According to most credible studies, a generic business start-up that has at least one employee has a roughly 70 percent chance of still being in business after two years (the way most studies define "success" for a start-up business). More than 50 percent are still in business after five years. And these numbers are misleadingly low in most instances. Why? Because the data doesn't account for businesses that close for legitimate reasons other than "business failure"— reasons such as health issues, the desire to start a new business, or other personal reasons. These statistics are a source of encouragement. After all, if 70 percent of new business owners can succeed through the first two years and at least half make it through year five, imagine how much better your odds are when you tap into the support, training, and input from resources such as the Business Accelerator Mastermind community. Myth 2: It will consume your life. Yes, launching a new business is intense. So are the Level Two years of establishing, grooming, and growing your company. But when you understand the Level Three Road Map, you see that as you grow your business, you not only can but must build it to be increasingly less dependent on you. That's why we're encouraging you to build a business, not a job so that over time you can transition your business away from needing you on a daily basis. Myth 3: You've got to stay in control. Control is a trap that will wrap your business around you, making it grow progressively more dependent on you. Instead, learn to build your business with the systems, team, controls, and scalable solutions in place that enable it to operate independent of your autocratic control. Myth 4: It takes a lot of money to launch a new business. In the past it did take quite a bit of capital to establish a new business. But technology has changed the playing field, giving new-comers easier and less expensive access to businesses than at any other time in history. Links and Resources: Metropole's Business Accelerator Mastermind Mark Creedon – Business Coach to some of Australia's leading entrepreneurs Some of our favourite quotes from the show: "I am still involved, because I enjoy it, because I'm having fun." –Michael Yardney "I guess one of the reasons many of us get into business isn't just to have a job to get money, but to leave an impact, leave a legacy on your community and on the world." –Michael Yardney "Hard work isn't going to be enough to get you out of the rat race." –Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how.

There are so many predictions about what's going to lead to property price growth in the future, but today with Pete Wargent, I'm going to explain to you a demographic tsunami that's going to change our property markets, and one that you really must understand if you want to own the sort of property that's going to outperform in the future. I'm also going to discuss the 7 signs of a shonky property guru. This came from a game I played over the weekend. Listen in to find out more. Then in my mindset moment, I'll explain why being rich is a choice. Yes you have a choice. If you want to, you can become rich, and I'll explain how. This demographic Tsunami will change our property markets There's no shortage of housing forecasts at present, and many of them are a bit scary. And what this means is that many investors are making decisions based on the media instead of the fundamentals. But there's one big driver, a veritable tsunami that the property pessimists seem to have forgotten. It's not our economic growth and it's not jobs growth, it's a demographic tsunami that's going to hit us according to Pete Wargent. Sydney, Melbourne, and Southeast Queensland take up the big chunk of the population growth, about 400,000 per annum Because Australia's visa programs are tilted to the under-30s, there's an enormous surge of people in the 25-34-year-old age bracket, the typical first homebuyer age Population growth is important, but so is household formation Many first homebuyers will initially live in apartments Younger people are congregating in the inner suburbs, especially Sydney and Melbourne Younger people want to live in modern accommodation that is close to amenities and lifestyle, but not in high-rise towers Owner-occupiers drive the market and investors create the booms in-between Australia's population is headed toward about 30 million over the next decade up from 25 million Trends that are going to drive property values up over the next decade: Close to amenities Municipalities where gentrification is occurring Walkability Easy access to public transport The rise of electric vehicles Melbourne will overtake Sydney in population over the next decade 7 Signs of a shonky property guru They tend to brag about their achievements and talk themselves up They claim their "secret techniques" can work for anyone They don't warn you about the risks or the possibility of failure They say you can get involved in property with little or no money Their testimonials sound too good to be true They pretend to be mentor when their aim is to sell you property They suggest you can amass a large number of properties in a short period of time Links and Resources: Michael Yardney Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Pete Wargent Some of our favourite quotes from the show: "In the middle is where a lot of people are going to want to live." –Michael Yardney "Over the years I've learned that becoming rich starts with something as simple as the thoughts that you put in your head." –Michael Yardney "The minute a guru starts mentioning how successful they are, how wealthy they are, how happy they are, my alarm bells tend to go off." –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 want to become successful at anything, whether it's property investment, business or entrepreneurship, a great strategy is to find yourself a mentor – someone who's achieved what you're wanting to achieve and study them, learn from them and emulate them. You can learn from their successes as well as their failures. In fact it's much cheaper to learn from your mentor's mistakes So please allow me to be one of your mentors. You see…I frequently get interviewed on the radio, television and on podcasts. And today I'd like to replay an interview that brought out a lot of great information about my youth, my successes and also the things I've done wrong. As I said…if you can learn from other people's mistakes, why not do that instead of making these yourself? Mike Mortlock from MCG Quantity Surveyors interviewed me for his podcast. This show is about double the length of our normal show, but there's a lot of good information there that both new and returning listeners will benefit from. Some of the topics we discuss during the interview How I got interested in property My first property What led me to start the Metropole Group of Companies How finding mentors and learning from mistakes helped me create the business that I have today Some of the mistakes I've made Patterns I've learned in the property cycles Strategies that I have used in my real estate investment journey Which locations are going to outperform in the long run Why investors should think like home buyers What opportunities exist for potential investors with limited budgets How long it really takes to become financially independent Some strategies for new investors Difficulties with getting financing when you have several properties A mistake that I sees property investors frequently make How investors can use renovations to add value Why behavioural finance and investment psychology are important subjects to understand How biases affect financial decision making The services that Metropole offers Links and Resources: Michael Yardney Metropole Property Strategists Michael Yardney's Mentorship Program Mike Mortlock MCG Quantity Surveyors Some of our favourite quotes from the show: "I'm actually a real success at failure. I guess there's been tenacity to keep going." –Michael Yardney "The good and the bad times are keep coming, so be prepared for them. Maximize your upside and be prepared to cover your downside." "One of the big lessons of successful investors, business people, is to delay gratification. Wealth is the transfer of money from the impatient to the patient." –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.

