Michael Yardney's Mindset Mentorship Program

[vizion]

Hi everyone,

I'm considering signing up for Michael Yardney's property investing mindset mentorship program. I'm fairly new to investing but from what I've been reading and observing the way you think is certainly at the stop of the list of factors that make you successful or not successful at it. Can current or past participants in the program chime in.

Have you found that you've gotten a lot out of the program, to what extent do you feel that it affected your results? Would you recommend the program, do you feel that it is money well spent?

Are there other similar programs with a focus on mindset to consider?

 

[mikezen]

I don't know about mickys programme but I would like to contribute a little something about the mind that I have experienced that has helped me with my life including investing

most people don't realise how their mind and thoughts control their actions emotions and actually everything in their life as much as what they do...

well some of us do know, but trying to describe what life is really like not controlled by it all is fairly difficult ..you have to experience it and most cant be bothered, they would rather try to scratch their feet with their shoes on or band aid it all up w booze, drugs, self help books, convenient relationships etc etc

a retreat will provide insight into this, with a minimum of 3 days of intensive meditation, this will slow the mind down enough for a person to see what life is like not controlled by their thoughts and emotions

Anyone that has never spent 3 days of trying to slow their mind down, will not know the possibility of living any other way than what they do (about 99% of humanity) Which is very sad for many that are silently suffering unnecessarily

you see thoughts are like clouds around a mountain, we can see them and believe they r there, but when you climb up the mountain (meditation) you realise that the clouds don't really exist like you thought they did, you discover that they r just wet air that you can put your hand through and your feeling towards them change and you climb down the mountain with a different view of them and hence quite miraculously everything else in your life changes too

so this I ask you, if your attitude towards your thoughts changed then surely you life would change? yes ...and your view on life would change? yes? of course it would because our minds control our lives (this is also what mick y will prob teach you)

So the thing is with investing and the mind that I have found is this

-nothing in life is certain and everything will always change wether we like it or not, but true happiness and action come from how we are effected by our thoughts in regards to what situation is happening atm, so when you take the plunge and all you see is fear, developing a skill to deal with that is going to be quite effective, except you can utilise this skill to help benefit your entire life and to also help others

so if you sign up to mickys programme and he reprograms your mind to invest like Donald trump and things don't work out, how will you feel?

what if you don't sign up out of fear and never invest out of fear how will you look back on your life?

what If you invest and things don't work out and you lose it all? or get cancer and die 1 day before you cashed in your entire 5 mill portfolio?

the dialogue that runs through your head will determine the strength of the physical emotion you feel in regards to each situations outcome, good or bad

seeing the fictional dialogue as just clouds around a mountain and being able too smile at them while your house burns down around you is the best investment you could ever make

disclaimer (no advice in this post, just a comment from my experiences, , )

 

[ok180]

Mindset mentorship program... What a w@nk

 

[geoffw]

That sort of program can be worth while- but I'd start by educating yourself, and trying to meet up with people who are also on a similar wavelength.

There's a number of books available, including several by Michael Yardney. Start with Jan Somers, MY's will give you an idea of his own mindset which may help you to decide.

 

[Mumbai Indians]

Property investing Art & Science

Hi Mate,

As most of the thing in life Property Investing is also an Art & Science. Thought / Action; Skills / tools & your mind set.

Depends on where your skill gaps are or your key handicaps are.

I would rather spend some time & energy in learning skills (Science) look for developing a strong network or team to assist me and then go investing in mindset or approach options.

Don't know the amount that you are planning to invest, but please consider your options carefully.

Lot of people on this forum have give some very good advice for free.

 

[TPI]

How much does the course cost?

