Key takeaways
Many property investors have struggled to navigate the markets over the long term and achieve their financial goals.
The majority of investors follow a flawed investment model.
Investing from a place of ignorance is risky and can lead to trouble when the market turns.
It's important to have a solid plan, a proven property investment system, and a talented team to succeed in building a property investment business.
A peer group of like-minded individuals can provide valuable support, feedback, and accountability.
You are the greatest risk in your investment endeavours.
One thing I’ve noticed speaking with many property investors is...
While on the one hand, a small group has done very well over the last few years, spurred on by the recent once-in-a-generation property boom in 2020 - 21 and the strong housing markets of 2023 and this was despite the downturn of 2022.
But unfortunately the majority have found the markets pretty tricky and feel they have either missed out or not maximised their opportunities.
Some investors had difficulty achieving the type of capital growth they were hoping for, others are noticing the values of their properties falling and yet others are having difficulty getting the banks to lend them more money to grow their portfolios.
As part of the work, I'm doing preparing for Wealth Retreat 2024 (which we'll be conducting from April 27th to May 1st) I've been reflecting a lot about the key lessons I have taken from my experiences and the experiences I've observed of the various investors I deal with.
Today I want to share with you 7 important wealth lessons I've learned.
But before I do that, if you're already a successful property investor but want to build a true property investment business, or if you're an entrepreneur or business person, I would like to personally invite you to join me and Australia's leading faculty of property, tax, finance and business experts at Wealth Retreat 2024 at the end of April.
Click here to find out more and register your interest and you'll get a call from Jo Fitt and she'll organise a one-on-one chat with me to make sure you'll benefit from joining us.
Now on to my "quick list" of the seven important wealth lessons from the past few years...
Lesson 1: The fundamental model and strategy that 95+% of property investors follow is flawed
Firstly many investors don't follow a plan or a strategy, but of those who do, time and time again I've seen so many people who have invested so much of their time, energy, passion, and money to build a property portfolio, but their model for how to develop financial freedom was simply wrong.
To take your property investment business to the next level you're going to have to do things differently from what most Australian investors do.
You see...if you have your ladder up against the wrong wall, then every step you take gets you further away from your destination.
It's likely you'll have to do things differently from what you've done to get to the level you are at today.
That's why at Wealth Retreat we work so hard to define, map, and clarify an individual wealth strategy for you so that you get a concrete road map through your property business, to get you from where you are today to the point when you become a Level 4 investor.
This way you'll know the specific focus, key milestones, core systems, critical controls, and the necessary team at every step and stage along with this powerful map.
You'll leave Wealth Retreat with a proven road map to becoming a Level 4 (professional) investor.
Lesson 2: Don't try and do it in isolation
Very few property investors can successfully build a true property investment business without having a core community of peers with whom they can associate, share ideas, get candid feedback, and soak up new ideas.
How is your peer group going?
It's been said that your level of wealth is likely to be the average of your 5 closest friends.
If you want to change your outcomes, have you considered upgrading your peer group?
Here are the top three reasons why your peer group matters so much:
- Your peer group's attitudes, beliefs, and behaviours are contagious.
The impact is the way you think, your ability to spot and take advantage of opportunities, and your behaviours as you go after (or don't go after) your financial goals. - Alone you are vulnerable; connected we are strong.
We all have blind spots and limitations, but your peers can help you bridge these gaps and share resources that help you make better decisions and financial choices. - It's a lot more fun to build with other people than in isolation!
We live in a world that can be very isolating, but we are social beings. We build better when we have peers to bounce ideas off, encourage us, and hold us accountable.
It's ultimately up to you to find and create the peer group that will help you live the life you want to live.
If you need to join an upgraded peer group of other DOERS why not join us at Wealth Retreat?
By the way, if after chatting with you we both feel you, your property investments, or your business would benefit from you attending Wealth Retreat I will take the risk - I'm prepared to guarantee your satisfaction. Put me to the test!
Lesson 3: You cannot build your property business based solely on the backs of a strong team
If you haven't yet learned this, you will - you can't hand over responsibility for building your wealth to others.
While it's important to have a good team of advisors around you, as CEO of your own property investment business you are the one who is going to need to lead and manage this team.
Yes, your team members are an essential ingredient.
But they are one of three critical elements: a solid plan, a property investment system that is proven through a number of property cycles, and a talented team.
Lesson 4: Investing from a place of ignorance may work when you are in a booming market, but it is the kiss of death when markets turn!
I think it was Warren Buffet who said: "A rising tide lifts all ships, but it's only when the tide is out you can see who is swimming naked".
Succeeding during a period of rapidly rising property values created a level of false confidence that got many investors and quite a few so-called "advisers" into trouble as the market turned.
This leads me directly to the next lesson...
Lesson 5: The major risk you take is not your choice of investment, but rather it is YOU!
Hard as this is to accept, you are the greatest risk variable in your investment portfolio.
Learning to manage you... continually reinvesting in you... is the very best way to manage risk.
If you join me and a select group of motivated and already successful property investors at Wealth Retreat you will have the opportunity to invest in your knowledge, skills, expertise, experience and network.
Lesson 6: You must have a sound, clear financial plan that you build based on your future, not on your past
I've found that many investors get to a certain point and then their property investment growth stalls.
Some think it's finance (or the lack of it) that's holding them back.
However, I see people on what many would call low incomes grow a very substantial property portfolio.