In today's show, we're going to talk about the future of our property markets. It's important to understand what the markets will be going over the next five, ten, or fifteen years and what sort of properties will be in continual strong demand so that they outperform the averages. I'm going to do talk about that in two separate segments. Firstly I'm going to explain an important factor shape our futures, and it's not the normal demographics I talk about. You'll be surprised. In the second segment with Dr Andrew Wilson, we're going to talk about the apartment markets. Because we've had a building boom in apartments, many people said we had an oversupply that was going to lead to a crash. In some segments of the market that didn't occur, but in other segments it did. Also, in my mindset moment, I'm going to tell you about the first car, and what that has to do with success and money. This will shape the future of our cities I'd like to have a chat about one of the major factors that's going to shape our cities and property markets in the future. Property investing is a long-term game, and you want to own the kinds of properties that are going to grow at wealth-producing rates of return in the future. Many people are saying that we can't have the same sort of capital growth that we had in the last 10-15 years over the next decade or so. It's just not possible. There are so many factors that could be involved that I don't want to predict exactly what capital growth will look like in the future. But I do want to suggest that what we should be looking for are properties that are going to outperform the averages. The significant growth in our capital cities over the past couple of decades came about because of two major factors: A significant drop in interest rates Many households moved from single income to two-income households What's ahead in the future? A period of significantly lower interest rates, at least for the next decade Wages growth will remain low, despite strong job creation and low unemployment levels Despite business profits and the low unemployment, wages are not going up. Workers are not only taking home less money, but they're getting less bang for their buck. I see some major workplace changes on the horizon. A lot of existing jobs won't be needed in the future. More and more jobs will be done by fewer people. An accelerated hollowing out of the middle class There will be more lower paying jobs, temporary jobs, and casual jobs. Don't blame Big Brother or the government, though. A lot of this has to do with Artificial Intelligence coming. A lot has to do with offshoring of manufacturing and other jobs. But it's all changing. Michael Matusik created a great table where he explains the difference that he sees amongst the distribution of different jobs in Australia moving forward. He classes people as being either high-income earners, low-income earners, or middle-income earners. The trends are more important than the exact figures, but he suggests that over the last 25 years or so, 30 percent of us were high income earners, but it's actually dropped to around 25 percent now and will drop to 20 percent over the next 25 years. Middle-income earners were around 50 percent in the past, but have dropped to 40 percent and will continue to drop to around 30 percent. Meanwhile, low-income earners previously made up around 20 percent of Australians now make up around 35 percent and will increase to around 50 percent. Michael writes that 47 percent of existing jobs could be obsolete by 2030, and that demand for the remaining jobs will be halved over the next decade. And most of the jobs affected will be in the middle and higher wage levels. So what does this mean for the property market? Where are property values going to increase at above average rates of return in the future? It's going to be in those locations where people's wages are high and their disposable income is high. There's going to be very little impetus for people to buy more property or add to their homes in the outer suburbs and the lower income areas where people's wages aren't rising, which means properties in those areas aren't going to go up much. On the other hand, in municipalities where people's wages are rising, they'll have more disposable income. They'll buy more new houses and renovate more houses, increasing the property values. So, the factors that are going to shape the property markets in the future are: The jobs people have The disposable income they have Their ability to pay to live in the locations where they want to live. The State of our apartment markets More and more Australians are trading backyards for balconies. They're happy to live in apartments trading space for place – they want to live where the action is. In fact, the wave of apartment construction has changed the shape of our cities. Not only in the CBD and near CBD suburbs, but new apartment blocks have spread to the middle and even outer suburbs. Some say

Why do the rich keep getting richer? What do the rich do differently? Being rich has little to do with money itself, but it has a lot to do with how you think about money. If you want to become rich, one of the first steps is to know how the wealthy think about money and act around money. We've been doing a continuing series on the success habits of the rich. Listen to today's episode to learn about even more success habits of the rich. 10 More Success Habits of the Rich Successful people ask the right questions – questions which put them in a productive, creative mindset and a positive emotional state. They understand that the better the questions they ask, the better the answers they get and the better the results they achieve. Successful people have clarity and certainty about what they want (and don't want) for their life. They actually visualize and plan their future while others are merely spectators of life. While the poor believe rich people are lucky, the Rich know luck has nothing to do with their success. The Rich are voracious life-long learners. They constantly work at educating themselves, sometimes formally and academically; but more often informally by asking, watching, reading or listening and also experimentally by doing, trying, failing and trying again. Successful people are glass half full people – while still being practical and down-to-earth. They have an ability to find the good in everything around them rather than look for faults, problems or stumbling blocks. Putting it another way…the poor focus on obstacles in their way while the Rich focus on all the opportunities all around them. While many people are pleasure junkies and avoid pain and discomfort at all costs, successful people understand the value and benefits of working through the tough stuff that most others avoid. The poor believe they aren't worthy of wealth, while the Rich believe they deserve to be rich. Successful people are adaptable and embrace change. They are comfortable with and embrace the new and the unfamiliar, while the majority of us are creatures of comfort and habit. The poor often resent successful and rich people (you know what I mean…they're waiting for the property market to collapse on those who've worked hard to buy an investment.) On the other hand, the Rich admire other rich and successful people. Links and Resources: Michael Yardney Metropole Rich Habits Poor Habits Some of our favourite quotes from the show: "I think the rich people recognize that they're lucky because they've worked hard and they made their own luck." –Michael Yardney "It's not just reading, I guess, when we're talking about educating. It's listening to podcasts like this, it's watching videos, it's reading blogs as well." –Michael Yardney "Most of us don't like change to some degree because it's uncomfortable. The more in control you are of all elements of your life, the better you feel. But change is going to occur, so why not be adaptable?" –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.

