Some common denominator advice gleaned from the financially successful….
1.Go with your gut
The savvy squillionaires with seven figures in the bank all trust their instinct, and possess a sharp nose well trained in detecting BS. “The number one rule is: there’s no quick rich scheme,” says Penny Spencer from the Spencer Group. “It doesn’t matter who suggests it, if it sounds too good to be true, it probably is.”
2. Trust good advice
Moneyed men seek the wisdom of qualified experts . . . and listen to it. “Ask lots of questions,” Spencer continues. “The first one should always be, ‘How are your recommended investments performing?’ Make sure you know what the current return/performance benchmarks are for any given investment type. It’s your money.”
3. Get to know your investments
Financial literacy is integral to understanding what your money’s actually doing. “You should feel comfortable with your investments. You should speak their language, know what they are, how they work, and what makes them perform well or poorly. For me, bricks and mortar make sense. Bitcoins and crypto-currencies, not so much.”
4. Become a mini-entrepreneur
The sharing economy is booming — and a great breeding ground for mini-entrepreneurs. “We’ve seen Australians who have no business experience using multiple sharing economy platforms to make a significant income,” explains investor Mike Rosenbaum. “One mini-entreprenuer rents out his garage and spare room on Spacer.com.au, the Airbnb of space, to locals who need space. He also does pet sitting and pet walking on Mad Paws (madpaws.com.au), the pet sharing network. He rents out several caravans through Camplify (camplify.com.au), to connect with holiday makers who love camping. He also uses Zoom2U (zoom2u.com.au) to pick up and drop off parcels for extra income as a delivery driver. These platforms are a great way to learn how to make extra income like an entrepreneur with less risk than starting up your own business. It also offers flexible working hours.”
5. Treat time as money
How often do you reckon Elon Musk uses the phrase ‘I’m too busy’ when an opportunity comes along? “If you invest your time today into things that will buy you more time tomorrow, you will be rapidly on your way to multiplying your time,” says Sarah Cordiner, CEO of MainTraining.
6. Scale your impact
There are only so many hours in the day — and that’s why millionaires multitask. “Many of us spend our time running from meeting to meeting, phone call to phone call and client to client. But there’s a far better way to do things: scaling,” Cordiner says. “To multiply your money, multiply your impact by moving from ‘one to many’. Instead of having individual meetings with five clients a day, five days a week, why not see 100 people, all at exactly the same time, in just one hour?”
7. Sell what you know
Knowledge is power . . . and money. All that knowledge knocking around between your ears is exactly what millionaires capitalise on. “You are bursting with skills, knowledge, expertise and passions that other people do not have,” Cordiner says. “One of the biggest questions asked in search engines is ‘How do I . . . ?’. He who provides the answer, wins the business. It’s as simple as that.”