The Australian 37-year-old guy who retired as a self-made millionaire following two simple rules

In 1956, Warren Buffett was managing around half a million dollars. He was working from a tiny study that could be entered only by passing through his bedroom.

He handled everything personally: typing letters on an IBM typewriter, filing paperwork, doing his own taxes. And now, he’s one of the wealthiest people on the planet.

Chris Reining retired at the ripe old age of 37.

This got me thinking about what it means to be resourceful. That if being resourceful can put you on the path to riches, why aren’t more people resourceful?

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RNC Minerals recovers giant gold rock slab from its gold mine in Australia

Canada’s RNC Minerals (TSX: RNX), the company that last month unearthed more than 9,000 ounces of high-grade gold from just one blast at its Australian Beta Hunt mine, has recovered the first specimen.

The Toronto-based gold miner said the slab, weighing about 90kg, was cut in the field, revealing impressive visible gold and quartz structures. It’s estimated that the stone, which will be divided up into a series of smaller sections, contains 1,000 ounces of gold.

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How HS retired at just 28 yrs with millions of dollars after growing up in poverty

My parents grew up poor. Eight-people-living-in-a-one-room-apartment poor. Food-stamps poor. “You’re a busboy, and maybe one day if you work really hard you’ll move up to being a waiter” poor.

Keeping six key principles in mind can help you retire early.

When I was a kid, my parents constantly emphasised how important financial freedom would be, and what one must be willing to do to achieve it. I eventually retired early, at 28, with a little over $US2 million. My entire career totalled less than seven years before early retirement.

Here are six building blocks that helped me get to multimillionaire status quickly.

Average habits lead to average outcomes — if you want an above-average net worth, you need to make above-average efforts.

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25 Dying Professions You Should Avoid if you want future paid employment

These professions are on the cards to be of a high risk when staying gainfully employed as laid out by USA info people. Australia can best be aware & mindful of similar trends here.

John Pugliano, author of “The Robots are Coming: A Human’s Survival Guide to Profiting in the Age of Automation,” sees plenty of white collar jobs that will be threatened by automation.

“Bottom line, any routine job that can easily be defined by a mathematical or logic equation will be at risk,” Pugliano said. “Opportunity will be [there] for those that can create new produces/services or solve/fix unexpected problems.”

So your accountant may not have a job in the future, but plastic surgeons and emergency room doctors should do well. And trades people, Pugliano said, will always have work.

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‘A very special moment’: huge gold nugget found in WA’s northern goldfields

A gold nugget dubbed ‘duck’s foot’ worth more than $110,000 has been uncovered in WA’s northern goldfields region.

The 3.23kg nugget contains 2.11kg of gold and amazingly was one of six sizeable nuggets the prospector found during his trip.

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The gold nugget, ‘duck’s foot’ found in remote WA.

Photo: Supplied.

The prospector wished to remain anonymous and did not want to reveal exactly when he found the nugget.

He named the nugget duck’s foot because of its shape.

“When I had finished digging it out, I just thought ‘Oh my god’,” he said.

“There’s an amazing feeling of joy when you find a gold nugget, even a small one, so when I uncovered this one it was a really special moment.

“I have been going to the same spot for years but with a better detector, better technology, I keep finding gold in patches I’ve been over many times. I can’t believe the amount I’ve left behind.”

The man, who is retired, camps on-site for weeks or months at a time.

He was using an Australian-built metal detector from Australian company Minelab.

The prospector’s first strike was on the second day, which was a nugget big enough to pay for the entire expedition.

“That meant the pressure was off and I could unwind a bit. I started looking for deep signals in ground I’d gone over before,” he said.

“When I heard that signal, I knew it could be something big.

“It was pretty deep at about 800mm in clay soil so it took more than two hours of careful digging to get it out.”

Despite the great pay day the prospector has no plans to stop.

“I have always said to do this you need ruthless optimism and a happy heart. Why would I stop?” he said.

Airleg driller Henry Dole was on shift when his team unearthed two huge specimens at RNC’s Beta Hunt mine site in Kambalda earlier this month. Picture: Kelsey Reid / Kalgoorlie Miner.Source:Supplied

Earlier this month, Canadian gold mining company RNC Minerals announced it had found a whopping 9250 ounces of gold worth $C15 million ($A15.9 million) at its Beta Hunt gold mine, also in the Goldfields near Kambalda, in just one week.

