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The Michael Yardney Podcast | Property Investment, Success & Money

The Michael Yardney Podcast | Property Investment, Success & Money

Michael Yardney; Australia's authority in wealth creation through property

Are you looking for financial freedom or more choices in life? You're in the right place. Each week Michael Yardney shares smart property investment strategies as well as the success and personal finance secrets of the rich, in 20 minutes or less. While Michael is best known as a property expert, he is also Australia's leading experts in the psychology of success and wealth creation and a #1 best selling author of 8 books. He frequently challenges traditional finance advice with innovative ideas on real estate investing, personal finance and wealth creation. His wisdom stems from his personal experience and from mentoring over 2,000 business people, investors and entrepreneurs over the last decade. Michael's message will be priceless regardless of the size of your investment portfolio - whether you're just starting out or an experienced investor wanting to move to the next level, he will provide you a roadmap for real estate investing and financial success. http://MichaelYardneyPodcast.com

373 - September Big Picture Podcast with Pete Wargent
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  • 373 - September Big Picture Podcast with Pete Wargent

    Australia’s economy and our property markets don’t operate in isolation, so I believe it’s good to regularly have a look at the big picture, the macroeconomic factors affecting not just Australia’s economy, but the world economy to help us understand what’s ahead for us, and I do this once a month in these Big Picture Podcasts with Pete Wargent.

    Since our chat last month Australia’s circumstances have rapidly evolved so we’ve got a lot to discuss this month.

    And today after my chat with Pete, I’ll share my mindset message with you.

    The Big Picture in September

    We’re in unfamiliar territory.

    A lot remains unknown about what life will look like on the other side of our lockdowns.

    This time around it looks like we’re not exiting into a COVID-zero world so we don’t know what that really means; how households will spend their money, how many businesses will close, what mobility will look like.

    Basically, we’re in uncharted waters.

    Yet despite what is now 3 months of lockdown in Sydney and Melbourne in lockdown number 6 – in fact with more Australians in lockdown than are not – our real estate markets are still in good shape.

    Of course, there are concerns that as restrictions drag on, they will weigh down on the housing market and household financial situations.

    But so far there are very few signs of housing distress when compared to last year: loan deferrals are at a fraction of the first lockdown, property price discounting is minimal and there is a relatively low number of distressed sales.

    In fact, property values increased in all our capital cities over the months of lockdown.

    There seems to be a recognition that the lockdown doesn’t go on forever, and that once the vaccination rate gets past a critical number our economy will re-open.

    There seems to be less fear around losing jobs and greater confidence that house prices can be resilient, and, on balance, our property markets are holding up much better than they did last year.

    Some of the topics I discuss with Pete:

    What it’s like to live in a place that’s not in lockdown How Australia side-stepped a recession The shape of the recovery The effect of extended lockdowns on the economy How vaccination increases and restriction increases will boost the economy The Reserve Bank’s vision of an economic rebound The fall in job ads and the number of Australians working multiple jobs The current unemployment levels and what’s projected to happen to them The reduction of Australian credit card debt The increase in Australian savings The current activity in home loans The fact that property prices have been largely unaffected by the pandemic, lockdowns, and restrictions

    Resources:

    Michael Yardney

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

    Gets your bundle of eBooks and reports here: www.PodcastBonus.com.au

    Join Michael’s Property Update private Facebook group by clicking here

    Pete Wargent  Next Level Wealth 

    Pete Wargent’s new book Low Rates High Returns

    Some of our favourite quotes from the show:

    “As we entered these lockdowns many households had a stronger financial balance sheet and the housing market was at an all-time high, so Australia’s wealth was high.” – Michael Yardney

    “Just by the skin of the teeth, we dodged what could have been a double-dip recession.” – Michael Yardney

    “You’ve won the lottery by being born at this time.” – 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

    Wed, 22 Sep 2021 - 35min
  • 372 - Here’s 6 reasons why we’re optimistic about Australia’s economic recovery, with Dr. Andrew Wilson

    Australia may just have side-stepped another recession by the skin of its teeth after recording a small uptick in GDP growth over the June quarter.

