Property Investment & Wealth Creation Australia | The Michael Yardney Podcast

What will life be like post-COVID-19?

Even though many of us have spent weeks dreaming about the day things are going to get back to normal, it may not be as smooth sailing as some of us would like.

We can expect to see lots of changes. Your favorite café might not survive the shutdowns. You may greet friends with a nod or wave rather than a hug.

There will be practical and economic changes that will affect our jobs and property markets, and that's what I'm going to talk about today with my guest Pete Wargent.

The shock of a pandemic will have shaken a lot of people's beliefs about the world, but there will also be positives coming out of it.

Unfortunately, those who have lost income and lost their jobs will have challenges to overcome. This may lead to stress and anxiety.

But this is not going to be a gloomy show. I'm an optimist and a realist, and after today's show, I hope you'll be more prepared for what comes next.

What will life be like post-COVID-19?

• Whether or not a vaccine can be found, we'll probably see changes in the way that we live – we'll probably be more cautious.
  • Investors may also approach their investments with more caution than they did previously.
• Low interest rates will probably continue for some time – at least until unemployment comes down.
• It could take at least 4-5 years for employment to decrease to previous levels.
• Low interest rates will be good for property in the medium to long term.
  • Lower wages growth, on the other hand, will impact people's ability to pay more for properties and could negatively impact the property market.
• Local recoveries will be uneven. Some states are already doing better than others.
• Because lots of people are getting stimulus or grants from the government, they're not feeling as poor as they usually would during a recession. It may take time for people to wean off of this assistance.
• Lower immigration will affect economic growth and housing demand in certain sectors.
• Certain business models, such as retail, are going to change. We're getting more accustomed to shopping online, working from home, and having virtual meetings.
• The younger generations who are just entering the workforce or would earn more during this time are likely to suffer more than others.
  • Young Australians could face as much as ten years of pay cuts and youth unemployment is likely to remain high for several years.

Links and Resources:

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

Pete Wargent Next Level Wealth

Pete Wargent's new book Low Rates High Returns

Shownotes plus more here: A reality check on life in a post-COVID world with Pete Wargent

Some of our favourite quotes from the show:

"I think we've realized that we're all in the same ocean, but we're not in the same boat." – Michael Yardney

"As the economy picks up and life gets back to normal, so will our property markets." – Michael Yardney

"I think the first thing you should do is practice noticing what's great about what you've got." – Michael Yardney

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Post-COVID Properties

Much of Australia's economy is being kept on temporary life support either through the federal government's Job Keeper and Job Seeker schemes or through loan repayment relief from the banks.

The coronavirus has really played havoc with our economy, with our lives, and with our property market. In fact, Melbourne, which has often been hailed as the world's most livable city, is currently going through a crisis and is in lockdown.

No matter where you are, your economy, your lifestyle, and what's going to happen next is going to be affected by what's happening in Victoria.

So what do we have to do differently in this environment? You may not be able to stop the waves, but you can learn how to surf them.

Today, in two separate sessions, I want to share with you the property investment rules that you need to keep in mind in these trouble times, and some things that you'll need to change in order to be more successful in a post-COVID world.

How will the property market change post-COVID?

COVID-19 has changed the world immeasurably, and in some ways, forever. The pandemic has exposed weaknesses in our employment and housing markets, and we're not likely to forget them any time soon.

In the wake of COVID, priorities are likely to change, and these changes will be reflected both in our property markets and in the way we live.

When it comes to properties, buyers will be looking for properties with pandemic appeal and will be willing to pay a little more for those properties.

What constitutes pandemic appeal?

Consider that high rise apartments are full of the very things that we want to avoid during a pandemic – elevators, buttons, shared doors, close proximity to neighbors.

And if you're quarantining in a high rise apartment, you may be stuck indoors, without access to a private balcony or backyard that you can enjoy while maintaining social isolation.

