The secrets to becoming a self-made millionaire
Surely youâve daydreamed at least once of being your own boss, building a company from scratch and becoming the next Bill Gates.
So long as youâre prepared to pull yourself up by your own bootstraps, and arenât looking for ways to get rich quick, then read on because The New Daily has interviewed five millionaires to uncover the secrets of self-made success.
We purposefully didnât talk to any Gina Reinhardts or James Packers â those who were born to money. The one thing each of our interviewees has in common, aside from wealth, is personal responsibility for their stories of triumph.
Making millions may sound wonderful, but it sure doesnât sound easy.
Itâs hard work becoming a millionaire
Not only has Annette Sym become a millionaire from her series of low fat cookbooks, she has used her own recipes to lose 75 kilos.
âI was making all these recipes to help me lose the weight, like cheesecakes and pies and cookies and lots of great, fabulous food and I decided that Iâd put a cookbook together.â
For Ms Sym, as with every one of these winners at life, wealth came not as the lucky consequence of birth, but as the result of very hard work.
âI borrowed the money from my husbandâs parents to do my first print run, because I didnât have any and the banks werenât interested in me.
âI used a bench in the kitchen to do all my work from. Itâs just phenomenal to think of where I am today from where I began.
âPeople look at me and go, âOh my god, she was so lucky.â And I go, âYeah, lucky I like to work hardâ.â
Persistence
The rise of Maureen Houssein-Mustafa from general manager of a beauty salon to number 29 on this yearâs BRW Rich Women list, with an estimated fortune of $40 million, is a similar tale of extreme dedication.
Her beauty school, Australasian College, is now in the mainstream of training providers, offering degrees in hair, beauty and make-up.
But in the beginning, Ms Houssein-Mustafa was an outsider, struggling to provide the quality education she thought was sorely lacking in the beauty industry.
For the first 15 years, she would work six or even seven days, sometimes up to 11 hours a day.
âI didnât say it was too hard. I didnât say Iâm too tired. I didnât say I didnât like it. This went on for years.â
Aside from sheer effort, Maureen credits her carefulness with money for pulling her through.
âI drove a Holden Barina for the first 15 years of my business life.
âFor me, when it was a choice between a $10,000 holiday or a new machine for the college, it went to the college.
âYou canât have the Mercedes and the holidays and the business. Youâve got to really commit yourself, dedicate yourself.â
Frugality
Fred Schebesta, who co-founded the very successful comparison website finder.com.au, thinks that the majority of self-made millionaires are quiet, unassuming people who work hard and keep a close eye on their money.
âI actually think the self-made millionaires, they donât talk about it. Itâs very quiet,â he says.
âThey just put away savings throughout their life, live in a not-too-expensive neighbourhood, pay off the house, and I think thatâs the everyday Australian millionaire.
âItâs something Iâve always been big on, saving money. Ever since I was a kid, Iâve always been like that.
âI think every entrepreneur needs to be quite frugal, because it enables them to take risks that they otherwise couldnât take if they werenât financially stable.â
Vision, passion and brand
Phil Di Bella, owner of Di Bella Coffee, attributes his success to a very simple formula.
âAnyone can become a millionaire if they have a vision, passion and a brand,â he says.
Phil started with $5,000 and a drive to create what he called âthe ultimate coffee experience.â
âA lot of people have a vision and something theyâre passionate about, but they fall over the last hurdle because they havenât created a brand.â
From very humble beginnings when âno one wanted to know about me or my product,â Mr Di Bella has developed something very unique â the only coffee company in Australia to buy its entire product direct from farmers.
âWe wanted to create a connection between a person and their coffee by having a brand of excellence. Thatâs why weâre really careful where we put our product,â he says.
âWe donât put it on supermarket shelves. Weâre predominantly cafes and restaurants. So when people see our brand, they know theyâre going to have a great cup of coffee every time.â
No shortcuts
An auto electrician from Townsville, Greg Leslie turned a ute and a tool box into a business with an annual turnover of $4.4 million.
His is the most successful in the Battery World franchise network of 82 stores, and he knows well the allure of becoming a millionaire.
âWhen you are growing up all you think about is making a million dollars. Thatâs the goal everyone sets for themselves so cracking that still stands as pretty momentous. It is that Holy Grail of business,â he says.
âHaving had the success we have I often get asked what is the secret? Those who have asked leave a little disappointed when I tell them there is no secret. Success is available to everyone who will make the conscious decision to take action.â
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