Ten with Ty - Jane Slack-Smith (part 1)

About The Guest(s):
Jane Slack-Smith is a property expert, mentor, and author. She is known as the "renovation queen" and has helped thousands of Australians achieve financial freedom through property investment. Jane is an award-winning mortgage broker and has written multiple books on property investment.
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Summary:
In this episode of Ten with Ty, Tyron Hyde interviews property expert and mentor Jane Slack-Smith. They discuss the mindset of successful investors, the difference between an average investor and a good investor, and the importance of understanding the stories we tell ourselves. Jane shares her experiences and insights from working with property mentoring clients and emphasises the role of mindset in achieving success in property investment.

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Key Takeaways:

• Successful investors have an awareness of the stories they tell themselves and are able to overcome limiting beliefs.
• The mindset of an investor plays a crucial role in their decision-making process and ability to take action.
• It is important to invest in relationships and surround yourself with supportive and like-minded individuals.
• The best investment advice is to buy the best possible property in the best possible area that you can afford.
• Diversification is key in asset allocation, and it is important to have a mix of different asset classes.

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Quotes:

• "Successful investors always invest with their money in property." - Jane Slack-Smith
• "The universe is conspiring for your success, and the only thing getting in the way is you." - Jane Slack-Smith
  
  

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Tyron Hyde is the CEO of Washington Brown Quantity Surveyors

Chapters

• 0:34 Describe the mindset of a good investor?
• 4:05 Q1: Your best investment?
• 6:12 Q2: Your worst investment?
• 10:26 Q3: Most valuable investment advice?
• 12:18 Q4: Your ideal portfolio mix?
• 15:27 Q5: Investing 20K as a 20-year-old?
• 22:28 Q6: Investing 500K as a 50-year-old?
• 28:44 Q7: Investment advice to your younger self?

Transcript

Tyron Hyde | Welcome to Ten with Ty. In today's episode, I speak to property expert and property mentor, Jane Slack Smith. Now, not only is she the renovation queen, she's helped thousands of Australians on their path to financial freedom. Now, if you like today's episode, please subscribe because I've got some pretty exciting guests coming up.

Tyron Hyde | Well, and today I've got Jane, experienced podcaster, written multiple books, she's an award winning mortgage broker and a good friend of mine. Thanks for joining me on Ten with Ty, Jane.

Jane Slack-Smith | Absolute pleasure.

Tyron Hyde | I know you're all about mindset with property, right? I've just wondered, over your time, what's the difference between the mindset of an average investor and a really good investor? What have you noticed over time?

Jane Slack-Smith | Oh, such a good question. And this really goes to the point where I believe it's possible to hack success. And when I was working one one-on-one with my property mentoring clients, I could see some of them getting it, some of them not. And I thought of the tens of thousands of people that I'd help with my courses. I doubled down with this small group of people because I thought if I can actually navigate them through all of the questions and make sure that they've got someone there in their court to answer anything at any time, I can really kind of guarantee almost that they're going to not have to course correct too much.

Jane Slack-Smith | But what I found was these things just kept coming up for them. And you get people from 16 and a half thousand suburbs down to three suburbs, down to the streets where the renters were down to the typical property, and they wouldn't pull the trigger, they wouldn't buy, or they'd buy the wrong asset or at the last minute they'd back out. Or they'd buy it and then have second thoughts and sell it quickly before the market goes up. And I was always trying to find what that was all about. And so I really, in the last five years, have doubled down into trying to hack what the successful and the unsuccessful do.

Jane Slack-Smith | And I really think it comes down to understanding and an awareness of what the stories are that are going on in your head. And because when I start talking to people about it, they might have, and I know you've had some experience with this, a family member who has lost all their money, and you've seen that, and you then have a different perspective to risk. Like me, you grew up the daughter of a farm manager and a nurse, not a lot of extra money.

