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Why you should embrace failure – by Michael Yardney

Everywhere you look these days, people’s achievements are being celebrated, whether it be in the papers, among our family and friends, or on social media.

And why not?

Success is a wonderful thing and worthy of celebration, but so too is failure.

OK, so hear me out on this one.

Failure gets a bad rap and most of us go to great lengths to avoid messing up.

But here is the thing: we are all going to fail at some point — whether it be a succession of small errors or one monumental disaster.

The sooner we embrace failure as inevitable and arm ourselves with a few tricks to handle it, the better off we will be.

Here are four good reasons to celebrate failure:

 

  1. It builds resilience

little-treeTalent is an important component of success but it is not the only one.

Not by a long shot.

Hard work is also extremely important — as is discipline and focus — but I would also put resilience up there among the most important predictors of success.

Many would-be investors dream of financial freedom and start the journey by reading all the right books, researching the market and lining up their financial ducks in a row.

Then they hit a hurdle. Cash flow tightens or they miss out on a property. It all gets too hard and they give up.

Resilient types know how to take these setbacks in their stride.

Most often, this resilience has been built from a young age, where their parents taught them how to fail and pick themselves up again.

If you were a child who dealt well with failure you will most likely be an adult with the internal reserves to handle setbacks.

 

  1. It makes us more human and likeable

It’s what psychologists call the pratfall effect: when someone we perceive as competent makes a mistake, we often like that person more because it shows they are human, too.

Being vulnerable at certain times — failing, asking for help — is a necessary part of life and it helps us to bond better with others.

When we fail and we need other people’s help, we are able to cement relationships with family, friends and the community that sometimes we didn’t realise were even there.

Failure can open the door to better relationships with those around us because nothing puts things in perspective, or keeps our egos in check, quite like a run of bad luck.

 

  1. It makes us better at what we do

In my time in the property industry, I have seen many people fail at investing only to return to the game successfully, many times over.

When we fail it gives us a chance to reflect on our business and what went wrong so we don’t make the same mistake again.

We learn and adapt, and hopefully we grow from the failure.

It is amazing so many of us are afraid of failing when it is really one of the best ways to learn.

 

  1. We ask more questions

questions-blogWhether you choose to own up to your failures or hide them from others, they are a part of life.

If you learn to accept the possibility of failure, and not be so terrified of saying the wrong thing or messing up at work, then you will be a lot bolder.

This will mean you will ask questions without being afraid of looking stupid.

You will take calculated risks without being overwhelmed by fear and you will not be concerned what other people think and will therefore listen more to your own gut instincts.

And that will make you truly successful.

 

Guest author:

Michael Yardney is a director of Metropole Property Strategists, which creates wealth for its clients through independent, unbiased property advice and advocacy. He is a best-selling author, one of Australia’s leading experts in wealth creation through property and writes the Property Update blog. 

 

The Secret Power of Persuasion by Michael Yardney

We’ve asked Michael Yardney to write a special guest column today. Michael has been a friend of mine for many years and is our ‘go to’ guy when it comes to property. I’m sure you’ll find his insights powerful. Now… over to Michael.

 

Have you noticed how people who are successful in most walks of life usually have the gift of being good negotiators.

In fact they are more than that – they are good persuaders.  They have the ability to influence others to go along with their point of view.

We’ve all heard of win/win negotiation, but let’s be honest….in many of our negotiations we would really like a bit more than win/win.

When you buy your next car, you’d really like the negotiations to end up favouring you and not being an even handed win/win?

Think about it…when buying a property, or any other big-ticket item, we usually want to buy it at the best price possible, while the vendor wants to sell it for the highest price they can achieve.

Good negotiators have developed he art of being able to influence to see things their way. They know how to get others to do things they want to get done.

They seem to have an innate gift of understanding others needs and wants and finding a way of delivering that within in the bigger context of getting what they themselves want.

InfluenceA number of years ago I came across a powerful book, Influence – The Psychology of Persuasion, in which Robert Cialdini outlines six universal principles of influence that he discovered as he studied what made people do the things they do, in his role as a professor of psychology.

Let’s look at these in more detail…

 

  1. Reciprocation

We were all taught that we should find way to repay others for what they do for us. That’s only fair – most people will make an effort to avoid being considered an ingrate or someone who does not pay their debts.

Cialdini explains how in the 1970’s the Hare Karishnanas used this principal to raise millions of dollars. They would give passers-by a flower and requested no money. However this innate principal was so strong that even though the recipients didn’t really want the flower, they felt the need to repay the debt of kindness in some way and many donated money.

You probably have come across this principle, where someone has delivered a number of uninvited “first favours” over time and then you feel obliged to deal with them or do business with them.

Put simply, whatever you give out in life you tend to get back sooner or later. If you go through life looking for good in others and helping others get what they need, you may not always get an instant reward, but the principle of reciprocity will provide somewhere along the line.

  1. Social Proof

social-proofCialdini points out that we decide what is correct by noticing what other people think is correct. Innately we want to be like others and people are comforted knowing others are doing the same thing.

This principle is often used by sales people who give testimonials from people “just like you” who have bought and appreciated their product or service.

Most people feel at ease if they know others have already done what they intend to do. Celebrity product endorsements are an obvious application of this principle of Social Proof.

If you want someone to do something for you, be sure to let them see that other people are already doing it or are willing to do it. Show them that others like them believe in your product or service and are using it.

  1. Commitment and Consistency

Once people have made a choice or taken a stand, they are under both internal and external pressure to behave consistent with that commitment.

When people tell their friends they are going to give up smoking, or going lose weight, it motivates them to keep going with their decisions. We tend to feel pressured to behave consistent with the choices we have made. No one likes to admit they were wrong.

You can use this principal in negotiation by taking time to understand what motivates others and speak to them in their own language.

