Ledlin concedes in the past some people have seen his young age as a negative. He works hard to challenge that perspective. “A reoccurring question early on was, ‘and how old are you, Oscar?’ My youthful demeanour prompted a level of apprehension among certain vendors, real estate agents, contractors and buyers.”
‘I probably have better financials than the average 27-year-old’, says Mitch Hills.
Age no barrier
He says over-preparation was his secret weapon to combat this view. “For meetings, within emails, throughout submissions and proposals, I sought to demonstrate a level of understanding and preparation not expected of my position. This ultimately gave my stakeholders confidence to move forward, irrespective of age.”
Questioned as to what role luck played in his success, Ledin says while he hasn’t had a specific lucky break, he feels privileged having grown up in Australia.
“I consider myself fortunate to have been raised by hard-working parents in an era that has provided more opportunity than was afforded previous generations. I’m grateful to continually find myself surrounded by incredible people. I have also more than once found myself in the right place at the right time.”
Ledlin’s advice to other people who want to build wealth at a young age is to be disciplined, focused and patient. “There’s a strong correlation between self-discipline and all forms of success, including financial success. Pursuit of one thing is always at the sacrifice of another, and financial pursuits are no different. Ambitious wealth goals mean missing social events, less downtime and no frivolous spending. If you’re financially disciplined for three years, you build momentum. If you’re financially disciplined for 10 years, you build an empire.”
Be disciplined, focused and patient, says Oscar Ledlin.
Mitch Hills, who owns Mastermind Marketing, knows the ups and downs of building wealth. “I’m not rich but I probably have better financials than the average 27-year-old. I have a net worth of just over $500,000, taking into account my marketing agency and after taking on my investment property mortgage. I also lost $200,000 on a failed business when I was 21, so that set me back a bit.”
Hills has followed three principles to build his wealth and he says anyone can use the same approach. “First, increase your income and earning potential. The best way to do this is by acquiring new skills or starting a business.”
Step two is to figure out how to make money when you’re not working. “Being, say, a graphic designer can pay well, but when you stop, the money stops …….
Source: https://www.afr.com/wealth/investing/young-investors-share-their-secrets-to-wealth-20220224-p59z6r
