Five tips from billionaires who’ve stayed on the Rich List for decades
Landing in the prestigious directory is one thing. Staying there for years takes a very different set of skills. Three such winners share their best secrets.
Billionaire Jack Cowin has a simple piece of advice when asked how to build a Rich List fortune. “Stay alive and don’t make foolish mistakes,” the Hungry Jack’s founder told Chanticleer.
Cowin is only half joking. The power of compounding interest is so important, he says, that increasing your fortune by just 10 per cent each year will have a profound effect over five or more decades. Just stay away from things you don’t understand, and you’ll do OK, the billionaire says.
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
