The best Cup tip
by Peter Switzer
In case you are distracted by the Cup and wondering if you should back So You Think at 3/1, then remember the wise words my dear old Dad gave me: “You can make more money out of horses by following them around with a sugar bag and a shovel.”
And that came from a man whose grandfather built racecourses on the south coast of New South Wales and when he was young had an SP bookmaker business with his country yokel brothers, when they came to the big smoke.
Don’t worry, he ended up as a very respectable small businessman and that’s where I get my healthy respect for the hard workers in small business. And while I respect them, I’m also very objective about their weaknesses as well as their strengths.
The same goes for the average person’s ability to build wealth and that’s why on a day when we have a flutter on a long shot, it’s timely to get you to ask yourself this question: 'What is your plan to build your wealth?'
I hope your answer is not: 'Plan? What plan?' If it is this, then on the 150th anniversary of the Melbourne Cup, make yourself a resolution which says I will draw up my plan to get richer before Christmas.
By doing that, you will be able to make the most popular new age New Year’s resolution, which is no longer to lose weight, give up the smokes or to get in shape. No, you can tell your loved one at 12.01 am on 1 January that you will put your wealth building plan to work in 2011.
Look to experts
Now in case you’re too busy, too distracted or too easily a victim of procrastination, then I will give you a reserve resolution — make your New Year’s promise to go to a trusted financial planner, who will help you make the plan you need.
Great swimmers have the plan linked to a goal and do the work daily to make it happen. Great business builders do the same and often look to coaches, mentors, advisers or fellow business owners to give the blueprint plans that deliver success.
The fact you are reading this article is a great first step but lots of people in small business make the first step to open up and then work hard but they never build enduring brands. They never get rich out of their business.
My Cup tip is that you need help, you need insights and you need a plan. Horseracing is a four-legged lottery, but you can create a plan to build wealth. Sure the odd GFC can come along, but with a consistent strategy based on the history of income generation from investments you can build wealth over time.
Finally, I believe the greatest obstacle to most people’s success is an unwillingness to ask for or to pay for help. This pigheadedness or plain scabbiness holds back people from losing weight, giving up smokes, getting in shape, building a great business and accumulating a wonderful financial nest egg.
Invest in success
For those wondering, I will bet on So You Think and Shocking each way but I know the most work I did on the form this morning was on how I’m going to build my Switzer business and who I need to help me make my dreams come true.
Another smart thing my Dad advised me was: 'If you look after the pennies the pounds will look after you'. And he’s right, but hoarding pennies shouldn’t stop you from investing in success.
Important information:This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.
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Published on: Tuesday, November 02, 2010blog comments powered by Disqus