Try and elicit their values. Find out what they want, what they are trying to achieve. This will allow you to tap into their natural motivators, while also giving them what they want.

When you can get someone to commit verbally to an action, the chances go up sharply that they’ll actually do it.

  1. Friends

friends-blogWe all like doing business with people we know and like. And people tend to like others who appear to have similar opinions, personality traits, backgrounds or lifestyles. More people will say ‘yes’ to you if they like you, and the more similar to them you appear to be, the more likely they are to like you.

That’s why it’s important to build rapport with people you plan to negotiate with.

  1. Authority

Most of us were raised with a respect for authority, so we tend to place importance on information given to us by authority figures like doctors, policemen or professionals.

Sometimes people confuse the symbols of authority such as titles, appearance or possessions with the true substance. This means you can use this principle to your advantage during negotiations.

Look and act like an authority yourself – dress like the people who are already in the positions of authority that you seek. Or cite authoritative sources to support your ideas.

  1. Scarcity

The feeling that we may miss out on something special or unique will drive us to take action. Things always seem more valuable is there’s an element scarcity. Hard-to-get things are perceived as better than easy-to-get things.

Look at most advertising and you’ll see words like “limited offer”, “closes this weekend” or “limited edition collectors items.” How can you use this principle of scarcity in your negotations?

Professor Cialdini’s Six Weapons of Influence are incredibly powerful and can be combined in many ways. Use them whenever you approach people you want to influence and they will assist you in becoming a powerful communicator.

On their own these principals are ethic less. They can be used to create a win/win outcome for you and for those who you negotiate with. Or they can be used for dark purposes of influence. Obviously I would suggest you don’t use them this way.

 

Guest author:

Michael Yardney is a director of Metropole Property Strategists, which creates wealth for its clients through independent, unbiased property advice and advocacy. He is a best-selling author, one of Australia’s leading experts in wealth creation through property and writes the Property Update blog. 

 

 

 

How you see the world has a significant effect on your success by Michael Yardney

I’ve asked Michael Yardney to write a special guest column today. Michael has been a friend of mine for many years and is our ‘go to’ guy when it comes to property. I’m sure you’ll find his insights powerful. Now… over to Michael.

There are, broadly speaking, two ways to see the world and these have a great influence on how successful you become.

The first is what psychologists call the “external locus of control,” and the second is the “internal locus of control.”

You see… as the world around you changes, you can either attribute success and failure to things you have control over, or to forces outside your influence.

And which orientation you choose has a huge bearing on your long-term success.

This concept dates back to the 1960s with Julian Rotter’s investigation into how people’s behaviours and attitudes affected the outcomes of their lives.

Locus of control describes what individuals perceive about the underlying main causes of events in his/her life.

Put more simply:

Are you the pilot of your life or you just a passenger?

Do you believe that your destiny is controlled by you or by external forces (such as fate, the government, your boss, the system or others)?

Here’s how Charles Duhigg—the author of the book Smarter Faster Better describes locus of control:

“Locus of control has been a major topic of study within psychology since the 1950s. Researchers have found that people with an internal locus of control tend to praise or blame themselves for success or failure, rather than assigning responsibility to things outside their influence. A student with a strong internal locus of control, for instance, will attribute good grades to hard work, rather than natural smarts. A salesman with an internal locus of control will blame a lost sale on his own lack of hustle, rather than bad fortune.

“‘Internal locus of control has been linked with academic success, higher self motivation and social maturity, lower incidences of stress and depression, and longer life span,’ a team of psychologists wrote in the journal Problems and Perspectives in Management in 2012. People with an internal locus of control tend to earn more money, have more friends, stay married longer, and report greater professional success and satisfaction”

What is an external locus of control?

Well, we all know those people.

In fact, sometimes we are those people.

Nothing is ever their fault. There is always an excuse. The world is out to get them, life is unfair.

Duhigg describes it as follows:

“…Having an external locus of control—believing that your life is primarily influenced by events outside your control—’is correlated with higher levels of stress, [often]because an individual perceives the situation as beyond his or her coping abilities,’ the team of psychologists wrote” (24).

The benefits of an Internal Locus of Control

In general, people with an internal locus of control:

  • Engage in activities that will improve their situation.
  • Emphasize striving for achievement.
  • Work hard to develop their knowledge, skills and abilities.
  • Are inquisitive, and try to figure out why things turned out the way they did.
  • Take note of information that they can use to create positive outcomes in the future.
  • Have a more participative management style.

The bottom line:

We aren’t born with an unalterable locus of control, so it is critical to keep an eye on in ourselves so we can improve the way we look at the world.

Sure, bad things happen to us.

But rather than dwelling on them, it’s better to find a useful belief about them and move on.

It’s important to remove the idea that your life is dictated by forces outside of your control.

Of course, to one degree or another, it is. But there is plenty that we can control. You can create your own luck through study, hard work and perseverance.

It’s often said that you become a blend of the five people you hang out with the most.

This is important to keep in mind. Associate with positive people who believe they are in control of their own lives. Their beliefs and energy will rub off on you. And then yours will rub off on them.

It becomes a very powerful and positive feedback loop!

 

Guest author:

Michael Yardney is a director of Metropole Property Strategists, which creates wealth for its clients through independent, unbiased property advice and advocacy. He is a best-selling author, one of Australia’s leading experts in wealth creation through property and writes the Property Update blog. 

If You Could Live the Second Half of
Your Life Differently From The First,
What Would You Do With It? – Michael Yardney

By now you’ve probably read a bit about Wealth Retreat 2016 and if you’ve thought about joining us this year please read on, because I’ve found out that some people who really wanted to join us have counted themselves out, thinking they didn’t qualify, when in fact they did.

If you are serious about building your own share trading or property investment business, one that one day will deliver you financial security….

