Property Investment & Wealth Creation Australia | The Michael Yardney Podcast

In today's podcast we're venturing into a fascinating area that intersects with both wealth creation and the human psyche. We've all heard of self-sabotage, but have you ever wondered why some of the most intelligent and capable individuals hit an invisible ceiling in their property, investment, or business ventures? Why do some people, despite their knowledge and skills, only reach a certain level of success? Well, today, we're diving deep into what I like to call your 'wealth thermostat' - a concept that suggests our early experiences and beliefs set a sort of psychological temperature for the level of wealth and success we're comfortable with. Joining me today is Jackson Milan – The Wealth Mentor. Jackson has a unique insight into how our childhood experiences and subconscious beliefs shape our financial destinies. So, whether you're looking to break through your own financial barriers, understand the psychology behind wealth creation, or just curious about why we do what we do with our money, this episode is for you. Links and Resources: Michael Yardney Jackson Millan – The Wealth Mentor at Aureus Financial Aureus Wealth Scorecard Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Get a bundle of eBooks and reports = www.PodcastBonus.com.au Join us at Wealth Retreat 2024 www.WealthRetreat.com.au Shownotes plus more here: Breaking Your Wealth Barrier: Resetting Your "Wealth Thermostat" with Jackson Millan

Now inflation has been tamed and interest rates have peaked, many market commentators and property economists are updating their forecast for 2024. While the media loves sharing short-term forecasts, the longer-term outlook is more important for investors as it better aligns with their investment horizon. Investors should consider where the market will be in 10 years, rather than where interest rates will be in six months. However, in today's podcast, I discuss the dominant influences on our housing markets for 2024 with independent financial advisor Stuart Wemyss, founder of Prosolution Private Clients. We'll break down the influence of inflation and interest rates on real estate trends, while also considering the broader implications of economic changes. Links and Resources: Michael Yardney Stuart Wemyss – Prosolution Private Clients Stuart's Book – Rules of the Lending Game & Investopoly Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Join us at Wealth Retreat 2024 – www.WealthRetreat.com.au Shownotes plus more here: How interest rates are reshaping our property markets in 2024, with Stuart Wemyss

In today's show I'll discuss the complexities of Australia's housing market with my guest Mike Mortlock, the director of MCG Quantity Surveys. In our conversation today, we spoke about lots of interesting things that will give you some insights into our housing market. In particular, we explore a disturbing "tall poppy syndrome" narrative that's taken place over the last little while. It puts property investors in the role of villains who are against the Australian dream of home ownership, and we believe this is an unfair and inaccurate portrayal. We explain why that's inaccurate and tell politicians it's time to stop picking on property investors. We also talk about the rental crisis, what's ahead for our property markets, and Mike's views on what will happen with AI and the property markets. Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Mike Mortlock – MCG Quantity Surveyors Get a bundle of eBooks and reports = www.PodcastBonus.com.au Join us at Wealth Retreat 2024 www.WealthRetreat.com.au Shownotes plus more here: Stop picking on property investors with Mike Mortlock

Have you set big goals for yourself in investing or business in 2024? Is financial freedom part of your plan? Today's show is a continuation of a two-part series where Mark Creedon and I explore 18 Wealth Lessons from Morgan Housel's great book The Psychology of Money. Housel tells us about the principles of behavioral finance rather than property strategy or finance tips. The psychology of investor behaviors can help you understand why some make successful moves while others don't, and help you create the right wealth habits and mindset for yourself. In the last show, we discussed 9 wealth lessons in the first 9 chapters of the book. Mark and I continue on today with the rest of the chapters. No matter where you are on your financial journey, today's show will help you on the way to financial freedom and property, investment, and business success. Links and Resources: Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Why not join Metropole's Mastermind Business Accelerator Learn more about Mark Creedon – Business Coach to some of Australia's leading entrepreneurs Get a copy of Mark's new book here – Have a Business, not a Job Subscribe to Mark's Mastermind for Business Podcast here Get a bundle of eBooks and reports – www.PodcastBonus.com.au Join us at Wealth Retreat 2024 – find out more and register your interest – www.WealthRetreat.com.au Shownotes plus more here: Pocketing Prosperity: Exploring Morgan Housel's Wealth Wisdom Part 2