 

[vizion]

Thanks for the contribution, guys.
I'm familiar with the feeling, mikezen. I have done meditation and study in this area, I think I've got a fairly good control of my emotions and being able to realize that I can drive and control the emotion by separating from it rather than letting it drive me. Of course, I can always improve on this. There certainly are situations that tip me off the balance but these instances are less frequent these days and I do find that I catch myself getting into a reactive mode. I think I need to get better at reducing multitasking that I do though because that can introduce unnecessary noise.

geoffw, yes, I'm in the process of gathering knowledge. I've read books by Michael Yardney, Margaret Lomas, Pete Wargent and others and I'm continuing doing so. I'm currently reading the book called "Emotionally Intelligent Investor":
http://www.amazon.com/The-Emotionally-Intelligent-Investor-self-awareness/dp/0615688322

As more of an analytical person I recognize the value of knowledge. I also recognize that for me the knowledge part may not be easy but it is simple in that you can gather that through materials such as books and I'm good at learning that way.

Also a great point about the network of people. I have started moving on that path and have started building that network. However, being in Northern Queensland, my thinking was that mentorship-type programs may be more cost and time ?effective than travelling to capital cities for events (which I have done some of, too).

TPI, the cost of the course is $3,000 over 15 months.

Mumbai Indians, thanks for the points. I think I need to develop my network more. Gathering of knowledge is relatively easy for me to do given where I am and my personality.

I believe the financial education I received from my family was not productive i.e. ?you can?t do what you like to do as well as make money?, ?money is bad?, ?government owes it to us to look after our needs? etc. My family was not very good with money and investing was not something considered much. I am guessing that this sort of programming may be holding me back in ways that I don?t realize. So how do I overcome these sorts of things that may be behind the scenes? Any suggestions?

 

[ok180]

So from what i gather you have not purchased a property but want to spend a few grand and was a year and a half getting your noggin straight?

Free advice, spend a few hours a week on this forum and pick up Jans book for $30 odd dollars. Put the $2,970 left over towards a deposit for an IP.

 

[devank]

What a great post mikezen! I hear the benefits of meditation over and over again but can never bring myself to give it a go. Maybe I will get better with age

I went to one of MY's one day seminar thanks to a free ticket by a forum member. I should admit that I was a bit captivated by him when he started talking about 'spiritual' stuff. Little 'pride' within me felt a bit shame though

 

[HD_ACE]

I almost did once after reading a few of his books.
In researching it came accross this forum.

Have not looked back since.

Cheers

 

[vizion]

ok180,
I've purchased my first property about a year ago. I'll be looking at the possibility of getting into a second one once I've got the deposit. I suppose that may be 6-12 months away depending on how much I can save, the finance I can get and whether I can get any equity out of the first purchase.

HD_ACE, ok180,
Good point about the forum and saving the money to buy property.

 

[knightm]

I have a mate who has signed up for buyers agent service in Sydney with Michael Yardney and is currently sitting through the mentoring bit. He is very happy so far, most of the resources are based on freely available material (check out Think and Grow Rich, Working with the Law, etc) so everything could be done cheaper (thats how I've been doing it) but having a mentor forces you to progress and take it seriously so it probably speeds most people up on the journey. Its also part of building the "mastermind" or the group of likeminded people who can share the skills, knowledge and passion for progression. If you have no one else in your life to talk about this stuff then it would be even more important.

I think there is a place for it, its not for me right now because I am lucky enough to have access to a great group of people and am self directed with reading etc.

Like others one crucial step is to take action, perhaps buying a cheap 2nd IP which will also provide some great education for future yrs. You need to do enough research to feel like you aren't buying a dud but not so much that you have contracted the deadly disease "analysis paralysis". Which is fatal and kills far more investment dreams than any technical mistake.

Keep heading in the right direction.

 

[MTR]

I have also read threads on SS where the BA service has been very poor. Its not a given if someone has a good experience that this will be the case across the board, one needs to do lots and lots of homework.

At one point, some years ago there was also a thread on Yardney and the project management service he provided, not sure whether he still continues to do this.

They would oversee the project management of a 3/4 unit site development, not sure whether they sourced the property, but the criteria for the location of properties IMO was flawed.

