Podcasts about yardney

It’s very easy to get sucked into property market predictions continuously getting pumped out by the media! Today, I’ve brought Michael Yardney back on the show. With 50 years of investing experience, he’s seen more market cycles than most and knows what to pay attention to. We’ll break down the biggest property myths and predictions that experts will get wrong this year. Investing in property is one of the best ways to build wealth—but only if you do it right. The problem? Most investors get it wrong by following short-term hype instead of long-term strategy. With so many "experts" giving conflicting advice, it's easy to feel lost. If you want to avoid costly mistakes and build real wealth, this episode is a must-listen. Let’s go inside!

Around Australia, weekend property auctions have become almost a national pastime. When we're not lockdown people go along to have a sticky beak, to get an idea of the market, to fantasize about their dream homes or just to watch the street theatre unfolding before them. It's a bit like watching buskers – you see an auction being conducted you just have to stop and gawk for a while. Of course, over the last year, we have had to learn to adapt in many auctions are conducted online, but auctions are still a particularly popular method of selling properties, especially when the market is strong. For all the street theatre and entertainment value, auctions represent a lot of stress and tension for those involved so today and in the next episode of the Michael Yardney podcast, we're going to concentrate on how to win at auctions. And even if you're not planning to buy a property at auction in the near future, there will be lots of information for you as I chat with my son Bryce Yardney, and you get inside the mind of a very successful investor and buyer's agent who has bought hundreds and hundreds of properties at auction for our clients at Metropole. What to do before and during an auction: Before the auction: Preliminaries include: getting finance preapproved, understanding what ownership entity you're using to purchase, having a strategic property plan if it's an investment, understanding what you must have, what you'd like to have, and what you don't have if you're buying a home and doing due diligence on your suburb. Attend a lot of auctions to feel at home with them and watch how the auctioneers work. In particular watch the auctioneer who will be showing the property you're interested in. Determining the value of the property Understand what's comparable in today's market. End up with 3 figures: what you think the property is worth The price you'd like to get it for The stretched price you're prepared to go to The purchase price shouldn't be determined by borrowing capacity. How do you find out the reserve? It doesn't really matter. Often the auctioneer doesn't know until the day of the auction. Finalizing contract terms Check with the agent to find out how should you pay the deposit Request any changes you'd like Four things the selling agent knows that you don't The real reason the vendor is selling The price range the owner wants How many other buyers are really interested and possibly the range they are likely to pay Things that are wrong with the property Can you buy a property before the auction? In today's market, because vendors are more confident that they will sell at auction, however, there are a number of reasons why vendors may be prepared to sell before auction. Nervous vendor Sensitive sellers – Sellers going through emotional challenges like death, divorce, illness. Time-sensitive vendors – they have already bought a house and the certainty of selling their old property outweighs the potential benefit of a higher price at auction. There isn't much interest in the property The agent is in a hurry to sell You have a premium offer on the table What to do on Auction Day Show up early Note the body language of the other players Know your competition – it's the underbidder, not the auctioneer Project confidence Open high Don't procrastinate over the next bid Avoid not bidding – that's not a strategy Know what bidding strategies don't work, like moving up in small increments or trying to swoop in at the end of the auction after staying silent If it's going to pass in, make sure you are the highest bidder, as this allows the first right to negotiate with the vendor. Be prepared to miss out. Stick to your ‘walk-away price. Resources: Michael Yardney Bryce Yardney – director Metropole Projects Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Collect your bundle of eBooks and reports here: www.PodcastBonus.com.au Shownotes plus more here: Hands up if you want to know more about auctions, with Bryce Yardney Some of our favourite quotes from the show: “Auctions do bring out emotion and, at the moment it's FOMO.” – Michael Yardney “Most adults start with the same amount of money. They just have a different philosophy.” – Michael Yardney “Poor people spend their money and save what's left, while rich people save their money and spend what's left.” – 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

Michael Yardney is the founder and CEO of Metropole Property Strategists, and has been voted Australia's leading property investment advisor four times in the last six years. He is also one of Australia's 50 most influential Thought Leaders and a five-time bestselling author. He bought his first property as a joint venture with his parents when he was just 21 years old and didn't know what he was doing— but he soon learnt, and now that $18,000 property is worth $2 million! Join us on this episode of Property Investory where you'll hear Yardney talk about his experience of growing up in a low-income migrant family amongst his wealthy peers, and how this motivated him to get involved in real estate. You'll hear his tried and tested ‘what not to do' stories, including making sure you do your due diligence when investing in a goldmine, and always ventilating the space you're painting in! See acast.com/privacy for privacy and opt-out information.

Michael Yardney is the founder and CEO of Metropole Property Strategists, and has been voted Australia's leading property investment advisor four times in the last six years. He is also one of Australia's 50 most influential Thought Leaders and a five-time bestselling author. He bought his first property as a joint venture with his parents when he was just 21 years old and didn't know what he was doing— but he soon learnt, and now that $18,000 property is worth $2 million! Join us on this episode of Property Investory where you'll hear Yardney talk about his experience of growing up in a low-income migrant family amongst his wealthy peers, and how this motivated him to get involved in real estate. You'll hear his tried and tested ‘what not to do' stories, including making sure you do your due diligence when investing in a goldmine, and always ventilating the space you're painting in! See acast.com/privacy for privacy and opt-out information.

