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Is there a formula for making loads of money? If so, the mega rich, high achievers that we have chosen to feature in our 'wealth creation' series, know the answer and more importantly, know how to apply it.
By Jill Fraser
Let’s face it. There’s only one thing more fascinating and inspirational than a wealthy individual and that’s the irresistible combination of youth and wealth.
What drives a young entrepreneur to compile a fortune before the age of 40?
Danial Ahchow, 30 and Shaun Bonett, 37 are both multi millionaires.
Bonett, Managing Director and Chief Executive Officer of property development and investment company, Precision Group, has acquired a few more zeros than Ahchow (he headed BRW’s 2007 Young Rich List with an amassed sum of around $300 million). But Ahchow is on his way with his thriving online service company, Service Central, reportedly worth around $15 million.
The assumption that money is the driving force behind every success story is turned on its head by both Bonett and Ahchow: Bonett cites “a desire for independence” and Ahchow insists that it was all about “creating the vision” not the dough.
Buying his first house at age 18 gave Bonett, a law graduate who matriculated at 15 and attained his first university degree at 18, his first taste of freedom and marked the start of his lifelong interest in property.
Ahchow, also a law graduate, was helping his father source a large number of contractors for his cleaning company when he discovered that there was no easy or quick way to find quality tradesmen and decided to use the net to create a situation where tradesmen would call him.
Ahchow’s vision was conceived in 2002 however it took until 2005 and countless 20-hour days for it to come to fruition. He maintains that his stickability was a natural component of his passion and not an extension of the discipline he learned as a champion cyclist.
“Twenty hour working days and long training rides are done for the end goal. You don’t feel the pain whilst you’re going through it,” he says.
“Dad and I knew that if we had enough buyers and sellers we could revolutionise the way people found services in Australia.