Stephanie Brennan is a young super star in the world of property and business. If you take the time to listen carefully to her in this podcast, you will learn the key secrets that have led her to achieve so much so quickly. (more…)
Richard Crabb is the Managing Director of Aspire Network where he has been able to combine his 20+ years of personal and professional experience across property, finance and business leadership. (more…)
Matthew Michalewicz’s résumé is nothing short of staggering. Over his 20-year career Matthew has proven he has what it takes to successfully found, run and sell a global company, then repeat that process over and over again.
Ever wondered what the secret sauce is that makes top property investors successful? Well, if I knew that I would have bottled it and be flogging it on the Internet. But, the fact is, there isn’t just one thing common to all success stories.
This was something that was bought out in my recent conversation with Tyrone Shum on the Get Invested podcast. As host of a hugely popular podcast himself – Property Investory – Tyrone has interviewed dozens of top property investors. What he’s found is that there is a myriad of strategies, points of view, mindsets and tips that have helped shape these top investors. However, there are a few strategies that are common to almost all of them. Let’s take a look:
Lifelong Learning and a Focus on Action
As Tyrone says, after interviewing so many top property investors, his key learning is, well, learning – continual learning. “A lot of my guests have said that the reason they are successful is because they are continually learning and investing in their education and their mindset, and because of that they are able to grow in substantial leaps and bounds,” he says.
But there’s an important caveat to this. It’s not knowledge purely for knowledge sake. The real key is putting that knowledge into action.
Seeing the Opportunity in the Property
As I often say, when it comes to investing, a house is essentially just a moneybox in the shape of a house. It’s the tool that enables you to do other things long-term, to secure your future and, ultimately, replace your income.
Many of Tyrone’s success stories have a similar philosophy. Property is actually just a building; it’s what you do with it that counts. It’s is how you perceive it and how you can bring an opportunity to the table using that physical asset. How can you turn it into something that could be valuable to you?
Buy and Hold for Long-Term Wealth
Although all of Tyrone’s property success stories have different interests, passions and strategies, the underlying message is invest for the long-term to secure your wealth. A majority of these investors take a buy and hold approach – buy quality property and hold it for long-term growth.
Take it to the Next Level with Property Development
What Tyrone has noticed about the most successful investors – those who have grown massive wealth – is that they have taken it to the next level with property development. That might be renovations, subdivision or whatever.
“Usually what happens is once you’ve got a foundational portfolio, and you’ve built it up enough so that you’re financially free, the next step is to delve into property development,” Tyrone says.
“And through property development, instead of buying the property to just hold you actually add value, or create additional value, and then you’re pretty much printing money in your own backyard,” he says.
Printing money in your own backyard: It’s a great quote and a great way of thinking for property investors who want to take it to the next level.
To hear more about these tips and strategies, the Property Investory podcast, and Tyrone’s own fascinating journey from real estate agent to digital marketing guru, nomad entrepreneur to top podcast host and budding property developer, have a listen to the entire episode here.
There are plenty of people out there who, on the surface, have it all. They’re financially successful, have a beautiful family and are perfectly healthy. But many of those people are incredibly unhappy and are putting on a front all day while still feeling depressed and empty when they take any time to reflect.
Peter Finn of Face Contracting was in this exact circumstance roughly 6 years ago. He was wealthy beyond what he could imagine growing up as a working-class kid in Cobar, Australia. He had a lovely wife who was also successful in her work. But he was deeply unhappy.
So Peter took some time to reflect on what was really important in life and came to some enlightening conclusions. On a recent episode of the Get Invested podcast, Peter and I had a wonderful chat about what Peter thinks we should really be focusing on: namely relationships. For Peter, the relationships you make with those around you, and the reputation and legacy you leave behind, are the most important things you can put your time and energy towards.
When you’re on your deathbed, he told me, you’re not going to think about the investments you made or the jobs you worked. You’re going to meditate on the relationships you had, and whether you were a force for good with those in your life. It’s a scary thought, coming to the end of your days and realising that you spent all of your time obsessed with work and numbers, but it’s something you should think about.
What we all chase in life is fulfilment and achievement, Peter tells me. That feeling you get when you lose weight, or help an old lady cross the street, or receive praise from your peers — that’s what makes the difference between a fulfilling life and one that is merely spent passing the time.
In my own business, I help people make roadmaps in their lives so that they can cultivate passive income and reach financial freedom for themselves. Money isn’t everything, of course, but achieving financial security is a major step in having a healthy social life. Being able to take care of your family, or take the time off to visit an ailing parent or go on vacation, are all impossible without a comfortable nest egg.
These are, of course, just a few aspects of maintaining a healthy social life. People devote their entire lives to trying to understand relationships, and a short article isn’t going to cover all the bases. But if nothing else, I hope Peter’s words make you take a few moments out of your day to think about what’s really important in your life.
Listen to my entire conversation with Peter here.
My work with Know How Group is centred around a very simple, yet very powerful vision: using property and wise investments to create time and freedom for our clients. More than anything else, we want the people that come to us to stop being driven so much by work and have the time and energy to focus on things that are important to them, like family and their passions.
This is a noble goal, but a difficult one. Whether you work with Know How Group or not, there’s a very important aspect to this journey that you can’t ignore, which is assembling a team that can help you achieve your goals. Long gone are the days when a snake oil salesman tries to be a one-stop-shop for your investment goals, pretending to be an expert in everything and promising to get you rich quick.
Every step of the way, you should have team members that are specialised and have plenty of experience in their given disciplines. First and foremost, you’ll need a great accountant to count up the numbers and look after your tax situation. This is something of a golden rule when it comes to investment: a good accountant can be worth their weight and more. They can save you a lot of money on tax — and you all know how much of an emphasis I put on not overpaying on your taxes — and pay for themselves, essentially. They can also keep you out of trouble, as somebody who doesn’t know what they’re doing can cause unnecessary hiccups along the way with regards to your finances.
You’ll also need financial planners to look at your equities, shares and other aspects of your investment portfolio. Maybe you have some experience playing with shares and consider yourself something of a savvy trader. That’s all well and good. But the fact of the matter is that you don’t have the time to really do it well. Playing with shares for a few hours on the weekend is not the same as keeping an eye trained on your investment portfolio throughout the entire week. If anything, having a good financial planner can also pay for itself, as they’re going to bring you returns that you almost certainly couldn’t have gotten on your own. And with all the time saved, they’ll bring you peace of mind — which is invaluable.
There are other team members, like project managers, that will help round out the process. The key factor here, though, is that they are independent experts. You don’t want to be swindled by an in-house team that promises to get everything done with one or two people.
At Know How Group, we divide our customer experience into four F’s: fast, friendly, frequent and fun, with 100% accountability and 0 excuses. Having top-notch customer service is something we pride ourselves on, and making the investment process quick and easy, with an ace team, is of utmost importance.
Listen to my entire conversation with Glen here.