    After an initial “miracle” V-shaped recovery, our economy did a U-turn as much of Australia was locked down at the end of the June quarter.

    And economists seem united about the outcome of the current September quarter – we will be seeing a steep drop in economic output.

    So what’s ahead for our economy and our property markets, that’s what I’m going to be chatting about with Australia’s leading housing economist Dr Andrew Wilson today. And while you’ll hear him give six reasons why we are optimistic about the economy moving forward, you’ll also hear why we won’t have the miraculous V shape recovery many were expecting.

    Now if you have been a subscriber to this podcast for a while or followed my blogs or YouTube videos you’d know for the last 3 years I have recorded a weekly Property Insiders video chat with Dr Andrew Wilson. And his assessment of and forecasts for our economy and property markets have been remarkably accurate so whether you’re a beginning property investor or an experienced I’m sure you’ll benefit from my chat with Andrew today which is the audio of one of our recent Property Insider videos.

    I’ll leave a link in the show notes so you can see all the charts that support the information we’ll talk about, but in general that won’t be necessary – Andrew explains his position well.

    I’ll also be sharing my regular mindset message where I’ll discuss 5 common money myths and mistakes I’m seeing many people make.

    There will be a lot written in our history books about the Coronavirus pandemic, how the world changed, how we live and the economic fallout that resulted from it.

    Last year there were a lot of letters being tossed out about the shape of the economic recovery from the short sharp recession Australia experienced: U, V, W, etc.

    There was even talk of a Nike swoosh shaped recovery.

    Well, the recession we had last year was not a normal recession.

    Government lockdowns and the fear of getting sick kept consumers at home, while the shutdown of supply chains, shortages of workers, the inability to source inputs, and the sudden fall in international tourism, students and migrants devastated businesses.

    Then all of a sudden it looked like we experienced a V-shaped recovery marked by a steep, dramatic decline in the economy in the middle of last year (the first half of the “V“), followed by an equally rapid upturn to pre-recession levels, (the second half of the “V“).

    But just look what’s happened over the last few months with half of Australia in lockdown at a time that many of the government supports measures we enjoyed last year not there anymore.

    So, what’s next for the Australian economy and for our property markets?

    These are some of the questions I’ll be asking Australia’s leading housing Economist, Dr Andrew Wilson chief economist of My Housing Market

    Our economy lifts again and posts record growth over the year

    Australia may just have side-stepped another recession by the skin of its teeth after recording a small uptick in GDP growth over the June quarter.

    After an initial “miracle” V-shaped recovery, our economy did a U-turn as much of Australia was locked down at the end of the June quarter.

    And economists seem united about the outcome of the current September quarter – we will be seeing a steep drop in economic output.

    In today’s podcast Dr. Andrew Wilson gives 6 reasons why he’s confident about Australia’s recovery.

      Australia dodged a recession with strong economic growth over the last year.

    Australia’s economy (as measured by gross domestic product GDP) grew by 0.7% in the June quarter after rising by 1.9% in the March quarter. Over the year economy grew by a record 9.6% – admittedly of a pandemic and use low base.

    The level of the Australian dollar and the strength of our share market are a good indication of what’s ahead.

      Unemployment levels are low, and our participation rate is high

    Australia’s economic recovery is creating jobs.

    Interestingly the number of Australians working multiple jobs has never been higher, as insecure work surges.

    The economy is creating jobs but not necessarily the ones Australians need.

    The latest ABS figures have peeled back another layer on the labour market, revealing Australians are doing it far tougher than the headline number would suggest.

    The number of people working multiple jobs surged by 15,100 in the three months to June to its highest number on record.

    Over the last 12 months, the number of Australians with at least two jobs has swelled by 32.6%.

