Money tips from AFR Rich Listers who actually made their own fortune
You don't need to inherit a pile of cash.
by Angus Kidman
The Financial Review Rich List tracks Australia's 200 wealthiest people. Top of the pile this year is Gina Rinehart, worth an estimated $31.06 billion. Rinehart had a handy head start though – she inherited the family mining business.
That kind of windfall clearly doesn't hurt, but it's not essential. We've highlighted tips from five folks on the 2021 Rich List who show that it's possible to forge your own fortune. Let's get wealthy!
Mike Cannon Brookes, Atlassian
Rank: #3
Net worth: $20.18 billion
We've always been very long-term focused and we'll make sure that we'll keep doing that.
Put it into action:
Avoid short-term volatility. Whether you're investing in shares or cryptocurrency, think in terms of five-year returns (or longer).
Melanie Perkins & Cliff Obrecht, Canva
Rank: #10
Net worth: $7.98 billion
I've always put a lot of pressure on myself ... While the expectations around our company and what we're expected to do is sort of increasing, that's nothing on what I've got on myself.
Put it into action:
Challenge yourself constantly. Be specific. For instance, aim to invest 50% more this year than you did last year.
Jack Cowin, Hungry Jack's
Rank: #17
Net worth: $4.94 billion
While you can make a good income as an employee, you pay tax on it, and what you end up with isn't as profitable as building an asset.
Put it into action:
Property investment is a mainstay of the Australian market, and it's often tax efficient. Learn how to get started.
Nick Molnar, Afterpay
Rank: #31
Net worth: $2.67 billion
I had grown up in a generation that had a strong aversion to credit following the global downturn of 2008. People wanted to use their own money to pay for things.
Put it into action:
If you're sitting on credit card debt, find a 0% interest balance transfer deal so you can clear it faster.
John Symond, Aussie Home Loans
Rank: #135
Net worth: $800 million
You need to be liquid to weather the storm.
Put it into action:
Don't have an emergency fund? Set one up right now.