Sunday, October 22, 2017

Four Ways to Screw Up a Property Negotiation

No matter how strong you may think your bargaining position is, there are many ways you can blow a property deal.negotiate

This can occur, even in a buyers’ market, when you may believe you have the upper hand and it’s either your way or the highway.

Screwing Up Before Negotiations Begins

Without lining all of your ducks in a row, you’ll be under-prepared and unsupported to negotiate sensibly and confidently.

Here are four ways to mess up negotiations before you even begin…

1. Not Doing your Research

When I refer to research in this instance I’m not talking about sales research (although that is important), instead I’m talking about researching the seller and the property itself.

The idea is to ask questions (usually of the selling agent) to learn as much as you can about the seller’s circumstances in the hope that what you glean will help you come up with an attractive proposition and strengthen your bargaining position.

For instance, you could offer a short settlement period or put in an attractive pre-auction offer if the seller wants a quick sale, or get a price reduction if you discover there are essential repairs to be done.

2. Not Setting your Limits

Whilst it’s important to understand the seller’s requirements, you also need to be clear on your own expectations and limits before you begin. 


Without setting your limits you may offer too much (and buy a property you can’t afford or, with hindsight, don’t really want) or not enough and end up losing the property.

From the outset, you must be clear on things like…

  • How much you’re prepared to spend
  • Your maximum settlement period
  • What you expect to be included in the sale (e.g. furnishings, plants, light fittings etc.)
  • Any other matters that are important to you

These items will comprise your key negotiating points and I suggest you list them out so you can compare how what’s been offered stacks up against what you’re looking for.

3. Not Making the Selling Agent your Best Friend

The selling agent is the person you’ll be negotiating with so don’t put him or her offside – you don’t want to start the process on the back foot.

Make sure you’re polite, courteous and punctual at all times.

Your aim is to get the selling agent to view you as a serious buyer and someone they’d be happy to do business with.

4. Not Comparing Recent Sales

When negotiating on price, your position will be greatly enhanced if you base your offers on research, particularly recent sales in the surrounding area. 44972263_l

Using market evidence such as comparable sales strengthens your position and makes your offer more credible.

To help inform your offers (or your top price if buying by auction), you have a number of options to choose from:

  • Monitoring sales results for similar properties
  • Getting hold of free property reports from the major property research companies
  • Paying for an independent property valuation
  • Speaking to other selling agents (not involved in the sale) to get their take on what they think the property is worth.

1980s Houses to Create Renovations Boom

The boom in house building in late 1980s is set to provide big opportunities in the renovations market over the next decade according to the HIA.

The recently released  HIA Renovations Roundup Report shows a strong correlation between the volume of renovations work and the age of the housing stock.

HIA Senior Economist, Shane Garrett said:

“The more houses between 30 and 35 years of age, the greater the need for renovations and improvements. renovation

“The really good news is that the number of houses in the key renovations age group will increase substantially over the next decade – a result of record volumes of detached house building during the late 1980s.

Houses belonging to the ‘1980s Club’ will become increasingly ripe for renovations work over the coming years.

HIA’s updated forecasts for the home renovations market indicate that the activity is set to inch up during 2017 overall (+0.2 per cent) with a further small increase (+0.4 per cent) during 2018.

In 2019, the pace of expansion is predicted to accelerate to 4.9 per cent with a further rise of 2.9 per cent in 2020 bringing the value of Australia’s renovations market to $35.12 billion.

renovations boom

Metropole Property Home Buyers Enquiry

How To Find the Best Place To Invest In An HMO

Let’s face it HMOs are pretty popular these days and that means there’s more competition in the market, prices are higher and deals are harder to find. As ever the way to get the edge on the competition is being able to do your research properly. In today’s video, Rob looks at researching an area […]

What to look for in a mentor

Mentors can change your life.

That sounds dramatic, but it’s true. expert leader

No one, and I mean no one, gets anywhere in life without the help and guidance of at least one person or a group of people.

From the outside, success looks effortless and quick.

In reality, it’s often years of hard work, of set-backs and revisions, of self-doubt and fresh starts.

