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262 | Before & After: From “Scared and Sold Everything” To Financial Peace – Chat with Gabby

By in Podcast, Real life stories, Summer Series

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“80% of winning is beginning”

 When Gabby first invested in property, she lost her nerve and pulled the pin early … she sold everything. And a very big reason she got rid of the lot was simple and actually pretty common — she didn’t have enough confidence that she could “weather the storms” accordingly.

But then she found Money SMARTS, our simple 7-step money management system… and now Gabby’s life — as well as that of her husband and their 11 and 13 year-old kids — looks a WHOLE lot different!! For one, they have financial peace… and, armed with a strategic Plan to earn a passive income for life, they’re about to embark on investing again… this time with confidence they’ll be able to hold onto the properties for the LONG TERM.

The question is… what did this transformation look (and feel) like???

Well, tune in folks because that’s exactly what you’re about to find out!! Yep. We started our Summer Series with James Clear teaching us How To Hack Your Habits To Make You A Better Money Manager … and now you’re about to hear it from someone who went ahead and actioned it!

 

AND a Special Announcement to fellow Investors out there…

As Ben mentioned, if you own an investment property in Victoria, the proposed changes to the Victorian Rental Tenancy Act will impact you, so it’s important that you act now. Given the significant changes to the Act, your property could be impacted in terms of:
1. It’s future Value
2. How you manage the property going forward
3. Your tenant selection process

The Property Investors Council of Australia (PICA) is asking you to make a personal submission to the Victorian Government regarding this legislation. You only have until 5pm on Wednesday 18 December 2019 to have your say on the draft regulations. You must act now to ensure property investors are heard.

To help you make your submission please follow the instructions below:

  1. Click on this link here to open your word submission document. Give it a name- ie “John Smith’s submission form” and add your name to the bottom of the submission (in the highlighted red section). Save it in your computer.
  2. Click on this link https://engage.vic.gov.au/rentingregulations and scroll to the bottom of the page
  3. In the “Make a submission” section, enter your name and email, leave the section titled ‘organisation name’ blank. This ensures the submission is entered as a private individual and not part of PICA as we have already submitted one.
  4. Click on “Choose file…” and look for the submission form that you’ve saved on your computer. Click on “Open” and that will attach the file.
  5. Click on “Submit”

 

Free Resources Mentioned:

 

The Episode Breakdown

05:20 – Gabby’s Money Backstory! (You can hear what money was like in our own lives here)
12:55 – When did Gabby decide to get serious with money?
18:16 – What was it like to see Money SMARTS visually?
19:21 – How transformative is an offset account?
22:31 – What “provisions” are being tracked?
24:10 – How long is the monthly check up?
25:20 – How has Money SMARTS impacted the way Gabby buys groceries?
26:44 – Who had the most difficulty getting used to the 7Day Float?
28:00 – Money Lessons for Kids: talking money around the dinner table
28:20 – How is their money working harder now?
32:20 – What app does Gabby use to help her manage the 7 Day Float?
33:20 – Why advice?
40:10 – Gabby’s advice for you….

 

Keen to Get Started with Money SMARTS like Gabby?

Fill in the form below and create your account on our Money SMARTS Platform now!

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261 | How to Hack Your Habits to Make You a Better Money Manager – Chat with James Clear

By in Podcast, Q&A, Summer Series

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Have you ever wanted to create better habits… and have them stick for the long term… even when your willpower is gone??

If you’re like us (and practically every other human on the planet), chances are you probably have! Despite the best of intentions, at some point or other ALL of us have struggled to stick with positive routines or follow through on what we said we’d do!

So, folks, imagine if right now you were about to get an easy and proven way to build good habits AND break bad ones….. well, you can imagine how game-changing it be, right??

Well, we’ve talked this guest up for a while now… and it’s about time we introduce him to you…

Here, all the way from US, with a practical solution to build a system for getting 1% better every day, is none other than…

… JAMES CLEAR!!!