That included two massive sized specimens weighing 95kg and 63kg with a combined estimated gold content of more than 4000 ounces, which President Mark Selby said could rank among the biggest ever discovered

On Thursday, the company provided an updated estimate from the discovery, dubbed the ‘Father’s Day Vein’, saying it had produced more than 24,000 ounces worth more than $C38 million ($A40.3 million).

Originally published as Another huge gold find in WA

GET YOUR FREE PDF GUIDE ON THE GOLDFIELDS OF WESTERN AUSTRALIA HERE

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Henry Sapiecha

Dave Hughes responds to critics who said he spent far too much on a house from The Block.HA-HA SAYS THE CLOWN

DAVE Hughes is requesting an apology from  the property experts who criticised the amount he paid for one of The Block houses last year 2017.

The comedian dropped $3.067 million ($447,000 over the reserve) on the five-bedroom home in Elsternwick in southeast Melbourne that was renovated by Josh Barker and Elyse Knowles.

RELATED: How Hughes went from being on the dole to one of Australia’s most high-paid entertainers

The Block house by Josh and Elyse at 46a Regent St Elsternwick.

“I copped so much flak for that,” Hughes said yesterday on his Hit Network drive show with Kate Langbroek. “It was ridiculous and it’s gone on and on and on.

The Block house by Josh and Elyse at 46a Regent St Elsternwick.

“A lot of experts had their say about my purchase … There are articles that have been written all year having a go at me. One article from one mob called Property One or something, they had a dinner party discussion about how much I overpaid for it.”

The Block house by Josh and Elyse at 46a Regent St Elsternwick.

Reading from the article, Hughes said, “Based on our assessment we think Hughesy has paid somewhere between $417,000 and $517,000 too much. We’re confident it’s closer to the $500,000 level.”

The Block house by Josh and Elyse at 46a Regent St Elsternwick.

The comedian even invited a property expert onto his Network Ten show, Hughesy, We Have a Problem, who told him he’d paid around $250,000 too much for the block house.

The Block house by Josh and Elyse at 46a Regent St Elsternwick.

But now, 10 months on, Hughes is adamant the experts were wrong based on the sale of yet another Block house on the weekend.

The Block house by Josh and Elyse at 46a Regent St Elsternwick.

“The house next to the house I bought, Sticks and Wombat’s house, got sold over the weekend,” he said on radio yesterday.

“Sticks and Wombat’s house got sold just the other day … for $180,000 more than it sold for on the TV less than a year ago,” Hughes stated.

The Block house by Josh and Elyse at 46a Regent St Elsternwick.

“They got $2.83 million on the weekend and with my house being worth more than theirs, because it’s a better house in a better location, Katie, I would like an apology,” he said to Langbroek who also criticised the amount he paid.

Hughes said that the house he bought was better than Sticks and Wombat’s house because his was on the northern end. He also added that his house came with $200,000 worth of furniture whereas Sticks and Wombat’s house was sold unfurnished on the weekend.

“You’ve got to admit that that is pretty good justification,” Hughes said, before giving a shout-out to his bank.

“I’d like the bank to apologise also because they valued my house a lot less when I tried to get the loan. They’re fools! I told the bank they’re idiots!”

Hughes is currently renting out the property in Elsternwick but he did confess to Triple M’s Hot Breakfast in January that it took him a while to locate tenants.

“I had trouble renting it,” he said. “It took a fair while.

“At one point the real estate agent rang me and said, ‘someone wants to move in but they’ve got a dog’. I felt like saying, ‘I don’t care whether they’ve got a meth lab’.

“It’s a little dog and that’s fine. They put in their own doggie door.”

According to realestate.com.au, rent for the five-bedroom house would be somewhere between $2500-$3000 per week.

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Henry Sapiecha

 

Australian cupcake mogul Katelyn Matheson on track to make fortune — before her 21st birthday

WHEN Katelyn Matheson was 18, she decided to earn a little extra pocket money by selling homemade cupcakes at her local farmers’ market.

She made a few hundred dollars after selling 150 cakes after her first day — a fortune for a teenage TAFE cookery student.

But word of mouth spread, and within days she was being inundated with orders and requests via her Facebook page.