Warren Buffet, often called the Oracle of Omaha is a font of wisdom. He is perhaps the most successful investor in history. So, he knows a lot of lessons we can all benefit from. In today's show we'll dissect 19 life-changing lessons from Warren Buffett. 1."Risk comes from not knowing what you're doing." 2."Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks." Many investors don't review their portfolio – they think their underperforming investment isn't costing them anything 3."It is not necessary to do extraordinary things to get extraordinary results." Property investment is simple – but not easy – buy a high growth quality asset and hold it for the long term So many people delay investing because they think they need to understand how it all works or to have lots of money before they can get started. You don't. Just do it. Do it now. Time is ticking, and the most powerful force in personal finance is compounding interest, but it needs time to work its alchemy. This quote is accurate for lots of aspects of life. You don't have to do an extraordinary amount of exercise to improve your health nor do you have to be an extraordinarily gifted athlete to get started. You don't have to be extraordinarily attractive or have an extraordinary game to ask that cute girl or boy out and find extraordinary love. To get extraordinary results, you just have to do a lot of normal things in the right direction. 4."After all, you only find out who is swimming naked when the tide goes out." Look what's happening in the property markets now – a rising tide lifts all ships, but what happens when the tide goes out? 5."Price is what you pay. Value is what you get." 6."It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price." 7."The investor of today does not profit from yesterday's growth." Look for leading indicators, not lagging indicators Some extreme examples are mining towns, Perth and Darwin The same will be said about Hobart in a few years' time 8."It's better to hang out with people better than you. Pick out associates whose behavior is better than yours, and you'll drift in that direction." One way to make yourself better is to spend time with people better than you. At whatever it is you want to be better at. If you want to get in shape, join a running or cycling club. If you want to eat better, only eat with people who already eat well. 9."It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently." 10."Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars." 11."If you get to my age in life and nobody thinks well of you, I don't care how big your bank account is, your life is a disaster." 12."I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over." Small improvements, over time, can make a monumental difference to your habits and your life. 13."You only have to do very few things right in your life so long as you don't do too many things wrong." No one can be good at everything all the time. Everyone can make mistakes. But what you are good at and where you make your mistakes is what counts. If you invest early and often, you don't have to have a big, impressive career making tons of money. 14."Rule No.1: Never lose money. Rule No. 2: Never forget rule No.1." 15."I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful." When people get greedy, prices go up. When they get fearful, the prices go down. If you follow the herd and get greedy, you are likely to overpay for something that has an inflated value. If you go against the herd, you can get a great deal. 16."Our favorite holding period is forever." "If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value." 17."Never invest in a business you cannot understand." 18."Someone's sitting in the shade today because someone planted a tree a long time ago." Long-term thinking (and investing) and planning allow us and others to reap the rewards in the future. If you saved up $500 and opened a Betterment account today and added another $500 a month ($6,000 a year) and earned an average of 7% for the next 20 years, you would have more than $265,000, over a quarter of a million dollars! If you got a late start and doubled those dollar amounts, $1,000 to start and $1,000 a month ($12,000 a year), but halved the amount of time to ten years, at the same 7%, you would have just over $179,000. There is no substitute for planting that tree early. 19."Diversification is a protec

In today's technology age, property forecasters are armed with all of the information in the world. So why do they keep getting property market predictions wrong? That's one of three topics I'll be discussing in today's show. I'll also be talking about some recent statistics that explain a segment of the property market that you really want to avoid. This is one area of the property market just doesn't work. Additionally, in today's mindset moment, I'll talk not about being successful, but about why you should embrace failure. These stats show why you really must avoid off the plan apartments You've heard me say it before, but now the stats prove my point. Off the plan apartments make terrible investments! Analysis by BIS Oxford Economics reports that of the apartments sold off the plan during the past eight years: Two out of three Melbourne apartments have made no price gains or have lost money upon resale. And this is despite record immigration and a significant property boom. In Brisbane about half these apartments bought off the plan are selling at a loss, or at no profit. In Sydney, it is about one in four apartments bought since 2015 are selling at a loss, or at no profit. In other words, more investors in off the plan high rise apartments have lost money than have made money. And of course, there are all those investors sitting on the apartments which are continuing to fall in value, but they haven't crystallised their loss yet. In 2018, 98,000 apartments were completed across the country and 65,000 in NSW alone, according to ABS figures and the situation is only likely to worsen considering the pipeline of projects still being completed. According to the BIS research, resales of apartments within a three to five kilometre of central Sydney, Melbourne, and Brisbane have realised consistently lower prices than established apartment resales. To make things worse... Today with falling property values a large portion of these off the plan apartments are completed they are valuing in at less than contract price at a time when nervous lenders are demanding a bigger deposit from buyers. This double whammy will result in more off the plan investors having difficulty settling their purchases leading to rising defaults on settlements and major discounting by investors trying to get out of their purchases and developers trying to move their stock. According to RiskWise, Brisbane's inner-city apartment market has about 10,000 more homes in the pipeline than it should have, suggesting the city is expected to face more defaults on settlement. And there are long term problems as well... There is no doubt that all those off-the-plan residential property developments have redrawn the skylines of our capital cities and many parts of inner and middle suburbia over the past decade. The spread of high-rise living out of our CBDs to adjacent suburbs as well as into outer lying suburban strips has been remarkable. But... Many of the tiny inner-city apartments built during the boom of the past decade are unlikely to meet the needs of Generation Y as they grow older. Sure more and more of us want to live in apartments - but not ones that are so small and ones that lack amenities Poor construction techniques, particularly the use of inflammable cladding, will devalue many apartment blocks. The high-profile structural problems of the Opal Tower is likely to be only one of many stories of building defects But the biggest risk for off-the-plan units are the proposed changes to negative gearing and capital gains tax if Labor wins government. How investor mindset moves the markets If they're armed with all the research available in today's information age, why can't economists agree on where are our property markets are heading? In fact, a better question would be – why do so many get it wrong? The simple answer is that market movements are far from an exact science. The fundamentals are easy to monitor. Things like population growth, supply and demand, employment levels, interest rates, affordability, and inflationary pressures. However, one overriding factor that the experts have difficulty quantifying is investor sentiment. And that's what's really been behind market movements of late. I've found that investors often suffer lapses of logic when investing and many of their investment decisions are driven by emotion. For example, we tend to extrapolate the present in the future. When things are booming, we tend to think the good times will never end and when the market mood is glum, we have difficulty seeing the light at the end of the tunnel. Think about it…when the media is full of reports about property prices falling and an impending housing crash, many investors become scared and sit on the sidelines, believing the end of property is nigh and things will never improve, when in reality much of the risk has been removed from the market. Conversely, when property markets are booming and stories of investors seemingly making lar