This means that these types of apartments are likely to fall out of favor, and we'll see increased demand for standalone houses and the types of apartments that used to be called flats – the kinds of places that give you access to private entrances, that aren't too close to the neighbors, that offer balconies or outdoor spaces that you could use while isolating.

Open floor plans might also fall out of favour.

Instead, buyers will be looking for homes with better home office facilities and separate spaces, so that they can work from home and still separate work and living spaces.

What will you need to change to be more successful post-COVID?

If you're interested in property investment, it's probably because you're interested in changing your level of wealth. But most property investors won't be able to change their level of wealth until they make changes in and of themselves.

Some of us love change and some of us hate it.

Change is hard because, in order to change, you have to move out of your comfort zone, and that's scary but necessary.

Because when it comes to creating wealth, it isn't what we know that holds us back, it's what we think we know that isn't so.

The thing that holds most of us back is our wealth operating system.

That's our financial blueprint, the programming that we received as children. In order to change it, you have to begin by changing your thoughts about wealth.

Remember, your thoughts lead to your actions, and your actions inform your results.

Wealth is a result. You won't achieve it until your actions change, and you won't take the actions that result in wealth until you change your thoughts.

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

Learn the Science of Getting Wealthy – join Michael Yardney's Mentorship Program – www.MichaelYardney.com.au

Shownotes plus more here:

Some of our favourite quotes from the show: Property investment rules to keep in mind in troubled times

"If you're looking to buy a new property, you're going to have to look at things differently." –Michael Yardney

"It takes courage to leave something familiar, something you're comfortable with, and try something new." –Michael Yardney

"It's no coincidence that your inner world creates your outer world." –Michael Yardney

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Have you ever thought of getting involved in property development?

That's what I'm going to talk about today with Bryce Yardney, director of Metropole Projects.

We're seeing more and more people interested in property development because, in times of flatter capital growth, you're looking to manufacture capital growth.

Today we're going to talk about some of the risks involved in property development.

Property development involves a wide range of activities and processes and in order to be successful, you'll need to know about the market, the property, economics, finance, town planning, construction, and even marketing.

It's difficult, but if you have a good team around you and you have the finance to do it, property development is a great way to build your assets and buy your next investment at wholesale.

Hopefully, today's show will give you some insight into whether property development is for you, now or sometime in the future.

Some of the common risks of property development that we discuss:

• Mistaking precedent for permission: The rules can change. Just because somebody else did it doesn't mean that you'll be able to do it.
• Not understanding what "subject to council approval" means: "Subject to council approval" is like the word "but". Anything that comes before it is meaningless. You need to understand the council you're getting into and understand something about town planning – or at least have someone on your team who does.
• Not being cautious about competitive developments
• Delivering the wrong product to the market: Remember, it's not about what you would want. You need to understand what the market really wants
• Not anticipating bank hurdles: The banks are currently more difficult than They're afraid of what's going on and more conservative than usual. Borrowing is not impossible, but you need to be prepared for a number of hurdles.
• Not understanding what goes into choosing a builder: There are three big factors that go into choosing a builder. These are quality, time, and dollars. Don't get so hung up on dollars that you sacrifice the quality.
• Not having enough money for upfront costs: Banks don't lend for soft costs, like stamp duty, interests, consulting costs, etc, so you need to allow for enough money upfront to handle these expenses, that can run into the tens of thousands.
• Underestimating the power of the council
• Not employing a project manager
• Not know what you don't know: That's why you need somebody around you to help you – someone who will know the things that you don't know.

Links and Resources:

Interested in getting started in property development? Find out more here Bryce Yardney – Director Metropole Projects

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

Shownotes plus more here: Is getting started in property development right for you with Bryce Yardney

Some of our favourite quotes from the show:

"In my mind, one of the biggest risks in development is actually the developer: you, the person listening to this." – Michael Yardney

"Once you get it and it works, and you're manufacturing equity and you're getting good cash flow, it actually can almost be a self-perpetuating machine." – Michael Yardney

"Enjoy the journey, because if you don't enjoy the journey, you're not going to appreciate the destination when you get there." – Michael Yardney

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Do you ever secretly wish that you could achieve more with your time?

