[Podcast] 5 financial mistakes you’re probably making | Was the media reporting the property downturn, or is it creating it?

Over the last few years the Australian property markets has been in a slump and the media was full of stories and headlines full of doom and gloom.

Was the media just reporting on the property market downturn?Property insider

Or are they helping to create it?

That’s one of the topics I’ll be discussing with Dr. Andrew Wilson in this week’s Property Insiders chat.

Listen in to get a better idea of what’s going on in the background in the media and in our property markets.

But first, in my mindset session, I’m going to share with you five mistakes that a lot of people make that prevent them from becoming financially free.

While getting financially free is about the money, it’s more about the money habits that many people have.

You might have them yourself or know other people who have them. These habits are what stop people from achieving financial freedom.

The top five ‘financial mindset mistakes’ you’re probably making

Becoming financially free is about your habits.

It’s not about getting lucky at the Casino one night or a spectacular financial investment that went your way.mindset

It’s about making good decisions, day in and day out, and continuing to make those decisions over a long period of time until it becomes a habit.

This means following a few rules on what we allow ourselves to think and dwell upon.

If you can avoid adopting any of the following common mindsets, you’ll already be ahead of the game:

  • MINDSET 1: Relying on a wage to get wealthy
  • MINDSET 2: Thinking investing is too hard
  • MINDSET 3: Thinking money just causes problems
  • MINDSET 4: Thinking you don’t deserve it
  • MINDSET 5: Being afraid of making a mistake

Ask yourself: have you ever fallen into one of the above mindsets?

I bet it’s held you back.

The good news is that there’s always time to change your mindset. Money doesn’t discriminate – it doesn’t care who owns it. So why not have your share?

Is the media creating the current property downturn?

We’re suffering a crisis of confidence and in my mind, the media has a lot to answer for.

Is the media reporting consumer sentiment or is the media’s negative sentiment creating a crisis of confidence?Andrewwilson Wealth Retreat2019 268x243 Mina

You can’t buy a paper or go online without a headline warning us that property Armageddon is around the corner.

Sure, there’s a credit squeeze, but the average consumer has lost their confidence because of the media.

And the media keeps looking for experts chasing a headline.

Listen as Dr. Andrew Wilson chief economist at and I discuss:

  • While the fundamentals are relatively easy to quantify and examine – consumer behaviour is the X factor – hard to predict
  • Worse with the 24/7 news cycle
  • The media loves hot spotting – it’s a bit like stock picking
  • The market turned around last year after that famous 60 Minutes program in October last year. Martin North gave 4 scenarios but they honed in on the worst scenario
  • Many of those who make predictions don’t have skin in the game – or come from a general economic or stock market background, not property
  • Steven Keen got a lot of publicity 17034015_l
    • in 2008 in midst of GFC said property prices would fall 40% – lots of news coverage – prices fell 5.5%
    • Had to walk 200km from Canberra to Mt Kosiosko wearing a T-shirt saying: “I was hopelessly wrong on home prices! Ask me how.
    • Said he got the timing wrong – he said prices would fall 20% in 2011 and the market boomed – but got lots of publicity
  • Some say I’m permanently optimistic about the property markets – but that’s not correct – I’m realistic – in fact, I’m pessimistic about more locations that I think will do well – only 1% of properties are investment grade. 10 million properties in Australia avoid, regional, main roads most suburbs
  • Perma BearsDoomsayers make money from their predictions
  • Confirmation bias – you read things to confirm your preformed beliefs

The rabbit hole of Google – you’ll keep reading articles that confirm what you just read.

Links and Resources:

Michael Yardney

Metropole Property Strategists

Dr. Andrew Wilson MyHousingMarket.com.au

Some of our favourite quotes from the show: 47513700_l

”You won’t truly get ahead by working for somebody else.” –Michael Yardney

“True wealth isn’t just about how many properties you’ve got or how much money you’ve got, but there’s no doubt that having money helps get rid of a lot of your troubles.” –Michael Yardney

“Don’t compare your Chapter One to anyone else’s Chapter 12.” –Michael Yardney

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About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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