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Today, I’d like to share with you my top insights into creating accelerated wealth.
Now, the show is a little bit different, because it’s actually the audio of a webinar I conducted with my friend Louise Bedford who asked me to share with her audience my insights into creating wealth in this new business, property, and economic cycle.
It came at a great time because I was preparing the curriculum for Wealth Retreat this year that we’ll be holding on the Gold Coast in June, and I was reviewing my notes from previous years and speaking with previous attendees.
I was blown away by the feedback as previous attendees explained how the Wealth Retreat changed the way they handled their investments, their business, and their lives.
That’s high praise from people who are already very successful.
So, I hope that sharing my insights will also benefit you and help you take advantage of the opportunities that lie in front of us in 2021.
My insights into wealth creation
The first step along the investment path is educating yourself.
It’s what I still do today to keep growing and it’s what all successful investors do.
Experience is an expensive teacher.
I recognised that we all have personal ceilings of achievement that are based on our current thoughts and habits.
The answer is to grow yourself into a bigger cup so that you attract and keep more wealth.
You do this by upgrading your wealth programming – the way you think and react about money.
We all need to learn from mistakes – this helps you get it right and move forward.
The only question is, whose mistakes?
Yours or those of the successful investors who have already achieved what you want to achieve?
Remember, building wealth all on your own is not only hard work, but it’s slower and riskier.
Alone you are vulnerable and will never reach your fullest potential.
But when you connect with the right mastermind group, the chemistry will literally propel you to heights you never dreamed possible.
The biggest obstacles we need to overcome to become financially free
Obstacle #1: Isolation: It’s hard to build wealth on your own
You see…alone you are vulnerable.
You will never reach your fullest potential.
But when you connect with the right people, a whole new set of options you never dreamed possible opens up to you.
In fact, one of the main reasons people attend Wealth Retreat is to have an instant peer group of movers and shakers.
Obstacle #2: Fear
One of the greatest obstacles to building financial freedom is fear.
And with all the mixed messages in the press at the moment with concerns about, the after-effects of the Corona Virus on our economy, what will happen when JobKeeper ends, growing social unrest in Australia – not just overseas, the challenges with obtaining finance and talk of a property bubble developing, many of us are more fearful than ever.
This fear can be taken many forms, but the big 4 fears I come across are:
- Fear of failure – this is especially prevalent.
- Fear of debt – most of us have been taught that debt is bad and not to take on more debt. Strategic investors recognise that debt in itself is not necessarily bad, rather it’s not being able to repay your debts that’s a problem.
- Fear of success – Interestingly, some beginning investors put off their investment decisions because they are haunted by a fear of success. While this may initially seem strange, this fear generally stems from a feeling of unworthiness, where people convince themselves that they are undeserving of wealth or wanting to accumulate wealth makes them a bad person.
- Fear of the unknown – Who wants to go into a dark room? Who wants to go to a party where you don’t know anyone? Who is not nervous about buying their first investment property? Whenever the outcome is uncertain, fear rears its ugly head.
- Another fear I have commonly seen is the fear to follow your passion.
Obstacle #3: Uncertainty
The third major obstacle I’ve observed our Wealth Retreat graduates had to overcome was confusion.
They had heard so much conflicting financial advice over the years that they quite simply didn’t know which direction to move in.
How to overcome these obstacles
One of the most valuable benefits of Wealth Retreat for attendees was that it simplified the complex world of wealth building and business planning so that they had a crystal clear, specifically defined plan of action to pursue their personal wealth building.
- Alone you are vulnerable; connected we are strong
It really struck me how easy it is to fall back into old habits and let negative outside influences dramatically impact our mindset and financial results when we are on our own.
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.
- Your peer group is contagious
One of the things that struck me on the first night at Wealth Retreat, when we all got together for a special surprise event (the details of which I can’t reveal here, otherwise it would spoil the surprise for the attendees) was how quickly people connected with each other.
It’s ultimately up to you to find and create the peer group that will help you live the life you want to live.
- After a “Loss” we tend to go back to what we knew
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.
Some are fearful… others embarrassed…
But isolation only makes things worse.
You need to accurately assess the situation, learn your lessons, and move forward.
Beating yourself up is of no benefit.
This is why your peer group and mastermind team are so essential.
- Your Mastermind Team
Apart from the opportunity for participants at Wealth Retreat 2021 to have one on one sessions with our expert faculty, one of the exciting parts of Wealth Retreat this year will be 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.
Some of our favourite quotes from the show:
“If you’re in the room with a group of already successful movers and shakers, it makes you think differently and you come out different.” – Michael Yardney
“Isolation is one of the largest obstacles to building wealth.” – Michael Yardney
“People need to convince themselves that they’re deserving of wealth.” – Michael Yardney
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