Eventually, you will have a break-through, receive a bit of a leg-up, and start to achieve your goals.

You need many skills to be successful: resilience, smarts, hard work.

But you will also need a mentor and not just any old mentor.

You will need the right mentor for you.

But how do you choose the right one?

Here are some things to look for:


It’s so important for you to admire the mentor you choose. 


Don’t just go for the most successful person in the room.

Ask yourself whether you like the way that person does business.

Are they trustworthy?

And do you look up to them?

There are some successful people who won’t be great mentors for you because, while you acknowledge their success, you don’t admire them.

And admiration is crucial because there are times your mentor is going to give you advice that you don’t want to hear, but you’ll listen if it’s coming from someone you respect and admire.


Some people may say that it doesn’t matter if your mentor doesn’t work in the exact same field, and that it’s the nature of their advice that matters.

While this is true, the closer a mentor is to your industry or business, the more relevant their advice will be.

Furthermore, if a mentor has become successful in your field then they can spare you the mistakes they made the first time around.

Which is very handy!


We’ve all met people who are very smart, very good at what they do, but cannot always communicate that well to others.  light-bulb-with-drawing-graph_1232-2775

Or perhaps they lack emotional insight into their decisions and actions.

These people do not make the best mentors.

Mentors need to be like therapists: excellent listeners and very perceptive and insightful.

You need a high emotional IQ to mentor.

Look for people who are self-possessed without being arrogant.

They know and understand themselves, including their strengths and weaknesses, and this allows them to know and understand others.


Everyone is busy these days, but a good mentor is someone who finds time to help others they see talent in.

They are generous with their accumulated knowledge and wisdom and they enjoy sharing it with people who want to learn and grow.

They remember someone who helped them along the way, and they’re keen to pass it on.

They’re not threatened by new talent, they’re excited by it.


Which brings me to my final point.

The best mentors mentor because it comes naturally to them. Shake Hands 2336717 1920

They don’t do it to look impressive or advance up the career ladder.

They do it because they’re natural born leaders, they enjoy relating to people, and they genuinely enjoy mentoring.

Mentoring should never feel like a chore, and finding the right mentor is mostly about finding the one who is willing and enthusiastic enough to throw their hat in the ring with you.

And that is the most important thing to remember.

A good mentor is not that hard to find because they want to be found.

Sometimes they even find you.

Michael Yardney Mentorship Program

Saturday, October 21, 2017

10 Commandments of Investment Strategy

How Does Your Portfolio Measure Up To These Proven Success Principles?

Smart investing isn’t as hard as it seems. interesting articles

You just need to know the right principles, and you need to follow them with discipline.

Unfortunately, much of what is taught about investment strategy is a dangerous half-truth that can be expensive.

Below are ten proven principles to help get you on the path to greater investment success.

Key Ideas

  1. Use the “expectancy principle” to stop gambling and profit regularly with confidence.
  2. How to combine offensive and defensive investment strategy for reliable investment performance.
  3. The 3 investment mistakes you never want to make.

1st Investment Strategy Commandment: Thou Shalt Not Gamble

“Expectancy” is what separates investors from gamblers. If you follow hunches, guess, take tips, or “play the market,” then you are a gambler — not an investor.

If you put money at risk on “one-off” investments, special situations, or economic forecasts, then you’re also a gambler because you’re betting on an unknown expectancy. 


Expectancy is a formula that shows the average amount of money you can expect to make per dollar risked if you follow your investment strategy consistently enough to achieve statistical validity. It tells you what profits to expect.

Expectancy literally determines the compound growth of your wealth.

It’s an inviolable mathematical rule whether you use it to your advantage or not.

Gamblers put money at risk on unknown or negative expectancy situations.

Investors only put money at risk on known, positive expectancy situations.

Thorough and accurate research is required to know your investment strategy’s expectancy with confidence.

You must understand the assumptions underlying the research and know when those assumptions may no longer be valid.

Anything less is gambling.

The principle of expectancy implies a systematic and methodical investment strategy (an investment plan).

Otherwise, you can’t have confidence that you will ultimately profit.

Investors rely on mathematical expectancy to reliably profit from their strategy.

