{"id":8434,"date":"2016-07-05T01:00:18","date_gmt":"2016-07-04T15:00:18","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=8434"},"modified":"2016-07-05T01:00:18","modified_gmt":"2016-07-04T15:00:18","slug":"how-the-rich-got-that-way","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/how-the-rich-got-that-way\/","title":{"rendered":"How the rich got that way – Michael Yardney"},"content":{"rendered":"

 
\nYou can learn lessons from the fortunes and misfortunes of Australasia\u2019s richest people. This year, there were more billionaires than ever, and a quarter of the BRW Rich 200 list made their money in property.\u00a0Michael Yardney<\/strong><\/a> shares his thoughts on how they did it.
\n <\/p>\n

Transcript:<\/strong><\/h4>\n

Kevin:\u00a0 <\/b>While the studies show that the rich keep getting richer around the world \u2013 we\u2019ve talked about that on the show before \u2013 the recently released BRW Rich 200 list gives us a bit of an insight into what\u2019s happening to the fortunes of Australia\u2019s wealthiest individuals. I know Michael Yardney<\/a> from Metropole Property Strategists<\/a> follows this very closely.
\nHi, Michael.<\/b>
\nMichael:\u00a0 <\/b>Hello Kevin. I saw you didn\u2019t make the list again this year.<\/b>
\nKevin:\u00a0 <\/b>No. No, I didn\u2019t.<\/b>
\nMichael:\u00a0 <\/b>Neither did I.<\/b>
\nKevin:\u00a0 <\/b>As hard as I try. Oh well, we can always live in hope. I know you\u2019re fresh off your Wealth Retreat, as well. This is a fascination, just watching what the rich do. I know that you follow it, because there are a lot of lessons to be learned from this.<\/b>
\nMichael:\u00a0 <\/b>You can learn lessons from their fortunes and their misfortunes. This year, there were more billionaires than ever, and a quarter of the Rich List made their money in property, with Harry Triguboff \u2013 Meriton\u2019s founder \u2013 claiming the top spot.
\nInterestingly, a good lesson for those interested in property is that the 50 property Rich Listers are now worth a collective $58 billion, while the resources Rich Listers \u2013 who were pretty high on the list in the past \u2013 have fallen back and aren\u2019t worth even a third of that.<\/b>
\nKevin:\u00a0 <\/b>Interesting you talk about Harry Triguboff, and I have followed him with great interest, Michael, as I know you have. It\u2019s interesting in that he\u2019s not only a developer, he\u2019s also an accumulator, because when he develops a block, he will actually keep and retain a certain number of those in his own portfolio.<\/b>
\nMichael:\u00a0 <\/b>Kevin, that\u2019s one of the characteristics of the rich people. They build their asset base. If they have a public company, they build their balance sheet, they understand the power of cash flow, but they also understand the importance of building their asset base. A great observation, Kevin.<\/b>
\nKevin:\u00a0 <\/b>Yes, thank you. Michael, the observations you\u2019ve made watching them, what are they?<\/b>
\nMichael:\u00a0 <\/b>I think one of the good observations to support the things that you and I are interested in is property is still the number one source of wealth. Over time, the industrialist and the mining billionaires\u2019 fortunes wax and wane, but over all the years I\u2019ve been following it \u2013 and it\u2019s well over 20 years now \u2013 the property moguls on the Rich List have always been there and they\u2019ve been steady. I think there\u2019s nothing wrong with watching what other successful people do and applying those principles to your own life.<\/b>
\nKevin:\u00a0 <\/b>We mentioned Harry Triguboff there; he\u2019s certainly an inspiration that proves that anyone can really do it.<\/b>
\nMichael:\u00a0 <\/b>You\u2019re right, Kevin. Some people inherit their wealth, and most people in the Rich List actually came from working class backgrounds and had no tertiary qualifications. You\u2019re right; Harry Triguboff was actually a Chinese-born son of Russian migrants, and he studies textiles and worked overseas. He didn\u2019t even get into his first property deal until his late 20s. Other Rich Listers have also proven you don\u2019t need to have a private school background or an elite education. That\u2019s not a requisite in Australia.<\/b>
\nKevin:\u00a0 <\/b>You and I have talked about this on many occasions, and I know you\u2019re a great believer in the fact that the markets move in cycles. Obviously, the wealthy understand that, as well.<\/b>
\nMichael:\u00a0 <\/b>They do, and they have the long-term view. Sure, at the moment the stock market is flat and Gina Rinehart who had the top spot for five years in a row now is on the fourth spot, but I\u2019ve always found successful businesspeople and successful investors, they think in the long term. They take advantage of opportunities to buy assets when they\u2019re on special, so it\u2019ll be really interesting over the next couple of years to see how these counter-cyclical investors fare in future Rich Lists.<\/b>
\nKevin:\u00a0 <\/b>The other observation to make, too \u2013 and probably incorrectly \u2013 is that they make it look so easy. Is it easy to become rich?<\/b>