    Headline unemployment fell to 4.6% in July, ahead of expectations and despite lockdowns coming into force.

    As economists have pointed out, the ‘improvement’ has largely been the product of hordes of people giving up on finding work altogether, discounting them from the survey.

    It shows in the fact that over the month Australians worked 3 million hours less.

    At the same time, opportunities to get into the workforce are declining. On the back of eastern state lockdowns, new job ads have declined nearly 10% while total job vacancies hit a ceiling.

      Despite all the challenges consumer confidence is holding up well.

    Strong consumer sentiment is important for our property markets and for our economy in general.

    When we don’t feel confident about our financial futures we don’t spend, and in particular we don’t buy high ticket items like new homes or investment properties.

      Australians are richer than ever

    Rising house prices and a stronger share market and increasing dividends from stocks mean Australians are richer than ever before.

      Aussies have stashed their cash

    Over the last quarter the Household Savings Ratio eased from 11.6% in the March quarter to 9.7% in the June quarter, but thanks to lower mortgage rates and the raft of government stimulus measures rolled out over the past 18 months Aussie households are sitting on a record war chest of $1½ trillion in cash, so when we are let out of our Covid Cocoons we’ll be keen to spend it.

      Australians have wiped $1.1 billion from their credit card debt in a single month

    A surprising financial upside to spending so much life indoors is that Australians have wiped $1.1 billion from credit card debt in a single month.

    Coinciding with the first full month of NSW in lockdown, Australians have managed to pay off over $1 billion in personal credit card debt according to the latest Reserve Bank of Australia credit and charge card data.

    It seems that as households settled into lockdowns in New South Wales and Victoria during July, they locked away their credit cards and began paying down their debts.

    That saw credit card spending plummet 11.4 per cent to $19.5 billion in July.

    The value of purchases dropped by 9.29% or $2 billion in July with the total value of purchases sitting under $20 billion for the first time in 9 months, while the number of purchases also dropped by 15 million from the month prior.

    The lockdowns obviously offer limited opportunities to spend on credit cards and have prompted many people to prioritise paying down debts amid growing economic uncertainty.

    Resources:

    Dr. Andrew Wilson, chief economist My Housing Market

    Subscribe to my weekly Property Insiders video chat with Dr. Andrew Wilson – www.PropertyInsiders.info

    As our property markets move forward why not get the team at Metropole to build you a personalised   Strategic Property Plan – this will help both beginning and experienced investors.

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

    Shownotes plus more here: Here’s 6 reasons why we’re optimistic about Australia’s economic recovery, with Dr. Andrew Wilson

    Some of our favourite quotes from the show:

    “Another positive for our future is that Australians, in general, are richer than ever.” – Michael Yardney

    “Becoming financially free is about your habits.” – Michael Yardney

    “Money shouldn’t be feared, shouldn’t intimidate you – it’s merely a means to an end.” – 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

     

    Mon, 20 Sep 2021 - 28min
  • 371 - Warning Property investors must avoid these learning fees at all costs

    Are you just starting out in property investment?

    What fee will you choose to pay?

    You’re probably hoping for none.

    In today’s show, we’re going to talk about learning fees that you could end up paying as a property investor.

    While some are obvious and paid-up front, it can quite often be the less obvious fees how much they may cost you over the life of your investment.

    And if you’re not looking for them, some of those fees may appear not to have a cost at all – at least not one that you discover until later. So it’s important to know how to look for them.

    Let’s take a look at two fees you should avoid and one that you shouldn’t

    1. The Built-In Fee

    Beware the shiny brochures, champagne launches, rental guarantees, slick sales offices, and other false prophecies.

    You are paying a fee for all of this, on top of the kickbacks and commissions for all and sundry. It is all built into the purchase price.

    On a $1 million purchase, that means you could be giving the developer anywhere from $50,000 - $200,000 and that should be your money- not his.

