Property Investment & Wealth Creation Australia | The Michael Yardney Podcast

If you're an ambitious person who dreams of being super successful, it's natural to look up to those who have already made it and ask: How did they do it? Was it incredible talent? Focus? Hard work? What techniques or strategies did they use that I can steal? Now it's the same whether we're talking about property investing, business success, or entrepreneurship. There's only one problem with that approach, according to some fascinating new science highlighted by the MIT Technology Review and also a handful of honest investors and entrepreneurs, luck plays a way bigger role in success than most of us acknowledge. If you try to follow the path of your role models without acknowledging that fact, you're likely to run into some very serious problems. So, in today's episode, I'm going to be joined by my business partner and founder of Business Accelerator Mastermind Mark Creedon as we discussed the importance of luck in your success. And whether you're a business owner, professional, entrepreneur, or property investor I'm sure I'll get some benefit from our chat, so welcome to today's show. What role does luck play in your success? I recently read an MIT article that highlighted something I already knew - success isn't evenly spread through the population. In fact, its distribution follows a pattern where a tiny number of people end up with the vast majority of the money, or a small group of business owners significantly more successful than the rest, or whatever other marker of material success you're looking at. Like many things in life success follows the Pareto principle - the 8020 rule, but if you think about it; it's a little unusual because talent and intelligence are spread much more evenly throughout the population. So why are some people so much more successful than others just like really have a role to play? In my mind, the biggest thing that holds people back from becoming rich is their thinking. As we explain in Rich Habits Poor habits - your thoughts lead to your feelings – your feelings lead to your actions, and your actions lead to a result. so, your outside world is a direct reflection of the inside world. And we have found that the way the rich think is very different from the way the poor think. The Rich Are Positive Thinkers – A positive mental outlook is critical to overcoming problems, obstacles, pitfalls, mistakes, and failures. Staying positive is a critical component to becoming wealthy. Positivity is like a radar in search of solutions to intractable problems. The Poor Are Negative Thinkers – Negative thinkers are unable to see solutions to problems. Thus, they are unable to overcome obstacles, pitfalls, mistakes, and failures. Opportunities pass them by because they are not looking for opportunities. They are too focused on the negative consequences. The Rich Are Decision-Makers –Forging the habit of making decisions is critical to success. Those who develop the habit of making decisions are sought after as leaders, by others. Decision-makers have forged the habit of overcoming the fear of making decisions along with the paralysis of analysis associated with those unable to make decisions. The Poor Let Others Make Decisions –They succumb to the fear of making a decision. They get lost in analysis and overthinking, which is a form of procrastination. The poor feel uncomfortable about making decisions, so they defer to others. What's more, you need the right mindset to be lucky. Another thing I found is that luck finds positive people — people who seek out opportunities. And luck favors the persistent. All successful investors, businesspeople, and entrepreneurs have failed more often than unsuccessful people. They became a success at failing and survived until they became lucky and thrived. Luck is a reward for persistence. The fact is, those who try the hardest are the luckiest. Or, more accurately, they simply never stopped trying to succeed and their persistence eventually created good luck. Those who reach the top in property investment set themselves up to get lucky because they: Set long-term goals — They bring their future into the present so they can do something about it now, rather than just hoping it will all turn out all right. Delay gratification — they spend less than they earn, so they can save and invest the difference, meaning they'll have lots of money to spend in the future. Understand the importance of capital growth of their assets. Continuously study the markets and are relentless optimists who don't get scared by the property pessimists who worry that our markets will crash. Are risk-averse and, rather than speculating, invest using a time-tested strategy that allows them to say no to more so-called "opportunities" than they say yes to. Are decisive — while they're not in a hurry to find a good investment opportunity when one arrives (when luck smiles on them) they're in a hurry to secure it. Specialize rather than diversify — that's how they become an expert in their field. Treat their property investments like a business — being financially accountable and regularly reviewing their portfolio's performance. Build a team of consultants and mentors around them, recognizing that this is an investment, not an expense. Admit to their mistakes and correct them. Don't blame others — they take full responsibility for the results in all areas of their life because they know that ultimately, they are based on the decisions and choices they made. Celebrate their successes along the way knowing if they don't enjoy the journey