In this episode of the Maven Money Personal Finance Podcast… Andy is joined by property expert and one of Australia's top thought leaders, Mike Yardney.   Quick Preview of the Podcast:   Property investment pearls of wisdom The Australian economy, a brief history The "Five Levels of Wealth"   Links:   Patreon    Humans Under Management   Andy Hart   Leave a review!     Don't forget to check out the Maven Adviser website for more great content.   So sit back and enjoy unrivalled words of wisdom from Andy Hart - host of the UK’s premier personal finance show.   Is there a topic you’d like Andy to cover? We’d love to hear from you! Contact Andy Hart directly with any comments / feedback on team@mavenadviser.com. Alternatively you can reach out on Twitter @MavenAdviser.   

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 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

Michael Yardney is a property investment icon in Australia, with more than 40 years of experience through multiple economic cycles. A best-selling author, educator and wealth advisor, Michael's clear-thinking, consistent insights are sought by experienced and emerging investors alike.In this episode, we talk about the key principles every investor must know and the traps to avoid. More importantly, though, we discuss the early days when he craved wealth for all the wrong reasons, right through to the lessons that made all the difference - allowing him to help thousands of people while living a rich and fulfilling life.

Are you considering buying a new home or an investment property? If so you're probably wondering should you buy now or should you wait? What if prices fall further this year? A better question would be - how important is it to get your timing right and what are the most important factors involved in the long-term performance of your investment property? With my guest today, Stuart Wemyss we're going to uncover what really makes the big difference in a property's long-term performance. Some of the ideas we discuss in this episode: Why Stuart decided to study the factors that affected property investment performance Which variables Stuart looked at and which variables were most important What  would happen to your property's performance if negative gearing or capital gains tax change The importance of choosing the right property How Stuart's research fits in with some golden rules in his book Investopoly   Play the long game Grow your asset base first and then tilt toward income Set your asset allocation to reduce risk and maximise returns Only invest in ‘investment-grade' property   Links and Resources: Michael Yardney Metropole Property Strategists Wealth Retreat Metropole's Strategic Property Plan – to help both beginning and experienced investors Stuart Wemyss' blog discussed in this show: How important is it to buy property at the bottom of the market? Stuart Wemyss' special offer: Save 30% off the price of his book Investopoly – Go to https://www.prosolution.com.au/books/ and use the code “Yardney” to get a 30% discount. Stuart Wemyss- Prosolutions Private Clients Some of our favourite quotes from the show: ”We're all wonderfully different. We're all unique and we really shouldn't be measured with the same metrics, should we?” –Michael Yardney “For things to come out differently, you have to do things differently.” –Michael Yardney “If you can't buy an investment-grade property, the usually the right thing to do is nothing. Just wait until you've got enough money.” 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.

Are you interested in getting into property development? If so, the insights in today's episode can help you on your journey. And even if you're not planning on getting into property development yourself, you can still learn a lot about property selection and how the mind of a successful property developer works by listening to the interview in today's episode. In this special bonus episode, you'll hear Dan Gold of Long Property interview my son, Bryce Yardney. Bryce has been overseeing and the property development arm at Metropole for many years. This interview will provide some interesting and useful insights into how successful property development works. Highlights from Dan Gold's Interview with Bryce Yardney How Bryce got into property development How the property development division of Metropole works What Bryce would recommend for an entry-level property development Why the overarching strategy is buy, develop, and hold, rather than buy, develop, and sell quickly Why Bryce focuses on capital growth How Bryce finds a good property for development Why you need a development-friendly council Types of financial metrics people should be focused on when they do due diligence on a potential investment site How to size up a good deal versus an average deal Holding costs through the development period Tips for people who are considering a substantial renovation or development project What happens after a successful development project Links and Resources: Michael Yardney Metropole Property Strategists Bryce Yardney   Metropole Dan Gold – Long Property Metropole's Property Development Services Organise a Strategic Property Plan with the team at Metropole Some of our favourite quotes from the show: ”I got involved in property development in the 1980s, and I made lots and lots of mistakes, but a rising market carried me through. If you make those mistakes in today's current flatter market, you're going to get yourself into real financial trouble.” – Michael Yardney “Getting through is the hard bit – you've got to have the financial buffers, but once you get to the end, it's surprisingly easy to hold onto the completed development. And then, you profit from the strong cash flow and capital growth over the long term.” –Bryce Yardney “The more inexperienced you are, the more unsure you are, the bigger contingency you have to allow the bigger the risk margin you have to allow, because you've got to assume you're wrong.” – Bryce 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.