At the start of a new year, forecasters come out of hibernation with all of their predictions for what's ahead of us. Property investors always want to know what's going to happen in the future, but when you look at their predictions in the past, their track record leaves much to be desired. Should you really pay attention to forecasts? I'll discuss that in today's episode with Brett Warren, National Director of Metropole Property Strategists. While we're at it, I want to make 10 forecasts for the decade ahead and also talk about 10 things that will remain the same in property. Links and Resources: Michael Yardney Brett Warren – National Director Metropole Property Strategists Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Get a bundle of eBooks and reports = www.PodcastBonus.com.au Join us at Wealth Retreat 2024 – express your interest here – www.WealthRetreat.com.au Shownotes plus more here: 10 property forecasts for the next decade and 10 things that will stay the same With Brett Warren

I'm often asked what I would do differently if I could live my investing journey all over again. I've certainly made my fair share of mistakes along the way and paid huge "learning fees" because of them. However, instead of being defeated, I learned from each error and moved forward a little bit wiser. If you ask me that's one of the keys to investment success - 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, in today's show Brett Warren, National director of property at Metropole and I are going to chat about some of the things I wish I knew when I first started investing. Takeaways Setting clear goals is essential for success in property investment. Buying in the right location is not negotiable Building a supportive team can enhance investment success. A wealthy mindset and abundance thinking are traits of successful investors Delayed gratification is critical to long-term wealth. Overcoming fear is necessary for making investment decisions. Learning from your failures can lead to future success. Compounding and leverage are powerful tools in property investment. Ignoring media noise helps you maintain focus on long-term goals. Balancing cash flow and capital growth is vital for financial stability. Gratitude is important as is giving back to the community Chapters 04:15 The Importance of Education and Mentorship 07:30 Setting Clear Goals for Property Investment 10:37 Building a Supportive Team 13:24 Developing a Wealthy Mindset 16:25 The Power of Delayed Gratification 19:12 Overcoming Fear in Investment 22:38 Learning from Failure 25:34 Understanding Compounding and Leverage 28:33 Ignoring the White Noise of Media 31:17 Balancing Capital Growth and Cash Flow 34:21 The Significance of Location 37:29 Financial Discipline and Gratitude 39:20 Giving Back to the Community 39:31 The Power of Perseverance 40:24 Finding Strength in Adversity 40:42 Understanding Market Trends and Analysis Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Brett Warren - National Director of Property at Metropole Join us at Wealth Retreat - Australia's Premier Wealth Retreat for Elite Investors and Business People www.WealthRetreat.com.au Also, please subscribe to my new podcast Demographics Decoded with Simon Kuestenmacher – just look for Demographics Decoded wherever you are listening to this podcast and subscribe so each week we can unveil the trends shaping your future. Shownotes plus more here: 16 things I wish I knew when I started investing, with Brett Warren

Today's show is aimed at helping you become a better investor, entrepreneur, or business person with the help of the wealth lessons in Morgan Housel's book, The Psychology of Money. Rather than property or finance strategies, Housel's book is about the principles of behavioral finance. Understanding the effects of psychology on investors and financial markets can give you important insights and help you overcome the biases that are holding you back. Listen in as Mark Creedon and I explore quotes from Housel's book and explain why investors sometimes seem to make bad decisions or work against themselves, and how you can avoid falling into these pitfalls. We'll cover each chapter over two episodes of the Michael Yardney Podcast Links and Resources: Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Why not join Metropole's Mastermind Business Accelerator Learn more about Mark Creedon – Business Coach to some of Australia's leading entrepreneurs Get a copy of Mark's new book here – Have a Business not a Job Subscribe to Mark's Mastermind for Business Podcast here Get a bundle of eBooks and reports – www.PodcastBonus.com.au Join us at Wealth Retreat 2024 – find out more and register your interest – www.WealthRetreat.com.au Shownotes plus more here: 18 Wealth Lessons from "The Psychology of Money" by Morgan Housel with Mark Creedon