    2. Opportunity Cost

    It can be difficult to admit that we got it wrong and easier to hold onto an asset in the hope its time will come... someday!

    Pride, ego, and emotion can get in the way of making a logical and rational decision.

    Just 1% or 2% growth better growth per annum may sound like an insignificant amount, but just look at the difference it makes over decades.

    The results can be gobsmacking, with the learning fee running well into the hundreds of thousands of dollars, even millions in some cases.

    3. Up-Front Fee

    Then there is the up-front fee.

    The concept being that you pay someone a learning fee before you just jump in.

    You pay them to ensure you get efficient and effective results, in the shortest possible time frame.

    Your independent strategist can assess your situation and provide a solution and as a result, they are paid to help you arrive at the outcome.

    You’ll find the most expensive advice you get is free, and the best value advice you’ll get will cost but stop you from making the mistakes the average investor makes – and this is worth a fortune.

    6 More Learning Fees You Don’t Want To Pay as a Property Investor.

      The “Oops, I bought the wrong property “learning fee”

    Did you know that statistics show 20% of investors sell up their property in the first year and 50% in the first 5 years?

    So, you decide to sell within the first year or two and regardless of what price you sell the property for, you need to remember the huge costs associated with buying and selling real estate.

    There’s the stamp duty when you bought it (plus the stamp duty for the new place), legal fees when buying and selling, selling agent commissions and marketing costs and, of course, the cost of moving twice in quick succession.

    This means your learning fee is likely to be tens of thousands of dollars and more when you take into account lost opportunity costs.

      The “capital non-growth” learning fee

    This is the fee that you pay when you buy an investment with poor capital growth because it’s in the wrong city, suburb, or street.

    Perhaps it grows at 2 or 3 percent per annum when buying the right property may have achieved 6 or 7 percent capital growth – it may not seem like a lot, but adds up to more than you think.

      The “renovation reality” learning fee

    This is the learning fee that you must pay when you realize that renovations are hard work and not as easy as the reality TV shows or property blogs would suggest.

    This learning fee could easily cost you tens and tens of thousands of dollars as well as a waiting period of many years as you wait for the market to improve enough to get your money back.

      The “I got eaten by a shark” learning fee

    Here we have Sam and Susan, a couple of 25-year-olds who charge off to one of those investment property seminars that promise you’ll make a million dollars in six months.

    Instead, our bright young things end up knee-deep in cash flow tables, bank documents, and a signed investment home contract that results in their off-the-plan, out-of-town, so-called whiz-bang investment property growing at a miserable 1.3 percent per annum over the next 10 years.

    The learning fee in this scenario is especially scary as that “shark advice” could end up being a millstone around their necks for many years.

      The “buying with emotion” learning fee

    You can end up paying this fee in 2 ways.

    Firstly, when you fall in love with a property and overpay. Now while this may be allowed when you buy your home, it’s a big mistake for property investors.

    The second way you pay this fee is when you miss out on an opportunity because you have an unrealistic expectation of what the property’s price is and offer well below an acceptable price.

      The “negotiation” learning fee

    This is the extra cost to you when you are too afraid or too inexperienced to negotiate on price.

    Many property purchasers are shark bait to real estate agents who are highly trained negotiators who are taught how to get the top dollar for their clients – the seller.

    So what should a property investor or home buyer do?

    Rather than pay a learning fee to the market, why not pay a buyers’ agent to act on your behalf during your property investment journey?

    Resources:

    Michael Yardney

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

    Get a range of my ebooks here: www.PodcastBonus.com.au 

    Shownotes plus more here: Warning Property investors must avoid these learning fees at all costs

    Some of our favourite quotes from the show:

    “Despite the alarming statistics highlighting how badly the majority of investors get it wrong, many investors still just want to go it alone.” – Michael Yardney

    “There’s definitely locations and certain properties that so far this year, despite the strong growth, haven’t been growing much at all.” – Michael Yardney

    “Positive thinking breeds rich habits.” – 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

    Wed, 15 Sep 2021 - 28min
  • 370 - 9 rules for success in today’s property market with Brett Warren

    What's the outlook for the Australian property markets for the rest of 2021 and beyond?

