{"id":40900,"date":"2022-11-14T10:40:56","date_gmt":"2022-11-13T21:40:56","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=40900"},"modified":"2022-11-14T10:40:56","modified_gmt":"2022-11-13T21:40:56","slug":"property-investor-reveals-how-to-become-a-magnet-for-money","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/property-investor-reveals-how-to-become-a-magnet-for-money\/","title":{"rendered":"Property investor reveals how to become a magnet for money"},"content":{"rendered":"

PHOTO: Steve McKnight has released a new book titled\u00a0Money Magnet<\/i><\/strong><\/p>\n

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An Australian investor who has a $140 million property portfolio is revealing his secrets on how to build a fortunate that matters.<\/p>\n<\/div>\n

Steve McKnight, 50, whose tenants range from everyday Aussies to the likes of former US president Barack Obama, has released a new book titled\u00a0Money Magnet<\/a>.\u00a0<\/i>In it, he guides readers on how they can\u00a0attract w<\/a>ealth<\/a>\u00a0themselves.<\/p>\n

Steve, a fund manager and global real estate expert, escaped the rat race by replacing his salary with income from his\u00a0property investments.<\/p>\n

\"Jenny<\/a><\/div>\n
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Inside the battle to sell the final house from The Block<\/a><\/h2>\n<\/header>\n<\/div>\n

\u201cI was working as an accountant and was suffering stress-related problems that manifested in ulcers on places you don\u2019t want ulcers,\u201d Steve tells news.com.au.<\/p>\n

\u201cThe doctor told me I needed to change or I was headed for an early grave. I looked at ways to replace my salary from accounting, and stumbled across the idea of positive cashflow property.\u201d<\/p>\n

The idea would lead to a complete change for the Melbourne man. In 1999, he and friend David Bradley bought a three-bedroom house in Ballarat, Victoria, for $44,000.<\/p>\n

\u201cI bought my first property in May 1999 and was hooked. [David] and I went on to buy 130 properties in three-and-a-half years. This allowed me to retire from the need to have to work at age 32,\u201d the now-50-year-old says.<\/p>\n

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The Block moment that should scare all Aussies<\/a><\/h2>\n<\/header>\n<\/div>\n

\u201cI continue to work, but on causes and concepts that interest me, and that add meaning and purpose to my life.\u201d<\/p>\n

That includes philanthropy work. Steve has donated 100 per cent of royalties from his six books \u2013 more than $1 million \u2013 to social environmental causes.<\/p>\n

His latest project involves planting native forests on previously cleared land under a program called TreeChange.<\/p>\n

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Steve McKnight focuses on building a fortune that counts. Picture: Steve McKnight<\/strong><\/div>\n

Become attractive to wealth in order to attract wealth<\/b><\/span><\/p>\n

\u201cThe secret to attracting more wealth is to first become more attractive,\u201d Steve says. \u201cStrangely, people expect to be successful before acquiring the skills needed to attain it. That\u2019s like saying I will work on being better with money once I have more money to be better with.<\/p>\n

\u201cThis approach will set you on a lifetime path of financial disempowerment. Becoming more financially attractive requires only two things \u2013 doing less of the things that repel wealth, and doing more of the things that attract wealth.\u201d<\/p>\n

\"Collette<\/a><\/div>\n
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Collette Dinnigan buys $2.85 million cottage<\/a><\/h2>\n<\/header>\n<\/div>\n

Steve says that being a better money manager is a lot like becoming a better driver; a few lessons from a skilled instructor will be a lot better than many lessons with a well-meaning parent.<\/p>\n

He recommends three areas to work on the become a money magnet:<\/p>\n

\u2022 spend less than you earn<\/p>\n

\u2022 invest your savings sensibly<\/p>\n

\u2022 start as soon as possible<\/p>\n

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The simple advice includes spending less than you earn. Picture: iStock<\/strong><\/em><\/div>\n

\u201cPeople are programmed to be poor because they\u2019ve inherited a few, or in some cases many, poor money habits and financial beliefs from their parents,\u201d Steve says.<\/p>\n

\u201cThis was unlikely to be deliberate; your parents passed on what they were told, and so on back through time.<\/p>\n

\u201cTherefore, if you want to retire sooner, or desire a better financial future than what your parents achieved, then you need to level up your financial IQ (the way you act) and your financial EQ (the way you feel) by learning from people who have achieved the outcomes you hope to.\u201d<\/p>\n

Steve\u2019s top four tips to financial freedom:<\/b><\/span><\/p>\n

\u2022 \u201cThe age pension is not an entitlement or return of past taxes paid. It is an emergency support payment for people who can\u2019t support themselves. Presently, three-quarters of hardworking Aussies work their whole lives only to end up needing the age pension to survive. Something isn\u2019t right. The system people use for making and managing their money isn\u2019t working. If you want a different outcome, then you need to follow a different plan to the masses. The sooner you do so, the better off you\u2019ll be.<\/p>\n

\u2022 \u201cYou might be programmed to be poor without knowing it because some of your financial thoughts and beliefs that you inherited from parents could be holding you back. It wouldn\u2019t have been deliberate, it\u2019s just that your parents passed on to you what was passed on to them, and so on back through time. Without new ideas and strategies, the highest level of financial success you\u2019re likely to achieve is what your parents achieved. If you want to aim for something more than that, then you\u2019ll need to update your programming.<\/p>\n

\u2022 \u201cYou won\u2019t get rich by saving, but you\u2019ll never be rich if you can\u2019t save. Savings are a store of wealth, not a source of wealth. It is important to multiply your money by investing it, not hoarding it. That said, savings are important because they demonstrate you can live within your means, and if you can\u2019t do that then you might attract a fortune, but it won\u2019t stick, resulting in the appearance of wealth (materialism), but not the substance of wealth (happiness).<\/p>\n

\u2022 \u201cThe more money you allocate to touching, moving and inspiring others, the more your money will matter, and the bigger your investment in making and leaving a lasting legacy. You will also attract more opportunity and level up the calibre of people in your circle of influence. Be sure to live how you want to be remembered.\u201d<\/p>\n

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The house Steve rented to Obama. Picture: Steve McKnight<\/strong><\/em><\/div>\n

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Paying it forward<\/b><\/span><\/p>\n

What inspired Steve to donate 100 per cent of his royalties from his books to social and environmental causes?<\/p>\n

\u201cI didn\u2019t write my books to make money,\u201d he says. \u201cI wrote them to help people who aspired to something other than working four or five decades only to retire with financial problems, to introduce concepts not commonly known or understood, and to share surprising strategies that have helped me attract and keep a fortune that counts.<\/p>\n

\u201cUsing my money to fund causes that matter to me adds significance to my wealth and gives my money meaning beyond just dollars and cents,\u201d Steve says.<\/p>\n

\u201cTake TreeChange.com for example. This is a movement I founded for people who want to give mother nature a hand up by replanting native forests on land that is unviable for farming. \u201cOur pilot project is a 700-hectare site in northeast Victoria that was cleared in the early 1900s. To date we have planted more than 300,000 trees to help establish a new permanent biodiverse native forest. We\u2019re helping to save the world one tree at a time.\u201d<\/p>\n

He encourages others to follow in his steps, within their means.<\/p>\n

READ MORE VIA NEWS.COM.AU<\/a><\/p>\n

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