Knowing what you know now, what would you have done differently in 2023? In this episode, we reflect on the pivotal lessons of the past year, providing 23 key insights that have reshaped our real estate investment strategies. From the intricate analysis of diverse Australian property cycles to the crafting of tailored strategic plans, we dissect the forces influencing market dynamics and how to leverage them for wealth accumulation. Emphasizing the significance of risk management, asset diversity, and long-term planning, we delve into the marathon journey to financial independence through property investment. Alongside practical investment wisdom, we also touch on the philosophical, advocating for contentment and gratitude in our pursuit of success. This episode is not just a treasure trove of investment advice, but also a reminder of the importance of aligning our financial goals with personal fulfillment. And as I share these lessons with you I hope they'll give you some direction and certainty in the challenging markets ahead. The Investor's Compass: 23 Vital Lessons in 2023's Real Estate Market With a focus on the Australian real estate landscape, these 23 lessons provide a comprehensive guide to building a resilient and profitable property portfolio. Listeners are invited to explore the lessons learned from the past and how they can be applied to ensure investment success in the current year. 1. Expect the unexpected The biggest risk is the one that no one sees coming. If no one sees it coming then no one is prepared for it and if no one is prepared for it, its damage will be amplified when it arrives. 2. Focus on the long term It's not a good strategy to make 30-year investment decisions based on the last 30 minutes of news. 3. It's the media's job to entertain you – not educate you Negative headlines drive clicks and views and get eyes on advertiser content. That doesn't mean they're reliable. 4. Take economic forecasts with a grain of salt It's often the things you can't predict that make the difference, while the things you can predict don't have as big an impact. 5. Don't believe the doomsayers There will always be somebody wanting to stall the aspirations of their fellow Australians who are looking to take their financial futures into their own hands and do something about it. 6. No one really knows what's going to happen to the property markets While it's important to have mentors, make sure you're listening to somebody whose opinions are based on successfully investing through multiple cycles. 7. There is no such thing as the "Australian property market." There are multiple markets in Australia, and each state is at a particular stage of its own property cycle within each state multiple submarkets depend on price point, geography, and type of property. 8. Don't try and time the market If you buy the right investment-grade assets, time in the market is much more important than timing the market. 9. The crowd is usually wrong Market sentiment is a key driver of property cycles and one of the reasons why our markets overreact, overshooting the mark during booms and getting too depressed during slumps. 10. Property investment is a game of finance with some houses thrown in the middle Strategic property investors have a financial plan to buy themselves not only real estate but also time. 11. You need to plan Attaining wealth doesn't just happen, it's the result of a well-executed plan. 12. Invest for Capital Growth Cash flow is important and will keep you in the game, but it's capital growth that gets you out of the rat race. 13. There will always be reasons not to invest Focus on your long-term goals and remember that the year's crises are part of the normal course of history. 14. Property investment is risky in the short-term, but secure in the long term 2022 reminded many property investors that real estate is not a way to get rich quickly. Those who stay in the property game benefit from the power of compounding growth which builds wealth but takes time. 15. Plan for the worst and look forward to the best There will always be those X factors that crop up and affect the market. Protect yourself by planning well, but also planning on the plan not going according to plan. 16. You can't rely on one stream of income Rather than relying on your job as an income source, become financially fluent, learn to invest, and develop multiple streams of income. 17. There are always risks associated with investing Don't be afraid of failing, because the biggest risk is not doing anything to protect your financial future. 18. Cautious optimism is better for your investment health than perma-pessimism. But having said that, optimists are more successful in all areas of life than pessimists. 19. Time is a limited resource – don't waste it You can lose money and get it back again, if you're sick you can often get your health back again, but once the time has gone it is gone and is irretrievable. Start to capitalize on the time you have and get a whole lot more done. 20. The only certainty is change Changes are a normal part of life; the problem is most of us don't like change – we like certainty. However, learning to expect change has brought me hope during challenging or unexpected life events. 21. Worry Better Worrying about the right things can motivate you, but if you find it unproductive, try to take your mind off things by getting engaged in other activities. 22. This too shall pass I've learned that making long-term investment decisions based on short-term concerns is not a recipe for success. 23. 2023 was the year of AI Moving forward, it's likely you will be utilizing tools and platforms that should streamline your investment process, provide valuable insights, and manage your properties efficiently. The episode underscores the idea that success is not just about acquiring assets but also about meticulous planning, understanding market trends, and preparing for the unexpected. Links and Resources: Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Get a bundle of eBooks and reports – www.PodcastBonus.com.au Join us at Wealth Retreat 2024 on the Gold Coast in April 2024 – click here to find out more Some of our favorite quotes from the show: "I guess one way of looking at the media is to imagine how much stuff you'd have to make up if you were forced to talk 24-7. Remember, that's really what watching the financial news on TV or in the media is like." – Michael Yardney "So I guess the message from this is remember that each property boom sets us up for the next downturn." – Michael Yardney "I think the first thing you should do is practice noticing what's great about what you've got." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

