About 26% of the Business Review Weekly Rich 200 List built their wealth through property investments. As a matter of fact, topping the list is a billionaire, Harry Triguboff, who heads the Meriton Group, Sydney’s biggest apartment property developer.
These people on the list did not conjure money out of thin air. Instead, they went through fortunate and unfortunate events before making it and expanding their business portfolios. Find out their secrets of making it to the top.
Property investment is an all-time trend
Property developers and investors always dominate the BRW’s 200 List, even if the Australian economy continues to change and evolve. There is nothing wrong about following the principles of successful entrepreneurs and apply them to your own life. And you don’t need to look far and wide to start your own journey to success.
Queensland, for example, has homes or commercial properties and motels for sale that you can start with. If the Rich List members use property investments profitably, it only means that there is big money to make in this sector.
It takes time and hard work
Your success depends on how determined and patient you are to reach the top of the ladder.
Mr. Triguboff was the son of Russian immigrants; he worked in a textile industry and did some odd jobs as a young man. He had no inheritance and he did not a graduate from an elite university. He began investing in properties in the 60s and his hard work paid off not long after. He still passionately works at the age of 83.
Earn, reinvest, earn
Building a business that gives you regular cash flow is not enough. Reinvest your earnings or profit to expand your business. Either launch a new product or service, or start another business that will complement your current one. Use the power of compounding to increase your cash flow as you grow your asset base. The BRW 200 List concentrates on building their balance sheets more than their profit and loss accounts.
Create a team and not a group
Mr. Triguboff said that he pays good money for his team to come up with winning strategies, so he should listen to them otherwise he is a fool. Meriton’s success is proof that this management style works. You should not work as a group to achieve a result, but rather work as a team to fulfil a goal.
Age never mattered, live that dream
The youngest on the Rich List also made a fortune in property investment and is only 34 years old. While the oldest member of the list, who is also a property investor, is aged 93. It is never too early to start, and at the same time, there is never a set age to retire. You should follow your dream as long as you have the strength and wits to achieve them
No matter what the secrets are, the recipe for achieving your own success depends entirely on you. Have a fixed eye on your goal, map out your plans and take action to achieve it.