Gamblers do not.

Your disciplined investment strategy should include one or more of the following characteristics to create positive expectation:

  • A positive paying attribute: For example, positive expectancy results from certain value-based strategies in the stock market such as Tobin’s Q-ratio and Graham’s intrinsic value. idea save coin lAdditionally, well-located and properly purchased investment real estate is so well known for it’s positive expectancy under most economic conditions (not all) that a myth about “real estate never going down” resulted (just ask anyone who owned investment real estate beginning in 2008).
  • An exploitable inefficiency: For example, many bond mutual funds are mispriced during rapidly moving interest rate markets. This is because of the infrequent trading of the underlying portfolio of individual bonds and mark-to-market accounting rules.
  • A competitive edge: For example, some people have a competitive edge in real estate foreclosure through their banking network and marketing systems. In paper assets, some firms have a competitive edge in computer systems to exploit option pricing inefficiencies. Competitive edge is usually the result of a business system or specialized knowledge applied to investing.

Most people don’t want the scientific rigor and discipline of mathematical expectancy. They prefer the fun and adventure of “story” stocks, investing by the seat of the pants, or trusting in an advisor.

You must ask yourself, “do I invest for fun, or do I invest for profit?”

Don’t confuse the issues.

If you want financial security and consistent profits, then expectancy is a required investment discipline.  money-piggy-bank-smart-save-savings

There’s no way around it.

Growing wealth is governed by mathematics.

It’s science-based around the core principle of mathematical expectation.

Insurance companies don’t gamble, and neither do casino owners … only their customers do.

Both types of businesses rely on mathematical expectation to profit reliably.

You should do the same with your investment strategy.

You either invest scientifically with the odds in your favor based on known, positive, expectation strategies, or you gamble with your financial future. There aren’t any other alternatives.

2nd Investment Strategy Commandment: Thou Shalt Forsaketh the Advice of False Prophets

Never try to outguess the market by following forecasts from the financial media or the latest investment guru.

Don’t fall prey to cover story articles about “10 Hot Stocks to Own for 200X“.  Mature Couple With Financial Advisor Signing Document At Home

Financial forecasts are little more than entertainment, and should never be part of your investment strategy.

“The greatest obstacle to discovery is not ignorance – it is the illusion of knowledge.” Daniel J. Boorstin

Three types of information exist in this world: known, unknown but knowable, and unknowable. Foretelling the future (forecasting) is unknowable.

Any investment strategy predicated on any forecast for the future is inherently flawed because the unknowable has no mathematical expectancy.

It’s gambling — not investing.

3rd Investment Strategy Commandment: Thou Shalt Do Thy Due Diligence

Only invest in what you understand.

If you don’t understand it, then don’t invest.

One of the best ways to expand your investment knowledge is through the due diligence process.

Never skip due diligence and rush into an investment strategy because of time deadlines, someone’s recommendation, or because you believe you should put your capital to work.

“Don’t succumb to the temptations of sloth, laziness, or avoiding inconvenience by neglecting due diligence.” Man doing his accounting, financial adviser working

What you don’t know will cost you when investing … big time. Due diligence is how you learn what you need to know to make an informed investment decision.

Your first task in due diligence is to determine the mathematical expectation for the investment strategy so that you add only investments that increase the expectation of your portfolio. Understanding expectation includes understanding the source of returns and the assumptions underlying the persistence of returns in the future (see Commandment #1).

Your second task in due diligence is to determine the correlation of the investment strategy so that you can build a portfolio of uncorrelated risk profiles to minimize overall portfolio risk (see Commandment #5).

Your third task in due diligence is to understand what risk management strategies will apply to the investment so that you can accurately assess your risk/reward ratio and know how your capital is protected from permanent loss (see Commandment #6).

There are many other criteria to consider for a complete due diligence process, but mathematical expectation, correlation, and risk management form the foundation by which 95% or more of all potential investments can be eliminated from your portfolio.

4th Investment Strategy Commandment: Thou Shalt Compound Returns

success invest

Albert Einstein declared compound growth the eighth wonder of the world … and for good reason. Compound growth is how the average person can attain extraordinary wealth. It’s how lots of little things done right can grow into very big results during your lifetime.

