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Millionaires share their boring secrets of success | RICH HABITS, POOR HABITS Podcast

The Michael Yardney Podcast | Property Investment, Success & Money

Release Date: 09/04/2019

To Sell or Not to Sell: Navigating the Dilemma of an Underperforming Apartment show art To Sell or Not to Sell: Navigating the Dilemma of an Underperforming Apartment

The Michael Yardney Podcast | Property Investment, Success & Money

You’d have to be living under a rock not to know that apartments have underperformed houses in the last decade or so, so today I explore the reasons behind this trend, its implications for investors, and what future trends we might anticipate with independent financial advisor, Stuart Wemyss. We also discuss what criteria you should use to decide if you sell an underperforming apartment. We explore the complex puzzles facing Melbourne's apartment sector and discuss strategic responses to the challenges as well as the reasons behind the market's underperformance and consider whether investors...

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These are the biggest influencers of our property markets that all property investors must understand. show art These are the biggest influencers of our property markets that all property investors must understand.

The Michael Yardney Podcast | Property Investment, Success & Money

To help you understand what's ahead and if our property markets are going to keep rising or going to slow down or even go backward, as some property pessimists are still suggesting, in today's episode I want to outline the dynamics and the economics of Australia's property markets and what causes property values to increase and what makes them fall. I want to do this to help ensure that your investments outperform the market averages over the long term. Today this topic is so important it's just going to be you and me as I share with you what causes property markets to boom and bust. From the...

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Believe it or not - more than one in four properties were purchased with cash in 2023. With Julie Toth show art Believe it or not - more than one in four properties were purchased with cash in 2023. With Julie Toth

The Michael Yardney Podcast | Property Investment, Success & Money

Today, we're diving into a topic that's making waves in the property market. I’m joined by Julie Toth, Chief Economist at PEXA, to discuss the findings of their 2023 Cash Purchases Report, which sheds light on a startling trend: over a quarter of residential properties in Australia's eastern states were bought with cash in 2023. These cash buyers were immune to interest-rate heights and in a market typically swayed by mortgage rates and lending criteria, so together with Julie, we'll explore the implications of this trend, the profile of these cash buyers, and what it all means for the...

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Simon Kuestenmacher's Crystal Ball Demographic Forecasts and Real Estate show art Simon Kuestenmacher's Crystal Ball Demographic Forecasts and Real Estate

The Michael Yardney Podcast | Property Investment, Success & Money

I’ve often said that demographic changes will be more important in shaping our property markets in the medium to long term than the ups and downs of interest rates or the vagaries of our economy, so I’m pleased to have leading demographer Simon Kuestenmacher back on the show. Simon is a co-founder of The Demographics Group and a master in interpreting data and trends to forecast how societies evolve, and his insights are pivotal for anyone interested in property, lifestyle changes, and investment strategies. Recently Simon wrote a series of articles in The New Daily outlining the changes...

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5 ways to ensure your property investments outperform this cycle show art 5 ways to ensure your property investments outperform this cycle

The Michael Yardney Podcast | Property Investment, Success & Money

In today's episode, I'm going to share two lessons with you. The first is five ways I'm going to ensure that my property investments outperform this cycle. Hopefully, I’ll be able to give you some ideas for your investments as well. Next, I'm going to share one thing you need to change to become a more successful property investor. Regular listeners know I usually have guests on the show, but sometimes I just want to have a chat between you and me. That's what this show is about. Links and Resources: Get the team at to help build your personal Get a bundle of free reports and eBooks – ...

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Unravelling Australia's Rental Crisis with Dr. Andrew Wilson: Insights & Endgames show art Unravelling Australia's Rental Crisis with Dr. Andrew Wilson: Insights & Endgames

The Michael Yardney Podcast | Property Investment, Success & Money

If you're interested in property, you'll know that our rental markets are in crisis. Vacancy rates have dropped to all-time lows, rental stock remains extremely slim, and rental prices continue to skyrocket. So how did we get into this rental crisis? How long will it last, what does it mean for you and me as a property investor, and are there some ways the government or regulators can alleviate this crisis? In today's episode, I discussed this with Dr. Andrew Wilson, the Chief Economist of my Housing Market. Andrew is a bit controversial, but I think together we've come up with some ideas of...

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3.7% Unemployment: Has Australia Kissed Rate Cuts Goodbye? Dr. Andrew Wilson Weighs In show art 3.7% Unemployment: Has Australia Kissed Rate Cuts Goodbye? Dr. Andrew Wilson Weighs In

The Michael Yardney Podcast | Property Investment, Success & Money

Sometimes good news is bad news. The good news about our unemployment figures and the number of new jobs created is, in some ways, bad news for those hoping for interest rates to drop. So what does the latest data mean for interest rates? How does the Reserve Bank even decide what to do with rates? What are the factors involved in their decision-making process? That's what Dr. Andrew Wilson, Chief Economist of My Housing Market, and I discussed today. We chat about what's ahead for interest rates and why he's concerned that the Reserve Bank may not drop interest rates anytime soon. Links and...

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19 Brutal Truths about Property Investment That No One Else Will Tell You with Brett Warren show art 19 Brutal Truths about Property Investment That No One Else Will Tell You with Brett Warren

The Michael Yardney Podcast | Property Investment, Success & Money

In today’s episode, I’m not holding back. I’m going to tell you some brutal truths about property investing. That includes some of the things that can go wrong. Some of the frustrations of being a property investor, and some of how slick marketing can lead you astray. Stick with me, though, because It's not all negative. Brett Warren, National Director of Metropole, joins me to help you understand what could go wrong to ensure you know what to avoid so things don’t go wrong. That way, you can enjoy the success a small group of successful property investors enjoy. Links and Resources: ...