\nMichael:\u00a0 <\/b>The rich work hard for their money. You\u2019ll find plenty of people on the Rich List still working and making money at an age when most Australians are actually looking forward to or are already in retirement. You see, it does take time to become uber-wealthy, unless somebody has left you a handsome inheritance, and that hasn\u2019t happened to you or me, has it?<\/b>
\nKevin:\u00a0 <\/b>No.<\/b>
\nMichael:\u00a0 <\/b>Harry Triguboff has been on every Rich List since its inception 33 years ago, and it\u2019s taken him all that time to get to the top. They work hard, they continue working, but he\u2019s doing it because it\u2019s his passion, not because he sees it as work.<\/b>
\nKevin:\u00a0 <\/b>Yes, exactly. Michael, I guess it\u2019d be fair to say, too, that these people don\u2019t necessarily follow the hurdle, just listen to the publicity; they are prepared to take some risks.<\/b>
\nMichael:\u00a0 <\/b>Many Rich Listers took risks early in their career to get their enterprises going, but interestingly, one of the trait of successful businesspeople and these entrepreneurs is to preserve their wealth. Once they have an asset base, they actually stop taking risks. They actually make their millions and then reinvest their money back into their businesses and build their asset base. They realize that you don\u2019t have to take risks to become wealthy once you have an asset base, Kevin.<\/b>
\nKevin:\u00a0 <\/b>What are some of the other attributes you\u2019ve noticed in these people, Michael?<\/b>
\nMichael:\u00a0 <\/b>I think one of the core traits of successful people is the ability to take a good idea and keep repeating it over and over again. They don\u2019t try to become an expert in a hundred things; they find one thing that they do over and over again. That\u2019s why they become an expert. But often, they take it to different areas, different locations. One of the concepts I\u2019ve noticed is that many of them are now moving into Asia, where there\u2019s obviously a growth market. I\u2019m not necessarily talking about property moguls on the Rich List, but just other successful businesspeople.<\/b>
\nKevin:\u00a0 <\/b>What about growth over cash flow?<\/b>
\nMichael:\u00a0 <\/b>We mentioned before that they\u2019re trying to build their asset base, so while they recognize cash flow is important, most of the Rich Listers concentrate on building their balance sheets even more than they do on their profit and loss.
\nI think another trait that Harry Triguboff and all of the Rich Listers have exhibited is that they have a good team of people around them. I remember reading a quote from Harry Triguboff saying that he pays really good money for his team, so he should listen to them, otherwise he\u2019s stupid.
\nKevin, you\u2019ve often heard me say if you are the smartest person on your team, you\u2019re in trouble. A good trait to remember is get some good people around you, get good mentors and listen to them.<\/b>
\nKevin:\u00a0 <\/b>And above all, I guess they take action, don\u2019t they?<\/b>
\nMichael:\u00a0 <\/b>Yes, they do. They started with a dream, they started with a vision, they created a plan, and then they actually stopped dreaming; they took action.<\/b>
\nKevin:\u00a0 <\/b>What about the age of them? Have you noticed anything about how old they are, Michael?<\/b>
\nMichael:\u00a0 <\/b>Every year, there is some new young blood coming in and some of the old, established money stays there, so a lesson for everybody is you\u2019re never too young or you\u2019re never too old.
\nLooking at the property debutants in the Rich List this year, Tim Gurner is only 34, and he\u2019s already made a $460 million fortune in property. At the other end of the spectrum, the oldest property expert in the Rich List, Stan Perron, is aged 93, and he\u2019s been in that list for many years as well.
\nI think there are some really good lessons to learn and to aspire to, Kevin.<\/b>
\nKevin:\u00a0 <\/b>Indeed there are, Michael. Thank you for your insight, always great talking to you. Michael Yardney<\/a> from Metropole Property Strategists<\/a>. Thanks, mate.<\/b>
\nMichael:\u00a0 <\/b>My pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  You can learn lessons from the fortunes and misfortunes of Australasia\u2019s richest people. This year, there were more billionaires than ever, and a quarter of the BRW Rich 200 list made their money in property.\u00a0Michael Yardney shares his thoughts on how they did it….<\/p>\n","protected":false},"author":176692471,"featured_media":8467,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,10,11,13,36,17,25],"tags":[101],"class_list":["post-8434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-studies","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-property-investment","category-sponsored-channels","tag-podcast"],"yoast_head":"\nHow the rich got that way - Michael Yardney - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/how-the-rich-got-that-way\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How the rich got that way - Michael Yardney - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  You can learn lessons from the fortunes and misfortunes of Australasia\u2019s richest people. 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