Mentors are an important part of your success. They help you get further in life, whether that's in property investment, entrepreneurship, or just in how you handle your money. Today it's easier now to find a mentor than it ever has been before, but the ready availability of information has its downsides. There's such a thing as too much information from too many sources, some of them untrustworthy. So when choosing a mentor, it's important to do your research and find out if the person you've chosen is trustworthy. In today's show I'm going to share with you some lessons that I've learned from one of my mentors, Warren Buffett. I'll also have a conversation with Ahmad Imam about FOBO – what it is and how to cure it. And in today's mindset moment, you'll learn about some of the differences between successful people and unsuccessful people. What I learned from Warren Buffett “Be greedy when others are fearful, and fearful when others are greedy.” This is a well-known quote by Warren Buffett. Initially, I took the words literally and thought I had to buy counter-cyclically. But in context, what Buffett actually suggests is that to profit in the market you don't really have to predict downturns. I learned several lessons from my new understanding of this quote. Fear and greed drive our markets and cause them to cycle. Too often, it can cause them to cycle too far in either direction. Trying to predict these market cycles are is a fool's game. We know much less than we think we do, even when we have plenty of data. As an investor, you simply need to know that these cycles keep recurring. When you know that the cycles will recur, you'll be prepared and not surprised when it happens. Don't overreact to a new phase in the property cycle or allow your emotions to affect your investment decisions. How to diagnose and treat FOBO You've heard of FOMO: Fear of Missing Out. But there's a new acronym people are using: FOBO. It stands for Fear of Better Options. People with FOBO are those who are constantly procrastinating because they know there are many options out there and they aren't sure which is better for them. This leaves them unable to commit How do you know if you're suffering from FOBO? Symptoms include: A severe case of analysis paralysis Feeling overwhelmed by all of the information and choices High anxiety created by the fear of buyer's remorse Cold feet when you're on the verge of making an important decision People with FOBO suffer from a lack of perspective. They have difficulty identifying which sources or information to take seriously. Analytical people often procrastinate the most. They get so caught up in analyzing the options that they fail to take action. It's important to recognize that you won't know it all, but that over time you will know enough to start taking action and you'll find out more along the way. How to cure FOBO: Do your research. If you don't know how to do due diligence, engage people that do know how. Set a deadline for research and stick to it. When the time is up, you'll need to make a decision. Be decisive. If you can't, engage an expert in the field who can do it for you. Links and Resources: Michael YardneyMetropole Property StrategistsNational Property and Economic Market Update 1 day Trainings  Coupon Code: PODCAST Ahmad Imam -  Metropole Properties Sydney Some of our favourite quotes from the show: “One of the mistakes I made early on is I didn't actually reach up high enough on the food chain of mentors, because if I did, I would have been further along with my success earlier.” –Michael Yardney “Another trait of successful people is that they talk and share and encourage ideas with other people. –Michael Yardney “Our system of growing wealth through property is too simple for many intelligent people. They think there's got to be more to it than that, and there isn't.” 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.

Who make better property investors – women or men? Up till now the answer may have depended on who you asked (or what gender they were) but neuroscientists have uncovered evidence suggesting that, when the pressure is on, women bring unique strengths to decision making and make less-risky decisions under high-stress situations.  According to the neurobiologist Ruud van den Bos, men under stress experience a huge spike in cortisol, which degrades their decision-making ability.   Women experience a smaller spike, which creates urgency but doesn't impede decision-making. Every pundit and analyst in the business world has repeatedly pointed out that today's business world is continually getting more stressful. The more stressful things get, the better that women (on average) will become at making decision than men (on average). So, the conclusion I have come to is that when the going gets tough, she gets smarter and you get dumber. And since disruptive innovation means the going is always getting tougher, if you're not hiring and promoting women, you're only proving how dumb you are. But back to property investment… Who make better investors? When it comes to property, men have a higher tendency to gamble and are more easily manipulated while women are usually more cautious, seeking low-risk and long-term sustainable capital growth. Riskwise found that Property marketers often use enticement by appealing to men's visual senses. For example, it's common practice for female models to be hired to stand beside professional sales people at property expos. A study of real estate agents who hired models in the past several years is revealing. Typically, the models increased the traffic to their booth by 50 to 100 percent, with a similar increase in the rate of high-quality sales leads, many of which converted into transactions. It was noted by these agents that even a short absence of the model resulted in an immediate and significant decrease in traffic to their booth. And you know those so-called free educational seminars which are designed by real estate spruikers to sell off-the-plan, and often low performing, new properties? Women are more likely to recognise that they are not the client at a free seminar and, in fact, the seminar organiser likely works for a property developer and has a contractual obligation to sell the properties for the highest possible price. Men, on the other hand, are more likely to be swept up in the hype and believe they are the client, and that the organiser of the free seminar will truly act in their best interests. Are women really better property investors than men? And if so, why? RiskWise research shows women are more aware of risks and seek tools to manage it; men tend to ignore the risks. Women's interest in risk and mitigation strategies is 38 per cent higher than men. In fact, studies have shown men are overconfident and have a higher tendency to gamble. Of course this is a concern in the property market, where high-risk ventures can have devastating consequences. Are there differences in the money behaviours of men and women? GAMBLING -- Women gamble less than men. Not only do fewer women gamble, but for the women who do gamble, they gamble less frequently. RISK TOLERANCE -- Men have a higher risk tolerance than women.  This is a good thing and a bad thing. A low risk tolerance is a good thing when it comes to making big purchasing decisions. Women are more apt to study the details of a major purchase than men. The devil is always in the details. So, understanding the details can save you from making a big purchasing mistake. READING -- Women read more than men. That's the good news. The bad news is that women read more for entertainment. Men, conversely, read more for learning and self-improvement. COMMUNICATION -- Women are better communicators than men. The average woman speaks 7,000 words a day compared to 2,000 for men. Good communication is a Rich Habit. Miscommunication damages relationships, businesses, negotiations and can lead to mistakes and failure. CREATIVITY -- Men are more creative than women. This is physiological. Men have a smaller corpus callosum. The corpus callosum is the bundle of neural nerve fibers that separates the right hemisphere of the brain from the left. Recent studies on creativity have shown that those with a smaller corpus callosum are hardwired for greater creativity. ORGANIZATIONAL SKILLS -- Women have greater organizational skills than men. Because they pay more attention to details and are more cautious by nature, they tend to do more planning. This makes them better organized when it comes to facts then men. SAVING MONEY -- Women are better at saving money. They are more cautious with their money. They comparison shop to get the best deals. They look for discounts.  Links and Resources: Michael Yardney Metropole Rich Habits Poor Habits Michael Yardney's Mentorship Program Some of our favourite quotes from the show: “We can't make the big jobs in government or business any less stressful, but we can ensure that when the pressure rises, there's a better balance between taking big risks and making real progress.” Michael Yardney “Gambling is a poor habit. It's one of the habits that hold people back because they don't recognize that it's a tax for people who can't do maths.” Michael Yardney “They come to the party with different talents, different skills, but if they combine them, work well together, boy have they got unlimited opportunities.” Tom Corley 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.