they won't enjoy the destination. In my mind, creating luck boils down to doing specific things that increase your chances for luck to occur. Step #1 Pursue a Dream Step #2 Create Specific Goals Around That Dream Step #3 Define All of the Goals You Must Achieve in Order to Realize Your Dream Step #4 Take Repetitive Daily Action Around Each Individual Goal – Eventually, Those Actions Will Become Habit – This is Often Referred to as Persistence Step #5 Engage in Those Daily Habits Forever Step #6 Wait For That Lucky Break None of the success formulas in the world will produce success unless the formula provides you with specific action steps you need to take in order to create Luck. Good daily habits automate persistence and persistence creates Luck. In summary: The bottom line is, like it or not, luck plays an outsized role in success. The right response isn't to pretend that you can somehow outwit or outwork that reality (though it is true you'll definitely not succeed if you learn nothing and sit on the couch all day). Instead, increase your odds of hitting the success jackpot by developing Rich habits. 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 Business Accelerator Mastermind 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 Shownotes plus more here: Why luck matters more than you might think – in your property investments and success in general Some of our favorite quotes from the show: "I believe we're all driving around with one foot on the accelerator and another on the brake." – Michael Yardney "A lot of people call themselves mentors in the property space when really that's just cloaking themselves from being property marketers or salespeople." – Michael Yardney "While cash flow keeps them in the game, it's capital gain that will get them 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

In the past week, three of our four major banks have changed their outlook for house prices and are now predicting the biggest housing crash in decades. It will I be right? Economists at Commonwealth Bank and National Australia Bank are forecasting house prices to fall by 10% next year and Westpac forecast house price falls of 7% in 2023 and a further 5% in 2024. The forecasts are predicated on the assumption that the Reserve Bank will begin raising interest rates later this year and housing will be "collateral damage in the RBA's efforts to keep inflation on target in the medium term. But how likely are these forecasts to come about? The Australian banks don't have a good track record of housing market forecasts. I remember two years ago, in March 2020, when the same economists who are making these let's call them "interesting" predictions today, similarly predicted a double-digit fall in house prices to occur then, and that didn't eventuate. They underestimated the strength and resilience of the housing markets. This time last year the same economists were late to the party and only after our property markets turned the corner almost 6 months earlier, they realised what was really happening on the ground and forecast strong price growth for 2021. However, once again they underestimated the strength of our housing markets and the strong price growth that ensued. But if price rises house prices fall by the amounts predicted this time around, that will make it the biggest housing downturn in modern history. While we have seen various housing market segments suffer significant price falls, we haven't seen the overall Australian housing market crash like these economists are predicting. The last time property took a downward turn was in 2018, when Australian house prices plunged by about 5 percent overall. Prices also fell 4.8 percent in 2011 after a period of post-global financial crisis rate rises from the Reserve Bank. Those falls pale in comparison to what banks now predict. They are quite remarkable forecasts. Historically we've only had three years of falling prices since 1987. Why would house prices fall? Let's be clear… the Reserve Bank doesn't want the housing markets to crash. It wants that about as much as it wants another strain of coronavirus. Reserve Bank interest rates are currently low to bolster the economy and stimulate inflation and wages growth. Once the Reserve Bank believes inflation is comfortably and consistently within its desired band of 2 -3% and unemployment is low enough to cause significant wages growth, then the RBA will slowly raise its interest rates from stimulatory levels to neutral levels. Of course, there is some conjecture as to how high a neutral interest rate is, but considering the general level of Australian household debt, it is unlikely to require a big rise in rates. There is no reason for the Reserve Bank to raise rates sufficiently high to create a recession or a housing market crash. While falling interest rates increase borrowing power and stimulate higher house prices, historical data shows it takes time for rising interest-rate to drive lower price growth. Why home prices won't crash While falling interest rates create extra borrowing capacity and therefore increased housing affordability, rising interest rates do not necessarily cause house prices to fall. While some commentators are concerned rising rates will cause mortgage defaults there are several reasons why this is unlikely to occur: In general, Australian households are richer than they ever have been and have more equity in their homes because of our property boom. Banks' stringent lending criteria have only ensured they have only been lending to borrowers who could withstand a 2 or 3% rise in interest rates. Many