You are not alone. Most people want more from their lives but simply don't know where to start.

Science says that only 8 percent of people actually achieve their goals.

The good news is that learning to accomplish greatness in your life is totally possible if you learn to study other successful high achievers.

In today's Build a Business, Not a Job podcast that I record each month with Mark Creedon, the founder of Business Accelerator Mastermind, we are going to discuss the things that high achievers do differently to become successful.

What high achievers do that others don't

I've found high achievers, be they property investors, businesspeople or entrepreneurs do things in a certain way and think in a certain way.

Recently, I read a number of rules that I read on a blog by Abayomi Jegede. After looking at the lives of certain great men, Jegede was able to come up with 13 rules that he says high achievers never break.

He suggests that if you obey these rules, you will become a high achiever too.

So let's look at them...

1. Don't compare your life to others and don't judge them; you have no idea what their journey is all about

Be yourself always and become the best version of yourself.

1. Don't act the way you are feeling - Instead, act the way you want to feel

High achievers get disappointed a lot because they fail many times, but since they are highly-optimistic people, they see an advantage in adversity and make the best of every situation.

1. Make peace with your past so it won't screw up your present

High achievers don't go around beating themselves up for the mistakes they have made.

Forgiveness is the first step to progress and only those with a strong heart can forgive themselves and those who have hurt them.

1. Don't answer ads that promise get-rich-quick schemes because it won't be you who gets rich quick

Believe me when I say this: apart from bonanzas, lottery, promos, or TV shows, there is nothing you can do in this world that gets you rich in a jiffy.

1. You can't do everything yourself, so get help along the way

Make meaningful relationships and help others get what they want.

1. Don't envy what others have; you don't know how they got it

The truth is that you don't know how he got what he has or the price he had to pay in exchange for it.

Think about this before you envy somebody.

1. If you can't say anything nice, don't say

High achievers don't talk just because they have to say something; they talk because they have something to say. Learn to talk less and listen more.

1. Be comfortable only outside of your comfort zone

Do something every day that scares you, and break your own records each day.

1. If you are going to jump off a bridge, make sure you know how deep the water is

Many great men today are college dropouts, but they knew what they wanted and the understood the implications, so they went all-out.

So, before you quit your job or quit college, and before you jump off that bridge, ask yourself this very important question: "how deep is the water?"

1. Change only what you can change and let go of the rest

You can't change everything you want to change.

No matter how important it may be, sometimes it's better to do your own part and leave the coming generation to do theirs.

1. What others think of you is none of your business

People will always talk about you, and if they don't, then you are probably not worth much.

Ignore whatever anyone has to say about you and hold firm what you know and what you believe.

1. Never test the depth of the river with both feet

Spread out your risks in life.

There is no way to succeed without taking risks, but it's wiser and safer to take calculated risks.

1. Honesty is a very expensive gift.

Do not expect it from cheap people

The sooner you learn this, the better.

Do not expect too much from people–only a few men have that virtue called integrity.

Summary:

There is one secret that almost every successful person knows.

This secret is very important because it's the reason they are successful in the first place.

This big secret can be summed up in the words of the mighty Aristotle: "We are what we repeatedly do. Excellence, then, is not an act, but a habit."

Successful people have gone through the painful process of forming successful people's habits, and you can become successful financially prosperous as well if you make up your mind to do the same.

Links and Resources:

Why not join Metropole's Business Accelerator Mastermind

Learn more about Mark Creedon – Business Coach to some of Australia's leading entrepreneurs

Some of our favourite quotes from the show:

"I think with social media, it's so hard not to do that. Because unfortunately, you see their highlight reel, you don't see all the bits on the cutting room floor." – Michael Yardney

"I guess the lesson is to forgive yourself for the mistakes that you've made. They got you to where you are now, and now you've moved forward and can take advantage of the lessons you've learned." –Michael Yardney

"If you're not hanging around with the right people, you'd better get a new tribe of people around you." – Michael Yardney

PLEASE LEAVE US A REVIEW

Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how.

