We all understand the concept of fake news.
The media plays with our emotions, our fear and our greed in an effort to get clicks and readers.
Today I’m going to discuss 6 things the media won’t tell you about property investing that you should know.
Then, in my mindset moment, I’m going to talk about a concept that’s helped me through my difficult times.
After that, I’ll play a radio interview that I did with Laurie Atlas.
In the interview, I talk about how you can make your kids richer and more successful in life.
And if you don’t plan to have kids, don’t worry – the information in this interview can help you too.
What the Financial Media Won’t Tell You About Property Investment
- Property investment is simple, but not easy. Half of the people who get involved in property investment sell up within five years. 20% sell within one year. Of those who stay in the property investment game, 92% never get past their second investment property. The media makes it sound easy, but it isn’t.
- It’s going to take you up to 30 years to become financially free through property. It takes a couple of property cycles to establish a large asset base.
- Residential real estate is a high-growth, relatively low-yield investment.
- The banks are not on your side. That doesn’t mean the bank is untrustworthy, but their job is to sell products, and not all of those products are in your best interest.
- No one can actually predict how the markets will act in the future. There are always surprises.
- There’s not just one property market. Each state is in its own stage in the property cycle, and there are differences even within one state.
Super Parents Raise Super Kids
- Most of our habits are learned by age 9
- People should aspire to be wealthy, not be driven by envy
- Reading can help your children become more successful
- People who were punished for losing their temper as kids are more likely to be successful
- Blaming others won’t help your child get to the next level
- The school system isn’t the right place to learn how to be successful and wealthy
Links and Resources:
Some of our favourite quotes from the show:
“The problem is that most of us act irrationally and emotionally when it comes to money.” – Michael Yardney
“You can’t tame the barking dogs. But you have it within your power to completely tune out from them.” – Michael Yardney
“True wealth has nothing to do with how much money you’ve got. I’ve actually learned that rich people are actually very poor because all they’ve got is money. Wealthy people have got money plus relationships, money plus love, money plus the time to contribute back to the community, money plus health.” – Michael Yardney
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