Jane Slack-Smith | And I could have been limited by that, or maybe not. And it makes me think of that story of the two guys that are sitting in the park bench, and there's one guy wearing Armani and really well kitted out and his brother next to him. There's a druggie, and is obviously on the last legs. And this kid walks by and says to the guy in the suit, how did you become like this? And he says, My dad was an alcoholic.

Jane Slack-Smith | And he looks at the other guy, and the other guy says, Me too. So it's how you see things. And it's that awareness point that goes, why am I pulling back on this? Why isn't this right for me? And, it might be a hunch and it might be the gut feel and it might be the intuition that's correct. Or it might just be, you know what? I'm so scared of making a mistake, I never actually pull the trigger. So that's really when I look at successful investors, there's strategic research and following those in the know and educating yourself and all those great things. But there's that last little point, and it's that mindset.

Tyron Hyde | Fascinating. Fascinating. All right, well, are you ready to play Ten with Ty?

Jane Slack-Smith | Ten with Ty. I'm in.

Tyron Hyde | Okay, so everyone, the ten questions are going to be the same. And, I'm trying to delve into these successful people, and these questions took a long time for me to come up with, Jane. I hope they made you think, it's not just something that people just rattle off. So let's play wait, I've actually got a button here I can do, which I'm going to have some fun with. Wait, I've got to actually turn it off. I think it keeps going. There you go. It keeps going.

Tyron Hyde | All right, so the first question is, what has been your best investment?

Jane Slack-Smith | Okay, I'm going to give you two answers here.

Tyron Hyde | Okay.

Jane Slack-Smith | I'd like to say the foundational property that my husband and I bought, so I bought in my own name. Didn't want a man to be a financial plan. We bought our first properties individually and that property actually gave me the competence to learn the research of where to buy and how to buy and the skills of renovating. So renovating strategically and making $2 for every $1 that I was investing.

Jane Slack-Smith | And that foundation, that first $25,000 that I put into that property, the renovation, $50,000, I bought it for $425,000. It was revalued nine months later at $700,000. And I pulled that equity out. So, good investment because it was a foundation. Was it the most successful? Well, I took the $50,000 out of that property and put it into the next property. And to date, there's a million dollars of equity there. So $50,000 became a million dollars.

Jane Slack-Smith | You could look at it like that. And when I look at all of the reasons why people are successful, one of the most common things is actually having a partner that you can work with and talk to and support each other. So if I was going to say the best investment is probably in a relationship with someone who is aligned to you. And I look at Todd and I, as partners and the investment in relationship of being with someone that you can bounce ideas off and be creative with and support, that's probably a good investment, too.

Tyron Hyde | I love that. I think it's funny because when I wrote that question, I think I'm going to get such a variety of responses, right? It might be, I don't know. I'm not going to say what I think it could be because I'm going to actually wait till I have 20 or 30, and then I'm hoping my wife will interview me, and I'm hoping to learn, like, to get something myself out of this.

Tyron Hyde | Ten with Ty is brought to you by Washington Brown, the property depreciation expert.

Tyron Hyde | Now, this for me is the one where I've learned the most, right? I've learned far more from your worst investment than your best investment. But I don't know about you, but you tell me what's been your worst investment?

Jane Slack-Smith | Okay, I have to be honest here and say that I took that engineering approach, the process, the procedure, the understanding of the critical analysis, the regression analysis on suburbs, et cetera, et cetera. I read 120 books on property. I looked at everyone's mistakes. I loved it when people used to talk about, I made millions and then I lost it and I've made it again. I'm like, teach me how you lost it. How did you lose it?

Jane Slack-Smith |And so I love this question because that worst investment actually pretty much allowed all of my property investments, to actually make money, and to do and create the vision that I had for them. There was one, and it was the first property that I sold, and after investing for 21 years, it was only last year. So 20 years before I sold the first property. And it was a unit and had body corporate issues. It's in the Supreme Court. It was a nightmare. But to be absolutely honest, the worst investment, which actually gave me probably one of the best lessons in property, was an investment in shares.

