I hate these "Rich Lists" that we see in the media and magazines. It seems we are obsessed with quick wealth and are easily convinced people today can accumulate vast fortunes literally overnight. I have no idea how some of these people's wealth is calculated and being an accountant I try to follow the basics of fact over fiction when it comes to reading and believing these stupid articles about rich people.
Real, sustained wealth takes time to build and effort to make and even more effort to keep. Paper wealth is worthless, here one day, gone the next. It you want an example of fictitious, fake wealth, then read the news today in The Courier Mail (link below) on the collapse of Wayne Ormond and his failed Refund Home loans company. In 2009 Wayne Ormond was voted Queensland's richest bachelor, worth an estimated $25 million. Today the one-time BRW Rich Lister is battling to save his mortgage broking company, Refund Home Loans. How can someone go from $25m to owing $2.5m in just 12 months? Simple. He was never worth $25m in the first place. It was all hype and inflated, unsubstantiated paper wealth. A lot of hot air to be exact.
If you want to know how to be wealthy, then drop into my office board room and see the flip-chart that has been sitting there for 2 years. On the reverse side (I keep it hidden from prying eyes) is the real formula for being wealthy.