If you’re already a trader, entrepreneur or property investor and keen to take things to the next level…if you’re looking for a group of like minded, supportive  people to mastermind with…if you’re looking for the next level of information and knowledge, things that are not in the books or on the internet – I have an invitation that could help you create a completely different life for yourself.

For the last 15 years I’ve been educating investors through powerful seminars, books and webcasts and for the last 9 years (together with a small group of my mastermind advisors) I have also worked privately with select clients to take them from where they are now…to where they want to be.

In fact, some of my greatest pleasure comes from working directly with people who truly want to make the internal changes and life-changing decisions that will allow them to achieve the goals they want to reach!

And when they attend Wealth Retreat our faculty gives them a toolbox stuffed full of new tools to help them reach their goals.

Once again this year starting May 28th —for five days a group of experts from my own mastermind team and I will work with 50 individually selected clients in the transformational environment of a resort on the Gold Coast.

If you are interested in joining us you please ring my assistant Jo Fitt on 03 9591 8888 or email her jfitt@metropole.com.au and she’ll explain all about it to you.

If you are selected to participate, you will work with us in formal learning and one on one sessions as we take you on a powerful 4-step process to get your goals and passions aligned, and then get you moving forward towards taking BIG actions, and creating even bigger results.

The goal of this retreat is to take your property investing to a new level – not up one or two notches, but a whole new level so you build yourself a true property investment business.

You’ll leave with not only a property business plan, but also a finance, tax and asset protection plan and if you’re interested in equities, a share market trading plan.

 

Here is a snap-shot of this 5 Day Process:

 

Step 1: Getting Clear, Grounded, and Focused

Using powerful exercises, we will get you into the state that is needed to truly get the most of this 5 day learning experience. The results of this session have surprised even the most advanced property investors and entrepreneurs.

This is not a metaphysical “rah rah” seminar, but even the most successful investors I work with are driving around with one foot on the accelerator and one on the brake. While they have empowering beliefs, most still play within their comfort zones (even though they don’t realize it.)

I help you get rid of some of your disempowering beliefs and put you in the right state to learn a whole lot of new information. If we don’t clear some of the clutter in your mind, there won’t be room for all the new good stuff.

This means you will learn where you have gotten stuck in the past (you might not even realize you’ve been stuck), and how to strategically release these so-called brakes that have been holding you back.

 

Step 2: Life Purpose and Passions

Once you are in this powerful state of clarity, you can then move forward to discovering your true life purpose and passions.

Again this is definitely not a metaphysical seminar where we dance on the tables and massage each other’s shoulders, but…

Identifying, acknowledging, and honoring your purpose is perhaps one of the greatest actions steps successful people take. You will learn to identity what you are truly meant to do, and then pursue that purpose with passion, enthusiasm, and integrity.

For many it has to do with property, shares, business and money. For others it is about contribution. And for yet others its about leaving a legacy.

 

Step 3: Strategy, Mastermind, Plan

During Step 3, we will work together (at times one on one) to strategize your goals, align them with your purpose and passions and take part in powerful mastermind sessions.

These mastermind sessions will help you garner new ideas, actions strategies, and a plan to achieve the goals you have set for yourself.

Whether it’s creating more balance in your life, traveling the world while your property business works on autopilot, getting started in property development – or any other goal – we’ll deliver the information, advice and know-how you’ll need to get going.

 

Step 4: Master the Art of Action and Perseverance

You will leave with an action plan and this will be followed up with a personal one on one strategy session with me to make sure you will implement this plan.

This will help you pursue, and maximize your goals.

You’ll also learn how to master the art of taking action and persevering in the face of anything that gets in your way of achieving what you want.

I’m not going to lie, we all come up against barriers – it’s part of life. It’s knowing how to deal with these obstacles, and how to rise above them that really sets you apart from the rest, which you will learn how to do during the upcoming retreat.

Our goal is to give you the tools to achieve the dreams you want for yourself.

 

The Program includes:

  • 5 Full Days with our expert faculty including property, share trading, tax, finance, financial planning and equities experts including Louise Bedford, Chris Tate, Tome Corley (from the USA), Ken Raiss, Gavin Taylor, Mark Creedon, 3 finance experts and me plus
  • All meals and accommodation and entertainment – which means we spend almost all of the day together – from breakfast ‘til when we go to bed
  • An advanced education program and program materials
  • One on one sessions with many of our faculty.
  • Some surprises!
  • A follow up one on one strategy session with me to help you implement your learnings.

 

Just imagine…

Imagine if you had the opportunity to hang out for 5 days with Donald Trump, Robert Kyosaki and Warren Buffett. What would that mean to you? How would you come out differently?

Well…I haven’t invited Trump, Kyosaki or Buffett to Wealth Retreat, but I have invited the Australian equivalents and that’s who you’ll hang out with for 5 days.

What could this mean to you?

If you’ve ever wanted to “hang out” with me Louise Bedford, Chris Tate, Ken Raiss, Tom Colrey, or the other members of our faculty in a private setting – knowing that your life would be transformed in the process – this is your opportunity.

What It’s Like to Spend Time With Authentic Individuals of This Caliber…

Sitting down with powerhouses the likes of our faculty during this unique five-day experience will be an exhilarating experience indeed.

They are all very successful in their own fields and comfortable with their achievements. They know how to get things done.

When they set goals, things happen.

To them most dreams are easy to accomplish. In fact, it’s what they do every day. And it’s one reason why working with mentors at this level will catapult you further and faster than virtually any other approach.

Of course, don’t discount the other attendees you’ll meet at this retreat.

Each year we attract top-level players who you’ll meet and interact with over five empowering days.

Who knows what dreams could be hatched over lunch or as part of the day’s group activities?

This will be different to any other property, share trading or entrepreneurial training you’ve attended.

As you can imagine, working in a private setting like this with me and my faculty is an experience that will be different from any training, seminar or workshop you’ve ever attended.