Taking control of your personal finances, becoming wealthy or successful in property investing, is simple, but it's not easy.

That's not a play on words.

It's simple if you know how, but it's not easy because a lot of investors make mistakes. They're fussed about the timing and the price they're going to pay for their property, but those factors may not matter as much as you think.

That's the topic of today's chat with Stuart Wemyss, who's going to explain that it's what you buy that matters, not when or how much you pay.

We're also going to talk about the characteristics of investment-grade property and the changing world of finance.

Then, in my mindset moment, I'm going to talk to you a little about an important subject – failure.

Highlights from my chat with Stuart

• Ego plays a big part in what and when we buy: everyone wants to look smart
  • But we need to look more at the factors that the evidence says are important
  • And less at the factors that are just based on emotion or gut feeling
• An advisor should be able to verify or substantiate their methodology
• Stuart looked at the outcomes of both buying below intrinsic value and buying above intrinsic value
  • High performing investment-grade properties were less sensitive to how much you paid for the property
• Investing is a long game and quality is everything
• 3 attributes that Stuart believes properties need to be investment-grade
  • Strong land value component
  • Scarcity
  • Past growth of the property and similar nearby properties
• Common traits of successful investors
  • Consideration of risk
  • Focus on quality

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

Stuart Wemyss – Prosolution Private Clients

Stuart's article referred to in the Podcast - Property market expectations & the impact of Coronavirus

Stuart's Book – Rules of the Lending Game

Shownotes plus more here: It's What You Buy, Not When or How Much You Pay, That Matters with Stuart Wemyss

Some of our favourite quotes from the show:

"We both agree that cash is important to keep you in the game, but it's capital growth that's going to get you out of the game." – Michael Yardney

"If you're getting free advice, then in fact, you're the product." – Michael Yardney

"The best way is to reflect on your failures and focus on the lessons that you've learned and the person that you're going to become, rather than spending your time trying to avoid 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

Being a property investor is simple, isn't it? Just buy a property, then sit back, collect the rents, and fund your retirement.

If only it was as easy as that.

Granted, investing in property is a simple concept, but the execution is a different story. I've often said property investment is simple, but not easy.

The rules are simple if you know them, but the execution is more complicated.

And that's what we're going to talk about in today's episode. Initially, I'm going to give you six tips to help you get on top of the property ladder. Then I'll talk with Brett Warren about tips that he would have liked to know when he was first investing. Then, in my last segment, I'll share some money tips.

6 strategies to get to the top of the property ladder

1. Invest in your knowledge before you start investing in bricks and mortar

Learn from others who've not only achieved what you want to achieve, but who've maintained their wealth over a long period of time.

Surround yourself with like-minded people and get a mentor who will not only inspire and challenge you, but can also give you some perspective.

1. Marry your investment plans with your investment capital

Remember that all booms come to an end and, like in the past, this new property cycle will peak.

So, while enjoying the current phase, make sure you're financially prepared for the market as it changes.

1. Use your portfolio to reduce your risk

Strategic investors look forward to the best of times but protect their portfolios for the tough times that will inevitably come.

Rather than gearing to the max, they take a more prudent approach by building an emergency buffer.

They also own the type of property that will be in continuous strong demand by owner-occupiers.

1. Do the due diligence before you do the deal

Sophisticated investors have an investment plan that they adhere to and carefully evaluate any potential investment opportunity in light of their long-term goals.

They know that this makes their investment decisions less emotional and their results are more consistent and predictable.

1. Keep your sights set on your goals

While most investors buy a property and hold it for the long term, strategic investors regularly review their investment portfolio's performance in light of their long-term goals.

