Mindset of a successful person – Michael Yardney

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Albert Wong with Michael Yardney, awarding winning author & CEO of Metropole Property Specialists

Michael Yardney was brought up in Melbourne, the son of working class parents. He is the award-winning author of the book How to Grow a Multi-million Dollar Property Portfolio – in your spare time and the founder and CEO of Metropole Property Strategists, with a multi-award winning team of over 50 property professionals across offices in Melbourne, Sydney and Brisbane. Metropole has bought, sold, negotiated for and project managed hundreds of millions of dollars worth of property transactions to create wealth for their clients and themselves.

Michael Yarney's book

I attended Michael Yardney’s 1-day “Catch The Next Wave” property seminar on 27 March 2010 in Sydney recently and took away some useful tips and guidance from one of Australia’s most successful property minds.

Some of the concepts which Michael spoke about are not new and relate not only to aspiring property investors but also to people who want to be successful in life.

To distinguish a successful property investor / person  from an average one, it has to start from having the right mindset – positive, encouraging, nurturing, balanced and objective, can-do and inspiring are just some of many words that I can think of in order to start on a right note. One must have the burning desire to succeed in endeavours which are most important to oneself rather than just having “wishful thinking”.

In general, the mindset of an average person vs a successful person can be distinguished from the following:

Average Person

Successful Person

Get lost in detail

Look at big picture

Think cashflow

Think equity

Trade time for money

Make money work for them

Build cashflow

Build equity

Failure is bad

Failure is a choice

Wisely save money

Wisely borrow/gear/leverage

Know it

Ask questions

Decrease debt

Increase size of assets

Pay off home loan

Use equity to buy appreciating assets

Trade, buy and sell

Invest, seldom sell

Think scarcity

Think abundance

Think small

Think big

Play safe

Play to win

Life happens to them

Control their lives

Blame others

Take full responsibility

Justify

Seek to understand

Want to be rich

Committed to be rich

Don’t need to learn more

Invest in education

Here are more property investing principles I learnt from Michael Yardney and his award-winning book.

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