Jane Slack-Smith | So I don't get shares, have never got shares. 2020. We're sitting down, beginning of lockdown, and I say, my son's six months older than Taylor, and I was saying to my son, okay, we've sold all of your Lego, so we've got $1,000. Let's get into the share market. We're going to learn this together. You've only got two parcels of $500 each. Let's have a go. And we looked at it, and we were thinking strategically going, what's going to happen when one's going to have to have blood tests or COVID tests or something? Let's have a look at that market.

Jane Slack-Smith |And we looked at CSL and we looked at Sonic. Now CSL, top asset in this class, right? Yeah, the absolute bees and knees of it. And then there's Sonic. Yeah, they're having a crack. It's pretty good. This one's like $300 a share. This one is like $5 a share. Went with the $5 share one. It's now $0.50. Then CSL, it's even higher, then we looked at the next asset class, and I was like, Afterpay, everyone's going to be online paying, but they can't really afford it. They want to keep some money in the bank. What should we look at. Afterpay? Gold class in the market. And then there's Zip. We go with Zip and actually Sonic's, like, $35 a share. It dropped a little bit. It was Zip that went from $5 to $0.50, and so, really stuffed up. And my son's like, Thanks, Mum. Like, my $1,000 is now $600. And we watch it every day going up and down, going, that was bad.

Jane Slack-Smith | But what it taught me was, and it's what I teach people, is that you get into the right suburb, you've done all this research, you've got all of this knowledge, and you're like, yes, this is the golden egg. And then they like, the typical property that everyone wants in this suburb is a three-bedroom house. And then the market moves a little bit, and they go, Bugger it. I'll buy a unit. And that's what I did. I bought the wrong selection in the right asset class.

Tyron Hyde | It's funny. With a CSL $300 stock, that's about mindset, right? Because it's just depending upon how many stocks there are in that, it could split its stock and be worth, which is what they often do to make it more attractive to people because they want to get over the mindset. I don't want to pay $300 for a stock, but it's got nothing to do with what the market cap should be and what it's worth, right? Quite funny. Well, except for Berkshire Hathaway. Right.

Jane Slack-Smith | You're talking German at me at the moment. Like, I'm like oh, yeah. Splitting stocks. I'm nodding, but I'm like going, different world.

Tyron Hyde | As an example, that Berkshire Hathaway, Warren Buffett's company, he's never split his stock. So to buy one of his stocks, right? It's like, I think last time I looked, it was like 300,000 US for one stock. But he doesn't care. He doesn't need it.

Tyron Hyde |All right, number three. What's been the most valuable investment advice you've ever received?

Jane Slack-Smith | Okay, so I think from a property perspective, an investment perspective, it is, buy the best possible property that you can afford in the best possible area that you can afford, when you can afford it. It's time in the market with a strategic approach rather than trying to time the market. So every single time that I've bought a property, I haven't looked at interest rates or, is this going up or this going down? It's like, okay, this is what I can afford. This is where the people want to be. This is the demographic typical property. This is where the renters want to be. I can renovate and add value, create equity out of thin air, go for it.

Jane Slack-Smith | When I look at starting my business, so I've always started businesses with mentors and coaches. I'm like, I'm just going to hack the success. Everyone else has made mistakes. Let me just find the direct line. So when I started my mortgage broking business 18 years ago, and we can talk about where that is today, later, but when we started that, my business coach, my mortgage coach at the time, and he was the top broker, said, You can count the apples on the tree, but you can't count the seeds in the apple.

Jane Slack-Smith | And he's like, for every person that you talk to turn up with heart, with the best intention of how you can serve them and how you can help them. If the best information is don't get a mortgage, don't refinance, don't buy and give them that, they'll go away and tell ten people to go and use you. So always turn up with the intention of it's not a one and done, I need to make money, I need to do $5,000 this month. It's around turning up with the intention to serve, that's pretty important, and for me personally, success leaves clues, I'm just always looking for the clues.