Questions to ask when reviewing your portfolio's performance:

• Is this property performing to my expectations?
• Is this property likely to outperform the market?
• If this property were for sale today would I buy it again?
• Does this property still fit in with my overall plan?

Treat your property like a business and evaluate your assets dispassionately and take appropriate action.

1. Remember that in real estate, less is often more

Concentrate on getting the best deals for your investment goals, not the most deals.

When it comes down to it, capital growth is key in building wealth through real estate and properties that outperform the long-term averages always come at a price.

Lessons and Success Tips with Brett Warren

Location does 80% of the heavy lifting

Successful investors look for locations that have a proven track record of strong capital growth which will outperform over the longer term because of their demographics.

Choose capital growth over cash flow.

Most of your assets when you retire will be your tax free capital growth – the increase in value of your home and your investment properties – not money you have saved or rent that you've collected or superannuation you've put away.

Success comes from a series of small things.

Take every opportunity you can to better yourself or your circumstances, change your habits to be more productive and work hard towards a long term goal that you are committed too.

Successful people have multiple streams of income.

You cannot save your way to wealth and success.

But by investing the income you save in high growth assets, diversifying your portfolio and adding multiple streams of income from property, shares and business you can fast track your wealth and are not solely reliant of your salary.

7 Money Tips

1. If you are born poor it's not your fault, but if you die poor it's your mistake

You have to take responsibility for your financial future.

You have to become financially literate.

Becoming wealthy is a long journey and it's not easy.

1. Don't follow the herd

Successful investors know that to get to the top of the property ladder, they need to overcome the fears that hold most people back from ever stepping foot on the first rung, or of not waiting for the perfect time or the perfect investment.

And they also understand the importance of, wait for it, going against the crowd!

1. You should know how many months you have left in your wealth window

Your "wealth window" is the time from now until when you stop receiving an earned income.

How much are you going to earn in that time?

Your financial future will depend on the balance between enjoying your money now and planning for then.

1. Practice delayed gratification

Successful people possess higher patience and an aptitude to postpone the enjoyment of their work.

Learning to delay gratification rather than seeking immediate satisfaction is essential for success, particularly when it comes to things like investing, business and making money.

1. Don't think you can ever make money by trading

Whether it's property, financial commodities, shares etc.; trading is really a form of gambling.

Instead stick to the wealth creation strategies that have always worked; either investing in income earning real estate, a business or a share portfolio.

1. Avoid Credit Card Debt

Remember the balance on your credit card isn't your money, it's the bank's and they'll charge you for the privilege of using it.

1. Insure yourself

Insure yourself against bad surprises such as cancer, a heart attack, a car accident or death.

If you don't insure yourself when you don't need it, you will find yourself uninsurable when you do need it.

Links and Resources:

Michael Yardney

Brett Warren 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: 6 Tips to get on top of the property ladder, 7 Money Tips & Brett Warren shares some lessons

Some of our favourite quotes from the show:

"Remember to prepare for the worst while hoping for the best. In other words, maximize your upside while covering your downside and you're going to remain in control of your destiny." – Michael Yardney

"You'll find that the majority of what you own when you slow down, when you retire isn't money you've saved, it's not rent that you've earned, it's not superannuation you've put away, it's capital growth." –Michael Yardney

"But if you want to achieve financial excellence, one of the best things you can do is not follow the herd." – Michael Yardney

PLEASE LEAVE US A REVIEW

Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

What makes an investment-grade property?

What makes it different from all of the other properties?

What's the right strategy for this stage of the property cycle?

What's the endgame that property investors should be considering at the moment, considering how coronavirus has disrupted our property cycle?

That's what we're going to talk about today. I'm going to share with you my new endgame because my living off equity strategy that has stood the test of time for many years is not going to work for most investors in the current market.

At the end of this episode, you'll be a more informed investor, and you'll have a strategy to work toward to help build your own financial independence.

What makes a good investment-grade property?

Not all properties make good investments. In my mind, only about 4% of properties on the market make good investments. What makes a property a good investment?

What makes a good investment generally?