Michael Yardney is one of the world's leading experts on wealth creation and the psychology of success and the CEO of Metropole. With offices in Melbourne, Sydney and Brisbane the multi-award winning team at Metropole have bought, sold, financed, developed, advised, negotiated for and project managed more than $2 Billon worth of property transactions to create substantial wealth for their clients. Yardney writes a regular property column for Yahoo Finance, SmartCompany & Your Investment Property Magazine and is the author of 8 books five of which have become Amazon #1 best sellers. In this podcast, we discuss property investment, success, inspiration, mentors and mindset.

Everyone knows that location is critical when selecting an investment property that will outperform. But what makes a good location and why are some locations better prospects than others? When I started investing around 40 years ago the emphasis for homebuyers was largely affordability and proximity to infrastructure. The outer fringes of our capital cities were developed in the wake of freeway extensions on all sides and commuting from vast, newly born suburbs into the CBD became commonplace. As far as amenities went, as long as you had a relatively easy drive to your place of employment, as well as nearby shops, healthcare services and schools, life was pretty good. It's different today Nowadays the property choices Australians make are still driven by lifestyle, but how we think and function in today's world has changed. With more than half Australian households having only one or two people in them, more of us are:        Choosing to start a family later in life.        Enjoying the opportunity to work flexible hours and from home offices.        Seeking better work-life balance and prioritising downtime before overtime.        Opting to live within walking distance from not only infrastructure necessary for daily living, but also cafes, restaurants and recreational facilities, as lifestyle moves to the top of the owner-occupier and tenant wish list, alongside affordability.        Downsizing to easily maintainable and cost-effective apartments and townhouses, with smaller gardens and more efficient, compact design. A short stroll to success This means that “walkability” has become the new buzzword on the property investment block. Of course, proximity to amenities such as shops, parks and public transit that allows local residents to either walk or take a short train, bus or tram ride, has long underpinned property values in inner city neighbourhoods throughout the developed world. But now we are witnessing a similar trend across an increasingly cosmopolitan Australia. In fact, it is common for a considerable premium to be paid for properties that are a short walk to the beach or café strips and long-term capital growth figures show that in Sydney the city's most “walkable” suburbs have outperformed the averages by up to 20%. Where it's “at” – the café culture It should come as no surprise that as our lives become busier and time is in increasingly short supply, cafés have become a kind of transition point where we meet up with friends, family and often business associates for a “catch up”. Many city dwellers have their favoured haunts, where they're on a first name basis with the local barista and have a “regular” order. The serving and consumption of coffee has become somewhat of a ritual and many of us fancy ourselves as coffee connoisseurs. Given that more of us are living alone or in smaller households, it's not surprising that the relaxed, “home away from home” vibe of inner city cafes is becoming an increasingly popular draw card for those seeking a familiar social outlet. Lifestyle locations dominate Yes, lifestyle has undeniably become the fundamental force in today's residential real estate market. Culturally, we have become a nation that enjoys strolling to the local corner eatery to catch up with friends or just enjoy some time out with a latte. But it's not only suburbs close to the beach and bay that command premium. Proximity to schools with a good reputation is a must for many family buyers, with some purchasers prepared to pay extra to be within a particular school catchment zone so their children can either walk, bus or “train it” to school. In fact, in my experience, parents are more willing to spend half an hour or more driving to work if it means their children can safely walk to an esteemed, local school. Australian cities have now been ranked by Walkscore As our population grows and our major cities increase in population by an estimated 10% over the next five years, the walkability of an area will be become an even more important consideration for property investors seeking locations that will outperform into the future. Well, now you can find out how “walkable” your suburb is. Walkscore.com, which measures the number of typical consumer destinations within walking distance of a dwelling, with scores ranging from 0 (car dependant) to 100 (most walkable) has recently ranked more than 100 Australian cities and 3000 suburbs. And the good news is that walkable neighbourhoods were recently recognised for their health and economic benefits afforded to residents by the University of Melbourne, where a 10 year study found good access to local infrastructure encouraged more people to ditch the drive and adopt “health-enhancing behaviours”. For property punters, the cultural transition that Australians are undergoing is important to note. It signals an end to the suburban McMansion “fad” and demonstrates just how crucial demographic waves of change can be to planning and executing a successful, long-term property portfolio. While affordability will always be a factor in our property decisions, lifestyle is the fundamental key in our marketplace today. Inner city, bayside apartments filled with character and complemented by flowing, commonsense floorplans, with excellent nearby lifestyle amenity have become the “new black” in residential real estate for many buyers – young and old. This is where investors would do well to focus their property investment activity in years to come. Productivity hacks to make you more efficient      Start your day by asking yourself what one thing you could do in 30 minutes or less that would have the biggest impact on your life. Do that first.      Set aside a block of focus time to work on high-value activities      Do the hardest task of the day first      Narrow your focus to the few things that will truly make a difference      Consider getting a personal assistant      Hire people to take on less valuable tasks, like cleaning or yard work      Prioritize your emails      Avoid using your inbox as your to-do list      Use a program that will schedule your appointments      Have multiple email signatures that contain information needed in recurring emails      Get to the root of recurring problems and solve them permanently      Grow your capacity to tolerate leaving lower-value tasks undone Links and Resources: Michael Yardney Metropole Rich Habits Poor Habits Michael Yardney's Mentorship Program Some of our favourite quotes from the show: “It's important to find out how walkable a suburb is because as our population grows the convenience to amenities, the walkability of suburb is going to be more and more important.” Michael Yardney “If you understand the sort of property that's going to be in continuous strong demand in the future, that's going to underpin the success of your property portfolio.” Michael Yardney  “Getting and becoming are so closely intertwined that what you become directly influences what you get.” Michael Yardney Never miss an episode and keep up with all the good things going on at the Michael Yardney podcast by subscribing on iTunes. You can also subscribe to MichaelYardneyPodcast.com to keep up with the latest information including bonus material that comes out between the podcasts.