Why?

It is an extremely unique opportunity – a very rare chance to work with all these great mentors together.

This experience at Wealth Retreat will be unlike any you’ve ever encountered.

And unlike other programs we understandably must limit the number of participants we can work with ensuring a unique and intensely personal environment.

Just 50 people will get to participate with us at this private retreat in May.

To qualify as a participant:

  1. You must agree to spend all designated times with me and my faculty – immersing yourself in their processes, consulting sessions, transformational work and brainstorming discussions.
  2. You might be a share investor or trader who wants to take your trading to the next level.
  3. You may already own a number of investment properties or a share portfolio. We’re looking for property investors, share traders or entrepreneurs who want to become financially independent by building a true investment “business.”
  4. If you’re already a serious property investor – ready to go to the next level and looking for a network of like minded movers and shakers – this is definitely for you.
  5. You may be a businessperson or entrepreneur – because many of the lessons you will learn will apply to other business aspects of your life.
  6. You may be interested in value add techniques that manufacture capital growth and rental returns in our flat property markets.
  7. You must be open to new strategies that produce results quicker and more safely than what the average property investor does. So you must be open to new ways of thinking and unique ways of applying knowledge.

If you qualify and will agree to diligently dedicate yourself to the learning process, we will welcome you to our Wealth Retreat for five days on May 30th to June 3rd 2015.

You can find out more and register your interest by clicking here: www.WealthRetreat.com.au

But don’t count yourself out from coming… 

Every year a group of aspiring investors join us and get the type of information that propels them ahead – the type of information I would have loved to have when I started out.

If you are interested in joining us, please ring my assistant Jo Fitt on 03 9591 8888 or email her at jfitt@metropole.com.au to secure your place quickly and have a qualification interview with me.

Your journey begins just an email away. Others who’ve joined us in the past are living the life of their dreams. (In fact many are returning to Wealth Retreat this year.)

Shouldn’t the next success story be you?

 

The 3 Biggest Obstacles to Becoming Financially Free – Michal Yardney

Last weekend at a private client function I was conducting I had the good fortune to have conversations with a number of our Wealth Retreat graduates.

I was talking with them about their experiences since attending our 5 day workshop, what they had learned, what they were doing differently and how they were leveraging the relationships they had built at Wealth Retreat.

Some interesting comments came out which I’ll share with you in a moment, but first I want to ask you a question:

What has been the single greatest obstacle stopping you becoming financially free?

Speaking to these Wealth Retreat graduates, here were the three main hurdles I’ve seen them face.

As you read on, see which of these three get in your way. (Maybe you’re facing more than one of them!)

 

Obstacle #1: Isolation: It’s hard to build wealth on your own

Without question one of the biggest things I consistently hear from the Wealth Retreat graduates is that before they joined us at our 5 day retreat they were isolated in their wealth building.

They didn’t have a Mastermind group of like-minded investors, share traders, entrepreneur or business people with whom they could share their challenges, brainstorm ideas, leverage contacts or celebrate their successes.

Many said they were looking for a group of ambitious, positive, like-minded, supportive doers to help them succeed.

You see…alone you are vulnerable.

You will never reach your fullest potential.

But when you connect with the right people, a whole new set of options you never dreamed possible opens up to you.

In fact, one of the main reasons people attend Wealth Retreat is to have an instant peer group of movers and shakers. In today’s changing financial environment it’s even more important than ever to have a supportive mastermind group around you.

Can you imagine how much faster you’d reach your goals and how much more fun you would have along the way if you were a part of a community of elite wealth builders who could support you?

 

Obstacle #2: Fear

One of the greatest obstacles to building financial freedom is fear.

And with all the mixed messages in the press at the moment with concerns about the economy, interest rates, unemployment, the challenges with obtaining finance the talk of a property bubble and business collapsing, many of us are more fearful than ever.

This fear can be taken many forms, but the big 4 fears I come across are:

  1. Fear of failure – this is especially prevalent.
  2. Fear of debt – most of us have been taught that debt is bad and not to take on more debt. Strategic investors recognise that debt in itself is not necessarily bad, rather it’s not being able to repay your debts that’s a problem.
  3. Fear of success – Interestingly, some beginning investors put off their investment decisions because they are haunted by a fear of success. While this may initially seem strange, this fear generally stems from a feeling of unworthiness, where people convince themselves that they are undeserving of wealth or wanting to accumulate wealth makes them a bad person.
  4. Fear of the unknown – Who wants to go into a dark room? Who wants to go to a party where you don’t know anyone? Who is not nervous about buying their first investment property? Whenever the outcome is uncertain, fear rears its ugly head.

Another fear I have commonly seen is the fear to follow your passion.

Many seminar attendees I see spend 40 or more hours a week doing a job they don’t enjoy and can only dream of following their passions.

Interestingly around 30% of the attendees who attended Wealth Retreat in the past moved up and left their jobs.

I remember when Stuart, a plumber, sold and cut back his hours working in the business to concentrate on property. Last year he bought a huge multi million dollar development site with some joint venture partners to undertake a very substantial development – something he would never have dreamed of when he came to Wealth Retreat a few years ago.

Justin gave up his job in hospitality to run an Internet business. Julie gave up the security of her IT job to work for a property developer.

The shift in their mindset that they (and all the other attendees at Wealth Retreat) achieved allowed them to give up the ‘security’ of their day jobs and instead focus on the financial freedom they really wanted.

Find out more about Wealth Retreat by clicking here and register your interest online to find out more or email my assistant Jo Fitt jfitt@metropole.com.au  and she’ll explain everything.

So what’s the fear that’s stopping you?

In today’s economic climate where debt is a dirty word, many people are scared of borrowing more.

Maybe you’re like Phillip, a three time Wealth Retreat graduate.