Soon, she was baking 5000 cupcakes a week to keep up with demand, and her business, Cake Creations by Kate, was born. Support this industrious girl & buy her products Australia.

“I was still living with mum at the time and I did it all in her kitchen — poor thing; I took over the house,” she said.

“It turned into a massive thing. On Friday nights there used to be cars everywhere on our street with people lined up at our door to pick up orders.

“It started out as a way to earn a little bit of extra money while I was studying but all of a sudden, people were asking about the cupcakes non-stop. I didn’t predict it would get this big.”

Ms Matheson remembers setting up trestle tables throughout her mother’s house one night to hold 4000 cupcakes that had been ordered — that was her mother’s breaking point, and the teen realised it was time to take the business to the next level.

She decided to lease a shop at her local shopping centre, but centre management asked her to trial a temporary, pop-up store first as they were concerned the then-19-year-old was too young to handle the responsibilities of a long-term lease.

They shouldn’t have been.

There was a “20m line” of eager customers waiting from the moment the store opened — and Ms Matheson had completely sold out within an hour-and-a-half.

She signed a lease almost immediately and today Ms Matheson runs two stores with a third set to open in inner-Melbourne’s QV centre this month, and with more pop-up stores to follow.

She’s also established partnerships with corporate and wholesale clients including ANZ, Crown Casino, Myer, NAB, Optus and Telstra and has branched into wedding cakes and party favours as well.

🌸
I’m the luckiest girl is the world to have this amazing lady as my Mum, she is always so caring and puts everyone before herself, she is my biggest fab, she always supports me no matter what & her kind heart and generous natures makes everyone smile around her. Thank you Mum for being the best Mum & I hope all the Mums have a great day and get spoilt with love today

And it seems the cupcake business is a lucrative one — Ms Matheson is on track to make $1.6 million by the end of 2018, well before her 21st birthday.

She said the degree of her success had been “crazy” — but insists getting rich was never her objective.

“It’s absolutely never been my goal and I’ve never lost sight of my passion on this whole journey,” she said.

“I don’t wake up thinking about money. People say I must love making lots of money on big days like Father’s Day or Mother’s Day, but that’s not my goal — I love what I do, creating desserts people love, and I never let money get in the way.

“But it’s nice to be so young and have the opportunity to make some money and be successful. I never came from a really wealthy family and my family always taught me the importance of genuine hard work.”

Ms Matheson said her success had happened so quickly she has had little chance to enjoy it, working around the clock and investing a lot of her revenue back into her company through kitchen supplies and equipment to streamline the business.

And she stressed her phenomenal success has also come with many challenges.

“It definitely hasn’t all been smooth sailing. It sounds like it’s all rainbows and unicorns but it has come with a lot of hardship. Especially being so young, there are challenges when you start making money — I was investing every single cent into new equipment, with one machine costing $35,000,” she said.

“And it becomes harder the more staff you employ. Next week our 20th staff member will come on board and it is hard to manage so many different people, but I’m learning to be versatile and a strong, independent woman.”

She said the secret ingredient to her success has been hard work, quality ingredients and treating staff well.

Ms Matheson’s signature cupcakes include Rainbow, Salted Caramel, Triple Chocolate and Jam Donut.

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Henry Sapiecha

The Queensland teenager earning a small fortune through e-commerce side hustle

DURING the day, Brisbane Qld Australia teen Jack Bloomfield heads off to do school like most other 16-year-olds.

But when he gets home, the Year 11 student immediately jumps on his computer to manage his e-commerce side hustle business.

It’s a venture that’s paying off far greater than the part-time jobs most other teens have on their resumes.

Since launching his parent company BloomVentures at age 15, Mr Bloomfield now operates a number of e-commerce stores, including Best Bargain Club, which all sell a variety of different products from novelty items to skincare products online.

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While he declined to reveal his company’s total revenue income and stressed that his earnings varied from week to week, Mr Bloomfield said that during a strong period, he was he was making “north of $2900 a day”, and bank documents revealed to news.com.au supported  his claim.

“Currently, I am turning over just north of $2900 a day through multiple ventures but primarily Shopify and e-commerce,” he said.

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“Between the age of 14 and 15 I was trialling different side hustles like Forex trading. I made a few thousand dollars here and there but I got my big break when I was 15.

“I got into the world of e-commerce, and I began selling carbon fibre money clips … then I scaled it all the way up through a method called drop-shipping.