The 8 Golden Rules of Successful Investing - part 2 There are only 8 rules to successful investing according to Stuart Wemyss, my guest on this week's show. According to Stuart, investing is as easy as winning a game of monopoly when you know the rules. Last week I talked to Stuart about the first four rules of investing. This week we're going to continue the discussion by explaining the remaining rules. If you haven't yet, make sure to listen to last week's episode, The 8 Golden Rules of Successful Investing - part 1. The Golden Rules That We Discussed Last Week: Rule #1 Play the long game Rule #2 Know how much income you need and by when. Rule #3 Spend less than you earn and invest the difference regularly Rule #4 Grow your asset base first and then tilt towards income The Golden Rules That We Discuss This Week: Golden Rule #5 Set your asset allocation to reduce risk and maximise returns Asset allocation is the decision where to invest: property, shares, bonds, commercial property, cash, etc. Asset allocation is an investor's most important decision as you cannot control markets and returns – but can control where you invest. My advice is to adopt a strategic long-term asset allocation and then make small tactical tilts to accommodate asset class (under/over) valuations. Property is lumpy so: (1) look at ex-property allocation on a year by year basis and (2) project/aim to have a more balanced asset allocation by the time you reach retirement Need to reduce volatility – i.e. don't lose money. If you lose 50%, you need to make 100% back. Volatility: Shares = 20%, bonds 7-10%, property 10%. Invest in negatively correlated assets e.g. shares and bonds. Property has very little correlation with shares and is negatively correlated to bonds. Your allocation depends on your starting point, risk profile, goals, time until retirement, etc. – I back-test various allocations in the book. You need professional and independent asset allocation advice. Golden Rule #6 Invest in the share market using low-cost passive investments Two types of management styles: active and passive. Depending on the study, between 70 and 96% of active fund managers fail to beat the market over the medium to long run. The longer the period studies, the worse the results. So, picking an active fund manager that beats the market is like finding a needle in haystack, just invest in the haystack (index). Other benefits of a passive approach include: lower fees, less tax (turnover), more diversification. Indexing works because Fees are low It relies on a rules-based approach which is repeatable and testable; and You don't have to put your faith in one index methodology. Instead, use various, robust, and proven index approaches (e.g. traditional market cap, fundamental indexing, dimensional): You can access low-cost index funds through Exchange Traded Funds and managed funds. Super: some industry funds offer indexing, BUT it is only traditional indexing – I believe you must diversify. Optimising returns and fees typically will have a greater financial impact than extra contributions – so optimise the way your super is invested and the fee you pay first. I have included example portfolios in the book i.e. which fund to invest in. Golden Rule #7 Only invest in ‘investment-grade' property Definition of investment-grade property: doubles in value every 7-12 years Three factors that all investment-grade property must have: (1) Strong land value component (2) scarcity in terms of land supply and property type (3) proven performance. That is why off-the-plan property doesn't make a good investment – it fails all three criteria. I believe that you must pay for asset selection advice from a reputable buyers' agent. Quality trumps quantity – that is, in my experience, investors rarely need more than 3 quality assets to be able to fund retirement Constructing a property portfolio: diversify geographically, diversify across various price points, diversify your tenant profile, investing in a different market to where your home is located. You must seek professional loan structuring advice to ensure your tax, cash flow and risk are optimised. Must have a debt exit strategy i.e. how are you going to reduced debt to an adequate level by the time you reach retirement?  Some of these are covered in the book. Golden Rule #8 Protect your investments from expected and unexpected risks Investing is about getting the highest return for the lowest risk. To achieve this you must mitigate all risks. You must insure your most valuable asset i.e. your ability to earn an income. Insurance is simply an investment expense. If you are going to borrow to invest, you must insurer yourself. Its early black and white i.e. all or no cover – more correctly it's about finding the right level of cover. I talk about the how to get the best (cost-effective) cover in the book. Life and TPD insurance should be held inside super (not in personal names). Interest rates – use fixed loans and stagger maturity dates. Consider asset protection, especially if you are self employed and in a higher risk occupation. Must have landlord insurance if you invest in property. Estate planning – make sure wills and power of attorneys are up to date and robust enough. Consider relationship breakdowns i.e. cohabitation agreements, financial agreements Selecting an advisor you can trust If you have decided that you want to use property to build wealth, great. If not, you need independent advice to help you work out which asset classes to invest in: To avoid all the horror stories, only seek advice from an independent advisor: Take no commissions, referral fees or kickbacks Offer fixed fees Have nothing to sell you Be privately owned with an AFSL and with no links to banks or investment providers Demonstrate deep knowledge of all asset classes (especially property and shares) Remember, you're paying for experience, not knowledge. Experience tells us how and when to apply the knowledge. Getting advice is not opinion shopping. Advice can be proven to be correct using simple math and logic. If it doesn't make sense to you then its likely you are dealing with the wrong person. Links and Resources: Michael Yardney Metropole Stuarts's special offer: Save 30% off the price of his book Investopoly Go to http://investopoly.com.au/ and follow the links to buy. Use the code “Yardney” to get a 30% discount. Some of our favourite quotes from the show: “While you can get a lot of information you can get off the internet, there's an element that you just can't get, and that's perspective, that's experience, that's on-the-ground knowledge of what's going on.” – Michael Yardney “I'd rather own one Westfield shopping center than 50 properties in regional Australia.” – Michael Yardney  “I've found most of our successful clients have advisors in various areas of their life, and they see them as an investment, not as an expense, and really having good advisors is another risk mitigation strategy.” – Michael Yardney  Never miss an episode and keep up with all the good things going on at the Michael Yardney podcast by subscribing on iTunes. You can also subscribe to MichaelYardneyPodcast.com to keep up with the latest information including bonus material that comes out between the podcasts.