Tyron Hyde | Number four. A mix, like this is something I always struggle with, right? What's the best mix in your mind of asset allocation? What percentage? If you had the ideal? I know it changes but.

Jane Slack-Smith | Can I just move on to the next question?

Tyron Hyde | I think I might know what you will say, but look, some of the investors that I'm going to get on this show are not just property, they might be business entrepreneurs, they might be share experts, so I don't want to just get property people, but in your opinion, what's the best mix? Whether it be non-residential, residential property shares, business assets, crypto? Not for me crypto but.

Jane Slack-Smith | We won't even get into crypto, but I do know now how to create NFTs. I've created one for my husband's art so I'm always, like, do it first, test it out first before you actually invest. So, for me, once again, success leaves clues. I look at the BRW top 100 list, and I look at the people. About 30%, 40% make their money in property, 100% hold their money in property, right? So I'm like okay, so when the people have done their business deals and they're making money they're like, where can I put it?

Jane Slack-Smith | And so I've always looked at that every year and I check it out and I'm like, yes, it's still the same. So for me, I'm an entrepreneur, right? So I've started a mortgage business, a property education business, a money mindset business. I do coaching, I'm on advisory boards for a lot of companies, for startups, people pitch to me. I love that stuff, I make money out of doing that. I'm an affiliate, and I support the property professionals that I've used, my clients have used, and I refer them and I make money from that. So, for me the investment is always class, is being aware of the asset class or being aware of the way that you're making money and diversify. So I have a number of businesses, I have a number of properties in different areas that I've been agnostic about where I've bought. So, I have minimized the risk. So when I look at a portfolio, for me, I am heavy on property. I realise that my super doesn't have property in it, and I could double down in doing that. But I look at it and go, well, I'll leave that to the people who are doing whatever they do with the shares over there, and they think they're making money.

Jane Slack-Smith | But for me, it's around having a backup plan and a backup plan within the backup plan. Diversification. I've got my business. I've got a number of businesses. I've got my properties. I've got a number of properties.

Tyron Hyde | Yeah, I love that. You know what I like. You know, it's funny. S ay you started a tech company, right, and you ended up with 30%, and you might have a mandate that 1%, every year, you sell 1% of that stock, so it doesn't look like you're leaving the market. But when they leave that 1%, most people don't put it in shares. They go and buy properties, right? But as someone who's got 1000 properties, like Harry Triggerboff or something, one of my clients, I guarantee he's not selling a property every year and saying, I need to buy some shares, right? So I think there's something in that.

Tyron Hyde | Number. Five. Now, this is an interesting one. If you're 20 years old today, and I think I'm going to get a lot of different answers for this one. How would you invest. You've worked two years, you've saved ten grand, $200 a week. You've got 20K. How would you invest it?

Jane Slack-Smith | Okay, so I sat down with my 15-year-old son on the weekend and said, Tyron had called me up and said, do you want to get onto this podcast? I want you to share some secrets of success for Taylor. His daughter is about your age. $20,000. What would you do if you're 20? And he said, mom, that's such a stupid question. I was like, Why? He said, Technology is changing so much, you can't be specific about where to invest and what to invest in. He said, Tomorrow something could come along. We've seen what's happened with AI, et cetera. Something could come along that would change everything.

Jane Slack-Smith | I was like, yeah, that's actually really interesting. So if I look at the $25,000 when I was 28 and I invested in property, if I was going to give someone who was 20, and they had $20,000, I would give them this advice. So I've split it up, basically. First of all, find what you're passionate about. So really find where your interest is and go and find a mentor. Do courses, read books. What just astounds me, Dr. Joe Dispenza talks about the fact that every second there's 400 billion pieces of information that come our way, but we actually only have capacity to receive 2000 bits.

Jane Slack-Smith | So if you're always doing what you always did, or you've been brought up a certain way, or you have a certain number of beliefs, or how things should be, you're going to stick with that, right? So I think at the age of 20, I would put some money, 5000 of the 20 grand into finding what you're passionate about, what your interest is. Then I'd probably spend $5,000 in exploring that. So if it is a business, or if it is something like that, go and try that.

