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Michael Yardney Podcast

Insightful, educational and always interesting

Listen and learn from Michael Yardney, Australia’s most trusted property commentator and a group of experts as they discuss Property Investment, Success, Money and Finance to help you multiply your wealth.
While Michael is best known as a property expert, he is also Australia’s leading authority in the psychology of success and wealth creation. You’ll enjoy the way he challenges traditional finance advice with innovative ideas on real estate investing, personal finance and wealth creation. 
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Feb 23, 2022

If you're an ambitious person who dreams of being super successful, it's natural to look up to those who have already made it and ask:

How did they do it?

Was it incredible talent? Focus? Hard work?

What techniques or strategies did they use that I can steal?

Now it’s the same whether we’re talking about property investing, business success, or entrepreneurship.

There's only one problem with that approach, according to some fascinating new science highlighted by the MIT Technology Review and also a handful of honest investors and entrepreneurs, luck plays a way bigger role in success than most of us acknowledge.

If you try to follow the path of your role models without acknowledging that fact, you're likely to run into some very serious problems.

So, in today’s episode, I’m going to be joined by my business partner and founder of Business Accelerator Mastermind Mark Creedon as we discussed the importance of luck in your success.

And whether you’re a business owner, professional, entrepreneur, or property investor I’m sure I’ll get some benefit from our chat, so welcome to today’s show.

What role does luck play in your success?

I recently read an MIT article that highlighted something I already knew - success isn’t evenly spread through the population.

In fact, its distribution follows a pattern where a tiny number of people end up with the vast majority of the money, or a small group of business owners significantly more successful than the rest, or whatever other marker of material success you're looking at.

Like many things in life success follows the Pareto principle - the 8020 rule, but if you think about it; it’s a little unusual because talent and intelligence are spread much more evenly throughout the population.

So why are some people so much more successful than others just like really have a role to play?

In my mind, the biggest thing that holds people back from becoming rich is their thinking.

As we explain in Rich Habits Poor habits - your thoughts lead to your feelings – your feelings lead to your actions, and your actions lead to a result. so, your outside world is a direct reflection of the inside world.

And we have found that the way the rich think is very different from the way the poor think.

  • The Rich Are Positive Thinkers – A positive mental outlook is critical to overcoming problems, obstacles, pitfalls, mistakes, and failures. Staying positive is a critical component to becoming wealthy. Positivity is like a radar in search of solutions to intractable problems.
  • The Poor Are Negative Thinkers – Negative thinkers are unable to see solutions to problems.
    Thus, they are unable to overcome obstacles, pitfalls, mistakes, and failures.
    Opportunities pass them by because they are not looking for opportunities. They are too focused on the negative consequences.
  • The Rich Are Decision-Makers –Forging the habit of making decisions is critical to success.
    Those who develop the habit of making decisions are sought after as leaders, by others.
    Decision-makers have forged the habit of overcoming the fear of making decisions along with the paralysis of analysis associated with those unable to make decisions.
  • The Poor Let Others Make Decisions –They succumb to the fear of making a decision. They get lost in analysis and overthinking, which is a form of procrastination. The poor feel uncomfortable about making decisions, so they defer to others.

What’s more, you need the right mindset to be lucky.

Another thing I found is that luck finds positive people — people who seek out opportunities.

And luck favors the persistent.

All successful investors, businesspeople, and entrepreneurs have failed more often than unsuccessful people.

They became a success at failing and survived until they became lucky and thrived.

Luck is a reward for persistence.

The fact is, those who try the hardest are the luckiest.

Or, more accurately, they simply never stopped trying to succeed and their persistence eventually created good luck.

Those who reach the top in property investment set themselves up to get lucky because they:

  • Set long-term goals — They bring their future into the present so they can do something about it now, rather than just hoping it will all turn out all right.
  • Delay gratification — they spend less than they earn, so they can save and invest the difference, meaning they’ll have lots of money to spend in the future.
  • Understand the importance of capital growth of their assets.
  • Continuously study the markets and are relentless optimists who don’t get scared by the property pessimists who worry that our markets will crash.
  • Are risk-averse and, rather than speculating, invest using a time-tested strategy that allows them to say no to more so-called “opportunities” than they say yes to.
  • Are decisive — while they’re not in a hurry to find a good investment opportunity when one arrives (when luck smiles on them) they’re in a hurry to secure it.
  • Specialize rather than diversify — that’s how they become an expert in their field.
  • Treat their property investments like a business — being financially accountable and regularly reviewing their portfolio’s performance.
  • Build a team of consultants and mentors around them, recognizing that this is an investment, not an expense.
  • Admit to their mistakes and correct them.
  • Don’t blame others — they take full responsibility for the results in all areas of their life because they know that ultimately, they are based on the decisions and choices they made.
  • Celebrate their successes along the way knowing if they don’t enjoy the journey they won’t enjoy the destination.

In my mind, creating luck boils down to doing specific things that increase your chances for luck to occur.

  • Step #1 Pursue a Dream
  • Step #2 Create Specific Goals Around That Dream
  • Step #3 Define All of the Goals You Must Achieve in Order to Realize Your Dream
  • Step #4 Take Repetitive Daily Action Around Each Individual Goal – Eventually, Those Actions Will Become Habit – This is Often Referred to as Persistence
  • Step #5 Engage in Those Daily Habits Forever
  • Step #6 Wait For That Lucky Break

None of the success formulas in the world will produce success unless the formula provides you with specific action steps you need to take in order to create Luck.

Good daily habits automate persistence and persistence creates Luck.

In summary:

The bottom line is, like it or not, luck plays an outsized role in success.

The right response isn't to pretend that you can somehow outwit or outwork that reality (though it is true you'll definitely not succeed if you learn nothing and sit on the couch all day). Instead, increase your odds of hitting the success jackpot by developing Rich habits.

Links and Resources:

Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us

Why not join Metropole’s Business Accelerator Mastermind

Learn more about Mark Creedon – Business Coach to some of Australia’s leading entrepreneurs 

Get a copy of Mark’s new book here – Have a business not a job

Shownotes plus more here: Why luck matters more than you might think – in your property investments and success in general

Some of our favorite quotes from the show:

“I believe we’re all driving around with one foot on the accelerator and another on the brake.” – Michael Yardney

“A lot of people call themselves mentors in the property space when really that’s just cloaking themselves from being property marketers or salespeople.” – Michael Yardney

“While cash flow keeps them in the game, it’s capital gain that will get them out of the rat race.” –Michael Yardney


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