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Wealth Building Strategies from Australia's Premier Wealth Retreat with Brett Warren and Pete Wargent show art Wealth Building Strategies from Australia's Premier Wealth Retreat with Brett Warren and Pete Wargent

The Michael Yardney Podcast | Property Investment, Success & Money

Why do some people seem to effortlessly grow their wealth while others work hard but continue to struggle? I've got something a bit different an for you in today's episode. Together with Brett Warren, national director at Metropole and financial whiz Pete Wargent, we give you a sneak peek behind the curtain and help you understand the lessons we learned from Wealth Retreat last year. While we're talking about wealth, it'll be interesting at the end of it when you work out what our emphasis was. It wasn't investment and, it wasn't property. Listen in as we share with you the biggest lessons...

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Is Australia growing too fast? Population Booms and Their Price with Ross Elliott show art Is Australia growing too fast? Population Booms and Their Price with Ross Elliott

The Michael Yardney Podcast | Property Investment, Success & Money

Is Australia growing too fast? That’s the question we’re going to ask today. Joining me today is Ross Elliott, a seasoned urban development commentator whose recent article has stirred the pot by highlighting the consequences of Australia's population surge, especially in hotspots like Southeast Queensland. His insights shed light on the pressing issues that come with the significant growth Australia is experiencing. Our conversation uncovers the historical layers of urban density policies and how these affect the development of sufficient infrastructure, such as schools and utilities. We...

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More Episodes

Each day a tree will grow a little more. 

It’s impossible to see the changes caused by the growth on a day to day basis. 

But, if you were to fast forward ten years and compare pictures of the old tree to the new tree, the change would be obvious and significant.

Self-made millionaires are really no different than trees. 

Each day, they do small things that inch them closer and closer to success.

And that’s what I discuss in today’s Rich Habits, Poor Habits Podcast with Tom Corley

Tom explains: 

If you were to ask my group of millionaires how they got so rich, here is what they would say: 

I did the following things, every day, that enabled me to grow into the person I needed to be in order to acquire the wealth I now possess:   

  • I read to learn every day for 30 minutes or more.
  • I kept in constant touch with certain influencers, certain important, success-minded people, and I built strong relationships with them over the past ten years. Eventually, those influencers helped open doors for me during my journey towards success.
  • I honed and improved my skills every day. I deliberately practiced those skills every day. I also sought feedback from others who watched me perform my skills.
  • I listened to and followed the advice of mentors who helped me during the pursuit of my dream and my goals.
  • I exercised aerobically every day for 30 minutes so I could keep my body and brain strong. My strong body enabled me to work long hours. My strong mind enabled me to find creative solutions to problems and overcome numerous obstacles.
  • I ate healthy every day in order to nourish my body and my brain, which helped my body and brain function at a higher level.
  • When I encountered any problems or obstacles that stopped me in my tracks, I focused like a laser to solve those problems and overcome those obstacles. Oftentimes, this need to focus required that I sacrifice time with my family and friends.
  • I worked hard every day to maintain a positive mental outlook. Especially when things were not going my way. I was able to do this because I knew exactly where I was going. I had a clear vision of my destination and that destination kept me focused on doing the work I needed to do in order to reach my destination.
  • I spent less than I earned and then invested my savings prudently. Because I had savings, I was able to take advantage of opportunities that came along during my climb up the mountain of success.
  • I always did my homework before taking any risk. I knew every conceivable outcome and had a plan in place to deal with every conceivable scenario, including worst case scenarios.
  • I focused like a laser on a specific goal every day until I achieved that goal. Then I set another goal and pursued that goal. Eventually, I achieved all of the goals that helped me realize each one of my dreams.
  • I always sought to exceed the expectations of everyone I did business with. This helped build confidence and trust and this generated more business and more revenue.
  • I controlled my emotions and tried to remain on an even keel when dealing with others. No one wants to do business with someone who is not in control of their emotions. As a result, more people wanted to do business with me.
  • I was careful how I spoke to others. I refused to curse or use language that offended anyone because I didn’t want to damage any valuable relationships I had devoted many years to building.
  • I treated everyone with the respect they deserved. Those that treated me poorly, I refused to do business with. Those that treated me with the respect I deserved, I did more business with.
  • I limited my exposure to toxic, negative people. They just drag you down and infect you with their negativity. My positive outlook helped keep me focused on seeking and finding solutions to my problems. Positivity made me a problems-solver. Negativity made me a problems-finder.  

The sad truth is that most people are looking for a speeding train they can ride up the mountain of success. 

When people say they want to know the secrets to success, most really only want to know the short-cuts to success. 

They want some world-shattering, aha nugget of information that will guarantee them success in a very short period of time. 

They most definitely don’t want to listen to a boring list of daily habits. 

The truth is, the secrets to success are the little boring things you do every day, that nudge you inch by inch, up the long, steep mountain of success. 

Consistency in doing those little things, keeps you growing and moving forward in the realization of your dreams and achievement of your goals. 

The little daily consistent things you must do to become successful are not exciting “secrets”. 

They are boring habits. 

But they are boring habits that guarantee success. 

Links and Resources: 

Michael Yardney

Metropole

Rich Habits Poor Habits 

See the full show notes plus more here: Millionaires share their boring secrets of success | RICH HABITS, POOR HABITS Podcast

Some of our favourite quotes from the show: 

“If you do win the lottery, if you do get an inheritance, and you haven’t grown to be a better person, a different person, have a more abundant mindset, turned up your wealth operating system as I call it, then you’re likely to lose it.” – Michael Yardney 

“People have built these ceilings, these artificial ceilings. They’re not able to handle more because of their poor habits.” – Michael Yardney 

“You can’t be perfect at all the rich habits. We’re all walking around with one foot on the accelerator and one foot on the brake pedal.” – Michael Yardney 

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