Aussie households have taken advantage of the current low-interest-rate environment and are three or four months ahead in their mortgage payments. Our economy is bounding along, unemployment levels are low and with the prospect of wages rising ahead, most households should not feel mortgage stress. US inflation at 40-year high: Will Australia follow? Last week the United States announced its official inflation figure jumped 7.5 percent in the last year, the largest spike since 1982. A rise in inflation was expected, but this was higher than most economists anticipated, and the US Federal Reserve has already flagged interest rate hikes to cool rising prices. Of course, inflation has been rising globally, with many central banks raising rates or at least flagging future rate rises. The Reserve Bank of Australia (RBA) is one of the few central banks brushing off inflation fears, insisting Australia's economy is in a different position. 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 Dr. Andrew Wilson, Chief Economist My Housing Market Subscribe to our weekly Property Insiders videos – www.PropertyInsiders.info Shownotes plus more here: Major banks predict a 14% house price drop. They're wrong! With Dr. Andrew Wilson Some of our favorite quotes from the show: "Let's be clear, the Reserve Bank doesn't want the house market to crash, it wants it about as much as it wants another strain of coronavirus." – Michael Yardney "The problem is, if you look for evil, you'll find it." – Michael Yardney "It doesn't take much imagination to realize we're going to keep improving." – 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

A lot has already been written about trends, predictions and forecasts for 2022. Yet today, I'm going to be chatting with leading demographer and futurist Simon Kuestenmacher about the demographic, social, and economic trends that will shape 2022. This is the type of information property investors, business people, and entrepreneurs need to understand to make better-informed decisions. And, of course, I'll be sharing my popular mindset message at the end. Predictions For the Year 2022 The coronavirus pandemic was a great reminder of how difficult it is to make accurate forecasts, especially about the future. But recently, demographer and futurist Simon Kuesetenmacher, the co-founder of The Demographics Group, was prepared to stick his neck out and make 22 predictions about what 2022 holds for Australia in his column in The New Daily. And I'm looking forward to discussing them today. Millennials continue on to family-sized houses. Australia's largest generation reaches the family formation stage of the lifecycle and continues to leave their hipster neighbourhoods in the capital cities, searching for family-sized homes. As the decentralization of the population continues, local governments face predictable challenges. As growth in the regions continues, local councils must make enough land available to accommodate the increased demand for housing. Hybrid work will dominate. Working from home is here to stay, but exclusively virtual working arrangements will remain the exception. House prices will continue to rise. Demand for family-sized housing is guaranteed to be high due to the Millennials. Soon migrants will be returning to the market. Government has no interest whatsoever in pushing house prices down. The average Australian house will get bigger in 2022. Lockdowns pulled functions from outside the home into the home. We entertain, eat, exercise, study, work at home more often. Some (not all) of these changes will stick, and require more space. As we are cocooning more, Bunnings, Barbecues Galore, Harvey Norman, and co will be doing well! We spend less money on traveling overseas, save money by avoiding the daily commute, get away with owning fewer formal items of clothing, and have more money available to throw around. A fair bit of this disposable income will be used to make the family home more liveable. One size doesn't fit all. Customer segmentation will be trickier in 2022. Different levels of lockdown restrictions bred different habits across the country. The socio-economic divide widens. The pandemic didn't impact all of us in the same way. Highly skilled workers kept their jobs and many industries saw big profits while lower-skilled workers lost their jobs at high rates. Baby Boomers will act with a sense of urgency. They feel cheated out of two healthy years of their retirement. They are keen to travel, spend time with the grandkids, and feel "it's their time now". The trend towards sliding into retirement continues. In 2022 a higher share of workers in their 60s and early 70s will remain in the workforce in a part-time capacity. This means downsizing is pushed backward too. Gen X is taking over even more leadership positions. As Baby Boomers leave the workforce it's Gen X's time to dominate company boards and C-level roles. Xer leaders introduce generous parental leave policies and continue to fight for equal pay. The healthcare sector continues to boom. Australia remains a rich and aging country. No industry will grow as fast as healthcare. While Australia will recover economically in 2022, a near-universal skills shortage will hold back economic growth. Hiring qualified staff will be challenging. The short-term solution will be for existing staff to work longer hours. More retail spending will take place online. Expect more vacancies on your local main street. Struggling main streets are terrible for towns and neighborhoods. Smart local governments and business councils will find creative ways of