Jane Slack-Smith | Now, my son, at the moment, he is rehabilitating, renovating shoes. So he's buying Nike shoes, he's buying them, he's doing his flipping, flipping fries on the weekend job, makes $150 a fortnight, spends $150 on shoes, cleans them up, doesn't clean his school shoes, cleans them up and sells them for 250 to 320. So he's making like $100 a flip on these shoes.

Jane Slack-Smith | And he's doing it because he likes the deals, he's doing negotiation, he's learning things, he's getting scammed, but he's learning from that. He's actually participating in the market. That arbitrage. He's now got enough money to buy new shoes that he can sell at a higher premium. Now, he's got a mate who loves Nike shoes. Now he's making three, four grand a week, 15-year-old, on doing shoes. But he loves the shoes.

Jane Slack-Smith | My son, he likes the business, right? And so he's learning from someone who's done it before. So I think when I look at that, I'm like, it's going to be in five years time when Taylor's 20 or so, there'll be something different, but it's about finding what you're interested in. Now, I know my son will move on to something else, but this other kid. He's making a business, he's getting a profile, he's becoming an influencer, people are coming to him for deals. So there's a difference.

Jane Slack-Smith | I would look at understanding yourself first, that awareness piece. And when I was 20, my friends used to laugh at me and go, Jane's in the self help development down at the bookshop. They'd yell out when we were at the bookshop, Where's Jane? Down in personal development, reading Tony Robbins, going, well, that's kind of interesting, right?

But then I would double down and get the skills. So if you're going to have your side hustle that you're passionate about. So you could get a website for $500, you can set up a Shopify store, you could do a Fiverr on your skills on design or whatever it is. Try it out and create that extra little cash flow for yourself.

Jane Slack-Smith | And then I'd probably look at $5,000 in that long term investment. So build a bit of long term knowledge in your investment. So you can't jump into property with that, but you can jump into fractional investing. So at the moment, there's quite a few fractional investing property groups, and there's one that's just come out in the last two weeks that's available to everyone. You don't have to be a sophisticated investor with millions of dollars, $2500 you can start.

Jane Slack-Smith | So I would get into that to watch how, and it might be shares, watch how the market moves and start building that long term knowledge of investing. Because we remember successful people always invest with their money in property in the end. It makes me think of Kurt Hahn, who was the principal of Gordonstoun, you know, Prince Charles, and the Duke of Edinburgh went to school. King Charles. And in World War II, he was brought in to have a look at why, when the American naval ships were bombed, the old guys were surviving and the young, viral, strong, healthy guys were drowning. And they found that the older guys had had a number of experiences in their life where they had to build up resilience. They had knockbacks, they had to pull themselves up. The young guys hadn't.

Jane Slack-Smith | So I think if I was 20 and I was investing a bit, it's okay to make some mistakes. My son got scammed. He's not going to get scammed again, but maybe he will. But he's learned from that. He locked himself in the room for two days. My husband and I are going, this is either going to be like the end of it all, or he's going to come out and learn from it. Came out, bought some new shoes. So I think that resilience in that long term investment is really important.

Jane Slack-Smith | And then I have a buffer. I put five grand into a buffer, and that's your two to three months of, I'm going to walk from this job. This person can't make me do this, or I need to have a break, or there's something in the family that I need to have some time out for. Have a two to three months, five grand.

Tyron Hyde | I really like that because finding what you're passionate about, I've never even thought about that as an answer, to be honest. That just spending part of that on finding out what you really like can be the key. Right. Because a lot of kids, I think a lot,  I've still got friends that are trying to work out what they want to do. And if you can find that out early and you love it, you won't care about the money. The money will come, right?

Jane Slack-Smith | Goosebumps.

Tyron Hyde | That's a really clever answer and really well thought out. Thank you.

