RR Phantom
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 |  Subject: 10 tips to get filthy rich  Tue Apr 19, 2011 4:21 am | |
| Australia seems a promising place to get filthy rich. Admired for its sturdy economy, the 'Lucky Country' was deft at dodging the market forces that sank Ireland and Iceland.
According to CommSec, we are richer than we realise. At the end of last year, per-head Aussie wealth reached a record high of $266,600, easily eclipsing the pre-GFC peak of $255,000.
But $267,6000 will only get you a three-bedroom house on Brisbane's fringes. Suppose you want to be worth far more. Maybe you want to be obscenely rich and never again worry about the cost of a big night out or a home loan payment.
Here are 10 traits you might need to cultivate.
1. Love of money
To get filthy rich, you must have a burning passion for the stuff, says the head strategist at Sydney-based Financial Spectrum, Brenton Tong. Picture the sacrifices, risks and effort required to make $100 million dollars, Tong says.
2. Luck
Luck is less elusive than you think. In fact, it can be nurtured, according to Tong, who is not alluding to magic potions and four-leaf clovers. Picture that couple who bought the right house at the right time in the right area. They turned up at the auction and stumped up, Tong says. “Motion creates emotion.” Activity brings results. Don't like them? “Make some changes and roll the dice again.” Waiting for luck to knock achieves nothing, he says. “Find out where luck lives - and go sell it something.”
3. Risk mentality
Nobody ever made megabucks without taking a risk, Tong says, adding that he does not mean playing lotto. Real risk entails the possibility that you could tank, look ridiculous, even "end up homeless, eating the scraps that are left on the tables at McDonald's”. Because people crave certainty, he adds, too few take risks.
4. Brainpower
Tong says he has never met a "dumb" mega-rich tycoon. You need to be reasonably clever, he says, adding that intelligence can be the sense to see that you lack insight, and hire someone smarter. But you might be brighter than you think because intelligence takes many forms. Ideally, you will have both “book smarts” and “street smarts”.
5. Receptivity
Listen to others, says wealth coach John McAuliffe. Surround yourself with the best and brightest. A budding tycoon's sources of insight may change over time. Irrespective, he or she should always listen.
6. Persistence
Think of the classic motivational 'never give up' picture of a heron trying to devour a frog, suggests McAuliffe. Despite being half-swallowed by the heron, throat the frog resists by grabbing the bird's throat. The image embodies the power of persistence. Yes, McAuliffe adds, you need luck and a knack for spotting opportunity. Persistence separates winners from also-rans.
7. Fidelity
The upwardly mobile entrepreneur who has tied the knot should not cut it. Stay married because divorce inflicts severe financial scars that take time to heal, says McAuliffe.
8. Tax savvy
Everyone needs capital to grow a business. Losing a stack of hard-earned cash to the government's coffers is a waste. The filthy-rich entrepreneur has a keen grasp of how to pay less tax, without bending rules.
"Minimisation is not avoidance," McAuliffe says.
9. Objectivity
Serial entrepreneur Shane Dale once heard someone say: “Do things in the order of how much money they make you". That advice is vital and easy to apply no matter how busy you are, Dale says. Beware of falling in love with an idea or project instead of the money, he adds. Prioritise in terms of return.
10. Opportunism
Opportunism is highly underrated, according to Dale, who defines it as being in the right place at the right time. You have to work at being nimble and steady enough to exploit opportunity and “bloom”. Beware of getting locked down by chains of responsibility, debt and workload, he warns.
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