“You’ve got to spend money to make money ... I spend a small fortune every year”

What was your first job?

It was at a mobile phone company in north London in 1992, when mobile phones entered the market and cost £1000 (about $1600). The company went into voluntary administration, morphing into another one, which also went into receivership. I asked my boss if he could then do a bankruptcy just to round off my accounting and business studies (luckily he didn’t). I couldn’t understand how entrepreneurs could handle all that pressure of business volatility, risk and cash flow management.

What’s the best money advice you’ve ever received?

You’ve got to spend money to make money. I spend a small fortune every year but, luckily, the majority of my spending is on assets, marketing, personal education and experiences that make me more money in years to come. Most people don’t invest enough, and then there’s me on the other side of the spectrum. I invest too much, so there’s probably a better balance in between.

What’s the best investment decision you’ve made?

Buying my first home at 22. I bought a three-bedroom £100,000 ($165,400) house for £80,000 ($132,300) and made two years’ salary overnight. I rented two rooms out and lived for free as the rent covered the mortgage. I then refinanced it at 24 and got a free Porsche. It’s now worth £400,000-£500,000 and I’ve continued to leverage it to build the rest of my current $15 million-plus portfolio.

What’s the worst?

Lending money to friends. I’ve rarely received it back, which puts a strain on the friendship.

What is your favourite thing to splurge on?

Experiences with friends, clients and colleagues.

I love travel, super cars, super yachts and choppers. And I typically rent rather than own, buy secondhand or buy under syndicated ownership, as it often costs a fraction of the price. That’s how I meet a lot of my clients so the toys pay for themselves even if they’re not tax deductible. If you love what you do, you’ll never work a day in your life.

Where would you invest $10,000?

I’m 100% for investing in property as I don’t like the volatility of shares but, unfortunately, $10,000 doesn’t go far in property. With this in mind, I would spend $5000 on education, mentoring and advice. I would put the other $5000 towards legal and other expenses for a joint property venture with someone who has the money but not the time or expertise to invest by themselves.

What would you do if you had only $50 in your bank account?

I’ve been there a few times and I got through it by giving myself a kick up the backside, overcoming personal excuses and picking up the phone to generate some sales. I’d only stop when I had made 100 calls and booked back-to-back meetings for the next two weeks.

Do you intend to leave an inheritance?

I do want to leave my children a fund to give them a head start in building their asset portfolio from an early age. I’ve been incredibly fortunate and I want them to have that opportunity early on rather than in their late 50s when many opportunities will have passed them. At the same time, it can be challenging knowing how much to give your children and under what terms. I don’t think anyone has 100% solved the problem of how to give your kids money without spoiling them.

Are Sydney and Melbourne in a property bubble?

Markets with high-density, brand new, high-rise properties are subject to a drop, especially if they’ve been marketed to speculators or overseas buyers who can’t settle. I think secondhand, median-priced properties in inner-city blue-chip suburbs that were bought on independent bank valuations are still very short in supply with plenty of demand. As such, I think these will continue to rise, albeit at a slower rate than in the most recent years.

Finish this sentence: money makes ...

the world go round. You can either master the expertise of money yourself or let it master you. It all comes down to knowledge and expertise and putting them into practice.