Tyron Hyde |Do you own an investment property? Washington Brown has helped over 250,000 property investors pay less tax with the depreciation schedule. Visit washingtonbrown.com.au to pay less tax today.

Tyron Hyde |Okay. On the flip side, now there's going to be a lot of people that have got baby boomers, you know, and unfortunately, they're at, you know, they might be 80 now. They might be ending up inheriting half a house or a quarter of a house or $500,000 from from a deceased estate, perhaps, because we're talking about parents that could buy properties back when they were affordable. So if you were to inherit $500,000, it's a very different answer than if you were 20 and you've saved for two years.

Tyron Hyde | What would you advise? Not that this is a financial advice. What would you do with $500,000?

Jane Slack-Smith | Well, I'm going to turn that on its head again. Like many people that I know, my age group turned 50 during COVID during lockdown.

Tyron Hyde | I missed my 50th birthday too.

Jane Slack-Smith | So we're in that club. So I'm going to turn this around because I think that it is exactly the same as what I've said to the 20 year old, and I'm going to show  you how. So, first of all, I do a lot of vision calls. I have this vision call that we step into the future and we see the life that you want to have and how much it is. Now, most people think it's 100 grand or 150 grand. When we go and we experience that and we come back and go, how much was it?

Jane Slack-Smith | Here's the big secret. It's usually at 60 to 80 grand. It's a lot less than what they think to actually live what they want. The important thing is here, like, if you just close your eyes for a second and you do this exercise, you go to sleep tonight, you wake up tomorrow, everyone that you love and the entire world has stopped being how it was yesterday and you're the only one left. Do you want the Gucci shoes? Do you want the Porsche? Do you want the huge five-bedroom house? What would make you happy? And usually you feel this loss and grief about the fact that you've lost the people that you love and you realize it's time with the people you love. Your experience is an experience because of that. But if they're not there, what would make you happy? Making a bit of an impact, maybe creating a garden, maybe living in a beautiful home that you can wake up in the mornings and meditate and be your best physical self.

Jane Slack-Smith | What would make you happy? So if you think about that at 50 and you spend some money on doing that. So I would say if I had $500,000 that's self, I would spend $50,000 on finding that out over the next few years. Now I know I got a personal coach, mentor. I pay him 40 grand a year and he keeps me on track, keeps me aligned. I hear Tyron asking me to share stories of success for his daughter and put it into a legacy document as a podcast or book or whatever. I'm like, yeah, I'm all in. How many hours do you want to talk?

Jane Slack-Smith | And then you say, oh, and the other speakers know Paul Clitheroe and I'm like, oh, who am I to do this, you know? Impostor syndrome sets. So I keep aligned with that because I know those thoughts and feelings are just from a belief system that said you're not good enough, or what are people going to say? I need external validation and my coach keeps me on that. And I'm coaching in that now because I love that. I love that, showing people the vision of what they can be. So I put some money into that.

Jane Slack-Smith | The next one. Number two, once again, the cash flow. A lot of people have got to this age and they're like, corporate job? Really? I'm looking at my boss's job and thinking I don't really even want that job. Like they're working 60 hours a week. They're all stressed, they're having heart attacks. I'm like, what is that side hustle? So once again, maybe 25 grand into following that opportunity, getting new skills, taking a bit of a break and saying, okay, if I was going to start something that I'm passionate about, what could that be? So I put some money into that.

Jane Slack-Smith |  Okay, long term growth. Let's be honest, we're probably not going to retire at 65. It's probably more 70. And the way that we're going to be living forever with all the longevity changes and hacking into age is a  disease, not something that we have to just accept. We're going to be around for a lot longer. So I'd be putting the majority of the money, 400 grand into buying a million dollar house. 20% deposit gets me 200 grand. Purchasing cost, buyer's agent, et cetera. Another hundred, renovation to add equity and value to it. Million dollar house, you do it right in the right area, we know the stats. When you're 60, it'll be 2 million. When you're 70, it'll be 3 million. You've got 2 million in equity. Happy days there' the vision already paid for, right?