repurposing empty shop fronts. Data released this week saw the fertility rate fell to an all-time low of 1.58 kids per woman in 2020. The impact of COVID will only be seen in the data for the year 2021. This data will be published in 2022 and will show that Australians had even fewer kids during COVID. Women will return to work within a year of childbirth in high numbers. This means demand for childcare will remain stable despite declining births. The world will praise Australia for its handling of COVID. Only two measures will be looked at: deaths per million and the vaccination rate. People across the world will view our nation as a desirable location. Extreme weather events will be occurring more frequently, and we must prepare for this. We can't say whether 2022 will see such events, but we know that they are statistically more likely. The older generations join the young in demanding better digital services. COVID taught many older people to use QR codes, download apps (turns out the COVIDSAFE app was good for something after all), and purchase things online. All industries and all levels of government must improve their digital offerings. The death of the wallet. Digital cash, digital ID. You can get through 2022 just fine without ever carrying a wallet. Early 2022 will see the return of migration, albeit not yet at pre-pandemic levels. International students will be first, arriving in time for the semester starting in March. This will help stabilise the inner-city rental market, help fill casual jobs in retail and hospitality, and generally boost the economy. 22. Most importantly, we will remain an optimistic and forward-looking people. Links and Resources: Simon Kuestenmacher - Director of Research at The Demographics Group Join Michael Yardney and Simon Kuestenmacher at Wealth Retreat 2022 – register your interest here. As our markets move forward why not get the team at Metropole to build you a personalised Strategic Property Plan – this will help both beginning and experienced investors. Shownotes plus more here: 22 predictions of what 2022 holds for Australia, with Simon Kuestenmacher Some of our favourite quotes from the show: "The poorer workers actually suffered more, while many Australians are much wealthier at the end of the year than they were at the beginning of last year." – Michael Yardney "We always have been a very favoured country for people to come, to live, to work, and this is only going to work well in our favour." – Michael Yardney "I've found that one of the biggest things holding people back from success in all areas of their life is fear of failure." – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

Australia's economy and our property markets don't operate in isolation, so I believe it's good to regularly have a look at the big picture, the macroeconomic factors affecting not just Australia's economy, but the world economy to help us understand what's ahead for us. I do this once a month in these Big Picture Podcasts with Pete Wargent. For our first Big Picture podcast for the year, Pete and I will briefly review what happened over the last year and our thoughts on the significant issues that will influence the world economy, Australia's economy, and our property markets. February's Big Picture It wasn't that long ago that we celebrated the beginning of a new year - 2020 - with anticipation of another decade of the roaring 20s. But instead, COVID-19 dominated the news, economic landscape, and our lives. At one point, it almost looked like Australia was on track to become 'Covid free.' And then came Delta, and the economy changed again. Looking back to this time last year, we thought we were over it, and then came Delta, and everything changed, and the southern states and particularly Melbourne was, once again locked down. And when we eventually thought we had this coronavirus thingy licked, along came Omicron. Despite this, our economy flourished, unemployment fell, and our property markets delivered a once-in-a-generation boom. Despite a wall of worry with coronavirus, 2021 was an excellent year for investors, so what's ahead for us? What will 2022 bring? What will be the significant issues that will influence our economy and housing markets this year? Six things that went wrong in 2021 Several coronavirus waves disrupted economic activity. Inflation took off as coronavirus boosted spending on goods and disrupted production. Some key central banks started to remove monetary stimulus earlier than expected. Bond yields surged. Chinese growth slowed sharply. Geopolitical tensions with China, Russia & Iran stayed high. Seven reasons for optimism about economic growth Coronavirus could finally be moving from a pandemic to being endemic – more on this below. Excess savings will provide an ongoing boost to spending. While Fed and likely RBA monetary policy will tighten this year, it will still be easy. Inventories are low and will need to be rebuilt, which will boost production. Positive wealth effects from the rise in share and home prices will help boost consumer spending. China is likely to ease policy to boost growth. While business surveys are down from their highs, they remain strong and consistent. Economic growth Omicron shouldn't slow Australia's economic recovery through 2022 The Australian economy is tipped to grow by 3.6% through 2022, driven by growth in NSW and the NT. 2021 recorded the fastest growth in the Australian economy since 2007, making it the second-fastest growth seen in the past two decades Shoppers have tightened their purse strings and locked themselves down through