The nation's housing markets are set to be reignited with a stimulus package focused on winding back lending restrictions and lower interest rates fuelling economic growth, in tandem with tax cuts and increased infrastructure spending. While these are positive moves that will instil confidence, there are still some underlying issues that need to be discusses and that's what I chat about in this week's Property Insiders show with Dr Andrew Wilson. Listen in as Dr. Wilson discusses the Big Three Macro Drivers that now point inarguably to a rate cut… 1.Wages Along with most other advanced economies, Australia's has failed to ignite wages growth over recent years despite the lowest interest rates on record and a strong labour market performance. This has been a severe constraint to consumption and overall economic growth. Latest data shows no sign of a revival in wages what remains low and stagnant growth. Inflation Low wages growth and weak consumption has logically constrained prices growth which has remained well below the RBA target range of 2-3% annual growth for years now. The latest data shows inflation now flatlining. Jobs With the jobless rate having risen to 5.2 per cent last week, but employment also stronger with 28,400 new jobs created in the month of April, a dilemma has formed for the RBA on how best to interpret such employment data. The RBA has remained stubbornly fixed to the theory that low unemployment and strong jobs growth will lead to incomes and prices growth. The national labour market after a lengthy period of strong performances is now starting to deteriorate, influenced clearly by the anti-housing market and anti-residential development policies of the Reserve Bank and APRA the financial regulator. This is the now the final straw for the clearly belated RBA backdown on predicted rate direction, with wages and prices still dormant with the labour market now showing clear signs of deterioration that are likely to be sustained. Things are clearly looking up for the Australian housing market Watch the video of our chat here: Are our housing markets set to ignite? Property Insiders VIDEO Dr. Andrew Wilson – www.MyHousingMarket.com.au

Australian property markets are in a slump and the media is full of stories and headlines full of doom and gloom. Is the media just reporting on the property market downturn? Or are they helping to create it? That's one of the topics I'll be discussing with Dr. Andrew Wilson in this week's Property Insiders chat. Listen in to get a better idea of what's going on in the background in the media and in our property markets. But first, in my mindset session, I'm going to share with you five mistakes that a lot of people make that prevent them from becoming financially free. While getting financially free is about the money, it's more about the money habits that many people have. You might have them yourself or know other people who have them. These habits are what stop people from achieving financial freedom. The top five 'financial mindset mistakes' you're probably making Becoming financially free is about your habits. It's not about getting lucky at the Casino one night or a spectacular financial investment that went your way. It's about making good decisions, day in and day out, and continuing to make those decisions over a long period of time until it becomes a habit. This means following a few rules on what we allow ourselves to think and dwell upon. If you can avoid adopting any of the following common mindsets, you'll already be ahead of the game: MINDSET 1: Relying on a wage to get wealthy MINDSET 2: Thinking investing is too hard MINDSET 3: Thinking money just causes problems MINDSET 4: Thinking you don't deserve it MINDSET 5: Being afraid of making a mistake Ask yourself: have you ever fallen into one of the above mindsets? I bet it's held you back. The good news is that there's always time to change your mindset. Money doesn't discriminate – it doesn't care who owns it. So why not have your share? Is the media creating the current property downturn? We're suffering a crisis of confidence and in my mind, the media has a lot to answer for. Is the media reporting consumer sentiment or is the media's negative sentiment creating a crisis of confidence? You can't buy a paper or go online without a headline warning us that property Armageddon is around the corner. Sure, there's a credit squeeze, but the average consumer has lost their confidence because of the media. And the media keeps looking for experts chasing a headline. Listen as Dr. Andrew Wilson chief economist at and I discuss: While the fundamentals are relatively easy to quantify and examine – consumer behaviour is the X factor – hard to predict Worse with the 24/7 news cycle The media loves hotspotting – it's a bit like stock picking The market turned around last year after that famous 60 Minutes program in October last year. Martin North gave 4 scenarios but they honed in on the worst scenario Many of those who make predictions don't have skin in the game – or come from a general economic or stock market background, not property Steven Keen got a lot of publicity in 2008 in midst of GFC said property prices would fall 40% - lots of news coverage – prices fell 5.5% Had to walk 200km from Canberra to Mt Kosiosko wearing a T-shirt saying: "I was hopelessly wrong on home prices! Ask me how. Said he got the timing wrong – he said prices would fall 20% in 2011 and the market boomed – but got lots of publicity Some say I'm permanently optimistic about the property markets – but that's not correct – I'm realistic – in fact, I'm pessimistic about more locations that I think will do well – only 1% of properties are investment grade. 10 million properties in Australia avoid, regional, main roads most suburbs Perma Bears - Doomsayers make money from their predictions Confirmation bias – you read things to confirm your preformed beliefs The rabbit hole of Google – you'll keep reading articles that confirm what you just read. Links and Resources: Michael Yardney Metropole Property Strategists Dr. Andrew Wilson – MyHousingMarket.com.au Some of our favourite quotes from the show: "You won't truly get ahead by working for somebody else." –Michael Yardney "True wealth isn't just about how many properties you've got or how much money you've got, but there's no doubt that having money helps get rid of a lot of your troubles." –Michael Yardney "Don't compare your Chapter One to anyone else's Chapter 12." –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 election is now over, and to the surprise of many, Scott Morrison will remain our Prime Minister. So, how will the outcome of the federal election affect the value of your home and our property markets? How will it affect our economy? That's what I discuss with Dr. Andrew Wilson, in today's show The 2 big unknowns are out of the way - the Haynes Royal Commission and the Election Is it business as usual or will our property markets pick up now? Listen in as we discuss: What to expect next for our real estate markets When the next interest rate movement is likely When our property markets are likely to turn Plus lots more. You can watch this video of this discussion by clicking here.