Jane Slack-Smith | So I'd put that long term money aside and then the fourth one, once again, have a buffer. Now your buffer is a little bit more when you're at 50. So put another 25 into that. So I put 25 into the buffer. I put 400 into the long term investment, 25 into cash flowing your little new side hustle and 50 grand into a couple of years of getting coaching or finding out what that side hustle and your true passion and brilliance is that you want to bring to the world.

Tyron Hyde | Wow, that was thought out. I'm not surprised a lot of it went into property and renovation, being the Reno Queen. Correct? That's good. It's funny though, isn't? As you turn 50, as we both are, I don't know if your parents are alive, but my parents, you get to the point where, oh my God, I'm next, right? You start thinking I've got to, like what you said at the beginning, what is important? Right? And is it having a new car? No, it's not really. I think travel would probably be part of it for a lot of. People. But yeah,

Jane Slack-Smith |It's the experience.

Tyron Hyde | I don't know, you start rethinking life, I think when you get to 50 and you become a bit more, well, how long have you got left anyway? It's a bit morbid.

Tyron Hyde | Anyway, let's go back in time. Seeing that we're both 50, let's go back and say, and we got the DeLorean. We're in Back to the Future and I'm going to visit myself at 20, right? And I see myself there and I tap myself on the shoulder and say, Ty, it's 52-year-old Ty. I've come back, I want to tell you something about investing and this is what I've learned. What would you tell yourself?

Jane Slack-Smith | To be honest, I thought about this and I thought I'd probably just give myself a confidence boost to say, you got this, it works out. Like, trust your hunches, trust your intuition, develop that earlier so you're not kind of manipulated into doing things that didn't quite feel right or buying a unit. I know I shouldn't buy a unit, but it's cheap, 20 years' time you're going to turn out going, jeez, it's in the Supreme Court, all these problems that it's having.

Jane Slack-Smith | So I would go back to myself at the age of 20 and I'd just say, you know what, it's all going to work out, it's all good and the adventure is yours. But one piece of advice, the universe is actually conspiring for your success and the only thing getting in the way is you. So get out of your own head and get out of the validation. And I have to do it the right way or I have to do it how everyone else has done it. And trust your instincts and when it comes to investing, your skills that you build up with all your different industries and experience, bring them all together. And I love that.

Jane Slack-Smith | I brought as an explosives engineer the risk assessment that I learned to property. As a property, I looked at going, how can I minimize the risk? I developed the Trident strategy. Do the research where you buy and buy well, make money when you buy, renovate. Some people do granny flat subdivisions or developments to add value. So have a plan B in case you didn't buy in the right place. And then plan C growth, so you've got that long term growth. So I took that into property. And when I went into property education and creating the courses, it's like, well, who's the best at this? There's someone in America. Am I prepared? If I'm prepared to make an investment in my time and money in creating this, should I go to the best or should I try to hack it out myself?

Jane Slack-Smith | And I should go to the best. I don't want to be selling steak knives at the back of the room. I want people to see this as an honest, authentic piece of information. So I went and signed up to a mastermind. So I took that learning, and then I started Your Success Club around the money mindset, the mindset, the limiting beliefs, why people aren't going for their passion and purpose. And I went to a coach for that.

Jane Slack-Smith | So for me, I'd go back to my 20-year-old self and go, it's all part of the journey, babe. It's an adventure. The universe is conspiring for your success. Just let it turn up. Enjoy the ride.

Tyron Hyde | That's the end of part one of this podcast. Now to listen to Jane Slack Smith answer the rest of the Ten with Ty questions, download part two. And there's also a bonus tip about renovation. Hope you enjoy it.

Tyron Hyde | If you own an investment property, then Washington Brown can help you pay less tax with an ATO compliant depreciation schedule. Visit washingtonbrown.com.au to pay less tax today.