Would you like Life Time Wealth?
Well…today we’ll explain what that means and how you could achieve it as I replay a chat I had with my good friends Louise Bedford and Chris Tate from The Trading Game and we discuss the concept of true wealth.
This is the last of the summer series of podcasts where I’ve been running three shows a week rather than two in January, but since this was the second most downloaded listen to podcast I’ve ever recorded I thought it important to let you listen to it again for the first time or again if you’ve been a subscriber for some years.
The original recording of the show came about when Louise Bedford, Chris Tate and I were sitting around chatting about Wealth Retreat 3 or 4 years ago and we were discussing the concept of creating lifetime wealth, what true wealth really is, and some of the concepts we wanted to share with attendees at WR retreat.
And the conversation was so good, it was a bit philosophical, that we actually pulled out a phone, I think it’s Louisa’s phone now and we just recorded an episode of the podcast for her podcast and mine, because we were talking about things we only tend to talk about between ourselves and we wanted to share with other people.
For example I talked a bit about my first investment property, almost 50 years ago.
We talked about how being truly wealthy is a lot more than just how much money you have or how many properties you have.
We talked about the concept of creating lifetime wealth and leaving a legacy and we discussed how we are the mentors for our children and how if you want to leave a legacy you have to be important what do you pass on to your children, not moneywise – it’s not what you leave your children but what do you live in your children.
We talked a lot about the impostor syndrome, something that we speak for specialises in and we discussed success, the miss-match in some couples – something I come across very frequently were very different to our life partners with regards to how we think about money and success.
There were so many fascinating concepts we talked about that I really believe you’ll enjoy today show, but be warned, it’s a little bit longer than normal and the sound quality wasn’t as good as normal because, as I said we recorded it on the fly – we were just in the right zone talking about this content so I thought it was really important to grab the information to couple of years ago and it’s just as relevant today, so welcome to this episode of the Michael Yardney podcast.*
How to Obtain Lifetime Wealth
- Michael shares how he bought his first investment property over 40 years ago. He’s made plenty of mistakes but has still built a substantial property portfolio. He also gives back.
- To be truly wealthy you need much more than just money. You need money plus family, friends, health, spirituality, growth, and contribution.
- Chris shares his background. It is similar to Michael’s but replaces the word property with shares.
- How children absorb things without being taught directly. Legacy and leaving a ripple or something outside of you that carries on when you are gone.
- We learned about money, wealth, and riches from our parents and culture. What is your financial thermostat set for? You’ll be surprised – it’s set for what you have already got. Your thermostat won’t change until you change and throw away the blame.
- The imposter syndrome or undeserved success. Not feeling worthy and self-sabotaging. Self-awareness deserving your success.
- How people believe the tool has something to do with their success when it is actually the software that makes success.
- How people who’s views are mismatched may not be a match as a couple. The disconnect can produce tension and tear relationships apart.
- Couple’s need to talk about their views about money. Partners need to be compatible on a whole host of issues.
- In the old day’s people passed their trades on. Now property or shares can be passed to your kids, but it is not what you leave your kids it is what you leave in your kids.
- How we learn about money from our parents whether it is spoken or unspoken.
- Replacing non-productive beliefs with empowering beliefs.
- Teaching kids about training by loaning them money to trade and letting them keep half of the profits.
- How IQ and socioeconomic status can be linked.
- The importance of mentorship and getting together with other entrepreneurs. Find like minded people and the isolation disappears.
- How attending Wealth Retreat can help change your mindset and money habits.
- Michael Yardney
- Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us
- Join us at Wealth Retreat in June 2021
- The Trading Game
- Chris Tate
- Louise Bedford
Our favourite show quotes:
“Wealth isn’t about how much money you have, but what you’re left with if you lost everything and had to rebuild it.” Michael Yardney
“You either have to pay the world, the market, or your mentors when learning about investing.” Michael Yardney
“If you took all of the money in the world and divided it equally it would all end up in the same pockets again.” Michael Yardney
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