Property Investment & Wealth Creation Australia | The Michael Yardney Podcast

We live in uncertain times, creating a lot of anxiety for investors.

So, in today's podcast, which is one I recorded together with my good friend and share trading expert Louise Bedford, we talk about how to manage uncertainty.

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

Follow Dr. Andrew Wilson, Chief Economist My Housing Market on LinkedIn

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: 2 investing veterans share their tips to manage uncertain economic times, with Louise Bedford

Despite all the negative news in the media warning us of the worst property correction on record, my guest today Pete Wargent recently wrote a piece giving good reasons why our housing market downturn could be short-lived.

Since Australia's economy and our property markets don't operate in isolation, each month, I take time out to have a look at the big picture, the macroeconomic factors affecting not just Australia but the world economy, in our attempt to give you a little more clarity on what's ahead.

Once again, we will take a deep dive into what's happening in the world and Australia's economy, and our property market.

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

Shownotes plus more here: How long will this property downturn last |The Big Picture Podcast with Pete Wargent

Australia's property markets have experienced unprecedented demand over the last couple of years, despite tourists not coming from overseas, despite visa holders not coming, visa holders not coming, students not being here, and the borders being closed.

And now despite the market cooling, rising costs and supply shortages are causing one of the worst housing crises in history.

I don't know about you, but I've been reading about families forced to live out of their cars, in camper vans, and even in tents. And these are respectable people with reliable incomes and good rental history to boot.

Today I'm going to share a couple of segments to help you understand what's going on.

First, there's a replay of one of my recent Property Insider chats with Dr Andrew Wilson where we share his latest rental reports and what we believe is ahead for rental markets.

Then I'm going to share some statistics from the census, including one that created a lot of furore about why there's a housing crisis when about 10% of properties were vacant on census night. I will give you some ideas to help you be a better investor.

And of course, I'm going to share my popular mindset message.

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

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

Shownotes plus more here: A bleak outlook for renters is good news for investors with Dr. Andrew Wilson

We seem to have a new national obsession.

It's even bigger than worrying about who's going to the football on the weekend.

It's called "Which way are house prices heading next?"

According to our big banks, Australians must brace for the worst housing correction on record as rising interest rates will strangle the property market.

And while Australia's economic fundamentals are still strong, consumer confidence has taken a significant hit and that's affecting our housing markets with buyers being more cautious and many taking a wait-and-see approach, while sellers' confidence is more fragile.

So, will property values fall 20 or 30%, as some banks suggest?

Those topics are what we talk about in this week's Property Insider video as Dr. Andrew Wilson, Australia's leading housing economist and chief economist of MY Housing Market gives you his forecasts for our housing markets for the next 6 months.

And considering his strong forecasting track record, I believe he's worth listening to.

We also discuss some of the other property news that has happened over the week.

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

Follow Dr. Andrew Wilson, Chief Economist My Housing Market on LinkedIn

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: A leading economist's thoughts on those forecasts of a property market collapse, with Dr. Andrew Wilson

We all know that the rich keep getting richer, but the question is how can we learn from them?

Sometimes it can seem as though rich people are born lucky with inevitable success ahead.

But the reality is that anyone can become rich. It's not like they have any special secrets.

After all, even the rich invest in property, shares, and business-like any other ordinary Australian.

The difference between the rich and ordinary Australians lies in some simple things they do differently. That's what I've invited Mark Creedon, Founder of Metropole's Business Accelerator Mastermind to talk with me about today.

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

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

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

Shownotes plus more here: 7 ways the rich are getting richer, and how to join them, with Mark Creedon

One of the aims of my podcast is to help you become more financially successful and help you grow protect and pass on your wealth, and what we talk about in today's show with Ken Raiss, who is widely regarded as Australia's leading property tax strategist is asset protection.

Now for people who don't know, for many years Ken was an accountant and managing partner in a national accounting firm. He's still an account but doesn't do regular accounting work – instead he gives high-level wealth advice to our clients at Metropole wealth advisory.

But he's not a theorist, he's a successful investor, business owner, and entrepreneur with accounting, financial planning, and real estate qualifications.

That's why he's able to give a holistic approach to our clients and help them grow protect and pass on their wealth.

Today, Ken and I will talk about asset protection.

Links and Resources:

Michael Yardney

Ken Raiss, director Metropole Wealth Advisory

Have a chat with Ken Raiss to ensure you have the correct asset protection strategies in place – click here

In turbulent times like we're experiencing why not get the team at Metropole on your side to give you holistic property and wealth advice– find out more here

Shownotes plus more here: Asset protection strategies to safeguard what's yours, with Ken Raiss

Strategic property investors plan for the long term and therefore theoretically should be immune to the ups and downs of the property market.

However, the grinding reminders of the economic challenges we are facing can be a harsh test of character for even the most experienced investor.

There is continual news about rising inflation and higher interest rates and how this could lead to a significant downturn in our property market. So how can property investors prepare for the possible turbulent times ahead?

That's what I'm going to be asking leading financial advisor Stuart Weymss, in today's show.

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: Here's how property investors prepare for turbulent times, with Stuart Wemyss

There are some must-read books on personal finances that will help you develop good saving and investing habits.

One of them is Robert Kiyosaki's Rich Dad, Poor Dad, a must-read if you want to learn about personal finance.