Investing is easy when you know the rules, and according to today's guest, there are only eight rules to investing. If you're interested in becoming a successful investor today's show is for you as we discuss the eight rules of investing with Stuart Wemyss. Stuart is a financial planner, an accountant, a mortgage broker, and a successful property investor. He's also an author, and he's with us today to talk about his book Investopoly. Interview with Stuart Wemyss Why did you write Investopoly? Investing is easy when you know the rules – just like winning the game of Monopoly. I wanted to shares these rule – a simple formula to help people build wealth and not get fooled into investing in dud investments. The rules aren't my opinion. They are simple, irrefutable laws, rooted in math and logic. They are evidenced-based and can be observed working in markets for decades. Applying those laws makes it very easy to (1) avoid making mistakes (2) work out what to do next and (3) be a successful investor. Golden Rule #1 Play the long game Long term financial decisions promote exercising delayed gratification – patient investors are rewarded, impatient ones are not Market are not efficient in the short run – so thinking short term creates anxiety and doesn't help you invest wisely Over the past 30+ years returns are relatively similar: Aussie market = 9.25%, property market = 12%, US market = 10.5% - so its not a question of which “asset class” provides the best returns. More about which asset class suits you and your stage of life. Best question you can ask yourself: “what action can I take today that will result in me being a lot financially stronger in 10, 15 and 20 years?” Completely ignore short term impacts. Golden Rule #2 Know how much income you need and by when Stephen Covey's advice: “begin with the end in mind”. You don't need a map until you have a destination. You need to set two important goals: how much income you need in retirement and by when? Look at what you are spending today – that's probably a good indication of what you will need You have to expect to live a lot longer due to medical advances. Will you live until 90? 100? Therefore, you don't want to have to eat into capital in retirement = get asset mix right. Retirement increases the risk of clinical depreciation by 40% - due to the absence of contribution and growth. So, maybe the answer is to keep working? Or find something to do in retirement that “contributes” to others and things that promote personal “growth”. Golden Rule #3 Spend less than you earn and invest the difference regularly Commit to an annual surplus that you will contribute towards building your financial future (this could be home loan repayments, super contributions, property, shares, etc.), then spend what's left over. It is your ability to consistently allocate a surplus cash flow (year after year) that will have a massive impact on whether you will be a successful investor. If you are not a “saver” then redefine “saving” as “future spending” Merely just measuring cash outflow is typically enough to bring it back into line: I suggest allocating all outflows into seven categories: financial commitments, utilities, health and education, shopping and transport, entertainment, cash and other. If you don't have a surplus income at the moment: Reduce the regularity of any big discretionary items e.g. go out to dinner once every 8 weeks Commit to saving future income increases (pay rises, bonuses, etc.) Make sacrifices like holidaying every 2-3 years instead of annually Get help from an accountant to help you measure and manage cash flow. Golden Rule #4 Grow your asset base first and then tilt towards income When we build a house, we do it in a certain order because that yields the most efficient and robust build. We should invest in a certain order too – for similar reasons. More income = more tax. Whereas with growth you don't pay tax until you sell the investment. This is the power of compounding capital growth. Compare two investments that generate a gross return of 10%: 4.5% income + 5.5% growth versus 2% income + 8% growth = 21% higher return in 20 years' time after all tax is paid! That is the power of investing for growth first and then tilting towards income. Select assets that provide most of their total return in growth and relatively low proportion of income How will capital growth help fund retirement? Sell assets, with enough time income will be substantial, invest in other income-style assets, sell one property and reinvest in bonds, etc. You need to develop a financial model in order to work out how much to invest, when and in which asset classes. Links and Resources: Michael Yardney Metropole Stuarts's special offer: Save 30% off the price of his book Investopoly Go to https://www.prosolution.com.au/books/ and use the code “Yardney” to get a 30% discount. Some of our favourite quotes from the show: “I've found that it's not just understanding the rules, you've actually got to stop people making mistakes. You've got to stop people from doing what they feel like doing and getting emotionally involved, rather than sticking to the rules.” Michael Yardney “You're going to require a lot more money in retirement than you think. First of all because you shouldn't compromise on your lifestyle, and also because you're probably going to live a lot longer, so you don't want your money to run out before you do.” Michael Yardney “If you don't have an asset base, you don't have any money choices.” Michael Yardney Never miss an episode and keep up with all the good things going on at the Michael Yardney podcast by subscribing on iTunes. You can also subscribe to MichaelYardneyPodcast.com to keep up with the latest information including bonus material that comes out between the podcasts.