January, as consumer confidence tallies its worst post-Christmas performance in 30 years. Interest rates Most banks believe interest rates are going to go start increasing in 2022 and the financial markets have priced in an interest rate hike Banks have increased their 3- 5-year fixed rates Six things to watch out for in 2022 Coronavirus – new variants could set back the recovery. Inflation – if it continues to rise and long-term inflation expectations rise, central banks will have to tighten aggressively. US politics – political polarisation is likely to return to the fore in the US. China's issues are likely to continue – with the main risks around its property sector and Taiwan. Russia – a Ukraine invasion could add to EU energy issues. The Australian election – but if the policy differences remain minor, a change in government would have little impact. Outlook for the property markets Continues growth but slower Strong rental growth More choices so a flight to quality Return to form for regional Australia Links and Resources: Metropole's Strategic Property Plan – to help both beginning and experienced investors Join us at Wealth Retreat 2022 Pete Wargent's new Podcast Shownotes plus more here: The Big Picture – Economic trends and influences for 2022, with Pete Wargent Some of our favourite quotes from the show: "None of those cliffs the naysayers warned us about ever eventuated." – Michael Yardney "I bet you there's going to be a few packages that's going to stimulate the economy with an election coming up." – Michael Yardney "You don't have to be the same after today, ever." – 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 played Monopoly recently? Monopoly has been a classic board game for over a century. It's a real estate trading game played for fun… and for a chance to be a real estate tycoon. I recently played with some of my grandchildren, and while it annoyed me that I wasn't able to borrow to buy a property, I was still hooked on the thrill of accumulating Real Estate and collecting rent. I also realized that there are some valuable lessons all investors can learn from playing Monopoly to help them win the game of property investing in real life. Playing Monopoly with my grandchildren reminded me of a very important lesson all property investors must understand – and this is that not all real estate is equal. You see…everyone wanted to buy Mayfair the most expensive street on the board, but no one really wanted the cheap locations at the other end of the board, the names of which I don't even remember. Then there are other locations on the Monopoly board, some of which were more desirable than others. And it's the same in real life…not all real estate locations are equal and just like there are different precincts on the Monopoly board, there are basically 4 types of locations where you could buy properties in the real world. And as you'll see a lot has to do with the demographics of those who want to and can afford to live in these suburbs. Discretionary Locations These are the most expensive locations in our capital cities – the "established money" locations where most of the residents have lived for a long time and where many residents have paid off their home loans years ago. Over the long term this sector of the housing market outperforms the other segments, in part because of its scarcity, but in particular because, as we know, the rich are getting richer than the average Australian and they can afford to and are prepared to, pay a premium to live in these prime locations. Interestingly over the property cycle values in these suburbs are often more volatile. However, over the long term, this segment of the market outperforms the other sectors. Aspirational Locations These are the upper-middle-class areas and gentrifying locations of our big cities. When this wealthier demographic moves into a suburb, they tend to push up property values. As you wander through these suburbs, you'll see a changing neighborhood with new developments and infrastructure improving the quality of services for the residents as well as driving economic and jobs growth. Types of aspiration suburbs 1. Lifestyle 2. Beach/ water/ sand belt 3. School zones 4. Tree change/green change 5. Cultural 6. Knowledge centres Affordable Locations This is where most homeowners and many investors look because that's where they can afford to buy. However, sometimes investors buy in these suburbs because they are "advised" to buy at the cheaper end of the market. Most locations at the affordable end of the property market underperform with regard to capital growth and rental growth. The tenants who rent in these locations live there because that's all they can afford and are unlikely to be able to pay you increasing rents over time. As an investor I would steer clear of these affordable locations – most of these will never gentrify in your lifetime and they will underperform with regards to rental growth and capital growth. Last Choice Locations. In every city, there are suburbs where people live because they really have no choice. No one wakes up in the morning wanting to live in these suburbs, but social circumstances force them to. Of course, investors should steer clear of these locations. So just like owning the right locations on the Monopoly board, owning an investment property in the right location will do 80% of the heavy lifting of your property's returns. But there's more…. Just like not all properties locations are the same, not all properties within each location of the same. Even in the best suburbs, there are some properties I would avoid – they just don't make good investments and others I would be keen to have in my portfolio. A-Grade homes and "investment grade" properties are the type of assets you want to own, and the types of properties where great tenants want to live, not because they need to, but because they want to and are prepared to pay extra to live there. B grade properties still have a lot going for them, and during hot property markets like we are currently experiencing they still perform well, but their secondary location within their suburb or the less than perfect attributes of these properties means they will slump more in downtimes when buyers and tenants are more choosey. C grade properties – these are to be avoided unless they're in a great neighbourhood and your intention is to demolish the property and replace it with something more appropriate for the location. The bottom line Just like in Monopoly, not all real estate is equal. So be careful … don't get stuck with an underperforming property in the wrong segment of the housing market when this property cycle eventually ends; because if history repeats itself, and it most likely will, you could end up with a dud property that you will regret owning and have difficulty selling if you need to. Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Shownotes plus more here: Here's what a game of Monopoly taught this veteran property investor Some of our favourite quotes from the show: "You've heard me talk about the concept before that the rich are getting richer, and this isn't going to change, so you need have the type of property that's going to be in continuous strong demand by people who can afford to pay more for it over time." – Michael Yardney "Many investors have been hoodwinked a bit by so-called advisors who tell them to buy at the cheaper end of the market." – Michael Yardney "When you're more grateful, you're going to be much, much wealthier." – 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 do you view life? Some people think that what happens in their lives is out of their control. These are the folks who wait passively for what life dishes out to them. They have few goals, and they are the ones who usually hope for the best — that life will be kind to them and that they will eventually be at the right place and at the right time. Other people realize that life is a great opportunity for learning and for realizing their fullest potentials. Some of these lessons are learned the hard way. However, by learning to cope with the challenges, one can come out of the experience wiser and stronger, more able to face whatever else lies ahead. Now, this is as just relevant in property investing as it is in business, entrepreneurship, relationships, in fact in all areas of your life. So, in today's show Mark Creedon and I discuss a series of life lessons you may have learned in the past but have most probably forgotten. And hopefully, by the end of today's show you'll have some great ideas, inspiration, and new plans to make this new year, 2022 the best year of your life. Lessons for 2022 Life is a continuous learning experience. Throughout our lives we keep rising and falling, picking up important lessons along the way. Some of these lessons come from experience, yet there are others that we learn watching others or reading in books. So let's look at a list of important life lessons we should all learn as early as we can: Everything you do matters. Life never gets simpler. But that doesn't mean it won't get better. Rarely do you ever figure anything out fully. (Almost) everybody is faking confidence. If you want to change the trajectory of your life, embrace these rules and apply them: Commitment is what gets you started, consistency is what gets you somewhere, and persistence is what keeps you going. I would add patience – wealth is the transfer of money from the impatient to the patient. Life doesn't get easier, but that doesn't mean it won't get better. Become friends with Failure. So many people fear making a mistake. They're scared of looking stupid in front of people they respect or messing up in front of the boss. But everyone makes mistakes. Here are some facts about failure you should remember so the fear of it doesn't rule your life. Perfection is impossible - It's a tough one to get your head around, especially as most entrepreneurial types are perfectionists, but the sooner you learn that mistakes are inevitable the happier you will be. Success Isn't About Smooth Sailing - You may think that success is the natural by-product of a smooth and well-chartered course. Think of failure as one part of an equation - Failure is the first step, and the next is the solution. Don't worry about what others think - A lot of the time, people are worried about failing because they place too much emphasis on what other people around them think. Every second you spend comparing your life to someone else's is a second spent wasting yours; so stop comparing and create your own definition of success instead. The harder you work, the luckier you get 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 Business Accelerator Mastermind 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 Join us at Wealth Retreat 2022 – find out more here Shownotes plus more here: Here's a list of life lessons you've learned over the years but probably forgotten, with Mark Creedon Some of our favourite quotes from the show: "You're creating your future at the moment." – Michael Yardney "Persistence, of course, is just getting up one more time when you get knocked down." – Michael Yardney "Success, in whatever we're talking about, isn't smooth sailing." – Michael Yardney 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