    This is a common question people are asking now that our real estate markets are experiencing the challenges of lockdowns.

    However, despite a sequence of fifteen State or Territory lockdowns so far this year, property prices have been largely unscathed.

    And even though the rate of house price growth is slowing, property values keep rising in almost every market around the country and our capital cities are in line for strong double-digit property price growth this year.

    So what does an investor need to do to succeed in today’s market? Some rules will be different while others will remain the same. 

    In today’s show, I’m going to chat with Brett Warren, about nine rules that you need to follow to succeed in today’s property market, so welcome to today’s show. Then you’ll hear my mindset messages about happiness. 

    Rules for Property Success

    Let’s look at 9 key beliefs for property investment, no matter what point of the economic or property cycles we are in.

    Rule 1: Your long-term aim should be capital growth

    Capital growth, or capital appreciation, is simply an increase in the value of your investment over time. 

    And this should be the ultimate goal for every property investor.

    Because while cash flow keeps you in the investment game, it is capital growth that gets you out of the everyday rat race.

    Rule 2: Demographics will drive our property markets

    Understanding demographics could and should be the final piece of the puzzle for you during the decision-making process.

    After all, we are looking for locations that can ride out a downturn and produce above-average rates of return in the good times.

    And Covid-19 lockdowns are accelerating this trend further as a large chunk of white-collar workers realize they can easily work remotely and neighbourhood has become more important to them than ever.

    Rule 3: Location, location, location 

    Find a location where there is strong economic growth which will lead to job growth which will lead to population growth which will lead to demand for housing.

    Then, given the long-term trend of the rich getting richer and the widening gap between the rich and the average Australian is not going to change, you should look at wages.

    And you should only buy in areas where the local demographic has higher income levels so they can afford to both improve and pay more for properties.

    Rule 4: Remember rent affordability is linked to wages

    As with the above, make sure you take into account the local going rate for rent when researching an investment property.

    Because, as obvious as it might sound, rent affordability is linked to wages.

    When you eventually retire and enjoy the longest holiday of your life, your income will depend upon your tenant’s ability to pay the rent.

    Rule 5: Focus on continued strong demand

    Location is one thing but buying the right type of property in the correct location is also very important. 

    Investors should always look for a property that will be in continuous strong demand by owner-occupiers.

    If you can walk out of your home and you’re within walking distance of, or a short trip to a great shopping strip, your favorite coffee shop, amenities, the beach, a great park, you will appreciate the benefit of the third-place – the importance of your neighborhood.

    Rule 6: A brand new property is like a brand new car

    Depending on the make and model of the car, you can lose anywhere between 10% – 15% of a new car's value disappears once you drive it off the dealership lot.

    And you can apply the same concept to those brand-new properties you’ve been looking at.

    So, remove the emotion of looking for something shiny and new.

    Rule 7: Have a financial buffer in place

    Always, always have a financial buffer in place to see you through the rainy days. 

    How much you need as a buffer varies depending upon your money management skills and cash flow circumstances, but it is often wise to hold between 6 and 12 months of living expenses in an offset account.

    Rule 8: Be careful who you listen to

    Remember, as with anything, there will always be pessimists around willing to give their two cents worth of advice.

    And they're usually wrong.

    While the Property Pessimists and Negative Nellies will tell you to avoid investing in property, there will always be people who tell you to buy property, or to buy a particular type of property or in a particular area.

    But make sure you’re wary of their hidden agenda. These people are likely to represent the seller, not you. 

    Rule 9: Avoid negativity

    Similar to the above, when embarking on your property investment journey, try to avoid the negativity. 

