If you’re looking for more money, more success or to learn to be a better property investor, today’s show is for you.
I’m going to share three important concepts in today’s episode.
Firstly, I’ll be sharing some tips for a better financial future.
Then, in my mindset moment, I’ll explain the big investment that the rich make that the poor don’t.
Finally, I’ll have a chat with Brett Warren, the Director of Metropole Properties in Brisbane, about the lessons that he would have liked to know earlier in life that would have helped him become a better investor and more successful person.
7 Tips for a better financial future
- Start paying attention to your finances
- Allocate where your money is going
- Faithfully follow your budget
- Keep track of your net worth
- Set some financial goals
- Pay off your debts
- Spend less than you earn, and start saving the rest
The investment that separates the rich from the poor
I’d like to share with you one surprising investment that separates the rich from the poor. And that’s how you invest your time. That’s going to determine how your financial future will unfold.
People often tell me they can’t invest because they don’t have enough money, and I tell them that if they don’t have enough money, invest their time.
However, most people don’t have enough time to invest either. They think working harder or longer is going to make them richer. But nothing could be further from the truth.
The problem is most of us are working harder, but the inflation-adjusted wages have stayed stagnant. Working more doesn’t mean making more or keeping more.
Rich people work to build assets. This means businesses or investments that will bring cash flow whether the person is working or not. Adding assets doesn’t mean working longer or harder. The more financially fluid you are, the less you’ll need to work. Rich people know how to make their money, and other people’s money, work for them.
Lessons for Better Property Investing and Success
- Location does 80% of the heavy lifting
- Choose capital growth over cash flow
- Success comes from a series of small steps in the right direction
- Successful people have multiple streams of income
Links and Resources:
Metropole’s Strategic Property Plan – to help both beginning and experienced investors
Some of our favourite quotes from the show:
“Debt takes away your options, and debt takes away your future financial freedom” –Michael Yardney
“Never buy anything with your credit card that you can’t pay off by the end of the month.” –Michael Yardney
“Success is a long-term journey, and along the way, as we’ve mentioned before, there’s lots of little failures.” –Michael Yardney
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