Lessons from the ‘rich list’

Most people who are intent on building their personal and business finances know there is no quick road to wealth. While some people dream about their lucky numbers finally being called, others are making every day count. 

Of course, not everyone can make it onto the Forbes rich list, and some individuals rise to wealth largely through privilege and circumstance. However, for many others, their position can be directly attributed to exceptional work habits and a determination to succeed. 

If you’re committed to delivering a serious boost to your finances, then cultivating the techniques favoured by those on the rich list can assist you to achieve your personal and professional goals. 

Having a strong work ethic

The wealthiest and most successful people in the world demonstrate a single-minded commitment to their goals; eating, sleeping and breathing their enterprises. You need look no further than Zhou Qunfei, the world’s richest self-made woman, who started out working in a factory by day and taking accounting classes by night. She proves that determination over a sustained period produces undeniable results. 

Pursue a dream

A number of very prosperous people don’t start out pursuing wealth; they pursue a passion. Consider Bill Gates or Elon Musk, who both conceived an exciting, innovative idea. Passion compels people to continue pushing for their goals. In a society where many people just pursue income, successful people use their knowledge and talent to turn their passion into a revenue-generating venture. 

Setting goals with a long-term view

Innovative ideas require big-picture thinking. The wealthiest people in the world didn’t stop after one success (or failure). They remained committed to their vision and focussed on the long term. Ultimately, individuals who have accumulated significant wealth tend to be entrepreneurs whose determination to ‘win’ motivates them to map out the future and set specific and achievable goals. 

Having support

Jeff Bezos, amazon CEO, has a notoriously rigorous hiring process. Why? Because he understands the importance of surrounding himself with other driven people. Successful people act intentionally to nurture valuable professional and personal relationships, putting time and energy into helping these relationships grow. 

Not being afraid to fail

Sir James Dyson, who literally made his fortune out of hot air, famously said ‘99% per cent of my life is failure’, in reference to the number of prototypes his company makes before they get it right. What he shows us is that failure is an inevitable part of the process and that each failure is an invaluable learning opportunity. Realising that the insights gained from failing have practical applications, successful people continually find inspiration for new ideas and devise ways to execute them. 

Making smart investments

Finally, there are many ways that affluent people go about growing and managing their wealth, and making smart financial investments is certainly a critical component of building capital. Whether you are looking to invest in the share market, a new venture or property, knowledge is power. It pays to do your homework and ask for expert advice where required. 

While, the extent to which your own mindset and habits dictate how successful you are cannot be understated, it’s always good to have an expert in your corner. We’re here to help you maximise your wealth and achieve your vision of success. 

Forbes 2018 top 5

Jeff Bezos $112B
Founder and Chief of Amazon
Attended Princeton and worked at a hedge fund before founding Amazon in 1994. 

Bill Gates $90B
Founder of Microsoft
Now manages the world’s largest private charitable foundation. 

Warren Buffet $84B
Investor
Bought his first stock at age 11. Intends to give more than 99% of his fortune to charity. 

Bernard Arnault & Family $72B
CEO of LVMH
Oversees an empire of brands including Lois Vutton and Sephora. 

Mark Zuckerberg $71B
CEO of Facebook
Dropped out of Harvard to found Facebook at the age of 19.

Learning from little ones

Feel like you could fill a book with all the weird and wonderful statements you’ve heard from your kids? Ever been on the receiving end of an ‘honest’ comment from a kid (and a rushed “sorry, no filter on this one!” from their parent)?

There’s a reason kids’ quotes are popular topics everywhere from Twitter and Instagram to forums and blogs. Before little ones learn manners and pick up on the subtle ‘rules’ of social interaction in different contexts, they’re pretty happy to say whatever is on their mind.

Behind that lack of inhibition is something deeper, too. Kids don’t have the hindrance of past experience to hold them back from enjoying life. And that’s where the lessons lie.

Dreaming big

Ask a little kid what they want to be when they grow up, and chances are you’ll get anything but doctor, lawyer or engineer. But that kid who’s determined to be a crime-fighting dinosaur when he grows up might be on to something. Same with the little girl who wants to drive a garbage truck.

What would your career path look like if you didn’t care what other people thought of your job? Would you have chosen a different job if you’d felt more confident in your ability to push yourself to be the best – at whatever you picked? What about if you based your choice on the opportunity to interact with people all the time, or build something tangible, or go on ‘adventures’ overseas?

Ask for help

As kids grow up, they learn how to do things for themselves. They establish independence, and that’s a good thing. However, especially when they’re younger, they also have no qualms about asking for help. That’s because they implicitly trust the people they’re surrounded with, and they know their parents or guardians will give them a hand whatever the circumstances.

If you’ve been feeling like asking a family member, friend or trusted colleague for help with something, try to remind yourself that your relationship creates a safe space where you can speak up and that it’s Ok to admit you need a helping hand.

Make friends easily

There’s a reason that most people make friends at a much slower rate as they get older compared to their school days. And it’s not just work, family or a lack of free time. Often adults judge people by their appearance, or are afraid that others are judging them, or are just too shy or afraid of being rebuffed to take things further than small talk.

You might not follow your kid’s lead, march up to a stranger and ask if they’d like to be best friends. But you can start small. Next time you make a new acquaintance who you’d like to be friends with, why not take the plunge and ask them out for coffee, a drink, or something related to your mutual interest/s. You’ve got nothing to lose.

Try new things

With the (notable) exception of most veggies, kids are pretty open to trying new things. Adults, on the other hand, have subconscious minds packed with memories of being injured/being upset/getting in trouble. The desire to avoid negative experiences can cause us to play a little too safe in the way we lead our lives and mean that we miss out on the joyful moments as well.

Before declining an opportunity or invite to do something new, ask yourself why your first instinct was to say no. After all, life’s too short not to take chances.

As the writer William W. Purkey once said:
“You've gotta dance like there's nobody watching, love like you'll never be hurt, sing like there's nobody listening, and live like it's heaven on earth.”