Well, our property markets are up and running for 2022 and already there are mixed messages in the media about what's ahead. But today you'll get some clear indication from Australia's leading housing Economist Dr. Andrew Wilson, whose forecasts have proven to be very correct. I don't know if you've noticed seem to be two types of opinions flouted by the commentators On the one side is the glass half empty crew who see interest rates rising, Omicron repercussions and they're suggesting you've missed the peak of the property opportunities this cycle. On the other side of the market is the glass half full crew who feel more market opportunities are ahead of us, our economy is improving as we are coming out of the pandemic and with our borders reopening opportunities abound. I've been producing a weekly Property Insiders video each week with Dr. Andrew Wilson, so our forecast and commentary are on the record, and as I said, our forecasts have, so far, been very accurate, so I'm sure you'll enjoy today's podcast which is the audio of one of our recent video chats. Topics I discuss with Dr. Andrew Wilson Will RBA Rates Rise in August? - Nonsense Reflecting current data, the latest RBA statements and depressing covid outlook predictions of official interest rate rises as soon as August are clearly non-sensical according to Dr. Will property values will continue rising in 2022? In general property values should increase throughout 2022, but at a slower rate of growth than in Will 2022 be the year of rising rents? Rents should also keep increasing in 2022 as vacancy rates tighten as there is currently a desperate shortage of good rental accommodation around Australia. Are we in for a 2-tier property market moving forward? I can see properties located in the more inner and middle-ring suburbs, particularly in the more affluent suburbs and in gentrifying locations, significantly outperforming cheaper properties in the outer suburbs. Will more property investors will return to the market in 2022? So far this property cycle has been driven by owner-occupiers and first home buyers, but now more and more investors are getting into the market. However, if history repeats itself, and it most likely will, many of these investors will sell up over the next few years as they realize that property investment may be simple, but it's not easy. Will there be a flight to Quality? During the last few years, FOMO (fear of missing out) led inexperienced investors and homebuyers to purchase almost any property that their budget would allow, and they were fortunate as a rising tide lifted all ships. But as the market matures, we will see a flight to quality with well-located A-class homes and investment-grade properties still selling well, but secondary properties having trouble finding buyers. Will our economy will continue improving? With the prolonged lockdowns in Australia's two largest cities keeping people indoors and spending less, households have squirreled away an estimated $200 billion this year. Much of this will be spent over the next few years in an economy-boosting wave of consumption as life returns to normal. Some of it will go to paying down debt and some will go into buying assets. What will APRA do as they watch the market carefully? So far APRA has only really tapped its foot on the brake pedal; it hasn't really pushed down hard on the brake to slow our markets down, but if the property markets continue growing too fast for their liking they are likely to introduce stricter measures. Will most property predictions will be wrong? The property pessimists will still be out there next year telling us not to invest and that our property markets are going to crash. And as has been the case for the last few decades – they will be wrong. The bottom line Clearly, many of us would like to forget the last few years, but that won't be easy. Let's hope 2022 will be a year we are going to want to remember. It will be interesting to look back at the end of the year and see how many of these trends have eventuated. Shownotes plus more here: Dr. Andrew Wilson's property trends and forecasts for 2022 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 Dr. Andrew Wilson, Chief Economist My Housing Market Subscribe to our weekly Property Insiders videos – www.PropertyInsiders.info Some of our favourite quotes from the show: "The higher end of the market can often still afford to buy properties at this stage of the cycle because they've got multiple sources of income, their businesses share dividends, and their properties have gone up in value." – https://propertyupdate.com.au/australian-property-market/ "Well-located A-grade homes and investment-grade properties are still going to sell well, but secondary properties, they may have a bit of trouble finding a buyer." – Michael Yardney "You only need one thing to succeed. Forget all the reasons why it won't work and believe in the one reason why it will." – 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