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“I now have over five e-commerce stores turning over thousands of dollars per day … Through that time I have scaled my personal brand up and I now have more than 12,000 followers on Instagram with hundreds of connections within Australia and overseas.

“Last year I started to aggressively build the business and I started to get real numbers in December last year, and from there it’s been nothing short of wonderful.”

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The teenager said drop shipping — a method where the seller doesn’t have physical items in stock, instead transferring orders to either a manufacturer, a different retailer, or a wholesaler to then ship the goods directly to the customer — has been the key to his success.

But Mr Bloomfield has always had an entrepreneurial streak.

When he was 12, he sold greeting cards online via a virtual application that allowed customers to choose different options and write their own messages.

He followed that up by creating an online platform which helped patients and doctors keep track of all their health records in one place. [Australia health plan example]

But these days, he’s fully committed to e-commerce.

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“I’m in grade 11 right now so there’s a fine art to time management. I’m working constantly, as much as possible, from 3pm after school to 10pm,” he told news.com.au.

“A lot of kids complain they don’t have time but then they spend hours playing games, talking to their parents, doing their homework and watching TV but I believe you can use every minute of the day effectively, it’s just an excuse to say you don’t have time to start a side business.

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“If you look at how you use your time in the day you could probably find at least a few extra hours.”

After school, Mr Bloomfield plans to skip uni and instead focus on his business full-time.

He hopes to eventually move the business overseas to the US.

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“After I finish school I plan on pursuing the business full-time — I’ve learnt so much in the last two years, it’s phenomenal, and I don’t feel uni is the right step at this point in time,” he said.

“My parents own a business and they’re my inspiration. I’ve seen them working so hard to get results and I’d much rather work for myself because it’s directly proportional, the amount of effort I put in and the reward I get, compared to working for others.”

The sports enthusiast said he spent at least 25 hours during every working week on the business as well as most of his weekends, making sure Facebook ads are working correctly and checking his virtual assistants are filling all orders.

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Mr Bloomfield said he had mentored “hundreds” of people over the years and that he wanted to inspire others to believe in themselves and achieve their goals.

He said other people hoping to launch a business or side hustle should find a good mentor, read books and take online courses to build up their skills.

SKILLS & SCIENCE BEHIND A SUCCESSFUL E-COMMERCE ONLINE STORE VIDEO

On 14th June 2017, Awin brought together their annual series of vertical events to present, ‘The Science Behind Ecommerce’ a one-day affiliate marketing conference debating the science and theory of online marketing, user experience, and website conversion.

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Henry Sapiecha

Meet Lex Greensill and the fintech that’s Australia’s newest $2b success story

A supply chain financing company with its roots in regional Queensland Australia, Greensill, has become the country’s next $1 billion-plus unicorn, thanks to a $US250 million ($336 million) venture capital injection from growth equity firm General Atlantic, which also creates the country’s newest top rich listers.

Queenslander Lex Greensill started his own finance supply-chain company that’s now worth $2.2 billion. John Chapple

Greensill, founded in 2011 in London by Bundaberg-born farmer Lex Greensill, 41, provides businesses in industries from telecommunications to manufacturing with working capital based on their invoices, allowing them to be paid faster and fulfil the work, without shortening payment terms for the buyers.

The capital raise, which is the first for the previously bootstrapped company that had only taken capital from family and friends, values Greensill at $US1.64 billion and makes Mr Greensill and his brother Peter, who runs the family sugar cane and sweet potato farm in Bundaberg, collectively billionaires.

“The business is extraordinarily capital efficient and we’ve invested fully ourselves in growing the business because we wanted to maintain control,” Mr Greensill told The Australian Financial Review.

“The firm is still substantially owned by myself and the staff and I’m very proud of that … Dozens and dozens of our employees have become millionaires on the back of this.

“We weren’t looking to raise at all. General Atlantic approached us and the strength of their experience in multiple markets where we’re looking to grow, combined with the capital and expertise, made it worthwhile. But there are no plans to raise again or do an initial public offering.”

The investment from General Atlantic, which gives it a minority stake in the company, will allow the business to aggressively expand in major markets where it’s only got a small presence – China, India and Brazil – as well as rolling out in Africa.

