Shark Tank’s Glen Richards gives his tips on how to live within your means

SHARK Tank TV personality Glen Richards is a successful entrepreneur whose company is worth $700m. He reveals what’s crucial when managing money.

HE may be a successful entrepreneur and now television personality but Glen Richards says it took him “21 years to become an overnight success”.

The founder of ASX-listed veterinary and pet care company Greencross — and the newest member of Channel 10’s business invention show Shark Tank — says patience and some old fashioned values are the most valuable tools when it comes to managing money.

“Society’s consuming materialistic approach doesn’t respect some good old fashioned values around living within our means,” he says.

Interest rates may be tumbling but our debt levels keeps growing with Australians owing more than $50 billion on credit cards and paying more than $540 million a month in interest on that debt.

The company the vet and businessman founded is now listed on the ASX and worth an estimated $700 million.

Glen Richards has joined the Shark Tank team on Channel 10.

But when it comes to personal finance Dr Richards has a back to basics approach and avoiding credit card interest and living within your means are two of his principles.

“People need to spend a little more time and effort on their finances, understanding and managing their cash flow, budgeting and ensuring they save more than they spend so they have the opportunity to invest in assets that appreciate,” Richards says.

Not everyone has the desire to start their own business but it doesn’t mean you should neglect your day-to-day income and expenses.

If you earn a salary and are interested in creating wealth then ensure you save more than you spend and seek advice from experts who invest for a living for the best way to grow those savings, he says.

“You have to be patient when it comes to money and wealth creation,” he says. “There are plenty of brilliant stories that highlight the incredible wealth creation in today’s high tech world but my concern is that it creates an impression that it is easy to get rich quick.”

Dr Glen Richards, founder of ASX-listed veterinary and petcare company Greencross, says sticking to a budget is key. Photo: Claudia Baxter

Glen’s top three money tips.

1. Create a weekly budget and stick to it and budget to live within your means.

2. Spend time every month on reviewing your personal finances and reviewing your wealth creation goals. Get help on this!

3. Get into the habit of siphoning funds to a savings account for use in investing in appreciating assets.