A path to wealth

Mark McIlroy

9 September 2025



1. Most people think that having a business is a path to wealth. For some it is. However, a large percentage of people don't really have the right attitude to life to be successful in business.

In countries like Australia in 2025, an employee with a good job will frequently have a better financial position and lifestyle than a small business owner.

However a business where the person does the work themselves, and has no employees, can be a good option because you can't be sacked from your own business, where as an employee it's possible to lose 100% of your income in a single day.


2. Control expenses without wasting large amounts of time or being obsessive about it. For example, if you can get an electricity supplier that supplies electricity for 20% less than your current supplier, then it might be time to change.

Buying large amounts of expensive items doesn't result in you getting more money.


3. Grow your income. Some people are in stable income situations and value their family time more than a promotion. However, if you have a chance for a better income, such as a new job, then consider it.


4. When you receive money, don't necesarily start buying things. Use some money to reduce debts. For example, a person with three cars will always be poorer than a person with one or two cars. Why? because all the money of the person with three cars will be spent each month to pay for insurance, registration, car maintenance, and petrol. Not to mention using up all the space for parking at your house.


5. If you want more money, then staying in the same house, and working for the same company, for 15 or 20 years is highly recommended.


6. Gambling on horses, or buying lottery tickets, doesn't work. For example, you need to buy one million lotto tickets before you win the major prize, on average.


7. Of all the methods proposed to acquire money, the only ones that work are:

	- having a good job,
	- a one-person business with established clients,
	- running a larger business if you have the right personality to be successful in business, and
	- building up a portfolio of investments over the long term, such as buying investment properties.


8. Reduce your debts if you possibly can. Interest paid is totally wasted money. Also, repayments on debts can reduce your net incoming cashflow substantially.


9. A suggestion is to write down everything that you spend, even a few dollars, and including bills, for one month. Then go through the list and check every item and ask whether you can avoid that item, or reduce it.

This is not a suggestion to prevent enjoying life with luxuries. Examples of reducing expenses are stopping buying lottery tickets, a slower internet connection, and buying less things.


10. At the large scale, things like higher wages, lower taxes, and lower rents are the significant items, however one person cannot change these things.