What's more valuable to you - time or money? Well, you can use your time to create more money. But you can't use money to buy more time. That makes time the more valuable commodity. In today's Build a Business Not a Job podcast, I'm going to have a chat with Mark Creedon about time management and investing your time like it's money. Even if you're not in business or planning to go into business, I've found that we all face the same challenges of trying to squeeze more into the day. Mark's coaching has helped me and the team at Metropole better manage our day, and the information on this show will be valuable to you as well. Listen in as we talk about how you can treat your time as if it were money. Some of the Topics We Discuss in This Episode: How often business owners talk about not having enough time Where to start with time management Planning your day Setting up a morning routine Batching your time Why you should avoid multitasking Setting time frames and saying no Scheduling phone calls, emails, and other interrupters for specific times of day Links and Resources: Metropole's Business Accelerator Mastermind Mark Creedon – Business Coach to some of Australia's leading entrepreneurs Some of our favourite quotes from the show: "One of the biggest excuses I've found business owners give for not being able to work on their business, not having a business but actually having a job is, "I just don't have enough time to do this."" –Michael Yardney "Once a week the phone tells me how many hours I'm spending on it, as well as what I'm doing. Very interesting statistics." –Michael Yardney "So what I've learned from you with batching time is set aside fixed time for the big interrupters. Batch your phone calls, batch your emails." –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 will Australia's property markets change over the next decade? Where will our property markets be in 10 years' time? What will they look like and what are the major factors that affect our property markets over that time? Now they are some good questions – aren't they? Listen as Ahmad Imam and I discuss what we expect to happen to Australian property in the next decade You'll hear us discuss... The major trends that will affect our property markets over the next decade including: Demographic trends Population growth – household formation How we want to live Where we want to live Economic trends We're transitioning from a manufacturing country and a resource-led economy to an economy based on service industries What will this do to where job growth will occur – wages growth will occur – obviously affect housing How we're going to invest in a lower inflationary and wages growth environment How the forecast strong population growth will affect us – it's not all good news – there certainly are some challenges ahead Population growth and the wealth of the nation will underpin property values – we need both. Over the last year, the annual growth in Australia was estimated to be almost 400,000 people. Around 60% of this growth is due to immigration, but now there are moves to reduce the cap on Australia's permanent migrant intake to 160,000 per annum, but the overall pace of net overseas migration is faster than this, partly accounted for by international students. What are the implications of these changes and where all these people are moving to? Why population growth alone won't create economic growth, and what is really needed. A big demographic trend that will shape our property markets, but doesn't seem to be mentioned much. Our aging population means we have more one and 2 people households, meaning the type of property that will be in continuous strong demand will be different in the future with more people trading backyards for courtyards and balconies. More single older people, more DINK's, more empty nesters, more young singles getting married later. Smaller average household size means we need more dwellings for the same number of people Where the best investment opportunities will be over the next decade and why. - You'll have to watch the video to get my recommendations. Wealth Retreat 2019 We also discuss Wealth Retreat 2019 which be held on the Gold Coast on June 8th to 12th. Click here to find out more and register your interest By the way... Wealth Retreat is not really a property seminar, even though we do spend a lot of time talking about property. Wealth Retreat is about creating lifetime wealth and leaving a legacy. It is aimed at already successful property investors, business people and entrepreneurs. We have Australia's leading faculty of property, tax, finance, financial planning economic and business growth experts. I've found many of the attendees from previous years felt isolated in their wealth creation journey and by joining us they suddenly developed a peer group of like-minded people. Find out more at WealthRetreat.com.au image how you will be different after 5 days immersed with a room full of successful movers and shakers. You can also watch the video of this recording here - My Property Predictions for 2030 Links and Resources: Michael Yardney Metropole Property Strategists Ahmad Imam- Metropole Property Strategists Sydney Wealth Retreat 2019 Some of our favourite quotes from the show: "If you came back to Australia after a decade of visiting overseas ten years ago, you wouldn't recognize the shape of our cities." –Michael Yardney "Fortunately, we're creating more jobs – more importantly, full-time jobs – and our unemployment rate's dropping." –Michael Yardney "Town planning regulations are going to need to change to allow us to build more appropriate accommodations – more townhouses, more medium-density, low-rise density accommodation." –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.