To put compound growth to work for you requires just four actions:

  • Begin investing now (not next month or next year). Procrastination is the number one wealth killer. Every day wasted is another day that compound returns won’t work for you.
  • Invest only in known, positive mathematical expectancy investment strategies.Never risk capital on unknown or negative expectancy investments.
  • Reinvest all profits from your portfolio. Don’t spend the profits from your portfolio until after your passive income exceeds your expenses.
  • Accelerate your compound growth by adding to investment principal from earned income.

When you follow these four steps, wealth changes from a question of “if” to the security of “when”.

“Allowing compound interest to work for you now changes wealth from a question of IF to WHEN.”

5th Investment Strategy Commandment: Thou Shalt Diversify, But Not Di-Worse-ify:

Never place all thy eggs in one basket. Similarly, never spread thy eggs amongst so many baskets that your investment returns become average.

Thou shalt place thy eggs in a carefully selected group of baskets, each with positive mathematical expectation and an uncorrelated risk profile. investment

For example, don’t attempt to diversify by adding a technology mutual fund to a portfolio already concentrated in NASDAQ listed securities.

This will only cause your portfolio to more closely replicate the technology averages.

The two assets are highly correlated.

Similarly, don’t add another real estate asset from the same general location to an existing real estate portfolio.

Property values are primarily determined by local economies, so each asset will behave similarly.

These are examples of di-worse-ifcation because they don’t meaningfully change the risk profile of the portfolio.

They also cause your returns to regress to the mean.

The objective of diversification is to lower the risk profile of your portfolio by adding non-correlated or inversely correlated investment strategies.

This allows the performance of each asset to smooth the performance of the other.

“When investing, make sure you lower your risk by using inversely correlated investment strategies.”

When one zigs, the other should zag.   protect-umbrella-portfolio-saving-money-coin-insurance-rainy-day

For example, an investment strategy utilizing gold and gold stocks is a natural diversifier for a conventional equity portfolio.

They are low or negatively correlated to each other, and both can have a positive mathematical expectation when properly managed.

Real estate is another natural diversifier to a bond or equity portfolio for the same reasons.

The point is to never add more of the same risk profile to any investment portfolio.

Instead, find other investment strategies with an equal or greater mathematical expectation coupled with a low or negatively correlated risk profile.

The result is lower portfolio risk, more consistent profits, and the ability to rest easier knowing you’re diversified (not di-worse-ified).

6th Investment Strategy Commandment: Thou Shalt Invest Defensively

Your first objective with any investment strategy should be “return of” capital, and only after that should you concern yourself with “return on” capital. diversify-stock-invest-goal-plan-money-wealth

The hallmark of consistently profitable investors is their focus on controlling permanent loss of capital through risk management disciplines. You’d be wise to do the same.

Carefully examine every investment strategy to determine its maximum downside risk should Murphy’s Law prevail … because eventually, it will.

Your investment strategy must have built in safe-guards that manage risk exposure and control losses to an acceptable level under both normal conditions and worst case scenarios. The alternative is to accept too much risk into your portfolio (which is a bad thing).

7th Investment Strategy Commandment: Thou Shalt Invest Offensively

At first glance, offensive investing might seem contradictory to Commandment #6 .

The truth is they work together synergistically to form a complete and balanced investment strategy.

Stated another way, you must invest offensively to seek gains while you invest defensively to manage risk and control losses.

Either half of this equation without the other is an incomplete investment strategy.

Your objective as an offensive investor is to maintain and improve purchasing power. money income

You can do this by achieving profits sufficient to overcome the ravages of inflation, currency devaluation, capital losses on other investments, taxes, transactions costs, and more.

History proves this doesn’t happen by stuffing your money under a mattress or in Treasury Bills. An aggressive, offensive strategy is required.

“You can’t build wealth with your money in a mattress. Balance defensive investing strategies with offense.”

The way you sleep at night investing offensively is by controlling risk through defensive investment strategy (see Commandment 6 above).