Before Phillip joined us at Wealth Retreat one of his biggest fears was that he wouldn’t be able to borrow the money required to fund his property portfolio and allow him to keep doing deals. He had given up his job and had no income in the traditional sense.

Well, since attending Wealth Retreat, Phillip has bought several more properties and when I spoke with him a few weeks ago he told me he has sufficient financial buffers to see him through for over 3 years.

I know Phillip could not imagine he would have given up his job, let alone build and live off his property empire when he first came to Wealth Retreat.

Here is the key that has made all the difference for Phillip

and every other Wealth Retreat graduate:

When you have a peer group of high achievers and big thinkers pushing and stretching you, anything becomes possible.

How about you….

What are you doing to take advantage of the new property cycle?  

This is a time when fortunes will be made. This is a time when the rich will become richer.

So what are you going to do?

Are you going to acknowledge your fears, and then step up and take action anyway?

What would you do if you were not afraid? 

What one dream would you dare to dream and go after if you knew you could not fail?

When you play at a different level you get a different result. You will get no better chance at life than this moment!

 

Obstacle #3: Uncertainty

The third major obstacle I’ve observed our Wealth Retreat graduates had to overcome was confusion.

They had heard so much conflicting financial advice over the years that they quite simply didn’t know which direction to move in.

Can you relate to this feeling of being overwhelmed?

One of the most valuable benefits of Wealth Retreat for attendees was that it simplified the complex world of wealth building and business planning, so that they had a crystal clear, specifically defined plan of action to pursue their personal wealth building.

For five full days and nights they had access to top accountants, financial planners, share traders, business coaches, finance strategists and property advisors.

Take the example of Laurie, a two-time Wealth Retreat graduate:

He had been a builder and property developer for years, but he was still on a treadmill, working longer hours than ever. I clearly remember how on day 4 he had an “ah-hah” moment when it all fell into place and he said in that 10 minutes, he learned something that would make him half a million dollars.

When he returned the next year, he learned a time management skill that he was sure would make him 100% more productive.

Julie joined us, but was concerned that she could not contribute to the Wealth Retreat community. Well, she was wrong and came back a second time, but this time she was working in her field of passion – property development. 

In fact she came back twice more!

If you’re committed to step up and play with the big boys you must learn what they know because what you don’t know can get you into trouble

So there you have the three biggest obstacles that I’ve watched our Wealth Retreat graduates overcome.

Are any of the three factors in your own personal wealth building?

Find out more about Wealth Retreat by clicking here and register your interest online to find out more or email my assistant Jo Fitt jfitt@metropole.com.au  and she’ll explain everything.

 

The real meaning of wealth

With all this talk of making money I want to make sure we step back for a moment and look at the bigger picture.

We all know that money is only one layer of real wealth and prosperity and certainly not the most important.

Sure money is important in those areas of life where money is important, but it is not important in those areas where it is not important.

To be truly prosperous you need much more than money.

Wealthy people have time, freedom, relationships, health, spirituality and they contribute a lasting legacy.

Right now we are preparing for Wealth Retreat 2015 and have a limited number of spaces available for this exclusive event.

And maybe, just maybe, you’ll be exactly who we’re looking for.

If you think you might be the type of person who would not only benefit by being with us for 5 days at Wealth Retreat, but more importantly are over the next few years, then by all means, please keep reading.

This year some of the topics, speakers and emphasis will be different to the past. We’ve added a range of new subjects to give a more holistic curriculum.

You can also find out more at www.wealthretreat.com.au  

Why not register your interest while you’re on the site?

One of the reasons I am so excited about Wealth Retreat 2016 is because this is going to be a chance for our very top clients to mix and mingle with each other and a group of leading experts in investment, property, shares, tax, economics business and finance.

Forgetting the 5 days actual teaching time we’ll spend, can you imagine what you could learn by being around the other participants and advisors, getting their one to one input on your wealth building efforts?

As in previous years, we have strictly limited the places, so participants get the most out of their time with us. While we have many return attendees, we still have a few remaining spaces for this soon-to-be sold-out event.

 

Here are the three bottom line facts about Wealth Retreat 2016:

 

Number 1: it is an exclusive annual 5 day event that is only available to a handful of investors, traders, business people and entrepreneurs and their partners. And once these few remaining spaces are gone–and that will be very soon–then your window of opportunity will be gone.

 

Number 2: the week isn’t cheap, but if you are the type of person who is going to attend this won’t put you off. This way we know that all of the people at the event are 100% committed to playing at the highest levels.

 

Number 3: Wealth Retreat is only for real doers who are committed to building something special out of their wealth building. It’s not going to be a “seminar”. It will be an intensive networking and masterminding event where we will actually be focusing on large breakthroughs.

 

Why are we limiting it to so few people?

Because we realise that an event like this will be a huge success and produce incredible results if we bring together a small and highly select group of high achievers who have plenty of one on one time with the experts and networking time with the other attendees.

You may even be able to let Malcolm Turbull subsidise of your attendance…

My accountant tells me that joining us at Wealth Retreat 2016 could be a partially tax deductible for many attendees.

Just like every other year, I will personally chat with every attendee for Wealth Retreat to make sure we carefully select the best blend for the event. To be fair, I’ll do the interview on a first come, first serve basis. Once the remaining spaces are gone, that’s it.

Who Are We Looking For?

We are looking for experienced investors, share traders, business people and entrepreneurs who are willing to take on these challenging times and are committed to taking their investing and business to the highest levels.

But don’t count yourself out from coming… 

Every year a group of aspiring investors join us and get the type of information that propels them ahead – the type of information I would have loved to have when I started out.

We are also looking for people who will be a positive presence to the group and are committed to making an impact on the world.

If you are interested in joining us this year and take one of the remaining spots, or want to find out a little more I urge you to call my assistant Jo Fitt on 03 9591 8888 or email her at jfitt@metropole.com.au as soon as possible.