Labor has proposed $200 Billion worth of new taxes. That's a staggering amount – almost unfathomable. The numbers are so large they are almost meaningless unless of course they are explained, so I'll try and break them down. Loss of negative gearing benefits This has received a lot of publicity recently and it has been revealed that Labor has made a number of incorrect basic assumptions in formulating the potential benefits of the proposed taxes. Plus, they seem to have forgotten how ordinary mum and dad investors are providing housing for renters. Some other things they seem to have forgotten include: Many property investors are ordinary Australians earning about $80,000 per year. These are not "greedy investors." The Government spends about the same on Public Housing ($4.7 billion) as they do on Recreation and Culture and the trend is less and less each year. Someone (you and me) has to take up the slack. It is said that the loss of negative gearing will benefit the government by $3 billion per year (and this figure now seems to be significantly overstated); but p investors spend $44 billion per year to own and maintain these properties. In most businesses the initial years start off with losses and this is the same for property investors. The benefit of negative gearing is what all investors and business owners receive when they spend more than they receive to build up a business which will become profitable and pay tax. There are 400,000 public houses in Australia compared to over 3 million properties owned by investors. If 10% of investors leave the market, then the Government will need to step in and spend more than the tax saving from disallowing negative gearing. Loss of this tax benefit to investors could add over $5,000 to a property investor's cash flow which would require them to increase rents on average by over $100 per week. Just talking about this policy has reduced house prices due to the uncertainty. So who knows what eventually implementing the actual policy will do. The policy by Labour is specifically designed to help reduce house prices (your home) so that 10% of housing buyers, being first home buyers can afford to get into the market. The Labour Government is punishing 90% of home owners so 10% first home buyers may be better off. Electric cars Labor wants 50% of all cars to be electric within 10 years. Assuming many cars will not be suitable for electric drive i.e. farm vehicles, long distance driving, Utes and 4-wheel drive cars then over 75% of passenger cars will be taxed if not electric. The proposed tax on petrol cars will be over $2,000 per year as they emit more than the 105 grams of carbon. The loss of the cash back on Franking Credits Australian who own shares in public companies have their individual tax on dividends pre-paid by the company. When these share owners receive their dividend (their share of the profits in the companies they partly own), they have the value of the pre-paid taxes (paid by the company) taken into account. If the shareholder's tax rate is higher than the tax taken by the company (and paid to the government) they will pay a top up tax. If below they get a refund. It is proposed to take this refund away. This is the same as denying you a tax refund if you overpay your PAYG on wages. In summary: Labor proposes to tax an additional: $57 billion to retirees $31 billion on property investors $30 billion on businesses using trusts $34 billion on higher superannuation taxes $5 billion from halving the capital gains tax discount $2 billion by limiting what you can spend on accounting and tax services. Plus, many more What's next? The Greens and the ACTU would like the introduction of an inheritance tax. What's left? How long before your family home will be taxed? Links and Resources: Michael Yardney Metropole Property Strategists Ken Raiss – Metropole Wealth Advisory Why not learn more about Ken Raiss' services at Metropole Wealth Advisory by clicking here Some of our favourite quotes from the show: "If they follow the guidelines that Labor is proposing and they only buy new or off-the-plan properties, they're going to suffer because we know the track record of new and off-the-plan properties has been horrific." –Michael Yardney "Here the government hasn't really been providing much public housing, and they have been depending on people like you and me to do that." –Michael Yardney "People have got to make their own decisions about what they want for their life and for their country, and it's not just how much money you've got in your pocket, it's what you're doing for the community and the country as well." –Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how.

What's the biggest differences between the rich and the poor? And I don't mean the fact that the rich have more money. There is a lot more to it than that. That's what Tom Corley and I discuss in this week's Podcast. I've written so much about the big differences between the Rich and the Poor over the years. In fact, I've written the book Rich Habits Poor Habits together with Tom Corley which explains our findings in detail. I've recognised if you want to make a change in your financial life, it must be done in the following 3 steps: Awareness —it starts within you – recognising your disempowering beliefs and your " Poor Habits" – your thoughts and actions. Removing — your disempowering beliefs and your "Poor Habits" Reprogramming — working on your beliefs and habits so you can create a new way of being. The good news is anyone living in modern developed western countries can become rich today. Listen as I ask Tom the following questions: How many in your study were self-made millionaires? You found being rich eliminates 67% of Life's problems - how's that work? How much of a role does luck play? We also discuss the following habits of successful people: All success requires passion All success requires unrelenting persistence All success requires taking risks All success requires action All success requires hard work All success requires a team of apostles who believe in you and your dream All success requires continuous daily self-education All success requires a leap of faith All success requires patience All success requires good daily habits All success requires an optimistic, positive mental outlook All success requires the development of processes that work All success requires adding value to the lives of others All success requires creating a herd of followers All success requires stepping outside your comfort zone All success requires laser-like focus All success requires developing unique skills and the acquisition of knowledge specific to your industry All success requires creating the opportunity for luck to occur All success requires the ability to pivot around obstacles, pitfalls, mistakes and failures All success requires the ability to survive until you thrive So now it's your choice – who would you rather be like? If you want to be rich do what rich people do. If you don't then do what poor people do – it's that simple. Rich Habits Poor Habits Wealth Retreat

Are you concerned that values have dropped since you bought your last property? Wondering how to find investment grade suburbs? That's what we discuss in today's show. Plus I have a very special Mindset Moment for you. If you bought property at the top of the property market and you're concerned about falling property values, you'll want to hear my chat with Ahmed Imam. We'll be talking about what you can do and whether you need to be worried about your property values falling. Even if you didn't buy at the top of the property market, our conversation will be of interest to property investors and homeowners who have concerns about their property market values. I'll also talk to Brett Warren about how to find an investment grade suburb. Some suburbs just seem to outperform the others. But are they the ones that show up on those lists of top performing suburbs? We'll be discussing just how valuable those lists really are. What Should You Do If You Bought at the Top of the Market? Ahmad Imam No one can pick the exact top or bottom Owners who are now realising that they bought at the top shouldn't panic Buyers need to remember that property is a long-term journey There's no need to check the performance of the property market frequently. Unless you're getting ready to sell, once a year is enough Sydney and Melbourne are the powerhouses of economic growth in Australia. It won't take long for the property markets to rebound in those places Are you looking for an investment grade suburb? Brett Warren You know…one where properties are likely to outperform and I'm not talking about hot spots, but suburbs that will outperform in the long term. Well, they are there if you know how and where to look. Recent property data has shown there are some very mixed results for Brisbane houses over the last 12 months. Depend on where you find your data, the average house price in Brisbane has grown anywhere from 0.1% to around 1%. But there are a number of suburbs that have achieved significantly higher growth than the average. In fact, there are a number of suburbs achieving growth in the double digits. I check to see that: The local economy is providing new jobs. A thriving local economy encourages people to move there and ensures locals have the job certainty and the money to buy or rent properties. Local population is growing Apart from more people, it's important to have the right demographic moving to the area – people in family formation stage of their lives and people of working age rather than an aging population. Local infrastructure spending When the local council plans to improve roads, public transport options and local amenity this create more local jobs, which boosts the economy and leads to more people moving to the location. The Usual Suspects It's interesting, but you will be able to identify these suburbs as they make the same list every second or third year. They always seem to be powering ahead. They make the list for two reasons – supply and demand. When I say supply, it means there is less availability of land and therefore properties are in short supply. And demand comes from a number of factors, including: People want to live in these suburbs – They are aspirational suburbs (as opposed to many of the cheaper suburbs where people chose to live because that's all they can afford. They are close to employment hubs where more high paying jobs are being created These suburbs are gentrifying – people with higher incomes are moving in People living in these suburbs have higher wages growth than the average for the state There are local lifestyle precincts – another reason for attracting a gentrifying demographic There is easy access to public transport There are strong school catchments – a magnet for families Demand does not wane for these types of locations and they are not building any more of them. What about all those new Suburbs? Sometimes new suburbs make the high growth list once, but they rarely make the list again. They start out as acreages or even small farms that are acquired, subdivided and developed into smaller parcels of land – smallish sites for new homes. Growth is these locations generally tends to be more physical growth, with towns, shops and schools, etc. rising from the ground in a short timeframe. One day a large acreage property, 6 months later there are 100 new house and land packages. Because there is an abundance of land still to be developed there is no shortage of land and an abundance of supply, sometimes lasting a decade or more. These areas are generally a lot further out from the CBD and usually have inferior infrastructure and public transport and rarely have any of the investment fundamentals, leading to a lack of capital growth. Sure, these suburbs are more affordable for young families, but the prevailing demographic in these locations tens to have lower wages growth than those living closer to the CBD, another reason these locations suffer from poor capital growth. A Clea

