Property Investment & Wealth Creation Australia | The Michael Yardney Podcast

I'm going to be bold and start off with my first property prediction for 2023. I believe our property markets are going to reset this year.

At some time this year our housing markets with reach a trough, which will herald the beginning of the next property cycle, as buyers and sellers return as they realize that there will be no more interest rate rises and that inflation is under control.

Now don't get me wrong - I'm not suggesting there's a property boom ahead.

But I am suggesting there's a window of opportunity for those who understand the forces behind the property market reset over 2023, and that's what Dr. Andrew Wilson and I discuss in today's show.

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

Join Dr. Andrew Wilson at Wealth Retreat 2023 – click here to find out more

Subscribe to our weekly Property Insiders videos – www.PropertyInsiders.info

Get your bundle of eBooks and reports at www.PodcastBonus.com.au

Join Michael Yardney's Mentorship Program – find out more here

Shownotes plus more here: The forces behind the property market reset of 2023, with Dr. Andrew Wilson

If you've been listening to my podcasts or reading my blogs, you'll know I have a number of rules and frameworks to help my property investing. By having these it takes the emotion out of investing and makes the results more predictable, but what's the most important golden rule of property investing?

That's a question I'm going to ask today of leading financial advisor Stuart Weymss, who's written a book about the golden rules of investing so let's see which rules have stood the test of time.

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

Shownotes plus more here: Is this the most important Golden Rule of property investing? With Stuart Wemyss (Summer Series)

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.

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 (Summer Series)

Have you ever wondered why the rich keep getting richer and how you can join the ranks of the wealthy and successful?

There's been a lot of research into this question, including by my good friend and guest today Tom Corley who spent 5 years studying the rich, which he then documented in his first book, Rich Habits Poor Habits.

Today we're going to talk about why the 1% comma control over 80% of the wealth in the world, and you may well be surprised that if you're listening to this show, you fall into that 1%.

Why the 1% control over 80% of the wealth

The topic for today's show was inspired by an article I recently read article complaining about the rich.

The author was upset at the fact that 1% controlled 82% of the wealth in the world.

Now there's no doubt the rich are getting a lot richer and doing so a lot faster, and of course, this has been fodder for some sensational headlines and a lot of commentaries.

Let me be clear…No one's hardship should be belittled.

Becoming unemployed or not being able to keep up with your mortgage payments aren't just financial problems. They're social and emotional problems that strike at your sense of worth.

But things always need to be kept in perspective.

Some really interesting numbers emerge when you expand your view and look at the richest 1% in the entire world.

So, how do the 1% cultivate wealth? That's what I'm going to discuss today with my good friend Tom Corley who is my co-author of our internationally best-selling book Rich Habits Poor Habits.

Tom is a CPA, and CFP and heads one of the top financial firms in New Jersey. For 5 years, Tom observed and documented the daily activities of wealthy people and people living in poverty, and in his research, he identified over 200 daily activities that separated the "haves" from the "have nots," which culminated in his #1 bestselling book, Rich Habits, Poor Habits.

So what do the rich do differently? Habits. The top 1% cultivate wealth by doing certain things:

1. Read to Learn Every Day — 88% of the rich in my Rich Habits Study read 30 minutes or more every day to learn.
2. Deliberate Practice — 69% of the rich in my study practiced some specific skill for two or more hours every day.
3. Pursue Long-Term Goals or a Dream — 70% of the rich in my study pursued some long-term goal or some dream.
4. Focus on Daily Goals — 62% of the rich in my study focused on their daily goals.
5. Save — 94% of the rich in my study saved 20% or more of their income every year.
6. Be Frugal with Your Money — 67% of the rich in my study were frugal with their money.
7. Forge Rich Relationships — 68% of the rich in my study forged relationships with other upbeat, success-minded people.
8. Volunteer — 72% of the rich in my study volunteered 5 hours or more a month.
9. 5 AM Club — 44% of the rich in my study woke up 3 or more hours before they began their workday to pursue dreams, and goals, read, be productive, etc.
10. Become a Decision-Maker at Work — 91% of the rich in my study were a decision-maker where they worked.
11. Do Work You At Least Like — 86% of the rich in my study liked what they did for a living.

The Bottom Line.

Everyone wants to be on top of the mountain, but few are willing to make the climb.

The 1% control 82% of the wealth because the 1% are willing to climb the mountain.

If you want to be one of the 1%, you need to start climbing.

Links and Resources

Michael Yardney

Metropole's Strategic Property Plan – to help both beginning and experienced investors

Tom Corley's blog

Get your copy of Rich Habits, Poor Habits here- www.RichHabitsPoorHabits.com

Join Tom Corley and me at Wealth Retreat 2023 – click here to find out more

Some of our favorite quotes from the show:

"There's dumb luck, as we've spoken about before, and there's good luck, but interestingly, you've got to be in the right position to recognize that." – Michael Yardney

"It's not just who you know, it's who who you know knows." – Michael Yardney

"The way this works is you only need a slight edge to be above other people." – Michael Yardney

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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.

