Melanie McDonald's 7 lessons for success

[Andrew_A]

I would like to share Melanie McDonald's 7 rules of success stated at the talk she gave at the recent Brisbane Investor Group meeting.

1) It's better to know nothing and do a lot than to know a lot and do nothing!
2) Everybody falls over. Don't get mad at yourself, failure is am important part of achievement often.
3) Mistakes happen - Don't dwell on them. (Though if you get bitten by a dog three different times, it's not the dogs fault anymore!)
4) Don't burn your bridges. Bomb them! (But not the people on the other side) Don't give yourself an easy out when you are chasing success.
5) Watchout for guru's. There is nothing easy about generating an income (passive or not)
6) You don't have to be good at anything! You just need to attract good people. Find someone who has the skills you need.
7) Try stuff! Some works, some doesn't. So what?

WaySolid

 

[Garry K]

Thanks Way..

But who is she

And why to these "things" always come in sevens

eg
7 Habits of Highly Effective People
7 Steps to Wealth ( John Fitzgerald)

I think I'll post this in Coffee Lounge to see what other seven lists there are.

GarryK

 

[Andrew_A]

She is some silly Kiwi millionaire

There is a profile of her in a recent Australian Property Investor Magazine.

She is the director of the "Line Management Institue of Training" which is due to make BRW's 100 fastest growing companies list. She has made a motza on commercial property in Brisbane recently and is into buying/helping business's as well. She started her property journey with renovations.

Her lack of knowledge when starting her property investing is a very funny tale and she is a living testament to her rules of success!

She has a refreshing lack of pretence for someone who has achieved so much and I found her talk inspiring.

She also has a very attractive assistant called Jade

 

[see_change]

logical except for

4) Don't burn your bridges. Bomb them! (But not the people on the other side) Don't give yourself an easy out when you are chasing success.

I like to keep as many options open as possible. Why not give your self a way out? Why not try to cover as many eventualities as possible?

Just seems common sense to me.

See Change

 

[Serendipity]

logical except for

4) Don't burn your bridges. Bomb them! (But not the people on the other side) Don't give yourself an easy out when you are chasing success.

I like to keep as many options open as possible. Why not give your self a way out? Why not try to cover as many eventualities as possible?

Just seems common sense to me.

See Change

Sounds like a paraphrasing of one of the earlier chapters of Think And Grow Rich. As I recall, Mr Hill (like Ms McDonald, apparently) was of the opinion that if any of the options that one kept open were "easier" than the persistence required for success, then the temptation would be too great to opt for it!

Of course, both seem to be ignoring the advice of the infinitely wiser W. C. Fields:

"If at first you don't succeed, try, try again. Then quit. No use being a damn fool about it."

Cheers,
S

 

[kierank]

logical except for

4) Don't burn your bridges. Bomb them! (But not the people on the other side) Don't give yourself an easy out when you are chasing success.

I like to keep as many options open as possible. Why not give your self a way out? Why not try to cover as many eventualities as possible?

Just seems common sense to me.

See Change

SC,

I think you may be a little harsh here. I was at the BIG meeting and I believe MM wasn't referring to not "having as many options open as possible". I understood she was more referring to people "who walk across a bridge" and then "run back at the first little hurdle". So I believe MM was more talking about commitment and perseverance (something that I believe investors need a lot of). For some people, that might mean "blowing up the bridge".

Risk management is a totally different topic - if one does "bomb the bridge", then you may need to have "a rescue boat or copter on stand-by".

KieranK

 

[see_change]

SC,

I think you may be a little harsh here. I was at the BIG meeting and I believe MM wasn't referring to not "having as many options open as possible". I understood she was more referring to people "who walk across a bridge" and then "run back at the first little hurdle". So I believe MM was more talking about commitment and perseverance (something that I believe investors need a lot of). For some people, that might mean "blowing up the bridge".


KieranK

While this may have been the context in the talk, taken out of that context ( which it is on this post ) it could lead to people over exposing themselves or putting them into positions from which they may have trouble extricating themselves.

Of course if they dumb enought to act on the advice of someone else, without fully understanding their own situation.....

See Change

 

[Glebe]

7 lessons for success type stuff is a bit like a fast food version of information digestion. I wouldn't worry about it too much.

 

[House_Keeper]

Thanks for sharing that, WaySolid, I found theses 7 rules quite insightful.