Of course you can also check out www.WealthRetreat.com.au and register your interest there.

She will send you more details and if appropriate set up a time to have a chat with me.

Please call right now because now is the time for you to step up and seize the opportunity our current financial climate is offering us.

 

MY TOP INSIGHTS INTO ACCELERATED WEALTH CREATION – Michael Yardney

Today I wanted to share my top wealth creating insights from our premier property training event – our 5 day Wealth Retreat.

You see…property money

As I start preparing the curriculum for this year’s event that will be held on the Gold Coast at the end of May, I’ve been reviewing my notes from last year and spending a lot of time chatting with past attendees of Wealth Retreat

As I spoke to many of them I was blown away and humbled by the feedback as they explained how Wealth Retreat had changed the way they handle their investments, business and in fact many aspects of their life and how it was the best event they had ever attended.

Now that’s high praise indeed from people who are already successful property investors, business people and entrepreneurs, and I don’t take it for granted.

You can find out more about Wealth Retreat by clicking here.

O.K., here is the first insight …

 

  1. TO BECOME FINANCIALLY INDEPENDENT YOU NEED TO TREAT YOUR PROPERTY INVESTMENTS LIKE A BUSINESS

Over the last few years it became very obvious to me was that those investors who treated their property investments like a business were the ones that managed to develop financial independence from their properties.

And those that didn’t, seemed to be working for their properties rather than the other way around.

I’m sure you’ve read that most property investors don’t get past their first or second property and that almost half of all property investors sell up in the first 5 years.

When you speak to them they’ll tell you “property doesn’t work.”

Some investors have a portfolio of negatively geared properties but have to keep supporting their cash flow shortfall.

Others can’t seem to get the funding to get past their second or third property.

And others bought positive cash flow properties but the little cash they get (if any) doesn’t alter their lifestyle.

On the other hand, a small group of Australian investors treat their properties like a business.

They are the CEO of their business and realize that it’s not how much money you make that matters, but how hard that money works for you and how much you keep that matters.

They have a plan including a property plan, a finance plan, a tax plan and an asset protection plan and are surrounded by a good team of specialists.

If you want to grow your own significant property investment business, one that could one day replace your personal exertion income, then you should really consider joining us at Wealth Retreat 2016.

Because that’s exactly what Wealth Retreat is about.

We give you a blue print to build your own property investment and then give you a tool box full of Power Tools to help you build it.

Find out more about Wealth Retreat by clicking here and register your interest online to find out more or email my assistant Jo Fitt jfitt@metropole.com.au  mention the Trading Game and she’ll explain everything.

 

  1. ALONE YOU ARE VULNERABLE; CONNECTED WE ARE STRONG

It really struck me how easy it is to fall back into old habits and let negative outside influences dramatically impact our mindset and financial results when we are on our own.

Several people I spoke with candidly shared how they had pulled back and isolated themselves after suffering some investment problems and financing issues over the last few years, and how that isolation cost them so much more.

I can relate to this.

Many investors think they have to do it all themselves or learn it all themselves.

Partly because they think they know better than others or maybe it’s because they are not hanging around the right people – supportive, encouraging people.

And these get harder to find, the more successful you are.

But we cannot be our best selves in isolation from the world.

We need other people.

The key is making sure we’re spending time with people who inspire, empower, and encourage us.

The next two lessons really emphasize this point.

 

  1. YOUR PEER GROUP IS CONTAGIOUS

One of the things that struck me on the first night at Wealth Retreat, when we all got together for a special surprise event (the details of which I can’t reveal here, otherwise it would spoil the surprise for the attendees) was how quickly people connected with each other.

Have you ever had that experience?

Where you meet a group of people and feel like you’ve known each other for years?

May I ask you a direct question?

It’s going to be a bit blunt, but I’m not sure how to “finesse” it so here goes:

  • Will your current peer group empower you to reach your deepest dreams goals and your life’s purpose?
  • Will they hold you accountable to a high enough standard or will they let you slip back into your old comfort zone?
  • Will they feed your ideas and give you input to help you overcome challenges you face along the way?
  • Will they support you when you’re having a tough moment?
  • Do they inspire you to keep performing at your highest and best capabilities?

If not, what are you doing about changing that?

It’s ultimately up to you to find and create the peer group that will help you live the life you want to live.

 

  1. AFTER A “LOSS” WE TEND TO GO BACK TO WHAT WE KNEW

Many of the investors and business people I have spoken with recently have suffered a set back over the last few years.

Some in real estate, others in the share market and some in their businesses.

And we’ve had some interesting discussions putting this into perspective and clarifying the useful lessons to take from our experiences to help us move forward.

One of the most important insights that I want to share is that when most people suffer a “loss” financially, their natural tendency is to pull back and isolate.

Some are fearful… others embarrassed…

But isolation only makes things worse. You need to accurately assess the situation, learn your lessons and move forward.

Beating yourself up is of no benefit.

This is why your peer group and mastermind team is so essential.

We are moving into a new financial era – a time of amazing opportunities and some real risks.

To succeed in this environment, we need the support, insights and perspective of a trusted group of advisers and peers.

Which brings me to my next point…

 

  1. YOUR MASTERMIND TEAM

Apart from the opportunity for participants at Wealth Retreat 2016 to have one on one sessions with our expert faculty, one of the exciting parts of Wealth Retreat this year will be the “hot seats”.

This is a masterminding technique where you ask a focused power question to your mastermind group and they have 3-4 minutes to brainstorm as many possible answers to your question as possible.

If you are already a property investor, a business person or entrepreneur please click here to find out about Wealth Retreat and register your interest online and join us at Australia’s ultimate learning and networking event for investors and entrepreneurs.

Or ring my assistant Jo Fitt on 03 9591 8888 or email her jfitt@metropole.com.au  to register your interest and find out more.

