Lessons from Australia’s three comma club

Australia’s richest 200 people according to the Australian FInancial Review are worth $341.8 billion.

To put it bluntly, that’s a lot of money.

These are the 1% of the 1% of Australia’s richest people. About one in seven of them come from inherited wealth (think Gina Rinehart and co, the Murdochs etc).

There’s not one secret to wealth, and if your end goal is happiness, you might not even need it.

But research has shown that happiness does rise with income levels – until it hits about $100,000.

Work work work

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A different survey by Harvard Business School found that people were generally happier if they had earned their money rather than acquired it.

We’re not going to be able to give you the secrets to mega wealth, but instead some of the sage advice these rich listers offer that can apply to all our lives.

Prioritise family

Mike Cannon-Brookes, the founder of Atlassian and number 6 on the rich list, told the AFR he doesn’t like bullshit. He puts family first, his company second and everything else third.

“I’ve always said you need to be very intentional with your time – I think that’s incredibly important,” Cannon-Brookes told the AFR.

“What space is left tends to be very little, right? Unfortunately for entrepreneurs that’s usually friends, family, fitness.

“It’s about having your priorities and organising your calendar. If you don’t other things expand and family is the one that gets squeezed out.”

Think bigger

Kayla Itsines, and her fiance Tobi Pearce, created a global success story with their fitness app Sweat, a personal trainer on your smartphone.

But what we can learn from her is the ability to think bigger.

“I said, ‘It’s not going to work, we are from South Australia, no one is going to take us seriously’,” Itsines said to the AFR when Pearce suggested taking their personal training business online.

But work it did, and Itsines is a now symbol of the success to be found in hitting a trend at just the right time.