 

[Andrew_A]

I thought I might bump this thread seeing as Melanie is online and blogging now with some informative content, also her book 'Capitalist Hippy' is an excellent read for anybody interested in property and business.

The Capitalist Hippy Blog
Business Renovators Blog

** edit.. just noticed my second post in this thread doesn't read too well, actually it was based on the spirit of her talk where she described herself in a similar way. Personally I'm in awe of what she has accomplished.

 

[Piston Broke]

thus 7 rules for failure

1)Study or analyse and learn
2)Try not to fail, cover your bases and put a pillow on the floor.
3)Dwell and study your mistakes so you don't do them again.
4)Examine many options and opinions. Many roads lead to Rome.
5)Don't question those interviewed in the investment media.
6)Learn a few skills well and focus on them.
7)Have a plan before you do anything.

Very Liquid

 

[Dazz]

Personally I'm in awe of what she has accomplished.

Hi Andrew,


Read both of the links provided and followed them both down every electronic burrow connected.


Was looking for her motza....any motza at all, but came up empty handed.


What constitutes "awe" nowadays ??


BTW - there is a nice Greek I think girl down in Melbourne with at least 47 mistakes to be aware of. She sounds heaps better than just 7.....although having spoken with her at a recent WAIP presentation, she did say she had 55 to write down, but the publishers insisted that she conform to their layout, and so the editor instructed her to get rid of enough to fit their format.

Ended up having to lop off 8 to make it fit....hence the 47. I found it amusing at least to hear that from the horse's mouth, practicalities of life.

 

[cu@thetop]

The sequel:
The 8 mistakes in property investment that they tried to censor
or
8 property investing mistakes they don't want you to know

Follow it up with a couple of $895/day reduced to $495 with free book if register early seminars. That is where the real money is.

 

[SKM]

I have learned a few more lessons since 2004

Thought I would stop being a lurker and put my 10c in since my name seems to be in the title of the thread.
Thanks Andrew for the kind words.
And if I knew what my motza was (must be those kiwi cultural differences) and where in the electronic burrow I should have stashed it I would put it there for Dazz to examine

I enjoy reading somersoft, have been writing bits here and there on my blog and thought it was pretty much unpublished as I hadn't promoted it but I see it has had a bit of traffic from here so thanks- and please forgive me in advance if I wander off and stop writing- we the unemployed are a bit unreliable at times!

Cheers
Melanie MacDonald
(Silly Kiwi Millionaire- apparently )
(thinking I might have used more than the allowed number of those smiley things- never let an engineer near a graphics program)

 

[Buzz]

Mel, obviously your 7 lessons for success have worked for you. Having retired from the rat race and now enjoying unemployment. Well done it is a position that most on this forum would aspire too so it is great to have someone who has done it contributing.

For the rest of us, I am keen to learn from successful people both from their opportunities and mistakes. This helps me define what I do with my strategies so I too can be unemployed one day too, problem is my only hobby is talking to people about property investing so I guess retiring is out of the question for me.

As people have been speaking about you since 2004 on Somersoft qudos to you and if you do find out what a motza thing is let us know.

I am signing up to your blog now, thanks for continuing to share your thoughts and not retiring from helping others.

Jane

 

[cu@thetop]

Thought I would stop being a lurker and put my 10c in since my name seems to be in the title of the thread.
Thanks Andrew for the kind words.
And if I knew what my motza was (must be those kiwi cultural differences) and where in the electronic burrow I should have stashed it I would put it there for Dazz to examine

I enjoy reading somersoft, have been writing bits here and there on my blog and thought it was pretty much unpublished as I hadn't promoted it but I see it has had a bit of traffic from here so thanks- and please forgive me in advance if I wander off and stop writing- we the unemployed are a bit unreliable at times!

Cheers
Melanie MacDonald
(Silly Kiwi Millionaire- apparently )
(thinking I might have used more than the allowed number of those smiley things- never let an engineer near a graphics program)

Always good to hear both sides of the story. Are you able to share with us details of some of the successful real estate deals (or the unsuccessful ones) that have helped you retire early. I know we have many unemployed kiwis here (except rugby coaches apparently ) so I take it as a bit of a misnomer and you are in fact self funded.

