Today I wanted to share my top wealth-creating insights.
One I learned from our premier property training event - our 5-day Wealth Retreat.
As I start preparing the curriculum for this year’s event that will be held on the Gold Coast in April this year I’ve been reviewing my notes from previous years and spending a lot of time chatting with past attendees of Wealth Retreat.
As I spoke to many of them 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.
Now that’s high praise indeed from people who are already successful property investors, business people, and entrepreneurs, and I don't take it for granted.
You can find out more about Wealth Retreat 2024 by clicking here.
O.K., here is the first insight ...
Over the last few years, it became very obvious to me that those investors who treated their property investments like business were the ones who managed to develop financial independence from their properties.
And those that didn’t, seemed to be working for their properties rather than the other way around.
I’m sure you’ve read that most property investors don’t get past their first or second property and that almost half of all property investors sell up in the first 5 years.
When you speak to them they’ll tell you “property doesn’t work.”
Some investors have a portfolio of negatively geared properties but have to keep supporting their cash flow shortfall.
Others can’t seem to get the funding to get past their second or third property.
And others bought positive cash flow properties but the little cash they get (if any) doesn’t alter their lifestyle.
On the other hand, a small group of Australian investors treats their properties as a business.
They are the CEO of their business and realise 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.
If you want to grow your own significant property investment business, one that could one day replace your personal exertion income, then you should really consider joining us at Wealth Retreat 2024.
Because that’s exactly what Wealth Retreat is about.
We give you a blueprint to build your own property investment and then give you a toolbox full of Power Tools to help you build it.
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.
Several people, I spoke with candidly shared how they had pulled back and isolated themselves after suffering some investment problems and financing issues over the last few years, and how that isolation cost them so much more.
I can relate to this.
Many investors think they have to 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.
The next two lessons really emphasise this point.
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.
Have you ever had that experience?
Where do you meet a group of people and feel like you've known each other for years?
May I ask you a direct question?
It's going to be a bit blunt, but I'm not sure how to "finesse" it so here goes:
- 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 the 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.
Many of the investors and business people I have spoken with recently have suffered a setback due to the direct or indirect effects of Covid19 last year.
Some in real estate as the value of their properties fell, others in the share market, and some in their businesses.
And we’ve had some interesting discussions putting this into perspective and clarifying the useful lessons to take from our experiences to help us move forward.
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.
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Some are fearful... others are 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.
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.
This brings me to my next point...
Apart from the opportunity for participants at Wealth Retreat 2024 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.
If you are already a property investor, a business person, or an entrepreneur please click here to find out about Wealth Retreat register your interest online, and join us at Australia’s ultimate learning and networking event for investors and entrepreneurs.
The people who come to Wealth Retreat are divided into three groups.
Firstly about 20% of the attendees have been before.
Some are coming for the second, third or fourth time.
You may ask why do they come back if they are successful.
I could say they are successful because they come back.
The second group of attendees is very high net-worth individuals.
They come to grow and nurture their property portfolios.
Then the bulk of attendees were experienced property investors with between 2 and 10 properties, who are looking to expand their network and super-size their investing and learn skills and techniques that they would not find elsewhere to enable them to build a property investment business.
Others are business people, entrepreneurs, and share traders.
Note: Every year a group of aspiring investors join us and get the type of information that propels them ahead - the type of information I would have loved to have when I started out.
This year we will be having special sessions at Wealth Retreat 2024 to assist investors with their biggest challenges including finance and empower them with proven techniques for our changing markets.
Many of the attendees want to learn how to step out of the world of being paid by the hour and into the world of building their own property investment business.
In fact, many past graduates of Wealth Retreat left their jobs to pursue their passions.
Wealth Retreat works so well because each of these groups of people adds something essential to the mix.
But when I observe the most successful participants from Wealth Retreat over time I notice that those people who have "made it" financially all have moved to a place where money isn't what motivates them.
Sure they enjoy the money, but it is not their main driver.
Let me explain... money is a sufficient need.
Once you have enough of it, it ceases to be important.
So what is it beyond the money that pushes and prods and sparks and motivates you to perform at your best and to build and dream and dare?
When I asked people at Wealth Retreat what drove them here are their top two answers:
1. Making a difference
To touch the lives of other people.
They want to give back to people and causes that are so much bigger than they are.
They believe that as they receive they need to "pay it forward" to the next generation of business owners or investors.
How are you paying it forward?
2. To Care ...
To care for their friends and family and provide an amazing lifestyle and quality of life for them, and especially to have the time to be with them.
I hope you've found these insights from Wealth Retreat helped give you some ideas about your own wealth creation.
Have you ever wished you could join us at Wealth Retreat?
While the numbers are limited (on purpose) I urge you to find out more and see if you qualify to join us on the Gold Coast from 27th April to 1st May 2024.
It's not really that far away - so lock in your attendance now as we have a limited number of spaces for the event (we've chosen a special room size on purpose to enhance the intimate nature of the event) and with many of those who booked for last year already committed to returning, around 47% of spots are already taken so it's only going to get harder to get in later.
If you would like to find out a little more check out our website by clicking here.
If you're ready to commit to playing at a higher level, to spending 5 days with a select handful of other doers in an environment that will challenge and push you to even higher levels of achievement and success, then please call or email Jo Fitt at [email protected] and ask her to explain a bit more about Wealth Retreat and get on the interview list - I'm keen to chat with you!