 

  1. REAL WEALTH IS WHAT YOU GIVE

The people who come to Wealth Retreat are divided into three groups.

Firstly about 15% – 20% of the attendees have been before.

Some are coming for the second, third or fourth time.

You may ask why do they come back if they are successful. I could say they are successful because they come back.

The second group of attendees are very high net worth individuals.

They come to grow and nurture their property portfolios.

Then the bulk of attendees are experienced property investors with between 2 and 10 properties, who are looking to expand their network and super-size their investing and learn skills and techniques that they would not find elsewhere to enable them to build a property investment business.

Others are business people, entrepreneurs and share traders.

But don’t count yourself out from coming…

Every year a group of aspiring investors join us and get the type of information that propels them ahead – the type of information I would have loved to have when I started out.

This year we will be having special sessions at Wealth Retreat to assist investors with their biggest challenges including finance and empowering them with proven techniques for our changing markets.

Many of the attendees want to learn how to step out of the world of being paid by the hour and into the world of building their own property investment business.

In fact many past graduates of Wealth Retreat left their jobs to pursue their passions.

If this interests you register your interest on line by clicking here, or better still email or call my assistant Jo Fitt now on 03 9591 8888, jfitt@metropole.com.au and mention Trading Game to find out more.

Wealth Retreat works so well because each of these groups of people adds something essential to the mix.

But when I observe the most successful participants from Wealth Retreat over time I notice that those people who have “made it” financially all have moved to a place that the money isn’t what motivates them.

Sure they enjoy the money, but it is not their main driver.

Let me explain… money is a sufficiency need.

Once you have enough of it, it ceases to be important.

So what is it beyond the money that pushes and prods and sparks and motivates you to perform at your best and to build and dream and dare?

When I asked people at Wealth Retreat what drove them here are their top two answers:

 

NUMBER ONE: MAKING A DIFFERENCE

To touch the lives of other people.

They want to give back to people and causes that are so much bigger than they themselves are.

They believe that as they receive they need to “pay it forward” to the next generation of business owners or investors.

How are you paying it forward?

 

NUMBER TWO: TO CARE…

To care for their friends and family and provide an amazing lifestyle and quality of life for them, and especially to have the time to be with them.

I hope you’ve found these insights from Wealth Retreat helped give you some ideas about your own wealth creation.

 

HAVE YOU EVER WISHED YOU COULD JOIN US AT WEALTH RETREAT?

While the numbers are limited (on purpose) I urge you to call my assistant Jo Fitt on 03 9591 8888 and find out more and see if you qualify to join us on the Gold Coast on May 28th to June 1st 2016.

Or email her at jfitt@metropole.com.au  to get the process started.

We have a very limited number of spaces for the event and with over 10% of spots already taken (and we’ve just started promoting it) it’s only going to get harder and harder to get in later.

If you would like to find out a little more check out our website by clicking here.

 

If you’re ready to commit to playing at a higher level, to spending 5 days with a select handful of other doers in an environment that will challenge and push you to even higher levels of achievement and success, then please call Jo on 03 9591 8888 or email her at jfitt@metropole.com.au  and ask her to explain a bit more about Wealth Retreat and get on the interview list.

Another 14 Ways Our Mind Plays Tricks On Us As investors – Michael Yardney

Part Two of Michael Yardneys article on psychological bias’s

We like to think we’re rational human beings.

 

However last month I’ve shared with you the concept that we are in fact prone to a group of cognitive biases that cause us to think and act irrationally, and this affects many of our investment decisions. Even thinking we’re rational despite evidence of irrationality in others is known as blind spot bias.I shared with you the concept of Confirmation Bias, which is the natural human tendency to seek information that confirms our pre-conceived conclusions. In my view confirmation bias is a major reason for investment mistakes, so I recommended you always attempt to challenge the status quo and seek information that causes you to question your investment strategies.

I also showed how the Bandwagon Effect describes gaining comfort in something because many other people do, or believe, the same. This is also called “herd mentality”, but we know “the herd” is usually wrong – most property investors never build a substantial portfolio. So it pays consider the concept of countercyclical investing. I also discussed the concept of being biased towards overwhelming negativity or positivity – which often becomes apparent when couples are investing, and they realise they are in opposite camps. Today in the second part of this 2 part series, I’ll examine some further ways the way our brains sneakily convince us to make decisions that aren’t always in our best interests.

1. The Ostrich effect

When an ostrich is scared, the bird supposedly buries its head in the sand to stay ignorant of the approaching threat.

The (lack of) logic is presumably: “If I can’t see it, it doesn’t exist.”

Silly, right?

Maybe it isn’t as ridiculous as it sounds, considering that humans do it, too. While we simply don’t have the neck length to literally stick our heads in the sand, people often deliberately look away from their money problems. 

Investor takeaway

Some investors avoid unpleasant information such as reading negative financial news or checking on the performance of their properties, while many Australians bury their heads in the sand about their future financial security and put off investing all together.

On the other hand successful investors read as much as they can, talk to others who have a different perspective and surround themselves with positive supportive people who help them form an objective view of what’s going on.

 

2. Choice-supportive bias

Here you prefer the things you own (even if they have flaws) over the things you don’t, because you made “rational” choices when you bought them.

For example, if a person buys a computer running Windows instead of one from Apple, he is likely to downplay the faults of Windows while amplifying those of Apple computers.

It’s just like when you’re convinced the investment you’ve just made is great because you spend so much time, research and emotion in selecting it. In fact you rationalize your past choices to protect your sense of self.

Investor takeaway

Now you may not necessarily be wrong, but this is a bias you should be aware of in the future when reviewing the performance of your property portfolio.

 

3. Clustering illusion

This is the tendency to see patterns in random events.

This is particularly true of gamblers who desperately try to ‘beat the system’ by seeing patterns of events in cards or the roulette wheel.