I know Trudi who came to the first Wealth Retreat in 2007, definitely did not have a high-paying job.
But she ended up building a significant property portfolio that was featured in Australian Property Investor Magazine a few years later.
Interestingly Trudi ended up joining us at Wealth Retreat 3 times - of course, it's not uncommon that successful investors keep reinvesting in themselves.
Already this year close to 30% of the places have been taken by returning attendees - some coming for the third or fourth time
Others need a new set of skills.
Many want to get involved in property development - a subject that we spend a lot of time on at Wealth Retreat.
And yet others need to get their tax structures right now that they own a substantial asset base.
- Also read:Everything you need to know about the state of Australia’s property markets in 20 charts – November 2024
- Also read:This week’s Australian Property Market Update – Latest Data, State by State November 19th 2024
- Also read:Melbourne property market forecast for 2025
- Also read:Sydney property market forecast for 2025
- Also read:Brisbane’s property market forecast for 2025
At Wealth Retreat you will be taught advanced property, asset protection, tax, and estate planning structures as well as share trading and business principles by appropriately qualified professionals - the best faculty I could put together.
Lesson 7: Focus more on what matters most
While money is important in those areas where it is important, it's not at all important in those aspects of life where it is not important.
To be truly wealthy you need a balanced life.
You need your health, family and friends, time, personal growth, spirituality, and the ability to contribute back to the community.
Life is sweet, life is good, and life is short.
It all seems to happen faster and faster every year you get older.
The kids grow up... you get older... and before you know it you're heading for one of those big "zero" birthdays as I had a few years ago.
Savour life now... enjoy it now... share it now.
I know this may sound a bit corny to some, but it's very significant in my book.
That's why we say Wealth Retreat is about Creating Lifetime Wealth and Leaving a Legacy.
Why not join us at Wealth Retreat 2024 on the Gold Coast in April?
How would you like to spend 5 days with me and my personal mastermind group?
If you do then maybe 2024 will be the year that everything changes.
Join me for five transformative days on the Gold Coast from April 27th to May 1st and get the one-on-one private mentorship you need to achieve your most ambitious goals and dreams.
Not just in property, but in business and life in general, because Wealth Retreat aims to create Lifetime Wealth and leave a legacy.
When you join us you will get:
- Mentorship - You’ll have the opportunity to interact one-on-one with me and our guest experts so we can help you gain deeper insight and achieve your specific goals in property, business and life.
- Masterminding - You’ll spend several hours a day brainstorming and getting ideas, advice and solutions to your challenges from a hand-picked group of high-achievers.
- Networking - You’ll have plenty of time to build relationships with the other participants during breaks, at meals and at night, so you can connect on a deeper level and benefit from their input and expertise.
- Fun – the days will be very full, but at night we’ve got some surprises for you.
And if you would like to get the highest possible level of support for your most ambitious life and business goals, I encourage you to join me there!
You can learn more about this life-changing retreat here.
Here’s your chance to take your property investment, career or business to a much higher level – or change the script completely and set off on a new path that’s better aligned with your passion and purpose.
If you are interested in joining us, please leave your details here and we'll be in contact with you to have a qualification interview and secure your place quickly.
It is a unique opportunity – a very rare chance to work with a great team of mentors.
Wealth Retreat attracts an extremely high calibre of attendees.
These are people who are already successful and willing to take serious leaps in their careers, their personal lives, and the contributions they’re making to the world.
They’re the courageous few who dare to step out of the dominant culture of resignation and mediocrity and endeavour to create the life of their dreams.
Don't count yourself out...
When you surround yourself with such motivated, energised, spiritually charged people, you tap into the power of the group and become more energized and powerful yourself.
There’s no limit to what you can accomplish with the support and encouragement of such incredible people!
Please note that to ensure the best possible experience, Wealth Retreat is limited to 95 participants only.
This event WILL sell out – especially as 25% of the places are already taken by return attendees.
This happens every year because past participants have achieved amazing results.
I remember a couple of years ago Glen came back to Wealth Retreat.
In 2018 Glen set audacious 5-year goals but ended up achieving a heap of them in 12 months.
He came back in 2019 and shared his experiences from the stage to show what’s possible.
Click here to check out the top lineup of Australian property, tax, business, and finance experts and find out more about the curriculum.
And you'll have the comfort of knowing that your attendance will be covered by my personal guarantee.
Click here and please give yourself the chance to assess this opportunity properly – it will take about 10 minutes to read all the information.
This is likely to be the most important year for you to attend.
While we can’t predict the future, we have lined up Australia’s leading experts to help you formulate a plan to protect your position and exploit the opportunities ahead.
You will have the opportunity to spend 5 days with some of the Sharpest Minds in Australia, discovering proven systems and strategies for profitable property and business systems.
Click here now and get all the details.
If you have any further questions please leave your details here and you'll get a call from Jo Fitt who will be happy to answer all your questions and organise a one-on-one chat with me.
The intimate format of this workshop will give you plenty of time to ask your own personal questions of our faculty of speakers.
Use the online form to express your interest and you'll hear back from Jo Fitt who will be happy to discuss this further she'll organise a time for a one-on-one chat with me.
It’s up to you now – I look forward to meeting you on the Gold Coast and being part of this exciting event.
Don't count yourself out!
Click here and express your interest and I'll speak with you and I'll explain my personal guarantee.
So put me to the test. There is next to no risk on your part - except what you think is missing if you don’t attend!