Do you know that if Labor comes into power, they're going to make us one of the highest-taxed countries in the world, and there are at least 6 taxes that could affect you. Ken Raiss and I are going to discuss them on today's show. But first, I'm going to explain why there are so many property pessimists around predicting a property market crash. You've seen the headlines predicting markets crashing and home values plummeting. Now listen in to find out what's driving the negative news. Property Pessimists The property market is going to crash! That's the type of headline the media has been using to draw you in, isn't it? If they write something like "The long term property market fundamentals are sound," it's unlikely you would have bothered to click the link. So, have you wondered why are there so many property pessimists when long term optimism is the most realistic stance? The media loves to tell us that the property market will crash and gives plenty of air time to commentators with this view. Now there's nothing new about this. In fact, part of this is natural — we've evolved to treat threats as more urgent than opportunities. Warren Buffett wisely said: "In order to succeed, you must first survive." But all the pessimism about our property markets and the economy takes things to a different level. I've found that if you say there's going to be a property downturn and you'll get retweeted. If you say we'll have a big downturn, the newspapers will quote you. But if you say we're nearing the next global financial crisis and that property values will fall 40 percent and you'll get on television. However, if you mention that good times are ahead, that certain property submarkets will finish the year higher than they started, or that our property markets are not going to crash, a common reaction from commentators and spectators alike is that you are either a salesman or you don't understand the true risks. Here are 3 thoughts about what's going on here. Money is universal So, if something bad happens it tends to affect everyone, albeit in different ways. That isn't true of, say, the weather. A hurricane barreling down on far north Queensland poses no direct risk to 95% of Australians. But a recession barreling down on the economy could impact every single person – including you, so you pay attention. And of course, this also applies to the property market where around seventy percent of Australian households own or are paying off their home. Pessimism requires action Bad new means you may have to sell, or run away, or hide! On the other hand, optimism is mostly a call to stay the course. It's not nearly as urgent. There's a lot of money to be made in the property advice industry Currently, there is no regulation of the property investment advice industry and while there are some very professional people and organisation around to help investors, because of the potentially large amounts of money involved the property advice industry has attracted an army of truth-benders promising the moon. A big enough commission can convince even honest, law-abiding salespeople that the dud properties (we're looking at you off the plan apartments and house and land packages) they are offering are in their customers' best interests. So they promote optimism with stories like properties never drop in value, or (all) properties double in value every ten years, or the tax depreciation and lack of maintenance of your new apartment make it a great investment. And over the years too many people have been bamboozled by these property spruikers version of optimism. By the way…most promotions of optimism are realistic But, of course, not all are. Just so you understand what optimism is — real optimists don't believe that everything will be great. That's complacency. Optimism is a belief that the odds of a good outcome are in your favour over time, even when there will be setbacks along the way. I've read that the simple idea that most people wake up in the morning trying to make things a little better and more productive than wake up looking to cause trouble is the foundation of optimism. Now that's not too complicated. But it's not guaranteed, either. It's just the most reasonable bet for most people. So, don't become a property pessimist, despite what the media try to sell you. Instead, become a property realist. 6 New taxes: No one likes paying more tax. With the odds shortening for a Labor government it's important for real estate investors to understand how a Labor win could affect their property investments. Land Tax Did you know you'll have to pay up to 6 extra taxes if Labor comes to power? If Bill Shorten becomes our next Prime Minister, millions of Australians will have to pay higher taxes. And he's not just after "greedy property investors." If he has his way Australians will be amongst the highest taxed people in the world. Here are some of the tax hikes the Labor Party is proposing The top tax rate would rise to 49% A hi