The thread was very interesting as MY client (ss member) posted in detail the progress. The fees were outrageous and the management of the project was poor in general. The member who posted would have lost money (time/budget blow outs), if it were not for the fact that the Melb market started to rise .... which saved the day.

Back to the mentoring program, before signing up I would personally like to know whether MY still promotes LOE (living off equity)?? Is so, then I would not touch it as this strategy is high risk. Is he also still promoting only blue chip areas?? What are the fees????

It is also interesting for me that the few people I have met who have completed mentoring programs always seem to be chasing their tail and have had very average results. Perhaps this is more about someone's personality, throwing $ at someone will not be the real answer.

MTR

 

[knightm]

Good points and questions MTR.

I don't know whether LOE is still MY's end game - will ask my mate when I see him next.

Also will be interest to hear from others if they have used the BA service how good it was - doubt I would ever use a development project management service though. My mates goal was more to use the BA to get into a hot sydney suburb at a fair price that he would have struggled to buy into at a good price being a long way from Sydney.

 

[HD_ACE]

Good points and questions MTR.

I don't know whether LOE is still MY's end game - will ask my mate when I see him next.

Also will be interest to hear from others if they have used the BA service how good it was - doubt I would ever use a development project management service though. My mates goal was more to use the BA to get into a hot sydney suburb at a fair price that he would have struggled to buy into at a good price being a long way from Sydney.

Still LOE.
But you have to make your own equity.
Which is how he promotes his development arm.

cheers

 

[vizion]

Great points, thanks for the encouragement knightm.

MTR, I went to the a recent property update seminar and the strategy is still leveraging the equity. However, Michael is now suggesting re-balancing the portfolio to include more commercial property with greater yields as one gets closer to needing the income. His strategy is still buying residential property in the blue chip middle ring suburbs during the asset accumulation stage in investing career and adding value through renovations or development.

Similarly to knightm, I'd be interested in people's experience with buyer agent services. I'm thinking of it as adding confidence in a purchase and buying well being far away from capital cities.

A friend of mine that recently purchased through Metropole said that the fee was around 2.75% of the purchase price which would be about $14,000 on a $500,000 property. The downside is while this may be a safeguard from making mistakes, it might not be as good a learning experience as making my own way with it.

 

[geoffw]

I don't have any problem with using a buyer's agent. For me I see it as leveraging from the skills of others- especially in situations where I am time poor. Just make sure that you know enough about your target area that you can recognise what is good.

 

[lizzie]

I'll go against the grain here and say that I did the course around 5 years back (although slacked off and didn't finish it but what I did do was life changing ... I have it all printed out ready to go again).

I think I paid around $1,800 at the time - AND - I found it extremely beneficial. Not so much in my property investing but in most every aspect of my life.

I did not realise I had certain mental roadblocks that were stopping me achieving, which are now gone, and I did not realise how much I was limiting myself by focusing on the small and immediate future.

If I'd done this course at the beginning of my investing career I reckon I would've been long retired and sunning myself in the south of France ... it was that good FOR ME.

That being said - I did not purchase any property thru MY or ever intended to ... I was quite capable of doing that by myself.

 

[TPI]

Have you read any of these books (see below) on mindset?

The Millionaire Next Door by Thomas J. Stanley and William D. Danko
Think and Grow Rich by Napoleon Hill
Awaken the Giant Within by Anthony Robbins
The Seven Habits of Highly Effective People by Steven Covey
Affluenza by Clive Hamilton

These are ones I would recommend reading and will give you great value for money, rather than paying upfront for a course like this.

But that said, I can see where there can be value in having some mentoring and networking with others.

And the cost is relative I guess, ie. if you're on a 300k pa salary a 3k course fee isn't a huge price to pay.

 

[geoffw]

... Or if such mentoring can produce an income far in excess of what you spend, then it's money well spent.

I once spent $3K on an investment course, with Peter Spann. It introduced me to property investing. It's probably been worth well in excess of $1M (and growing)