2021 was a truly unusual year. After 2020, a year fraught with the effects of the global COVID-19 pandemic that wreaked havoc on world markets, forcing families into their homes with lockdowns and businesses to shutter their doors, 2021 saw the advent of safe & effective vaccines and despite the lockdowns experienced in our Southeastern states, 2021 was an amazing year for anyone involved in property. For many people, their home or investment properties earned more than they did as property values reached new highs and real estate records were broken. 2021 has rewritten the property record books. From property price growth to interest rates, to new home buyers, to refinancing – no matter which way you look records are being broken. To discuss these and which new records we think will be set in 2022 I'm joined by my business partner Brett Warren - national director of the Metropole Properties. One of the records that must have been broken is the extraordinarily strong market appetite for property, but let's dig into a few more records that have been shattered. Prices rose at the fastest pace in more than three decades In 2021 we experienced a property boom, the strength of which no one envisaged at the beginning of the year. The level of price growth has been the fastest in more than 3 decades, but in real terms, it's the 3rd fastest in a century. However, not all property markets will continue growing strongly moving forward. We're in for a 2-tier property market moving forward. Properties located in the inner and middle-ring suburbs, particularly in gentrifying locations, will outperform cheaper properties in the outer suburbs. Australians became wealthier than ever before Australian households just keep getting wealthier. A combination of surging property prices and solid share market gains saw total Aussie household wealth grow 4.4% or $590 billion in the September quarter. Wealth is up 20.2% on a year ago – the strongest annual gain in 11 1/2 years. And the number of Australian millionaires is expected to grow to 3,100,000 by 2025. Mortgage rates hit historic lows In 2021 low interest rates and the easy availability of finance spurred record demand for property pushing prices higher Australia-wide. New lending and refinancing also hit an all-time high – I guess that's another record that was set. A record number of new listings of properties for sale The number of properties listed for sale on realestate.com.au hit a historic low in June 2021. However, as lockdowns lifted and restrictions eased, new listings of property sales come to 22.8% in the last three months of the year. This is made for a robust spring selling season with new listings finishing 19.2% higher than the five-year average. Demand for housing hit record highs 2021 was a year that many Australian families upgraded their homes while a record number of Aussies became first home buyers. The combination of low interest rates, the impetus from shifting lifestyle preferences, an influx of ex-pats, low supply of properties for sale, forced savings, and government support measures have all fuelled Australia's insatiable appetite for property to historic highs for much of this year. Properties sold at record speed across the country. With multiple buyers keen to purchase the limited number of good properties for sale, many were forced to make quick decisions and, in some cases, pay a premium to purchase their property. As for the records broken - in November, the median number of days a property was listed on realestate.com.au before it was sold was 30 days, a historic low. Property sales volumes soared An estimated 614,635 properties changed hands in the past 12 months, the highest level in almost 18 years. In fact, in November property transactions were 32.6% above the decade annual average. Rentals finally rose After several years of slow rental growth, in the year to November Australian rent for using Chris 9.4% which was the strongest and you will appreciate any rent since January 2008. Capital cities experienced a net loss of people Australia's closed borders put a halt to immigration in 2021, but tight borders didn't stop Aussies from moving house. In the March quarter of 2021, data from the ABS showed our capital cities recorded a net loss of 11,800 people. This is more than double the decade average and the largest quarterly loss on record. This was prior to the arrival of the delta variant. Demand for luxury property soared and the $3 million club doubled While the value of most properties increased in 2021 the year finished with the luxury end of the market outperforming. Australia's $3 million suburb club doubled again in 2021. Demand for regional property soared, fuelling record-breaking price growth One of the side effects of the pandemic and the resultant lockdowns was that both net regional and interstate migration trending above long run averages This resulted in 2021 being the year when combined regional housing markets have outperformed, combined capital cities in terms of price growth. And as the year ended this trend has reversed with our capital cities outperforming. 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 Shownotes plus more here: Guess how many property records were broken in 2021? With Brett Warren Some of our favorite quotes from the show: "It was just too easy to let FOMO get in and make silly decisions, cut corners, and not do your due diligence." – Michael Yardney "Almost anyone could look good last year, because if you bought in the wrong location, it still went up 10%, and you thought hey, look how smart I am!" – Michael Yardney "Life is worthwhile if you try. It doesn't mean you can do everything, but there are a lot of things you can do if you try." – Michael Yardney Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

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

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. Shownotes plus more here: 7 tips to make sure your children grow up rich (This is even for you if you don't have children) | Summer Series 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.