We are heading for the biggest crash in Australian history according to Harry Dent. Crypto currencies are about to fall, the stock markets will crash and home values in the big cities are about to halve. Is this really true? Today, I speak to Harry Dent to find out what he really thinks. I also speak to Dr. Andrew Wilson, and give you my thoughts on what's ahead. Harry Dent Says Australia's Property Bubble Will Burst: Here are some of the things Harry Dent said: What's ahead is a global crisis of the developed world -leading to a worse depression than the Great Depression of the 1930's. Bubbles cause an economic reset, but once that's over the markets can boom again. The economies of many countries in the world are slowing. Demographics will tell you when the different generations are going to spend money and when the slow down China has the worst bubble in the world. They are also Australia's biggest trading partner. Australia's real estate prices are the second highest (compared to income) in the world. We have created an artificial bubble because so much money has been injected into the system by governments. Bubbles build predictably, what's harder to predict is when the bubble is going to burst. Stock bubbles crash twice as fast as they build. When bubbles burst they burst by 70, 80, or 90%. Half of this comes in the first 2 ½ months. Bitcoin has been leading the stock market crash by about two months. Businesses are better off leasing rather than owning their premises, unless it's a totally strategic move to own the business. You should take some equity from your real estate and short the stock market to hedge against downturns. A typical real estate bubble is six years up and then six years down because people don't sell immediately when the bubble crashes. Values aren't going to crash as hard in Australia as in other countries. Things that will cause the bubble to burst include when US real estate starts to go down and bitcoin crashes. The high-end property markets are what seem to be cracking this time around. The most overpriced markets in the US are San Francisco and Los Angeles. Once the bubble bursts, Australia is best positioned of all the developed countries to recover because of its proximity toAsia Harry's new book has a whole new bubble model that looks at more than demographics. Michael's Take on What Is Going On: Investopedia defines it as:“A run-up in housing prices fuelled by demand, speculation and the belief that recent history is an infallible forecast of the future. Housing bubbles usually start with an increase in demand in the face of limited supply which takes a relatively long period of time to replenish and increase. Speculators enter the market, believing that profits can be made through short-term buying and selling. This further drives demand. At some point, demand decreases or stagnates at the same time supply increases, resulting in a sharp drop in prices - and the bubble bursts.” For mine, bubbles are also accompanied by easing of lending criteria so that loans are easily obtained leading to rapid rises in housing credit, with many people who can't really afford to take on loans speculating and overcommitting themselves. Do we have some of the features of a bubble at the moment? Yes. Are we in a bubble? The answer is no.  Property values are not about to collapse. Rising house prices on their own do not cause a bubble. The rise has to be followed with an increase in, speculation, borrowing and leveraging. This makes the market fragile and unstable. If anything, our banking system has become more stable than it has been for decades. With increased regulations by APRA and the RBA We're heading into this stage of the property cycle in the best shape that we've been in in a long time. Most Australian economist do not believe that the Australian market is headed for a crash. For the markets to crash, we need desperate sellers who are willing to give their property away for nothing, with no one there to buy them. We need one or more of these things to occur for a property crash to happen: A major depression, Massive unemployment, Exceedingly high interest rates, and Too many properties available. Dr Andrew Wilson Bursts Dent's Bubble: Here's what Andrew had to say: Housing prices are NOT going to drop 40% in value. We probably shouldn't even be responding to these outrageous predictions. It's very unlikely that we'll see any house prices lowering in Melbourne and Sydney this year. Demand remains strong in both of these markets. New household formation is about 1,500 per week in Sydney.  This translates into the need for  75,000 new dwellings each year. Also 8% fewer homes were approved for building this year in Sydney. The key catalyst for the housing market are interest rates. Currently, they are going nowhere. We have the near lowest income growth that we've ever had. Without income growth and low interest rates there is no capacity to push prices higher. A challenge for policymakers is that  middle and low income workers expenses are rising faster than their incomes. High debt and low interest rates has constrained property price growth. It's been over seven years since Australia has had an increase in interest rates. Interest rates should remain flat for at least another year. We have a resilient robust market. The banks are much healthier now than they were two years ago or when we had the GFC. Links and resources: Metropol Property Strategists National Property Market & Economic Updates Promo Code: Podcast Harry Dent Zero Hour: Turn the Greatest Political and Financial Upheaval in Modern History to Your Advantage Dr. Andrew Wilson My Housing Market APRA Quotes: “As an investor, I believe it's important to listen to others rather than to just move forward with confirmation bias.” Michael Yardney “Debt bubbles cause financial asset bubbles and at some point we have to have a reset.” Harry Dent “We're going to see a consolidation of price growth in all of the capital city markets. This is a product of flat interest rates.” Dr. Andrew Wilson Never miss an episode and keep up with all the good things going on at the Michael Yardney podcast by subscribing on iTunes. You can also subscribe to MichaelYardneyPodcast.com to keep up with the latest information including bonus material that comes out between the podcasts.