Now I've interviewed Robert three times on this podcast and while I don't agree with many of his views on Real Estate, and I definitely don't agree with his views that we're heading forth an economic Armageddon, I respect the lessons I learned from him many years ago on personal finance.

So today in this podcast with Mark Creedon, founder of Metropole's Business Accelerator Mastermind, I'd like to share 20 lessons I believe you should understand from his great book Rich Dad, Poor Dad.

At the end of today's show, I hope you learn a few new things about money and finance and that I will have reinforced a number of things you already knew, and maybe we can help you escape the vicious cycle of working hard your whole life.

Links and Resources:

Michael Yardney

Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us

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

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

Shownotes plus more here: 10 Key Lessons to Learn from Robert T. Kiyosaki's Rich Dad, Poor Dad, with Mark Creedon

A 40-year high in inflation, rising interest rates, talk of our property markets crashing, and our economy falling into recession.

Then there's Russia's war with Ukraine. A spike in energy prices, a skyrocketing jump in the price of oil. Supply chain problems. Excessive government spending. Exploding government debt. A huge increase in the nation's money supply.

All these factors and others are contributing to increased inflation.

But am I worried? Not really.

And you shouldn't be either. I'm going to explain why in today's podcast.

Links and Resources:

Michael Yardney

If you're keen to buy your next home or investment property why not get the team at Metropole to build you a personalised Strategic Property Plan – this will help both beginning and experienced investors.

Get a bundle of eBooks and reports here:- www.PodcastBonus.com.au

Shownotes plus more here: Why I'm not worried about inflation — and why you shouldn't be either

If you want to become a more successful property investor, today's show is just for you. I'm going to discuss how to become more successful as an investor by discussing two separate concepts with you. Are all those other investors crazy? The ones who don't reach success? We're going to have a talk about that.

Then I'm going to share with you one thing you're going to have to change to get more successful.

Are all those other property investors crazy?

Around 8.6 million Australians bought a lottery or scratchy ticket in the last year. That's around 44.8% of our 18+ population. Who is buying all these tickets?

When you do the maths, you might think they must be crazy.

Fact is: No one is crazy.

The decision to buy a scratchy, a lottery ticket, or an off-the-plan property or a house and land package or whatever must make sense to them at that moment and ticks all the boxes they need to check.

I've often written about how we're not rational when making investment decisions – we're subject to behavioral biases.

I've been a student of behavioural finance for years trying to understand why investors keep making the mistakes they keep making, when the end results of their actions – the negative consequences of the decisions they make – seem so obvious to me.

People are often wrong, but few are crazy.

1. Be careful taking cues from other people when you have no idea what they're thinking

Many finance and investment decisions are rooted in watching what other people do and either copying them or betting against them.

But when you don't know why someone behaves as they do, you won't know how long they'll continue acting that way, what will make them change their mind, or whether they'll ever learn their lesson.

1. No one is crazy, including you.

But everyone justifies actions based on poor reasoning, including you.

Few people make financial decisions purely based on logic and by using research and spreadsheets.

The bottom line:

The fun part of behavioral finance is learning about how flawed other people can be.

The hard part is trying to figure out how flawed you are, and what stories make sense to you but would seem crazy to others.

That's why when making significant property decisions it's important to have a team of independent, unbiased advisors on your side.

Here's one thing you need to change to become a successful property investor

I've found that for most property investors to change their level of wealth, they must change.

Why is change difficult for many of us?

Because change makes us move out of our comfort zones. We tend to believe that if we stick with what we know, with what is familiar, then we won't get hurt. In terms of wealth creation, it's not what we know that's holding many of us back.

It's what we think we know that isn't so that is holding us back.

I'd like to discuss why many Australians are not as far advanced with their wealth creation as they would like to be.

What holds most of us back?

It's our Wealth Operating System ™ – our financial blueprint – the programming we received as a child.

It is no coincidence that your inner world creates your outer world. So, one of the first steps in change is changing your thoughts. How do you think about money, success, and prosperity?

Remember:

Your thoughts lead to your feelings, your feelings lead to your actions and your actions determine your results.

So, money is a result, wealth is a result, and your health is a result. Your results in all these fields have been caused by you – by your actions. The problem is for many Australians their thermostat is not set for Wealth. Many of us need to intentionally change our inner world – our way of thinking.

Firstly, we need to change the way we think about ourselves.

Why are we scared of change? The only constant in the world, the only thing you can absolutely count on, is change itself.

Results change when people change their way of thinking. If any of what I've said has made an impression you will realize that if you're going to go to another place in your life financially, then you are going to have to do some things differently.

And doing things differently first requires thinking differently.

Until you change how you are, you will always have what you've got. To have more, you need to become more.

The rich keep getting richer because they're programmed and conditioned to, while most people are boxed in by the boundaries of their thoughts.

If you've heard me speak on the topic of the psychology of success, you'll know I suggest you always get what your subconscious wants, not what you think you want.

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

Get a heap of eBooks and reports here: - www.PodcastBonus.com.au

Shownotes plus more here: Are all those property investors crazy?

Some of our favourite quotes from the show:

"Every decision everyone makes is rationalized in their head when they make it." – Michael Yardney

"Most investors probably rationalize what they're doing in ways that weren't crazy to them." – Michael Yardney

"If you think you're going to move on without changing, it's not going to happen." – Michael Yardney

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