Could you be earning a good income, owning property and still operating with a poverty mindset?
Could beliefs you absorbed as a child be quietly limiting how much wealth you build today?
And why do some people break free from financial hardship while others repeat the same patterns from one generation to the next?
My guest today, Tom Corley, spent years studying the habits and thinking of wealthy and financially struggling people, and what he discovered may make you reconsider some of your own beliefs about money.
Stay with us because, before we finish, Tom will help you identify the warning signs of a poverty mindset and give you practical ways to replace them with the habits and beliefs that support financial independence.
Tom and I discuss how childhood conditioning can shape money beliefs, habits, and emotional decisions for years.
We unpack the difference between victim thinking, entitlement, and the mindset wealthy people use to keep moving forward.
Tom shares practical ways to replace limiting patterns with wealth-building habits, gratitude, responsibility, and self-awareness.
Takeaways
• Money beliefs formed in childhood often control adult financial decisions.
• Spending every dollar can become a survival habit that blocks wealth.
• Closed minds stop learning, which creates blind spots in money decisions.
• Victim thinking encourages inaction by making people feel powerless.
• Entitlement mindset can exist in both inherited wealth and hardship.
• Frugal peer groups help saver-investors stay disciplined and avoid lifestyle creep.
• Wealth grows faster when people accept responsibility for their own outcomes.
• Gratitude improves mindset and supports better long-term financial choices.
• Social media comparison fuels envy by hiding debt and sacrifice.
• Tracking daily habits reveals patterns that can be inverted into growth.
Links and Resources:
Answer this week's trivia question here - https://www.PropertyTrivia.com.au/
· Win a hard copy of Michael Yardney's and Tom Corley's Book – Rich Habits, Poor Habits
· Everyone wins a copy of a fully updated property report.
Michael Yardney
Get the team at Metropole to help build your personal Strategic Property Plan. Click here and have a chat with us.
Get Tom Corley's regular money tips here: https://richhabits.net/tips-articles/
Get a bundle of free reports and eBooks: www.PodcastBonus.com.au
Also, please subscribe to my other podcast Demographics Decoded with Simon Kuestenmacher – just look for Demographics Decoded wherever you are listening to this podcast and subscribe so each week we can unveil the trends shaping your future.
About The Michael Yardney Podcast | Property Investment And Wealth Creation Australia
Success in property investment isn't just about numbers - it's about mindset, behaviour and decision making.
In The Michael Yardney Podcast, we explore the psychology of wealth, the habits of successful investors, and how to think strategically during uncertain market conditions.
Regular topics include:
• Psychology of money and wealth
• Investor behaviour and market cycles
• Rich habits vs poor habits
• High performance mindset
• Risk management thinking
• Decision making under pressure
• Long-term investing discipline
• Overcoming fear in property markets
• Building wealth through strategy, not speculation
If you want to avoid common investor mistakes and develop the mindset required to build lasting wealth in Australia's property market, this podcast is for you.
More resources at:
https://propertyupdate.com.au
https://metropole.com.au