Investor takeaway

We are ‘pattern machines’ and recognize people and things from their overall pattern rather than full detail. While this is very useful, it does also mean we can see patterns where there are none.This selective thinking can lead to wrong conclusions when faced with the multitude of mixed messages we receive about Australia’s property market.

 

4. Curse of knowledge

You suffer from the curse of knowledge when you know things that other people don’t and you’ve forgotten what it’s like to not have this knowledge.

For instance, in the TV show ‘The Big Bang Theory,’ it’s difficult for scientist Sheldon Cooper to understand his waitress neighbour Penny.

I see this in relation to property investment when I come across professionals who are successful in their own field and then believe they can translate that success into the arena of real estate.

Investor takeaway

Highly intelligent people often have difficulty asking for help or taking advice because they think they should be able to work things out for themselves. So they try to tweak, improve and fine-tune some one else’s property investment strategy interpreting it with their own biases, and then wonder why it doesn’t work so well for them.

On the other hand, I’ve found that many successful investors are “dumb” – they just find a strategy that has works well for their mentors and follow it implicitly. 

If you’re the smartest person on your team you’re in trouble.

 

5. Overconfidence

This is the downfall of many investors.

In fact one of the worst things that can happen to an investor is to get it right the first time they buy a property. This often happens when you invest during a property boom because you tend to think you’re smarter than you are.

This occurred recently when beginning investors bought in mining towns and property values initially rose significantly. Unfortunately many are only now finding out that they weren’t as clever as they thought as the value of their properties keep falling as the mining boom deflates and there are no investors to take these dud properties off their hands.

Investor takeaway

As you can see there are a number of personal preconceptions that can influence our success as an investor as they cause us to interpret information incorrectly and therefore make less informed investment decisions.

The best defense against this is to continue to ask questions and be sceptical of your preconceptions, so you can be in the best position to enjoy strong profits from property, both now and in the future.

 

6. Procrastination

This is deciding to act in favour of the present moment over investing in the future.

Of course we all procrastinate at times, but in the arena of property investment those who sat on the sidelines over the last few years waiting for the investment horizon to look clearer, have missed out on some fantastic opportunities.

 

7. Hyperbolic discounting 

This is the tendency for people to prefer smaller payoffs now over larger payoffs later, leading one to largely disregard the future when it requires sacrifices in the present.

We all fall for this at times, you know…. “Eat drink and be merry for tomorrow we may die.”

That’s because consequences that occur at a later time, good or bad, tend to have a lot less bearing on our choices today.

In fact financial institutions such as banks and credit card companies build their businesses on hyperbolic discounting, because borrowing money and paying interest are actions that spend future resources for benefit in the present.

I guess that’s one of the reasons Warren Buffett said “Wealth is the transfer of money from the impatient to the patient.”

 

8. Hindsight bias

This is the tendency for people to overestimate their ability to have predicted an outcome that could not possibly have been predicted.

The problem is that too often we actually didn’t “know it all along”, we only feel as though we did.

Ultimately, hindsight bias matters because it gets in the way of learning from our experiences because if you feel like you knew it all along, it means you won’t stop to examine why something really happened.

Hindsight bias can also make us overconfident in how certain we are about our own judgments.

Investor takeaway 

It’s important to learn from our mistakes or missed opportunities so that you can become a better investor

 

9. Illusion of control

Illusion of control is the tendency for human beings to believe they can control or at least influence outcomes that they demonstrably have no influence over.

One simple form of this fallacy is found in casinos: when rolling dice in craps, it has been shown that people tend to throw harder for high numbers and softer for low numbers.

In property it’s the concept that you think you’ve got all your risks covered. In my mind risk is what is left after you’ve thought of all the things that can go wrong.

 

10 Information bias

This is the tendency to seek information when it does not affect action. More information is not always better. Indeed, with less information, people can often make more accurate assessments because too much can lead to analysis paralysis.

Investor takeaway

Successful investors take action knowing they don’t know everything yet, but they know enough to get started and are prepared to learn the rest is long the way.

 

11. Post-purchase rationalization

We all do some form of this at various points in our lives. We buy something. It’s not up to the standards we expected at all. Yet, we want to believe that we didn’t waste our resources, so we try to rationalize the purchase.

This happens much more often with impulse buys than with carefully planned investment decisions, yet many investors get carried away and buy one of the first properties they see, or a get excited at a seminar and sign up for a property at the back of the room when they should have known better.

 

13. Skill bias

It is a scary place to be when the knowledge you accumulate outweighs your experience – and the worst part is, most people don’t even realise it when it happens!

There is so much information and education available to investors that many people feel they are qualified to make significant financial decisions, despite the fact that they have no experience to back them up.

Quite easily, novice property investors (and even those who have experienced moderate success) can begin to feel infallible and overconfident. This can lead to unfortunate shortsighted decisions, which can be very costly if the properties fail to perform as you’d planned.

 

14. Personal history bias

Depending on your experience in life, your viewpoint will likely influence your attitude towards investing.

Research shows that the way you feel about a topic is generally pervasive and was most likely shaped by events experienced in your youth.

Someone who grew up in the Great Depression, for instance, would have a much different attitude towards money and investing than someone who grew up in a family that experienced financial prosperity during the 80’s.

These influences will show in the risks they are willing to take and the investments that appeal to them.

 

And now for a repeat of one of the biases I mentioned last week…

 

Bias bias

This is probably the most important bias of them all – the belief that you are less biased than you really are.

If you read these two blogs without realising I’m talking about you, you’re suffering from bias bias.

 

Michael Yardney is a director of Metropole Property Strategists who create wealth for their clients through independent, unbiased property advice and advocacy. He is best-selling author, one of Australia’s leading experts in wealth creation through property and writes the Property Update blog. Subscribe today and you’ll receive a free video training – The Golden Rules of Property Investment.

 

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