This is a special week for me.
It’s my birthday week and I’m turning 65.
Yet I’m still working, and I’m still having fun.
In fact, I’m having more fun than I’ve had in a long time putting these podcasts together.
I’ve had a successful life.
I’ve also had quite a few challenges in my life – many of them self inflicted.
Today, I am going to share with you some of the powerful beliefs of the mega successful people that have inspired me.
Then Ahmad Imam answers a listener’s question – someone who doesn’t have enough money to buy an investment grade property, so she wants to buy off the plan.
He explains why not to do this and what to do instead.
9 Powerful Beliefs of the Mega Successful
- They believe in their own abilities and their potential.
- They believe that they are in charge of their lives. They are the pilots of their lives not the passenger.
- Strategy is important, but execution is critical. They take action and execute over and over again.
- Successful people believe that opportunity is out there and have a mindset of abundance.
- The believe that they win through hard work and have the grit and determination to see things through.
- They believe that they can make tomorrow a better place. The past can be reviewed, but the future can be made better.
- They believe in doing things that no one else wants to do. To be different, you have to act different.
- Successful people believe in being the catalyst not the barrier to success. They connect with people they trust and care about and people will be there for them.
- They believe in giving back. Giving back is how mega successful people show their gratitude. You can never be wealthy without gratitude.
I Can’t Afford an Investment Grade Property yet, so I’m Buying Off the Plan
- Buying off the plan is not a good investment strategy.
- It’s tempting for a beginning investor looking at the glossy brochure with depreciation allowances and rental guarantees that make you feel like a professional investor with a $10,000 discount.
- There are too many people with their fingers in the pie. You pay for the developers margin, the sales person’s commission GST and marketing budgets. As a result, you pay more than the true underlying value.
- Because there are so many uncertainties, you should be buying at a discount – not a premium. It is also a risk for the banks so they won’t lend as much.
- There is a low “land to asset ratio”. You should try to get the highest land to asset ratio possible.
- Large developments don’t appeal to owner occupiers. There is a large percentage of overseas investors.
Links and resources:
- Michael Yardney
- Property Update App
- Ahmad Imam
- The Science of Getting Rich
- Secrets of the Millionaire Mind
- Episode 1: What Makes an Investment Grade Property
“Success is based on your actions, but it is your beliefs that determine your actions.” Michael Yardney
“The big secret for the mega successful getting ahead in all areas of their lives is what they believe.” Michael Yardney
“How you respond to any situation is what allows you to take charge of your own destiny and be successful.” Michael Yardney
Never miss an episode and keep up with all the good things going on at the Michael Yardney podcast by subscribing on iTunes.
You can also subscribe to MichaelYardneyPodcast.com to keep up with the latest information including bonus material that comes out between the podcasts.
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.