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 (Summer Series)

If you're looking for more success in life – be it in your property investing, wealth, or money management, today's episode of my Podcast is for you.

I'm going to share 2 sessions with you – in the first one, I will discuss 21 reasons many people are terrible at managing money.

And even if you've got your finances under control, I bet you'll learn something from the lessons I want to share.

And then I'll be chatting with Brett Warren, national director of Metropole Property Strategist about something very interesting he found when he sat down with potential clients of Metropole. He realized that their homes often performed better than investment properties they owned. I'm going to ask him why.

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: 21 reasons many Australians are bad with money | Why your home may outperform your investments with Brett Warren (Summer Series 2023)

Do you know what's so interesting about success?

When I look at people around me who are ultra-successful — I mean, whether it's in their business, their investments, with money, or in their physical health, or maybe it's in their relationships —it's not that they're any smarter.

It's not that they're any more talented. They weren't born with something special.

Instead, they simply have a different mindset.

They think differently, and you've heard me say it before – your thoughts lead to your feelings; your feelings lead to your actions, and your actions lead to your results.

For these successful people, their outside world – the results you see - is a reflection of their inside world – the way they think.

Now that we're close to the end of the year, let me ask you a question: looking back, how successful has the year been for you?

Like most of us, there have been a lot of challenges this year for you, probably more than most of the years.

So, in today's show, I chat with Kurek Ahshley, and he'll give you some clues as to how to make next year the most successful year you've had.

I know that's a bold claim, but he is known as "The Transformer," and when we chat, you'll understand why.

Links and Resources:

Michael Yardney

Kurek Ahshley – The Transformer - www.kurekashley.com

Check out Kurek's Program – Stop What's Stopping You

Get in contact with the experienced team at Metropole Property Management & we'll help you maximise returns, minimise risk & make it easier

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

Shownotes plus more here: How to achieve way more success and work less! With Kurek Ashley

Throughout the year, the media has been reminding us about how rising interest rates are hammering our property markets, and commentators keep reminding us about the uncertainty of our economic future.

It's easy to see all the risks and problems now, but five years from now, it's likely we will look back and see lots of missed opportunities.

That's why once a month, I catch up with leading economic commentator Pete Wargent for these Big Picture podcasts when we look at the macro factors affecting our economy and our property markets to help bring our years of perspective to you.

And that's what we plan to do again today, as we sum up what's happened to our property markets in 2022 and give you some ideas about what we think is ahead for 2023, so welcome to today's show

Links and Resources

Michael Yardney

Metropole's Strategic Property Plan – to help both beginning and experienced investors

Get a bundle of free reports and eBooks – www.PodcastBonus.com.au

Pete Wargent's new Podcast

Pete Wargent's blog

Join Pete Wargent and me at Wealth Retreat 2023 – click here to find out more

Shownotes plus more here: Property and economic trends and forecasts for 2023 The Big Picture Podcast with Pete Wargent

As I look back at 2022, the year seems to have gone quickly for me, even though I know for a lot of people, it has been a slow and difficult year.

For those in property, it was a roller coaster year where we came to expect the unexpected.

We went from this time last year, the RBA declaring that "The Board is committed to keeping the cash rate at this level until 2024," to ending up with 8 consecutive hikes this year.

That meant we moved from boom conditions at the beginning of this year, driven by ultra-low borrowing costs and strong demand to falling property markets around Australia, with fragmented markets as each state performed differently.

So, what's ahead for us? What will 2023 bring?

That's the question I want to discuss with my guest today, Dr. Nicola Powell, chief of research and economics at Domain.

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. Nicola Powell – Domain's Chief of Research and Economics,

Join us at Wealth Retreat 2023 – click here to find out more

Get a bundle of free eBooks and reports at www.PodcastBonus.com.au

Shownotes plus more here: 5 big property trends to watch for in 2023, with Dr. Nicola Powell

We know that housing affordability is a real issue, with many Aussies now finding it harder to buy their dream home as 8 consecutive interest rate rises have cut many buyers borrowing capacity by up to 20%.

But what about rental affordability?

With more and more people renting for longer at a time when the number of advertised dwellings for rent has plummeted, vacancy rates are record lows, and rents have shot up at the fastest rate in decades, what does this do to rental affordability and how will this affect rental increases moving forward?

I also get his views on the strength of Australia's economy, the latest monthly inflation figures and what's ahead for interest rates, and where our housing markets are headed.

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

Join Dr. Andrew Wilson and me at Wealth Retreat 2023 – find out more here

Subscribe to our weekly Property Insiders videos – www.PropertyInsiders.info

Get your bundle of eBooks and reports at www.PodcastBonus.com.au

Shownotes plus more here: Where are our economy and our housing markets headed? With Dr Andrew Wilson