• Strong, stable rates of capital appreciation
• Steady cash flow
• Liquidity
• The element of easy management
• A good hedge against inflation
• Tax benefits

An investment doesn't have to offer all of those or all in equal proportions, but those are characteristics of a good investment.

How do you make money out of property?

• Rental income
• Capital growth
• Accelerated or forced growth
• Tax benefits

5 Stages of Your Investment Journey

• Stage 1: Education – learning what property investment is all about
• Stage 2: Saving – spend less than you earn and trap the excess cash flow in a savings account to build up a deposit so you can invest
• Stage 3: Asset accumulation – it will take two or three property cycles to build up enough of an asset base of income-producing properties to move to the next stage
• Stage 4: Lower your loan-to-value ratio
• Stage 5: Live off the cash flow of your property portfolio

6-Stranded Strategic Approach to Buying Property

1. Buy a property that has appeal to owner-occupiers -- Not because you plan to sell the property, but because owner-occupiers will buy similar properties and that pushes up local real estate values.
2. Buy property below its intrinsic value – avoid new and off the plan properties, which come at a premium price.
3. Look for a high land to asset ratio – that doesn't have to mean a big block of land, but one where the land component makes up a significant part of the asset value.
4. Buy property in an area that has a long history of strong capital growth and that will continue to outperform the averages.
5. Look for a property with a twist – something unique, or special, or different about the property.
6. Buy a property where you can manufacture capital growth through refurbishment, renovations, or redevelopment.

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: The most effective property strategy for now and an update on my living off equity strategy

Some of our favourite quotes from the show:

"Too many investors don't recognize, though, that property investment is a game of finance with some houses thrown in the middle." – Michael Yardney

"Bottom line is, cash flow keeps you in the game, but it's really capital growth that gets you out of the rat race." – Michael Yardney

"The rich don't like to commute." – 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 important is assessing demographics in building your property portfolio or planning your business or personal ventures?

If you don't pay attention you could be missing the key to building long-term wealth in a way that minimizes your risks.

In today's episode of Michael Yardney podcast, I chat with Simon Kuestenmacher, and we're going to talk about 7 macro / big picture demographic trends.

So, at the end of the episode, you'll have a better big picture macro view of what the demographic trends in Australia are.

Highlights from my conversation with Simon:

• Over half of Australia's wealth is in housing, so the housing market underpins Australia's wealth
• The property market itself isn't in trouble
• • However, the Australian middle class has been hollowed out, and the big challenge is getting low-paid workers on the path to homeownership
• We may move into the right direction because of corona-inspired infrastructure programs that create middle-skill jobs
• Australia is the most intensely concentrated population on the planet
• • This is because of the kinds of jobs that Australia creates
• A large percentage of Australians are born overseas
• The influx of international students to Australia has created a student boom
• • One of six international students will become permanent residents
• Australia is more generationally diverse than ever before
• Australia may be the location of choice for companies who want to set up Asia-Pacific centers
• The need to build higher-quality buildings that last longer
• Changes in where people want to live and the kinds of accommodation they need
• Mixed development in the inner cities
• The makeup of the workforce
• • Baby boomers are staying in the workforce longer
  • Close to half of the workforce is Gen Y, so it's important to understand them

Links and Resources:

Michael Yardney

Simon Kuestenmacher - Director of Research at The Demographics Group

Simon's YouTube Channel

In these challenging time why not get the team at Metropole to build you a personalised Strategic Property Plan – this will help both beginning and experienced investors.

Join us at Wealth Retreat 2020 – click here and register your interest

Shownotes plus more here: 7 Australian demographic trends investors and business people must understand

Some of our favourite quotes from the show:

"I think one of the great things about our cities over the last couple of decades is the vibrancy of being in the inner city." –Michael Yardney

"There's no doubt that the bulk of these generations do think very very similarly, and to be a good employer or to sell to them, to be a good businessperson, you've really got to understand what drives, what motivates them." –Michael Yardney

"Letting go of attachments makes your life richer, as you create space for new experiences to come." –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

As adults we often forget that at one point in our life we saw the world and the people around us in a much different light— we saw the world through a child's eyes.

