The co-founder of a company worth an estimated $1billion has given his eight tips for getting rich and having career success.
Fred Schebesta, the chief executive of financial products comparison website finder.com.au, said delaying some luxuries and spending time wisely was essential for attaining prosperity.
‘While there are circumstances that hit you in life that you can’t avoid, many people are stuck in a financial rut because they don’t sacrifice in the short-term for a long-term gain,’ he told Daily Mail Australia.
The co-founder of a company worth an estimated $1billion has given his seven tips for getting rich. Fred Schebesta, the chief executive of financial products comparison website finder.com.au, said forgoing some luxuries was essential for attaining prosperity
The former Pizza Hut call centre worker, who became a millionaire at age 30, said controlling spending needed to be a top priority.
‘There are excuses, justification, living beyond your means, and not realising where your money is going,’ he said.
Beyond that, the 38-year-old head of a company that operates in 83 countries and employs 350 people, has eight key tips for success.
‘I believe in a few simple strategies that have helped me stay focused on my long-term goals and the best part is that they help you become successful in business, in your job and in your personal life,’ he said.
‘To really move yourself out of a financial rut, you need to ask yourself what are you willing to give up today to benefit later?’
1. Start with your goals
Mr Schebesta, who started a business as a 20-year-old university student in 2001, said his journey to financial success started with a pen and paper.
‘Take a piece of paper and write down your goals,’ he said.
‘Then draw a line down the middle on the paper.
Mr Schebesta, who runs a company with 350 employees, said his journey to financial success started with a pen and paper
‘On the left side write down five things if you stop doing them it would improve your life.
‘And on the right side write five things to start doing. This is how to accelerate your life.’
2. What’s your superpower?
Bestselling American self-help author Tom Rath lives by the maxim that those who spend their life trying to be good at everything will never be great at anything.
Mr Schebesta said this was a call to ‘focus on your strengths not your weaknesses’.
‘What are you really good at? Once you have identified these, build on these skills and make them a habitual part of your life,’ he said.
‘This will give you more velocity to drive yourself forward.’
3. Define your purpose
Having a purpose in life was essential for focus and being a leader.
‘Your purpose will drive not only how you interact with other people but also with yourself,’ he said.
Bestselling American self-help author Tom Rath lives by the maxim that those who spend their life trying to be good at everything will never be great at anything. Mr Schebesta said this was a call to ‘focus on your strengths not your weaknesses’
‘My purpose is to challenge and inspire people to do great things.
‘Your purpose can give you the motivation to stay focused on your goals and help you to reflect on yourself.’
4. Live uncomfortably
The businessman who founded a website with a share house friend from university, Frank Restuccia, said doing something unfamiliar was the key to success.
‘If you are not uncomfortable you are not growing,’ he said.
‘Being uncomfortable pushes you to think differently, challenge yourself, learn new things and adapt.’
The alternative is repeating the same bad strategies.
‘The definition of crazy is doing the same thing and expecting a different outcome,’ he said.
‘You can’t improve your life by doing the same thing.’
5. Delay your gratification
Short-term sacrifices are the key ingredient for long-term success.
‘Delaying gratification is about resisting the temptation of an immediate reward,’ Mr Schebesta said.
Short-term sacrifices are the key ingredient for long-term success. That means delaying spending on expensive items
That means delaying spending on expensive items.
‘For example, if you’re looking to buy something, buy it tomorrow,’ he said.
‘This is about learning self-control and training your mind to focus on your goals and work on achieving them.’
6. Balance your relationship ledger
Successful companies discontinue bad investments.
Mr Schebesta said personal success required this approach to bad friends and acquaintances.
‘Do an audit of the people in your life,’ he said.
‘Are there people in your life that get you down and take more from you than you get back?
Successful companies discontinue bad investments. Mr Schebesta said personal success required this approach to bad friends and acquaintances
‘These are liability relationships that you need to remove from your life.’
People are social creatures, so keeping good friends was also seen as essential.
‘Invest in the valuable relationships for the long-term,’ he said.
‘This is your support network that will be there for you and help you grow.’
7. Budget your savings
Like any profitable company, a person has to be financial solvent.
That means sticking to a budget.
‘It’s important to know where your money is going and planning ahead is key to ensuring you don’t spend more than you earn,’ Mr Schbesta said.
The businessman who started a multinational company recommended that people set aside close to a third of their gross salary.
‘Make a budget and try to save 30 percent of your before tax income,’ he said.
Mr Schbesta had advice for someone earning $60,000 a year, or a level slightly more than Australia’s median salary of $55,400.
Mr Schebesta said successful people spent their time on activities that boosted their knowledge or fitness
‘For example, if you earn $5,000 per month gross, set aside $1,500,’ he said.
‘Invest your savings so that it compounds such as a high interest savings account, growth stocks, shares that earn dividends. Make your money make money.’
8. Spend time wisely
Mr Schebesta said successful people spent their time on activities that boosted their knowledge or fitness.
‘Swap things that give you little benefit with things that will drive you closer towards your goals,’ he said.
‘This could be reading a blog or listening to a podcast instead of watching TV, or waking up one hour earlier to go for a run.
‘These are simple steps to take that can make a huge difference to your life and the outcomes you want to achieve.’