 

[WinstonWolfe]

I saw SKM back at a BIG meeting in 04 and read her book.......regarding her first property purchase, I thought, how could someone be so....so.....SILLY ....but the way she turned around that mistake revealed personality and resourcefulness rare in young people today.

SKM's point of difference is that she has the natural smarts and creative energy to have moved on from property and made a motza in the broader conventional commercial sphere.

When I compare Melanie's and say, Peter Spann's journey, I'd want my kids emulating Melanie, no competition.

As for her blog, well, I think anyone who has the time and motive to blog regularly week after week, is more likely doing so because they can't think of anything better to do....a little bit like people who twitter or facebook daily. So erratic blog entries are ok by me.

 

[Ausprop]

I would like to share Melanie McDonald's 7 rules of success stated at the talk she gave at the recent Brisbane Investor Group meeting.

1) It's better to know nothing and do a lot than to know a lot and do nothing!
2) Everybody falls over. Don't get mad at yourself, failure is am important part of achievement often.
3) Mistakes happen - Don't dwell on them. (Though if you get bitten by a dog three different times, it's not the dogs fault anymore!)
4) Don't burn your bridges. Bomb them! (But not the people on the other side) Don't give yourself an easy out when you are chasing success.
5) Watchout for guru's. There is nothing easy about generating an income (passive or not)
6) You don't have to be good at anything! You just need to attract good people. Find someone who has the skills you need.
7) Try stuff! Some works, some doesn't. So what?

WaySolid

I like most of the points except 1 and 4. 1 because runnign around like a loose cannon with no idea what you are doing sounds ludicrous and a recipe for disaster, 4 because when you really do need a parachute you woul dbe glad you didn't toss it

 

[WinstonWolfe]

I like most of the points except 1 and 4. 1 because runnign around like a loose cannon with no idea what you are doing sounds ludicrous and a recipe for disaster, 4 because when you really do need a parachute you woul dbe glad you didn't toss it

Aus, I think no.1 touches on an interesting point, that different personalities probably need different rules.

Some people are naturally mentally and emotionally energetic and robust.
These types are more likely to have the resilience to climb out of a lot of holes.

Others with less animal spirit, need to measure risk more carefully, as they won't have the same vitality to climb out of as many holes.

A healthy world needs both types.

 

[SKM]

I like most of the points except 1 and 4. 1 because runnign around like a loose cannon with no idea what you are doing sounds ludicrous and a recipe for disaster, 4 because when you really do need a parachute you woul dbe glad you didn't toss it

Perhaps I should have made point 1 `it's best to know something and use it but if you have a choice between taking action without being an expert vs spending your life knowing stuff and not doing anything with it I would vote for option A'. That was something I learned as I found that just taking action and asking questions as I went got me further as I learned along the way rather than sitting around learning more stuff without using it.
But everyone is different- would never suggest that what has worked for me is right for other people to do.
And I am a big fan of learning- blame the school teacher parents!

Re the `bomb the bridges' thing- that darn Napoleon Hill- I thought it was my idea. I did read his book but didn't understand any of it! For me, I need to fully commit to something for it to work. I let my gender down I know but I'm not much of a multitasker. Someone wise once said you need 'a deadline, a consequence, and no alternative' and that's always worked for me. For those people who were the types who did their homework more than half an hour before it was due they could probably succeed and have less sleepless nights without the adrenaline.

To the question about sharing examples (don't know how to put multiple references to other postings in sorry)- yes am happy to. No idea where to start though. In a nutshell I did a dozen or so renos in NZ in my 20s while I was having a corporate career, came to Aus, discovered that empty commercial property was worth less than tenanted, so started buying or optioning commercial properties while buying or starting and growing businesses and putting them in the premises as the tenant. Got a company into the BRW Fast 100 a few years ago and last year sold one to a publicly listed company. Decided to retire so spent a few months driving around Europe and north africa and am now over this retirement caper (there aren't many people to play with in my age group- they all have babies or jobs) and am back looking for opportunities to buy although I'm happy spending half the year travelling so don't want anything that involves too much long term commitment. Am living quite comfortably off my rents (so yes not really an unemployed kiwi). Wrote a book a few years ago before I knew any better, fortunately it's all sold out now, still love writing so have started a blog.

And I'd say that would be enough from me- happy to answer any questions if anyone wants to pick my brains about anything in particular.
Cheers,
Melanie