What habits do rich and successful property investors share? Today, we have another summer series episode of my show where I'm interviewed by Tyrone Shum of Property Investory. Tyrone digs in deep and asks what held me back when I first started investing in property investment. He also asks me about the rich habits versus the poor habits of property investors and why some are more successful than others. I explain a bit about the nuts and bolts of my own property investment strategy, and how I add value to property. I even give some insight into my personal habits that have helped me achieve my goals. Today's discussion includes: How Michael had a desire and dream to be a successful property investor, but his mindset conditioning would have only got him so far. Recognizing the importance of mindset and being mentored by Jim Rohn. What held Michael Yardney back when he made his first investment into property. Yardney's personal finance book, Rich Habits Poor Habits, he explains what sets it apart from other books on the market. Wealthy people do things and think in a certain way. Money habits include delayed gratification and saving and investing. Wealthy people also hang around with other wealthy people. How many people have had poor educations around money. People often have bad money habits and don't know how to get out of the rat race. Recognize what is not working and disempowering habits and then replace them one by one with empowering habits. The importance of having and being good mentors. Coming from a place of abundance and making other people wealthy while making the world a better place. Yardney explains the nuts and bolts of his own property investment strategy. How investor's today can be plagued with too much information. The importance of looking at what is going on in the future. Finding properties with continual strong demand. Population growth and demographics. How Metropole strategists come from a financial background and are wealth advisors. Yardney's six-stranded approach to identifying investment grade property to buy. How to add value to your portfolio. Michael believes in having a useful belief of taking responsibility for his actions and not blame others. Learning from mistakes and using those lessons to move foreword. Yardney's personal habits that helped him to achieve his goals. Links and resources: Michael Yardney Metropole Rich Habits Poor Habits Property Update App Property Investory   Jim Rohn Wealth Retreat Roger Hamilton Christopher Howard Brian Tracy Quotes: “If you suddenly become wealthy, but your mindset does not grow to your level of wealth you will lose that wealth.”  Michael Yardney “Every year I upscale and upgrade the way I think about things because I want to keep growing.” Michael Yardney “What average people think and do is very different from what wealthy people think and do.” Michael Yardney Never miss an episode and keep up with all the good things going on at the Michael Yardney podcast by subscribing on iTunes.

Michael Yardney, CEO of Metropole, lets us follow his journey to success - starting from a joint investment at the age of 21 - and how he learnt the importance of cash flow and property cycles first-hand. Uncover the multi millionaire's humble beginnings in business at a Melbourne restaurant called ‘Metropole’ and learn that you don’t have to do it all on your own.As one of Australia’s leading property advisors Yardney will provide his nuggets of wisdom, fresh from his wealth of experience, on everything from the intriguing evolvement of the Australian market to the importance of being cautious when getting into bed with other professionals.

Michael Yardney, CEO of Metropole, lets us follow his journey to success - starting from a joint investment at the age of 21 - and how he learnt the importance of cash flow and property cycles first-hand. Uncover the multi millionaire's humble beginnings in business at a Melbourne restaurant called 'Metropole' and learn that you don't have to do it all on your own.As one of Australia's leading property advisors Yardney will provide his nuggets of wisdom, fresh from his wealth of experience, on everything from the intriguing evolvement of the Australian market to the importance of being cautious when getting into bed with other professionals.