    Sure, the future is uncertain, Covid-19 and continued lockdowns are taking their toll on us all, closed borders are leaving many frustrated, and climbing property prices might cause a feeling of despair for some. 

    But as the saying goes: This too shall pass.

    The bottom line 

    It is always the property fundamentals that really matter. The long-term view outsmarts short-term thinking.

    Over the last year or two, the residential property market has shown its resilience.

    People will always need somewhere to live, and homes are the true “safe haven” in the current environment.

    It is always challenging to invest when everyone else is running around worrying about the end of the world. 

    But you shouldn’t make 30-year investment decisions based on the last 30 minutes or even the last 30 days of news

    Resources:

    Michael Yardney

    Brett WarrenNational Director Metropole Property Strategists

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

    Shownotes plus more here: 9 rules for success in today’s property market with Brett Warren

    Some of our favourite quotes from the show:

    “The middle class are disappearing at the moment, and there is a stark divide between rich and poor.” –Michael Yardney

    “We’ve got to understand that location is going to do the heavy lifting.” – Michael Yardney

    “No matter how carefully you assess every situation, we often end up in relationships that have soured, or things that once excited us become boring.” – 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

    Mon, 13 Sep 2021 - 43min
  • 369 - Here’s how the wealthy think differently from the average Australian, with Mark Creedon | Build a Business not a Job

    Why have you been so successful in reaching some of your goals, but not others?

    It turns out that even brilliant, highly accomplished people are pretty lousy when it comes to understanding why they succeed or fail.

    It’s not as simple as you are predisposed to success because you were born with certain talents or lacking in others.

    That’s just one small piece of the puzzle, so today we’re going to discuss nine surprising things that successful people do differently from the average person in this month’s Build a Business Not a Job podcast with Mark Creedon.

    Three Categories of Thought

    The question of how the wealthy think was discussed in our private Facebook Group for Business Accelerator Mastermind.

    This opened up some great discussions amongst our tribe that we want to share in today’s podcast.

    There are nine thoughts we’re going to discuss, and they fall into three categories.

      What is their internal process – how are they thinking? What is their focus? What are they doing? How successful people think They see themselves as the creator of their wealth – the creator of the circumstances. They take responsibility for their lives They are committed to the process of wealth creation – Not just interested, but continuously thinking about how their actions might produce or erode wealth. They’re constantly doing the work. They think big – They think what if it were possible, how could we do it, instead of assuming things aren’t possible. What Successful people focus on They manage themselves first – Their mindset, their behaviours, their attitude, their actions, their growth. They are value-driven – The wealthy understand we are living in a value exchange economy – they don’t focus on price or cost; they focus on adding value to others They are net worth focused. They are focused on building a portfolio of assets – Real Estate, shares, a business that will deliver multiple income streams – a money machine that allows them to live their life without putting a lot of effort in. What Successful people are doing? They play to win - While the average Australian plays not to lose, the wealthy are playing to win They are in a constant state of self-growth - they are constantly trying to grow, improve, have a bigger impact. They run in successful circles – You should surround yourself with people that will hold you to a higher standard and help you get to the next level.

    Links and Resources:

    Why not join Metropole’s Business Accelerator Mastermind

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

    Get a copy of Mark’s new book hereHave a business not a job

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

    Shownotes plus more here: Here’s how the wealthy think differently from the average Australian, with Mark Creedon | Build a Business not a Job

    Some of our favourite quotes from the show:

    “The benefit of a Mastermind team is you come up with a lot more.” – Michael Yardney

    “What you’re committed to will rise to the top when you look at those actions, and what you’re just interested in maybe you’re not going to have achieved.” – Michael Yardney

    “There’s that third group of people who are what we say on the green line, where they’re actually taking advantage of this uncertainty period to set themselves up for when we get through all this.” – 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.

     

    Wed, 08 Sep 2021 - 32min