Published by:
Wilkinson Publishing Pty Ltd
ACN 006 042 173
Level 4, 2 Collins Street
Melbourne, Vic 3000
Tel: 03 9654 5446
www.wilkinsonpublishing.com.au
Copyright 2014 Michael Yardney
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means without the prior permission of the copyright owner. Enquiries should be made to the publisher.
Every effort has been made to ensure that this book is free from error or omissions. However, the Publisher, the Author, the Editor or their respective employees or agents, shall not accept responsibility for injury, loss or damage occasioned to any person acting or refraining from action as a result of material in this book whether or not such injury, loss or damage is in any way due to any negligent act or omission, breach of duty or default on the part of the Publisher, the Author, the Editor, or their respective employees or agents.
The Author, the Publisher, the Editor and their respective employees or agents do not accept any responsibility for the actions of any person - actions which are related in any way to information contained in this book.
National Library of Australia Cataloguing-in-Publication data:
Author: Yardney, Michael, author.
Title: Michael Yardneys Rules of Property / Michael Yardney.
ISBN: 9781922178435 (paperback)
Subjects: Real estate investment--Australia.
Real property--Australia.
Dewey Number: 332.63240994
Cover Design: Spike
Layout: Chris Georgiou
Section 1
The Rules of a Wealthy Mindset
In this first section youll learn that your financial situation is a consequence of all the things that youve chosen to do and the things that youve chosen not to do. This has very little to do with your income but a lot to do with your money habits and mindset.
At my seminars I explain that there are 4 components to growing your wealth through property:
1. Your knowledge
2. The property investment system that you use
3. Your network of connections and advisors and
4. Your mindset
While these are all important, when I ask the audience what matters most, usually 85 to 90% of the room believes it is mindset. Yet most seminars, magazine articles and property books concentrate on the first two items knowledge and systems.
However the reason most investors never achieve financial freedom is because they dont think and act in the same way that successful investors do.
Yet Ive seen ordinary people take off financially after learning the particular Rules of Property I share in the first section of this book, while the investors I have seen stuck didnt understand the importance of these rules.
So please do us both a favour read this first section carefully, and dont reject the ideas looking to move on to the subsequent sections for the good stuff. You need to realise that if youre going to go to another place in your life financially, then you are going to have to do some things differently to how youre doing them right now.
And doing things differently first requires you to think differently. If you change your thinking, you will change your actions and if you change your actions youll get different results.
What Im going to point out is that despite the obvious logic of investing in real estate to secure your financial future, most Australians just dont do it. Some dont know or understand how, while others are held back by their fears and their limiting beliefs.
None of us were born knowing how to do money and investing. Somewhere along the line we picked up some incorrect ideas, limiting beliefs and fears. We acquired these from the mistakes we made or from the influences of others. The problem is that what you think about and what you believe becomes your reality.
This means if youre serious about becoming successful in property investment it will be important for you to recognise and understand these limiting beliefs and obstacles so you can overcome them.
At the same time we tend to be influenced by advertisements that promise instant gratification. You know what I mean Attend this two hour seminar and youll learn how to retire rich without having to work and with no money down. Youll be taught by somebody who made over $1 million in a weekend. I dont know about you but this is the sort of stuff that keeps appearing in my inbox.
So lets start by discovering what successful property investors do differently to the average Australian.
Acknowledgements
Many people have influenced my life, my thoughts, my values, my business career and my property investment success. Creating wealth is never a solo effort. Similarly, this book would not have been possible without the support and encouragement of certain people who have contributed to my life in many ways.
In particular thank you to my wife Pamela for encouraging me, supporting me in every way and putting up with all my late nights and weekends on the computer. She endures with my almost fanatical attitude to business and property investment and continually encourages me through all the good times and through all the things I still need to learn. I am humbled by her love and devotion, which I try hard but never quite succeed to match.
Important thanks go to Bronwyn Davis whose editing and writing skills have taken my ideas and concepts and turned them into flowing dialogue. Special thanks also to Josephine Fitt, my Executive Assistant who coordinates my business life and makes sure Im doing what I need to be doing and that everything happens. She particularly enjoys it when I work from home on my book and leave her alone.
Special thanks go to my mother and my family, including my four children and Pams two children and our grandchildren for their love and encouragement.
Further thanks to my business partners, Gavin Taylor and George Raptis as well as the whole team of property professionals at Metropole and our many clients whose collective inspiration has given me strength. And I must acknowledge Kevin Turner my business partner in Real Estate Talk who inspires me daily.
This book was written based on my learnings from the experts I work with every day and who I consider my teachers, my advisors and my friends. I have also learned a lot from the many successful investors I consult to at Metropole Property Strategists and never take the trust they place in me lightly.
Over the years I have read almost every book about wealth creation and property investment ever written. I have learned a lot along the way and there are many ideas sprinkled throughout this book that I have learned from others. I guess I had to learn everything from someone at one stage, so I am sorry I cannot acknowledge everyone - I really cant remember where I first came across many of my strategies.
Where I recollect first hearing about an idea I try to give credit where it is due, but if I have omitted mentioning your name, please excuse me as I shamelessly acknowledge borrowing other peoples good ideas picked up from observation or from conversation, books, CDs, DVDs and seminars. As knowledge about successful property investing is no one individuals sole domain and there are really no secrets in this industry, I can only assume that these people also learned from and copied other peoples ideas, books, CDs, DVDs and seminars.
