Would you like to take a peek behind the curtains to understand what goes on at our Wealth Retreat each year?
This year’s Wealth Retreat on the Gold Coast has now been and gone, but the lessons remain.
It is not only what we learned from the world class presenters up on stage, but also what we learned from other guests.
After all, how often do you find yourself in a room full of successful, like-minded people, that walk and talk the same language.
Opportunities like this are few and far between and not to be missed.
While I could go on all day talking about the 5-day event, I have short listed the three most popular take aways our clients took away.
Many think this is a property event, but as you will soon found out, there is much more to it!
Here are my thoughts
Lesson 1 – Creating Wealth is a Process, Not an Event
Are you waiting for a big change of luck or maybe a once-off event to boost your wealth?
If you are like the majority of Australians, winning the Lottery may feel like the only option to becoming wealthy.
When I started my wealth journey, I was always waiting for something “big” to happen.
I too played the lottery and waited and hoped.
Maybe one day I would buy a property and develop it to then sell for a huge profit.
I was searching for a once-off event, but it never seemed to come.
To my relief and probably yours, I found out there is a better way.
Michael Yardney had a great session where he explained is about using a specific framework to find a pathway to your goals.
We started out by working out what our end goal is, that is what we would like to achieve and in what timeframe.
Then by following the proven framework, we can reverse engineer and put the steps in place to understand what is required to get there.
I found some solace in this exercise, as I now had a blueprint to my goals and they no longer appeared as a dream or wish.
It also gave me a level of certainty as no longer did I have to focus on the short term, getting the timing right, worrying about interest rates or black swan events.
I walked away with a greater level of direction and certainty, more than at any stage before!
Lesson 2 – Time and Task Prioritisation
How is your Time Management?
I know that this is something I have worked on before but coupled with task prioritisation, it took on a whole new meaning.
Michael started out by working on what our A,B,C and D class activities are.
In short, A class activities are generally events that happen maybe only a couple of times each year but can generate you the greatest amount of income.
An example may be attending an event like Wealth Retreat.
B class activities are next and while not as important as A class activities will still generate good amount of income and so on to C class and then D class activities.
D class activities are the least of the income producing tasks, like fixing a printer or minor admin tasks.
This was a great exercise to understand where you are your most dollar productive, which Mark then backed up with a great concept called Rock, Pebbles and Sand Story
It linked in really well with A,B,C and D tasks as worked toward greater calendar management and prioritising time and tasks.
Mark followed this up with a session on delegation, therefor allowing superior efficiency by delegating the less productive D class activities.
While I was initially sceptical on Marks claims to find me “an extra day per month”, I now understood how this is possible.
Lesson 3 – A Wealth Thermostat
I have written previously about this idea of a Wealth or Financial Thermostat.
I heard this explained really well by Michael Yardney, who often uses a cup analogy.
Your mind is like a cup, once it is full of water, it overflows, and you are unable to put any more water into the cup.
To take on more water, you need to increase your cup size.
So, to increase your financial thermostat, and therefore your wealth, you need to increase your mind's capacity.
If you liken the water to opportunity and your mind to the cup, once your mind reaches capacity, you may miss opportunities that come your way.
Perhaps one of the best ways to increase your brain power is through self-education.
I know that Warren Buffet still reads 5-6 hours per day and Bill Gates up to 50 books per year.
By the way…..
Have you ever wondered what your financial thermostat is set for?
You won’t like the answer – which is exactly where you are right now, otherwise you’d already have more!
While I have summarised a few short key lessons I took away from Wealth Retreat, there are many more things to act upon and implement.
Once again, the feedback this year on the content and quality of speakers was exceptional.
Many of our clients have voted with their feet, with around 30% of this year’s participants committing to coming again next year.
Wealth Retreat is not solely a property or business event, it encompasses a range of areas and topics.
When was the last time you dedicated 5 days to working on yourself?
5 full days to work on your mindset, set goals, economic cycles, wealth fundamentals and business skills.
I know I would not have achieved the level of success I have if I had not attended this event on a regular basis.
If you are interested in next year's event you can click here now to find out more.
Brett Warren is a director of Metropole Properties in Brisbane and uses his 18 plus years property investment experience and economics education to advise clients how to build their portfolios.
He is a regular commentator for Michael Yardney's Property Update.
Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.