From Bundaberg QLD to London

Having been raised on his family farm and seeing his parents deal with long payment terms, Mr Greensill worked full time in a law firm after finishing high school and undertook a law degree by correspondence.

After becoming a solicitor, he joined a few start-ups based in Sydney during the dotcom boom, one of which was in supply-chain finance.

This venture ultimately failed and Mr Greensill went on to be involved in a few other start-ups, before making the move to London and eventually starting Morgan Stanley’s supply-chain finance business, before moving to Citibank during the global financial crisis and becoming managing director of its supply-chain finance business for Europe, the Middle East and Africa.

But Mr Greensill, who has also been an adviser to former British prime minister David Cameron and US president Barack Obama, said he became frustrated with the big banks’ inability to adopt new technologies quickly and decided to start his own firm.

“I ultimately decided there was a bigger opportunity outside of the bank because so much of the market was not being served by them and they weren’t adopting technology at the pace I thought they needed to,” he said.

“Our business model is that we work on an industrial scale. We’re low margin and we’re passing through the advantage of the extraordinary access we have to Greensill Bank [in Germany] and capital market financing through to battlers in Australia and the 56 markets we serve.

“Full enrolment online takes under one minute and in terms of accepting legal terms and conditions, it takes just one click. We marry our financial and capital markets technology as one of the biggest bond issuers in Europe, together with access to the enterprise resource planning systems of our customers in order to make credit available.”

‘I’m a farmer at heart’

Greensill bought a German bank in 2013, whose balance sheet it uses to invest in its various programs.

The company is growing at around 300 per cent year-on-year and in Australia it has gone from providing $US800 million in working capital to businesses in 2017 to more than $3 billion in the first six months of 2018.

In 2017 it made a profit of $US32.9 million on $US115.9 million in revenue.

“We see ourselves as the Amazon of the working capital world … We’ve come a long way, but the marketplace we play in is quite enormous,” Mr Greensill said.

“Our market share today is about 0.4 per cent, in a market with the potential size of a $US3.5 trillion asset requirement. That’s the market we’re going after. We want to go from 0.4 per cent to [the full] $US3.5 trillion.”

Mr Greensill’s brother Peter also sits on the board of the company, but day-to-day runs the family farming business, which is separate to Greensill.

While the company was founded in the UK, Greensill is still registered in Bundaberg and Mr Greensill, who was named a Commander of the Order of the British Empire last year, has no intention of ever changing that, admitting he’s still a farmer at heart.

“Bundaberg is my home. It’s where I came from and I visited there about eight times last year with my wife and. We have never considered the thought of changing our roots,” he said.

“I’m a farmer at heart. Whenever I’m home I jump on a tractor and have a play. I don’t think of myself as a corporate titan.”

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Henry Sapiecha

Domino’s boss scores massive multi million $$$$ pay day from cheap pizza

AUSTRALIA’S best-paid CEO has made his fortune selling pizza, it has been revealed.

A new report by the Australian Council of Superannuation Investors (ACSI) named Domino’s Pizza boss Don Meij as the country’s highest-earning CEO, after he took home a whopping $36.84 million last year.

The pizza boss made his dough after he exercised options to acquire shares worth $35.7 million.

Don Meij beat out Westfield’s Peter and Steven Lowy, who made a combined $25.9 million in 2017, and Macquarie’s Nicholas Moore, on $25.19 million, for the top spot.

After the news broke, Prime Minister Malcolm Turnbull said the pay packets of our company chief executives were “extraordinarily high”.

“As someone who most of his life has worked in businesses that I’ve only owned or been a partner in, I find the amount, the pay rates for people working as an employee for a lot of big public-listed companies extraordinarily high,” Mr Turnbull told 3AW radio on Tuesday.

He said Mr Meij’s salary “seems like a hell of a lot”.

“They’d have to be extremely productive,” he added.

The new figures reveal Aussie CEO’s are enjoying the fattest pay packets in 17 years.

ASCI chief executive Louise Davidson told the ABC the results showed CEO’s were not with it.

“At a time when public trust in business is at a low ebb and wages growth is weak, board decisions to pay large bonuses just for hitting budget targets rather than exceptional performance are especially tone deaf,” Ms Davidson said.

According to the survey, median-realised pay for ASX 100 chief executives rose 12.4 per cent to $4.36 million while bonus payments rocketed by more than 18 per cent.

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Henry Sapiecha