Today I want to share some top wealth-creating insights that Brett Warren and I gained at Wealth Retreat.
This is Australia’s number one learning and networking event for already successful property investors, business people, and entrepreneurs, which we held on the Gold Coast in March.
As I spoke to many of the attendees from previous years, I was blown away and humbled by the feedback as they explained how Wealth Retreat had changed the way they handle their investments, business, and in fact many aspects of their life and how it was the best event they had ever attended.
So, what did they learn? That’s what we’re going to discuss today.
This year’s Wealth Retreat on the Gold Coast has now been and gone.
There were 100 successful property investors, business people, and entrepreneurs in the room.
And while they learned some great lessons from the world-class presenters up on stage, they also learned from the other guests over the 5 days.
After all, how often do you find yourself in a room full of successful, like-minded people, that walk and talk the same language?
Opportunities like this are few and far between and are not to be missed.
So today, I’m joined by Brett Warren, national director of Metropole who’s been to Wealth Retreat over a dozen times, to see what lessons he learned, or re-learned, that he could share with you.
When I started my wealth journey, I was always waiting for something “big” to happen.
I too played the lottery and waited and hoped.
Maybe one day I would buy a property and develop it to then sell for a huge profit.
To my relief and probably yours, I found out there is a better way.
We had a great session about using a specific framework to find a pathway to your goals.
We started out by working out what our end goal is, that is what we would like to achieve, and in what timeframe.
Then by following the proven framework, we can reverse engineer and put the steps in place to understand what is required to get there.
How is your time management?
You need to work out what your A, B, C, and D class activities are.
In short, class activities are generally events that happen maybe only a couple of times each year but can generate the greatest amount of income.
An example may be attending an event like Wealth Retreat.
B class activities are next, and while not as important as A class activities will still generate a good amount of income and so on to C class and then D class activities.
D class activities are the least of the income-producing tasks, like fixing a printer or minor admin tasks.
This was a great exercise to understand where you are most dollar productive.
Your mind is like a cup, once it is full of water, it overflows, and you are unable to put any more water into the cup.
To take on more water, you need to increase your cup size.
So, to increase your financial thermostat, and therefore your wealth, you need to increase your mind's capacity.
If you liken the water to opportunity and your mind to the cup, once your mind reaches capacity, you may miss opportunities that come your way.
Over the last few years, it became obvious to me that those investors who treated their property investments like a business were the ones who managed to develop financial independence from their properties.
And those that didn’t seem to be working for their properties rather than the other way around.
A small group of Australian investors treats their properties as a business.
They are the CEO of their business and realize that it’s not how much money you make that matters, but how hard that money works for you and how much you keep that matters.
They have a plan including a property plan, a finance plan, a tax plan, and an asset protection plan and are surrounded by a good team of specialists.
Lesson 5 – Alone you are vulnerable; connected we are strong
Many investors think they must do it all themselves or learn it all themselves.
Partly because they think they know better than others or maybe it’s because they are not hanging around the right people – supportive, encouraging people.
And these get harder to find, the more successful you are.
But we cannot be our best selves in isolation from the world.
We need other people.
The key is making sure we're spending time with people who inspire, empower, and encourage us.
- Will your current peer group empower you to reach your deepest dreams goals and your life’s purpose?
- Will they hold you accountable to a high enough standard or will they let you slip back into your old comfort zone?
- Will they feed your ideas and give you input to help you overcome challenges you face along the way?
- Will they support you when you're having a tough moment?
- Do they inspire you to keep performing at your highest and best capabilities?
If not, what are you doing about changing that?
It's ultimately up to you to find and create the peer group that will help you live the life you want to live.
One of the most important insights that I want to share is that when most people suffer a "loss" financially, their natural tendency is to pull back and isolate themselves.
But isolation only makes things worse.
You need to accurately assess the situation, learn your lessons, and move forward.
This is why your peer group and mastermind team are so essential.
We are moving into a new financial era - a time of amazing opportunities and some real risks.
To succeed in this environment we need the support, insights, and perspective of a trusted group of advisers and peers.
One of the exciting parts of Wealth Retreat this year was the small group breakout sessions.
This is a masterminding technique where you ask a focused power question to your mastermind group, and they have time to brainstorm as many possible answers to your question as possible.
The most successful participants from Wealth Retreat have moved to a place where money isn't what motivates them.
Money is a sufficient need.
Once you have enough of it, it ceases to be important.
Links and Resources:
Get a bundle of eBooks and reports = www.PodcastBonus.com.au
Some of our favorite quotes from the show:
“Most people’s financial thermostat has been set by the things they learn, the things they heard, the things they experienced as a child.” – Michael Yardney
“I think that’s one of the traits of successful people, that they’re actually not jealous of successful people.” – Michael Yardney
“Once money’s sufficient, then you have to move on to other things.” - Michael Yardney
PLEASE LEAVE US A REVIEW
Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.