Today I want to share some top wealth-creating insights that Brett Warren and I gained at Wealth Retreat. This is Australia's number one learning and networking event for already successful property investors, businesspeople, and entrepreneurs, which we held on the Gold Coast in April last year. As I spoke to many of the attendees from previous years, I was blown away and humbled by the feedback as they explained how Wealth Retreat had changed the way they handle their investments, business, and in fact many aspects of their life and how it was the best event they had ever attended. So, what did they learn? That's what we're going to discuss today. Wealth Retreat Lessons Last year's Wealth Retreat on the Gold Coast has now been and gone. There were 100 successful property investors, business people, and entrepreneurs in the room. And while they learned some great lessons from the world-class presenters up on stage, they also learned from the other guests over the 5 days. After all, how often do you find yourself in a room full of successful, like-minded people, that walk and talk the same language? Opportunities like this are few and far between and not to be missed. So today, I'm joined by Brett Warren, national director of Metropole who's been to Wealth Retreat over a dozen times, to see what lessons he learned, or re-learned, that he could share with you. Lesson 1 – Creating Wealth is a Process, Not an Event When I started my wealth journey, I was always waiting for something "big" to happen. I too played the lottery and waited and hoped. Maybe one day I would buy a property and develop it to then sell for a huge profit. To my relief and probably yours, I found out there is a better way. We had a great session about using a specific framework to find a pathway to your goals. We started out by working out what our end goal is, that is what we would like to achieve, and in what timeframe. Then by following the proven framework, we can reverse engineer and put the steps in place to understand what is required to get there. Lesson 2 – Time and Task Prioritisation How is your time management? You need to work out what your A, B, C, and D class activities are. In short, class activities are generally events that happen maybe only a couple of times each year but can generate the greatest amount of income. An example may be attending an event like Wealth Retreat. B class activities are next, and while not as important as A class activities will still generate a good amount of income and so on to C class and then D class activities. D class activities are the least of the income-producing tasks, like fixing a printer or minor admin tasks. This was a great exercise to understand where you are your most dollar productive. Lesson 3 – A Wealth Thermostat Your mind is like a cup, once it is full of water, it overflows, and you are unable to put any more water into the cup. To take on more water, you need to increase your cup size. So, to increase your financial thermostat, and therefore your wealth, you need to increase your mind's capacity. If you liken the water to opportunity and your mind to the cup, once your mind reaches capacity, you may miss opportunities that come your way. Lesson 4 – To become financially independent you need to treat your property investments like a business Over the last few years, it became obvious to me that those investors who treated their property investments like a business were the ones who managed to develop financial independence from their properties. And those that didn't seemed to be working for their properties rather than the other way around. A small group of Australian investors treats their properties as a business. They are the CEO of their business and realize that it's not how much money you make that matters, but how hard that money works for you and how much you keep that matters. They have a plan including a property plan, a finance plan, a tax plan, and an asset protection plan and are surrounded by a good team of specialists. Lesson 5 – Alone you are vulnerable; connected we are strong Many investors think they must do it all themselves or learn it all themselves. Partly because they think they know better than others or maybe it's because they are not hanging around the right people – supportive, encouraging people. And these get harder to find, the more successful you are. But we cannot be our best selves in isolation from the world. We need other people. The key is making sure we're spending time with people who inspire, empower, and encourage us. Lesson 6 – Your peer group is contagious ● Will your current peer group empower you to reach your deepest dreams goals and your life's purpose? ● Will they hold you accountable to a high enough standard or will they let you slip back into your old comfort zone? ● Will they feed your ideas and give you input to help you overcome challenges you face along the way? ● Will they support you when you're having a tough moment? ● Do they inspire you to keep performing at your highest and best capabilities? If not, what are you doing about changing that? It's ultimately up to you to find and create the peer group that will help you live the life you want to live. Lesson 7 – After a "Loss" we tend to go back to what we knew One of the most important insights that I want to share is that when most people suffer a "loss" financially, their natural tendency is to pull back and isolate themselves. But isolation only makes things worse. You need to accurately assess the situation, learn your lessons, and move forward. This is why your peer group and mastermind team are so essential. We are moving into a new financial era - a time of amazing opportunities and some real risks. To succeed in this environment we need the support, insights, and perspective of a trusted group of advisers and peers. Lesson 8 – Your Mastermind Team One of the exciting parts of Wealth Retreat this year was the small group breakout sessions. This is a masterminding technique where you ask a focused power question to your mastermind group, and they have time to brainstorm as many possible answers to your question as possible. 9. Real Wealth Is What You Give The most successful participants from Wealth Retreat all have moved to a place where money isn't what motivates them. Money is a sufficiency need. Once you have enough of it, it ceases to be important. Links and Resources: Michael Yardney Brett Warren – National Director Metropole Property Strategists Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Get a bundle of eBooks and reports = www.PodcastBonus.com.au Join us at Wealth Retreat 2024. http://www.wealthretreat.com.au/ Some of our favourite quotes from the show: "Most people's financial thermostat has been set by the things they learn, the things they heard, the things they experienced as a child." – Michael Yardney "I think that's one of the traits of successful people, that they're actually not jealous of successful people." – Michael Yardney "Once money's sufficient, then you have to move on to other things." - 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