As we grow up and mature, we allow life and rules to restrict some of the greatest instincts we had as children.

Instead of never taking no for an answer, waiting for permission, or even embracing our wildest dreams, we fall into a strict regimen we believe will keep us safe and drive us to success.

However sometimes it's important to remember that to truly be effective and productive leaders, our old "childish antics" can actually do us some good.

In fact, it turns out the children can teach us a lot about being successful in business and in life.

In today's episode, Mark Creedon and I discuss ten things we each learned from our grandchildren that can help us in business.

Here are ten things Mark learned from a chat with one of his grandchildren, which I think can help us all in business, success and life in general:

1. The importance of budgeting

Iziah told me if he had $100 he would save half and spend half. He wanted to save half for the future and to have some money put away but he also wanted to enjoy his newfound 'wealth' a little.

1. Follow your passion

I asked him what he wanted to do when he grew up. "Be a vet" he replied. Because he wanted to help animals, he loves animals and he knows that what vets do. Understanding why you do what you do is a fundamental concept we all should get our head around.

1. It is important to play

I asked him what grown-ups should do other than work. "Play" was his response. Recent research from Psychiatrists from John Hopkins University have compared play to oxygen. Taking time to play feeds dopamine into a whole bunch of areas of the brain.

1. Ask "Why" a lot

Sometimes as adults we stop asking questions. Once we stop asking questions, stop enquiring we can fall into resignation. The end result of that is that we can miss opportunities because we didn't scratch the surface and look at why something is happening or why it might.

Of course, the other issue about us stopping asking questions is we may also miss the opportunity to, learn from mistakes and so we may very well keep making them.

1. Family is more important than money

The point is that there has to be a bigger goal than just money. Money is a great tool and life can be pretty tough without it, but we have to know why we want that money.

1. Family is more than just your household

When I asked Iziah who his family was it was much more than just his Mum, Dad, and brother. he cited his aunts and uncles, grandparents, cousins. The point is to consider who your family is, keep it as wide as possible and make sure you are looking after and keeping connected with all of your 'family'.

1. Don't keep secrets

Families don't keep secrets from each other, Iziah told me. There is a great lesson here. By being brutally honest with our business family, we are more likely to have them join us wholeheartedly on the journey.

1. Schedule time for fun

We mentioned before about the importance of play but life can get in the way. Iziah has an arrangement with his Mum and dad that schedules time in the day for uninterrupted play. That way he knows it will happen and Mum and Dad know nothing will get in the way.

It is like anything in life, business. If all we do is put it on a 'to do' list there is a good chance it will get missed or overtaken by other priorities. Schedule it in your calendar and treat it the same as any important appointment.

1. Always Learn

My grandson goes to school, he reads, he loves learning. That is something we should never stop doing.

1. Get back up and believe in yourself

I asked Iziah what happens when he falls off his bike. "I get up, get Mum and Dad to give me a hug and get back on the bike," he told me.

We all know that what counts is not how many times we fall but how many times we get back up. the other thing he shared was how he deals with climbing high on the monkey bars without fearing a fall. "Think positively and believe in myself " was the answer. Couldn't we all use that little gem?

Michael shares lessons from his grandchildren

1. Kids have no fear

In business, so many of us are stuck in the wrong job just because we are so afraid of the unknown.

You don't need to know it all before you take a step towards what you want to do. Of course, kids need to be developmentally ready for certain tasks, but if they are interested in, and want something, they will go for it. And, so should we – whether it's big changes, or small, fear of failure should not stop us from new experiences.

1. Kids are driven by curiosity

We learn by being curious.

Kids, especially, are so curious it drives them to learn and discover all new things every day.

In our professional and personal lives, it's common that we settle in our ways, doing the same thing in the same way just because we've grown comfortable, losing our sense of curiosity.

