This South African became a self-made millionaire by 24. Here’s how.
Marnus Broodryk became a self-made millionaire by 24, and is the founder one of the country’s most profitable auditing firms, The Beancounter.
In an interview on personal-finance show Geldhelde on VIA TV (DStv channel 147), the now 32-year credits his success to hard work, an 18-hour work day and focus.
Broodryk, which was one of the youngest investors on M-Net's Shark Tank in 2016, says new entrepreneurs tend to spend too much on their lifestyles at the beginning of their careers, instead of investing back into their companies.
He gave Geldhelde his five top lessons how to achieve success in business.
Don’t think big; create small.
Broodryk says too many people are stuck in the mindset of creating big businesses such as the next Microsoft or Discovery.
“But that’s not what entrepreneurship is about.”
He says entrepreneurship is simply about building a business will be able to sustain you.
“It’s about creating a small business that would give you more money that a salary would.”
Good entrepreneurship can exist in weak economies.
There is an attitude that if the economy is weak all entrepreneurs are affected, says Broodryk.
“[But] in a weak economy you will find entrepreneurs who are doing fantastically and in a strong economy you will also find entrepreneurs who are doing fantastically.”
He says people should look less at the economy.
“Don’t look at the world out there. Look at yourself.”
Hard-earned money is money hard-spent.
Broodryk says people who earn money easily tend to spend money easily.
“You spend it on things that aren’t important.”
But, he says, if you really work hard for your money, its harder to spend it frivolously.
Give yourself pocket money to limit overspending.
One of the lessons Broodryk always give entrepreneurs is to give themselves pocket money.
“You should pay a certain amount of money over into an account and once you’ve spent that money, that’s it.”
This will limit overspending, and also give you a good overview if you still have money left to spend.
Don’t budget according to someone else’s lifestyle
“One of the biggest mistakes people make – and this is the biggest of them all – is that we live according to other people’s standards,” Broodryk says.
He believes that’s why a lot of people don’t have budgets. Budget according to your own means, he says.
Geldhelde airs every Tuesday at 20:30 on VIA (DStv channel 147), with repeats on Wednesdays at 08:30 and Sundays at 19:30.
Business Insider South Africa is part of 24.com, which is a Media24 company, as is VIA TV.
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