 

Yes, he IS the guy Bryce has been banging on about since we attended the Australian Real Estate Conference (AREC) back in June… and who made a HUGE impact on the two of us… both professionally and personally. And here’s why…

James Clear is a writer and speaker focused on habits, decision-making and continuous improvement. He is the author of the New York Times’ best seller, Atomic Habits (we highly recommend this one folks!). And his website — https://jamesclear.com/ — receives MILLIONS of visitors each month with hundreds of thousands who subscribe to hear his insights, which bridge the gap between scientific research and practical life. James is a regular speaker at Fortune 500 companies and his work is used by coaches and players in the NFL, NBA and MLB.

 

Here’s just a tip-of-the-iceberg look at what we’re discussing today…

  • Motivation is overrated; environment often matters more
  • How to start small consistent habits that will lead to unimaginable results
  • Forget about goals, focus on systems instead

 

Before kicking-off THE FIRST EPISODE OF OUR SUMMER SERIES, here are your resources…

 

 

Wondering what they chat about throughout the episode??

04:56 – James’s backstory…

08:14 – Why focus on daily habits??

10:47 – How does behaviour science impact our attitude with habits?

12:40 – What is the downside to goal-setting?

14:09 – What happens if there’s a gap between your goals and your systems? (And why do systems ALWAYS trump goals?)

16:11 – How does habit formation apply to Money SMARTS?

17:37 – What is “Scaling Down” and how can you do it to sustain good habits?

19:27 – Why do you need to emphasise the entry point?

20:41 – What’s the one thing you need for true behaviour change?

23:13 – What common habits can you move the needle on quickly?

25:55 – THE 4-STEP FRAMEWORK TO BUILD GOOD HABITS AND BREAK BAD ONES

31:15 – How do you create your environment to encourage good habits?

35:40 – Why do you need to Master the Art of Delayed Gratification?

35:57 – What is The Valley of Death? (And how do you get through it?)

39:06 – GOLD!

42:35 – What does James recommend?

43:51 – How does James get so much done??

47:55 – How do you deal with disappointment and setbacks?

 

And here are the Books James Clear Recommends…

 

“A habit is not a finish line to be crossed, it’s a lifestyle to be lived”

 

 

 

258 | WARNING: The Unconscious Mental Triggers Property Spruikers Use To Trick You

By in Podcast

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Property investors who get seduced into Off the Plan and house and land packages are often seduced through a marketing process that targets universal, emotionally-driven mental triggers.

And after heaps of folks wrote in about last week’s episode where we spoke of the perils of investing in these types of properties, we’ve decided that today we’re going to lift the lid on what exactly these mental triggers are. So people can spot the spruiker from miles away! Because there’s a VERY big difference between marketing for marketing’s sake… and simply being sold into buying dodgy advice & dud properties.

Full disclosure: you will notice that some of these we actually do ourselves… and, yes, we’re being very explicit in this. The reason why we use them is simple… these tactics get people to take action. But getting people to take action on something that will ultimately help them… versus taking advantage of human psychology so people buy an asset or invest in bad advice that only the Spruiker will profit from…... well…… it’s about time we even the playing field here, don’t you think?

And folks… Property Spruikers do NOT want you to know this stuff. Full stop.

… ‘cos once you learn this stuff… you won’t be tricked quite so easily!

 

Free Stuff mentioned…

 

The Unconscious Mental Triggers

  • 13:36 – Mental trigger #1
  • 16:25 – Mental trigger #2
  • 20:46 – Mental trigger #3
  • 22:45 – Mental trigger #4
  • 25:50 – Mental trigger #5
  • 27:05 – Mental trigger #6
  • 32:11 – Mental trigger #7
  • 39:51 – Mental trigger #8

 

 

 

Bonusisode – 7 reasons why most investors fail…

By in Free Resources, Podcast, Videos

If building a multi-million dollar property portfolio really only takes three or four properties …then why do most folk FAIL to buy one?

If only three or four properties — maybe five, if you’ve got a shorter time frame — is all it takes to achieve a passive income for life, why aren’t most investors achieving their dream lifestyle and financial goals then?

Why haven’t they got a successful multi-million dollar property portfolio???

Well, Ben and I nutted out these SEVEN reasons why this is so. And we went “Live” with these little-spoken truths!

Yep. We got serious…. even if our faces don’t show it 😉

Or click here to watch the video on Facebook.