Isolating the risk exposure to acceptable levels for each strategy and diversifying among non- or low-correlated strategies in one portfolio can provide both strong, positive returns and a controlled, acceptable risk level.

In fact, offensive and defensive investing are flip-sides of the same coin. No investment strategy is complete without either half of the coin.

8th Investment Strategy Commandment: Thou Shalt Avoid Illiquidity

Liquidity refers to the ease with which an investment can be sold and converted into cash.

Certain hedge funds, partnership interests, and real estate are examples of assets that have the potential to become illiquid.

Large cap stocks and bonds are examples of highly liquid investments.  45053804_xxl

The reason liquidity is important is because the risk management tool of last resort (see Commandment #6) is a sell discipline.

If an asset becomes illiquid, then you can’t sell it, which means you can’t control the losses during adverse market conditions.

Loss of liquidity equals loss of flexibility.

Illiquidity places an extra premium on all other risk management tools because it eliminates the possibility of controlling risk by liquidating to cash.

Experience has shown most of my worst losses have resulted from illiquidity restricting my ability to manage my risk exposure.

I’ve learned from the school of hard knocks to approach potentially illiquid investments very cautiously.

 You can learn from this experience and avoid the same mistakes.

“If you have made a mistake, cut your losses as quickly as possible.” Bernard Baruch

9th Investment Strategy Commandment: Thou Shalt Respect (But Not Obsess About) Expenses

Expenses are a cost of doing business.

The business of investing involves management and transaction expenses such as taxes, brokerage fees, and more. money to make money

I’ve seen people lose fortunes because they refused to pay the taxes and transaction costs necessary to exit a formerly good investment.

I have also seen people miss out on great investments because they did not want to pay what appeared to be high management fees.

Neither approach is balanced.

The question you must answer is whether the expense adds value in excess of costs.

Does the management company add value (greater return) to your portfolio net of management fees and expenses, or not?

Does selling the stock add value to your portfolio by lowering risk and redeploying assets to higher mathematical expectation investments net of transaction fees and taxes, or not?

“Don’t miss out on a great investment because of fees. Be willing to pay when expenses add value.”

You must strike a balance.

Don’t be a miser on expenses and miss your next great investment. 25961181_s-1

And don’t be wasteful by paying unnecessarily without receiving a value added benefit.

For example, most loaded mutual funds can be avoided by finding a no-load equivalent and investing the fees saved.

Rarely do loaded funds justify the fees.

Research shows they don’t add value in excess of costs.

Similarly, many high priced hedge funds are now being usurped by specialized mutual funds and ETFs offering a competitive risk/reward profile at a lower cost.

Be smart by willingly paying for value added investment services.

Likewise, always seek to get the greatest value from your investment dollar by not paying for services that don’t add value. Again, balance is the key.

10th Investment Strategy Commandment: Thou Shalt Invest in Thyself

Nothing is more financially dangerous than a million dollar portfolio managed with a thousand dollars worth of financial intelligence.

Your investment skills and knowledge will be reflected in your investment results. farm seed soil grow wealth

If you want to improve your return on investment, then you must first improve your financial intelligence.

That’s where Financial Mentor can help.

The best investment you can make is in yourself because nobody can ever take it away from you, and it will pay you dividends for the rest of your life.

The goal of Financial Mentor’s coaching and educational products is to grow your financial intelligence so you can grow your portfolio.

Let us know how we can help you make your financial dreams come true beginning right now.

Whether you’re going from zero to wealth or better managing the wealth you’ve already accumulated, Financial Mentor is here to support you.

Crucial money lessons every parent must teach their child

The concept of ‘living within your means’ used to be a simple way of life.

In years gone past, credit cards and personal loans were much more difficult to obtain, so there was really no other option.

Today, however, we live in a society that offers easy access to unsecured credit. Saving-Money-for-a-Future-Home-604338470_728x485-e1481796746865

With the average Australian credit card debt hovering around $4,000, it’s obvious that many people don’t have clear and effective rules around budgeting, saving and spending.

It’s not just credit cards that are getting out of hand, either: store cards, personal loans, even loans to cover a trip to the dentist are readily available.