Now here's a question for you - what sort of returns can you expect from your property investments over the next decade? In today's episode, independent financial advisor Stuart Wemyss provides an insightful exploration into what you can expect in the coming years. Unpacking the Next Decade of Property Investment Returns With a deep dive into data-driven analysis, historical trends, and potential opportunities and risks, my conversation with Stuart offers a wealth of knowledge for those navigating the property investment and rental market landscapes. We explore the recent period of low rental growth, the contributing factors, and possible solutions to balance the needs of owner-occupiers and investors. ● Potential returns for property investors over the next decade, focusing on data-driven analysis, historical trends, and potential opportunities and risks. ● The average 9.7% rolling decade return for Melbourne and Sydney, which demonstrates the significance of long-term returns over short-term predictions. ● The recent period of low rental growth and the contributing factors, such as low interest rates and dominance of owner-occupiers in the market. ● The need for a balance between owner-occupiers and investors to solve the current rental crisis. ● How to attract more private landlords to provide affordable accommodation and help those who are struggling to enter the mortgage market. ● Recent market changes and their impact on rental and capital growth. ● The potential role of the government in resolving the rental crisis. ● The concept of mean reversion and its potential impact on future returns. ● The importance of being prepared for uncertainties and potential headwinds in the property market. Links and Resources: Michael Yardney Stuart Wemyss – Prosolution Private Clients Stuart Wemyss' blog mentioned in this show Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Get a bundle of eBooks and reports – www.PodcastBonus.com.au Some of our favourite quotes from the show: "But we were talking about the concept that there aren't enough private landlords, and in Australia the system is such that about a third of Australians rent, and not necessarily because they're poor, often just because of the stage of their life." – Michael Yardney "There's going to be headwinds this year. Interest rates are going to probably remain a bit higher a bit longer than some expected, inflation is going to take a little bit longer to get under control if the government has its way." – Michael Yardney "Rather than keep us alive, our worries are more like spinning on a wheel in a ditch." – 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