Sorry, registration for this webinar is now closed. Thank you so much for your interest BUT don’t worry! We will be preparing for our next webinar soon. If you’re interested, just leave your email address below and we’ll notify you when it’s registration is open. 🙂

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257 | The Exception To The Rule When It Comes To Off The Plan Properties & House And Land Packages

By in Podcast, Q&A

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Recently, ABC’s podcast The Money ran a very poignant episode on the financial risks of unregulated property investment advice (which we highly recommend you check out – details below folks)… which revealed the pitfalls of buying Off The Plan properties and getting snagged on the end of “one-stop-shop” spruiker seminars.

As well as interviewing two unlucky folks who learnt about investing in Off The Plan in the worst way possible, the episode also features a property ”sales person” … and the look from the other side… is… well… let’s just say we’ve got something to say about it!

‘Cos as you know folks, we hold a VERY strong view on these types of investments — and we’ve been very vocal about this since we first started croaking out this podcast — so why then … would we have an “an exception to the rule”???

Well… that’s where today’s episode comes in! ‘cos if you’re going to go there….. (and many of you STILL write to us about investing in Off the Plan properties AND House and Land packages.… then we want to make sure you stay FULLY informed.

AND we’re also going through a Q&A on this tackle this exact topic, so you might get the answer you happen to be pondering right now!

 

CLICK HERE to Listen to ABC’s The Money podcast episode — The financial risks of unregulated property investment advice

 

 

Other Free Resources Mentioned In This Episode

 

The Questions…

Question from Brittany

Hey guys! Absolutely love your podcast. Wanted to share something I found. The offer is – buy an off the plan apartment, and get a free Mazda 2. Reeks of a buyer beware scam! Is this even legal? I have never seen anything quite like it and had to share it with you guys.

 

Question from Alana

I have been listening to your podcast, I have invested in a house and land package in Tarniet, I will be owner occupier . I will be investing with a friend, therefore half the debt will be mine we will be investing around 450,000 total. There are proposed schools next door and a shopping mall and train station going in. Everything in your podcast leads to don’t buy a house and land package… have I stuffed this up already?

 

Question from Juan — Is It ALWAYS A No To Buy Off The Plan?

Hi guys, First of all – thanks for your great material! It’s great, ‘specially for someone like me who is new to Australia, understanding the way everything works here is gold. I have heard most of your podcasts and also done some research online and I wanted to ask a question around Off-the-plan investments that I still can’t understand. Everywhere people say it’s a big NO-NO. I understand the risks involved (delays, not seeing the finished product beforehand etc) but my wife and I have found an OTP property in a suburb we like (Bentleigh, within the Mckinnon School zone) and we think it’s a good place to live. The developer has done at least 3 different developments in the area all of which we like the finishes and have built it in perfect timing. I wanted to ask why would this be considered a really poor investment? Are OTP properties definitely a NO? I understand the case of Docklands and closer to the city suburbs where you had thousands of developments which made the price go down but in Bentleigh I don’t think this is the case. I have subscribed to locationscore.com.au and the score is relatively well considering that I will live in this property and it’s within my budget. I just wanted to get a sense of your thoughts around this as I am a true follower of your words of wisdom. Hopefully you have some words for me. Thanks in advance and keep up the excellent work of empowering people like me with information. Juan

 

Question from Phoebe

Hi Property Couch,

I have a question for you. My partner and I recently signed a contract for a 2 bedroom 2 bathroom apartment in Camp Hill, Brisbane. It is a brand new apartment building (small block – only 7 apartments). We plan on living in the apartment (for now but would like to rent it in the future – roughly 3-5 years time). The developer originally wanted $569k, dropped it down to $539k and we signed a contract for $529K. When applying for a home loan, the property was valued at the property $29,000 less than the purchase price. Their report considered market direction, volatility and segment conditions to be of medium to high risk. This is very concerning for us as first home buyers. We don’t know whether the banks are just being overly cautious. What are your thoughts on this? I know you mentioned in your very first podcast, if you are buying new, you are most likely paying too much. We think the apartment is really good quality and ticks a lot of our boxes. Help! Thanks for your time.

 

 

 

 

 

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