This easy access to credit has significantly blurred the lines of money management for modern households

Developing strong financial ‘common sense’ is essential for everyone, but particularly for property investors, and passing this on to your children truly is the gift that keeps on giving

I don’t know about you, but there are dozens of life lessons I wish I’d learnt earlier, and plenty of them revolve around money.

And if I had a dollar for every time an investor told me, “I wish I’d started buying property sooner…” I’d have another property deposit ready to go!

There are several money lessons that I believe parents should share with their children, but the top ones in my view are:

Money Lesson #1: Know your personal budget

To get ahead financially, you need to know exactly how much you earn and how much you spend – on everything from bills to takeaway meals – without relying on credit to manage your cash flow month-to-month. 


The only way achieve this is with a clear, simple budget.

It doesn’t need to be too detailed, but it does need to give you an overall picture of how much is coming in, how much needs to go out to survive, and how much is leftover afterwards.

But how do you involve your children and teach them this valuable money lesson?

It can start before they’re even earning any pocket money of their own.

Children as young as four and five can understand concepts of earning money and exchanging it for goods

Once they’re old enough to earn a few bucks for washing the car and bathing the dog, you can then start teaching them the art of saving for ‘big ticket items’.

Money Lesson #2: Spend less than you earn

Spending less than you earn is a simple yet crucial step towards reclaiming financial control.  kids-money-learn-teach-coin-child-lesson-school-piggy-bank-mum-mother-parent

However, because some people (perhaps most people?) don’t have a genuine understanding of their income and outgoings, this can be an impossible task to accomplish.

It’s like asking someone to travel no more than 20km between point A and B, when they don’t have any idea whether either location is.

In simple terms, if your family income is $100,000 per year after tax, you should try to make sure you only spend $90,000.

The difference of $10,000 can then be used to pay off bad debts (such as credit cards) in the first instance, before being set aside to invest in your financial future

This lesson is all about empowerment, so be sure to celebrate your financial wins with your kids.

Show them your credit card statement that shows a zero balance, or have fish and chips on the beach to mark your final car payment.

The aim is to ensure they know the value of earning more than you spend.

Money Lesson #3: Develop strong savings habits

We all want the best for our children, which is why a common trap for parents is giving their kids everything they feel they missed out on growing up.

Trampoline in the backyard? child-children-money-learn-teach-rich-poor-lesson-family-budget


Brand new clothes and shoes each season? 


Entitled, impatient attitude geared towards instant gratification?


It may make you feel good to give your child all the toys and gadgets they desire, but in doing so you’re not doing them any favours.

The lesson you want to demonstrate is not one of instant gratification, but one that shows how much reward comes from putting in incremental amounts of effort.

If your child patiently saves $2 per week for a few months to buy a $20 toy, how much do think they’re going to love their new prize?

And more importantly, when lessons like this are learnt young, will it encourage them to manage their money more smartly as they get older?

Money Lesson #4: Invest in appreciating assets

One of the most important lessons I believe you can teach your children is the difference between ‘good debt’ and ‘bad debt’.

In very simple terms, bad debt applies to any purchase that depreciates in value.

A car, a handbag, a boat, a new iPhone: all great examples of items that begin losing value the moment they’re in your position.

Good debts, on the other hand, are investments that are likely to increase your net worth, such as property, shares and term deposits.

That’s not to say that you should never buy a car or a boat – my suggestion is simply that when you do, you should be aiming to pay cash, rather than paying interest on an item that is quickly depreciating in value.

Money Lesson #5: Become financially fluent

It boggles my mind that our education system supports teaching maths, economics, business studies and accounting – but the idea of personal finances?

Nothing to see (or learn) here! mind-set-rich-money-lesson-think-motivational-learn-teach-money

As adults, we can all agree that we have some past financial regrets or missteps and unfortunately, there’s a really good reason for that: most of us were never taught how to manage money.

Just one generation ago, people were much more reticent about discussing money, particularly when it came to sharing financial mistakes.

The ‘head in the sand’ approach was much more acceptable to the point where almost all money conversations were traditionally off limits.

The times are (thankfully) changing and now, families are beginning to appreciate the importance of being open and honest about money management.