Want to know what will make me a better property investor in this difficult market? I expect that the property market is going to pick up. And I expect that the Melbourne and Sydney property markets will go gangbusters. I have no idea when this will happen. Now just to make things clear…those aren't contradictory statements. The first is an expectation, the other is the rejection of a forecast. And if you want to be a successful property investor, you're going to have to understand this important difference. It's one thing to look at history and see that the property market cycles with some frequency and then form a baseline of what to expect in the future with this knowledge. However, it's quite another thing to predict the precise timing of the turning points in the property cycle. And it's another thing entirely to devise a strategy that reacts to those predictions. Property analysis isn't black and white, yet some people believe they can predict markets and they tell you about (or sell you into) the next property "hot spot." There's an important grey area, which is expecting certain events to occur without having an opinion on exactly when, where, why, or how. I've been investing for over 40 years now and in that time there have been 8 significant property cycles. I can use this as a very rough rule of thumb for the future, based on the idea that we've got even more positive fundamentals to drive our property markets than past generations had. While there are many sound fundamentals underpinning the long-term prosperity of our property markets, two of the big ones that give me comfort are our significant population growth and the wealth of our nation. This reassures me that my long term plans are sound and based on what has always worked – rather than trying to pick what is right for the current market. Now I have an expectation: If I plan on investing for the next 30 years, I should count on things getting ugly at least six times. Maybe it'll be a little more, maybe less. But I have an expectation, a rough idea of how the game works. Yet it's not a forecast. A forecast is, "The property market will turn in the second half of 2019" or "Australia will have a recession in the first half of 2021." That's precision, with a disregard for both the history of people making such forecasts and the events that cause these turning points which, a lot of the time, is something that can't be foreseen. The important difference between an expectation and a forecast is the impact it has on my behaviour. If I expect property booms and property downturns, I won't be surprised when they come. I know they're a normal part of the game. But since I'm not sure when they will come, I won't attempt to do much about it. Attempting to do something about it – trading, timing, buying and selling – is the root of most investors' mistakes. A forecast suggests that you know when something will happen, which is permission to act on it. There's little reason for a forecast other than acting on it. But unfortunately this creates two problems: The false hope of knowing exactly when the property market will turn. Even the experts keep getting their forecasts wrong. The high-probability of regret from trading around these forecasts. Just see the results all the hot spotters have achieved, or the lost opportunity for those who tried to time the market. In other words… Expectations rather than forecasts make me a better property investor. What does the Federal Election mean for our beleaguered housing markets? So finally we have the federal election campaign underway – what does this mean for our beleaguered housing markets? Home values across Australia's largest capital cities have been falling since they peaked in late 2017. In fact, it looks like this will be the biggest and longest national decline in home values for almost 40 years (or since records began in 1980). Consumers have lost confidence, first buyers went on strike now sellers are holding back unless they really have to sell And while the property markets have started 2019 with a positive note, with more interest from buyers, auction clearance rates rising, the banks chasing more business another hurdle has been put in our way. A federal election and elections create uncertainty and when there's uncertainty buyers put their hands in their pockets. Dr. Andrew Wilson and I discuss the likely implications of the election campaign. Election date is Saturday 18 May This will clearly disrupt a recovering market with agents avoiding auction sales campaigns in the next month At the same time the late Easter and holiday period will see a closing down of the property market at least till the end of April This means the current record decline in seller activity will be amplified over next month Buyers will also be wary given until they know who will win the election The election campaign will end close to the winter market shutdown that commences after Queens Birthday long weekend (June 10

If you're a business owner, entrepreneur, or professional, then this show, the first of a new series, is for you. Do you work 50 to 70 hours a week or more? Not including the time you spend on phone calls and emails at nights and on weekends? Can you go away from your business and return to find that it's made money while you were gone, or does it stop when you do? Are you sure that you have a business? Or has it turned into just another job? In this episode, we'll talk about the concept of a business that works even without you, and how you can begin to get to that point. We'll also talk about the three levels of business and how you can gain control over your revenue and freedom within your business. Some of the Topics We Discuss in This Episode: What can happen when you take a vacation from your own business Whether you really have control when you become self-employed The three levels of business Level 1: When you first launch your business. You have no freedom and no control. You're working long hours because you have to get things done yourself. The business relies 100% on you. Level 2: You have more control, but still no freedom. The business is working only as long as you do. There's no additional revenue coming in when you're not there. Level 3: You have total control and total freedom. You're the owner of a business that runs even when you're not there. Three steps people can take to free themselves from the responsibility of everything in your business 1. Know your role in your business 2. Determine your pit crew 3. Delegate effectively Links and Resources: Metropole's Business Accelerator Mastermind Mark Creedon – Business Coach to some of Australia's leading entrepreneurs Some of our favourite quotes from the show: "People leave their jobs to become entrepreneurs, businesspeople, and they don't really recognize that they're trading one boss for lots of bosses. They're called customers, clients, patients sometimes." "I've found most people fall into the self-employment trap." –Michael Yardney "I actually have gotten to the point of having a business, not a job. But that doesn't mean I've retired. Because I've got nothing better to do, I still have fun doing 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.

Are you considering buying a new home or an investment property? If so you're probably wondering should you buy now or should you wait? What if prices fall further this year? A better question would be - how important is it to get your timing right and what are the most important factors involved in the long-term performance of your investment property? With my guest today, Stuart Wemyss we're going to uncover what really makes the big difference in a property's long-term performance. Some of the ideas we discuss in this episode: Why Stuart decided to study the factors that affected property investment performance Which variables Stuart looked at and which variables were most important What would happen to your property's performance if negative gearing or capital gains tax change The importance of choosing the right property How Stuart's research fits in with some golden rules in his book Investopoly Play the long game Grow your asset base first and then tilt toward income Set your asset allocation to reduce risk and maximise returns Only invest in 'investment-grade' property Links and Resources: Michael Yardney Metropole Property Strategists Wealth Retreat Metropole's Strategic Property Plan – to help both beginning and experienced investors Stuart Wemyss' blog discussed in this show: How important is it to buy property at the bottom of the market? Stuart Wemyss' special offer: Save 30% off the price of his book Investopoly – Go to https://www.prosolution.com.au/books/ and use the code "Yardney" to get a 30% discount. Stuart Wemyss- Prosolutions Private Clients Some of our favourite quotes from the show: "We're all wonderfully different. We're all unique and we really shouldn't be measured with the same metrics, should we?" –Michael Yardney "For things to come out differently, you have to do things differently." –Michael Yardney "If you can't buy an investment-grade property, the usually the right thing to do is nothing. Just wait until you've got enough money." 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.

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

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

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

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

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