We all know that the rich keep getting richer, but the question is how can we learn from them?
Sometimes it can seem as though rich people are born lucky with inevitable success ahead.
But the reality is that anyone can become rich. It’s not like they have any special secrets.
After all, even the rich invest in property, shares, and business-like any other ordinary Australian.
The difference between the rich and ordinary Australians lies in some simple things they do differently.
That’s what I’ve invited Mark Creedon, Founder of Metropole’s Business Accelerator Mastermind to talk with me about today.
7 reasons the rich are getting richer, and how to learn from them to supercharge your own success
It takes time to grow assets. Rich people understand that it takes money to make money, and that’s because the benefits of compound interest are the biggest for large assets.
The huge annual gains many real estate investors and owners have enjoyed in the past year have translated into huge numbers meaning investors and owners have been able to build impressive property portfolios.
Compounding is what builds wealth, and it takes time.
Leverage is using something to maximum advantage, or the term can also be used to describe using debt to buy assets with the plan to generate a profit higher than the interest payable.
What is important to note is that rich people aren’t afraid of (good) debt.
That’s because they understand that debt is how investors can grow their wealth faster, building a bigger asset base and generating better compounding returns.
They get professional help
There aren’t many rich people who don’t have a comprehensive team of finance and investment specialists at their disposal.
They recognize it’s important to invest in their future because that’s where they will live.
Whether you’re a first-time or seasoned investor, you should always consult a good team of professional experts before making an investment.
They have financial fluency
Rich people are financially fluent - they understand how finance, tax, and the law work.
They have learned everything they can about how money, finance, and property work and were able to start investing early.
And you can do the same too.
They play the long game
Becoming successful and rich requires both patience and persistence.
Becoming successful and rich is a long-term investment, there is no such thing as a get-rich-quick scheme.
Yet what many people do wrong is they speculate rather than invest, then they look for that “big deal” that will land them a jackpot in a short period of time.
This doesn’t make good investment sense and it’s not how our most successful and richest people have built their wealth.
You don’t have to look for the latest fads or the latest speculative growth areas if you create your own capital growth by buying a good property at a fair price and then adding value through refurbishments, renovations or redevelopments.
The fact is, if you want to succeed in life, you absolutely must surround yourself with other successful people.
You’ll usually find that successful people are successful because they have expert knowledge and skills in very specific niches.
But while they’re experts in their field they have developed strong relationships which they can call on at a moment’s notice. They use their network.
So, if you want to truly become wealthy, you're going to need to open your mind to a whole range of new ideas. You're going to need to develop new skills and take on a greater set of possibilities better than your current abilities.
Links and Resources:
Why not join Metropole’s Business Accelerator Mastermind
Learn more about Mark Creedon – Business Coach to some of Australia’s leading entrepreneurs
Get a copy of Mark’s new book here – Have a Business, Not a Job
Get a bundle of eBooks and reports – www.PodcastBonus.com.au
Some of our favourite quotes from the show:
“It’s not difficult to see why there’s a growing cohort of people who actually want to buy those blue-chip suburbs.” – Michael Yardney
“A lot of Australians have come from other countries where that work ethic is also very important, but it only gets you so far, because you can only work so hard for so many hours a week.” – Michael Yardney
“Rather than look what’s happening now or the latest fad, the latest big growth area, look for what has always worked.” – Michael Yardney
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