One of the most important life tools you can equip your children with is an understanding of how the world of finance really works – from interest rates and credit card debts, to tax and budgeting, and everything in between. 

Money Lesson #6: Surround yourself with smarter people

If you’re the smartest person in your team, you’re in trouble.

The most successful people in the world know this, so it’s an important lesson to share with your tiny protégés.

Surrounding yourself with good people is essential if you want to get ahead in any area, because successful people lift you up to their level.

They inspire and motivate, and lead by example.

Better yet, they encourage you to explore ideas and situations that you may not normally pursue on your own.

Of course, your child’s first experience of someone they look up to will be you!

So the best way to educate your kids on all things money and finance is to ensure you do a great job of educating yourself. 

Money Lesson #7: Get a mentor

In so many areas of life, we teach our children to look towards more accomplished and experienced people for guidance.

From their very early days spent at day care and pre-school, through to their schooling years, their involvement in sports, and even tutoring with their school work, they are taught that in order to learn new skills, they need to seek help and support. Help

Why should it be any different when it comes to money?

Mentors have been helping everyday people become more successful in various facets of life for centuries.

A mentor is essentially someone who inspires you, who has achieved what you want to achieve and importantly, who has kept it for a long time.

So whether you want to become a pro-level tennis player, learn to speak Spanish or master property investor, it makes sense to turn to an expert for formal advice.

Now, whilst I advocate for surrounding yourself with smarter people, including mentors, it comes with this strict caveat: you must qualify your experts.

There are far too many sharks and spruikers out there who are angling to make a quick buck, so be sure to interview any mentor you decide to add to your team. 

Money Lesson #8: Organise your paper trail

Successful people share many traits, including drive, determination, resilience and a positive, can-do attitude.

But do you want to know one trait that often goes over-looked?

Simple: it’s being organised! 

If you’ve ever asked a successful business person to retrieve an important document, recite an important figure or share details of an important deal, they won’t be scrounging around a desk 6354732_llittered in paperwork trying to find the information.

Instead, they are usually carefully organised with established systems, procedures and support networks in place to ensure they never miss a beat.

Teaching your children to be organised will pay dividends in so many areas of their life.

When they’re older and doing grown up things, like filing their taxes or applying for a loan, they’re be grateful that you taught them to maintain a tidy paper trail.

And in the meantime, having kids who know how to keep their homework organised and tidy up after themselves can’t hurt, can it?

There are plenty of other money messages you may want to share with your kids, but these lessons offer a good grounding in financial literacy and independence.

It’s never too early to start teaching your children how money works – and of course, showing them how it’s down is always far more powerful than simply telling them.

20 life changing lessons to start your week

Here’s a selection of great inspirational quotes to start off your week – many from some great thought leaders.

Some would even call these life changing lessons:

“Respect your efforts, respect yourself. Self-respect leads to self-discipline. When you have both firmly under your belt, that’s real power.” -CLINT EASTWOOD-

“The past is a great place and I don’t want to erase it or to regret it, but I don’t want to be its prisoner either.”-MICK JAGGER-


“Truth is like the sun. You can shut it out for a time, but it ain’t going away.”-ELVIS-

“Life’s tough, but it’s tougher when you’re stupid.”-JOHN WAYNE-


“A lot of people give up just before they’re about to make it. You know you never know when that next obstacle is going to be the last one.”-CHUCK NORRIS-

“The minute that you’re not learning I believe you’re dead.”-JACK NICHOLSON-


“Your time is limited, so don’t waste it, living someone else’s life.”-STEVE JOBS-

“Believe you can and you’re half way there.”-THEODORE ROOSEVELT-


‘Either you run the day, or the day runs you.”-JIM ROHN-

“Ask and it will be given to you; search, and you will find; knock and the door will be opened for you.”-MATTHEW 7:7-8-


“The mind is everything. What you think you become.”-BUDDHA-

“Winning isn’t everything, but wanting to win is.”-VINCE LOMBARDI-


“A person who never made a mistake never tried anything new.”-ALBERT EINSTEIN-

“I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.”-MICHAEL JORDAN-

Bonus Quote:

pablo (13)