Curiosity is what drives new experiences and takes us to new places, constantly keeping us on the move towards our future plans and goals, just like it is making our kids grow into the amazing people they are.

1. Kids don't take themselves too seriously

With the little experience, skills, and knowledge in this world, you never see kids worry about things.

They laugh and enjoy the little moments of everyday life, without losing their sense of humor.

1. Kids show emotions and communicate

Happy, or miserable, you will know about your kids' emotions even before they are able to communicate verbally.

We often forget to communicate and show emotions when we are stuck in our everyday life.

This doesn't mean we should throw a tantrum every time a frustrating situation arises, but it's more about showing empathy and communicating regularly and properly with friends and stakeholders.

1. Kids don't stop learning

Kids learn every moment of the day, every day. They don't look at learning as we do. Instead, they learn through play and interaction with other kids. They don't feel intimidated by older kids, they are inspired by them and want to know and do what they do.

As with most things in life, all things new take time to learn. Everything we do, successfully or unsuccessfully, is about learning. So instead of worrying about things, it makes so much more sense to look at it as a learning experience and make the most out of it.

6 Kids also need breaks to re-energize and so do we.

It's so easy to forget about ourselves and about taking breaks, so next time you are juggling lots of things as a working mom, take a step back and enjoy some time on your own. Whatever it is that makes you relax, make sure you do that at least once a day.

Links and Resources:

Why not join Metropole's Business Accelerator Mastermind

Learn more about Mark Creedon – Business Coach to some of Australia's leading entrepreneurs

Shownotes plus more here: 10 Important Lessons You Can Learn From a 6-Year-Old | Build a Business, Not a Job Podcast

Some of our favourite quotes from the show:

"Not taking the first step is one of the most common reasons many people remain unhappy and frustrated." – Michael Yardney

"Don't take yourself so seriously, because if you do, you're not going to enjoy the journey, and you're not going to achieve what you want." – Michael Yardney

"Why not show a bit of empathy? Why not communicate regularly about how you feel, and how you feel about others." - -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.

Much of the Australian economy is being kept on temporary life support either by federal government schemes or through bank relief.

These assistance measures are slated to end after 6 months, but clearly the coronavirus crisis won't be over by then, and unemployment probably won't return to normal levels for a few years.

People are wondering what's going to happen to house prices, unemployment, and our economy once these protections are taken away, and there are lots of forecasts coming up.

That's one of the things I want to talk to John Lindeman about today.

Many of the upcoming predictions are bound to be wrong, so we're going to have a chat about what you should be looking for when you're looking at forecasts, and he's also going to share a great analogy with you about a plane flight and our property markets to help you understand where we are in the market at the moment, and how to pick the turning points.

And then, in my mindset moment, I'm going to show you 11 ways to fail. You may not want to fail but knowing how to fail can actually help you to succeed in life.

Highlights from my chat with John Lindeman

• How predictions often combine different types of property together
• • Predictions tend to lump different types of housing together, like apartments and houses
  • They also combine large geographic areas, when in actuality, coastal areas, outer suburbs, and inner rings of cities may perform very differently.
• Predictions that lump too many different factors, geographic areas, or types of housing together are largely useless
• The difference between expectations and predictions
• • Expectations are based on knowledge of what has happened in the past and extrapolating from that what will likely happen in the future
  • Predictions are more specifically aimed and therefore less likely to be accurate
• How to time the turnaround
• Signs that things are starting to look up.

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

John Lindeman – Lindeman ReportsJoin us at Wealth Retreat 2020 in November

Shownotes plus more: Property forecasts - which are useful and which to ignore, with John Lindeman

Some of our favourite quotes from the show:

"I see a big difference between an expectation and a forecast." – Michael Yardney

"Those who are happy and successful don't necessarily have a more blessed or lucky life than the other mob." – Michael Yardney

"Cynicism requires a lot less work than belief in something." – 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