These are among the top tips from Anthony Khoury, the author of The Beach Bum Millionaire: How to build a million dollar business … the lazy way who says people are going about it all wrong when it comes to getting rich.
“Everyone thinks that there’s a master formula. Some kind of course or freemasons society that gets you part of the Pitt St, Collins St crew where your dad is worth $100 million,” he said.
“That’s the mentality and people fall for these get rich quick schemes because they think you need to be part of some kind of clique but in reality that’s got nothing to do with it.”
Here are his top tips for how to get rich the lazy way.
Find a model and emulate it
Whatever you want to get good at, find someone who can do it better and model yourself on them.
“No matter what the task, if someone else can do it faster or better I would go to them to do it. If someone said invest in ten properties, I’m not going to talk to a guy at a barbecue with one property … I’m going to find the guru and do exactly what he’s done,” Mr Khoury said.
“Trying to work it out yourself is a complete waste of time. It takes years to work it out which causes slow growth and slow wealth acceleration. Talking to these people can save you years of time and effort.”
Don’t be afraid to be stupid
Plenty of people miss out on great information because they have too much pride to ask basic questions. Mr Khoury said you need to keep asking until you get the answers you want – after all, it’s usually a great source of free advice.
“If you want to start moving to the next level you have to start associating with people who are better off than you. If you are the dumbest person in the room you always get more answers than the person who pretends to know it all.”
Asking plenty of questions will get you good advice quickly.
Most people are extremely good at what they do. The problem is they try to control everything and get bogged down in day-to-day activities which leaves them with no headspace for anything else.
“Trying to control every aspect of creating wealth is exhausting. You need to let go. You must find other people to do all the work for you.”
Instead, you should act as if you could get hit by a bus and things would continue ticking along without you.
“No answering e-mails, no putting out spot fires, not handling the mail, you need to be extra lazy and do nothing. The person who can walk away from day-to-day duties will truly experience financial success and spend their time working on new opportunities and strategies that will take the business to the next level,” he said.
Don’t get analysis paralysis
Obsessing over business plans and minute details will get you nowhere. You need to take a calculated risk and go for it.
“I have never ever had a business plan. I look at the worst case scenario and what sales I need to break even. That is it,” he said.
Mr Khoury said social media can be particularly bad for businesses as you can spend hours blogging, tweeting, doing SEO and creating webinars without actually doing anything effective.
Once a week I will meet someone I know for lunch. Not once have I walked away from that meeting not learning something new. If you stay in your business all day and all you see is those four walls, you will lose sight of what is happening in the marketplace and what new technologies there are out there to make your business more efficient.
Value your time
Say to yourself that your time is worth $500 an hour. If you do tedious tasks all week, you will never achieve true financial freedom. Be brutal with what you spend time doing and outsource as much as possible to avoid being overwhelmed by minor issues.
“You’re not going to get $1 million bucks mucking around on social media. I might spend 10-15 minutes a day but I’m not going to go to every nook and cranny.”
“If you can get your business where it can run without you, you will achieve ultimate freedom. If you have to be there seven days a week you will get anxiety and burnout.”