Rich man’s world

Ron Malhotra with his wife Sandra and daughter Sofia, 3, share a cuddle at their local park in Berwick. 144425 Picture: ROB CAREW

WHAT is the secret to unlocking wealth? What are the biggest mistakes someone can make with their money? Finance guru Ron Malhotra shared his expertise in the world of finance.

“I strongly believe being wealthy should be a worthwhile objective for everyone… the more money you have the more control and opportunities you have.”

FEAR and greed are two of the biggest setbacks faced by those set on achieving wealth.
Ron Malhotra, 38, from Officer has been in finance for his whole life.
He said that if his career has taught him anything about the world of investment – it is human emotion can destroy a person’s wealth.
“It’s much like riding a bike. You start riding and you might fall off, you might fall off again… but when you get back on and try again, you get better and your riding improves,” he said.
“When people have an investment setback, even minor, or they know someone who had a setback, they sometimes get scared and stop.
“But if people stop trying, they will never become good investors because they will never learn… and the best way to learn is to get your hands dirty and do the work.”
Strategic wealth planner and director of Maple Tree Wealth, Ron is the author of Amazon number one bestseller 8 Wealth Habits of Financially Successful People.
The finance guru, who is months away from launching his next book, Move Forward or Move Aside, has brought his wealth of knowledge to locals in free seminars – the most recently hosted at the Cardinia Cultural Centre on Monday 21 September.
A lot of people ask Ron what is the secret to wealth.
His answer? Get started early.
According to the former member of the Berwick Chamber of Commerce, Australians are afflicted by an “epidemic of financial illiteracy” despite living in one of the more wealthy countries.
“I have a firm belief that you can be young without money but you can’t be old without money,” he said.
“Being wealthy is about being able to fund your chosen lifestyle, whatever that is.
“I strongly believe being wealthy should be a worthwhile objective for everyone… the more money you have the more control and opportunities you have.
“And, you need to be wealthy to be comfortable. We are now living 30 years in retirement. How else would we support ourselves?”
Ron said it is never too early to begin investing.
“It takes time to create wealth. A lot of people have this idea that they should invest when they have a lot of money but you don’t need money to make money,” he said.
He said a $250 per week investment can lead to a million dollar future with the right planning in place.
“The ideal time for people to get serious about investment is when they are 10 years away from retirement – 15 or 20 years away would be even better.
“We are seeing more and more cases of people in their 50s or 60s still paying off a mortgage debt,” he said.
Ron, proud dad to toddler Sofia and husband to Sandra, spent the younger years of his life surrounded by poverty.
Indian-born Ron was never afflicted by poverty himself and described his family as he was growing up as middle-class.
But he could not deny the effect his early experiences may have had on his life and his mantra.
“India has a lot of disparity. We didn’t personally go through poverty, it was only in the later years of my life that my parents struggled.
“But poverty is all around you even if it isn’t something you directly face (in India).
“The wealthy and non-wealth co-exist side by side. You could be in an air-conditioned car or in a comfortable environment, but the moment you step out, you’d see it all around you.
“I think I may have subconsciously carried that.”
Today, Ron does not describe himself as ultra-wealthy.
He said his family are “average” on the wealth Richter scale, much like the majority of his clients.
“We come from an average background but we are certainly in a much stronger financial position through some of the things we have done for ourselves,” Ron said, referencing a number of his investment properties.
“We get a lot of satisfaction working with average people that are active and motivated in creating their own wealth… these are people that are hard-working and responsible people that have a desire to do something about their future.”
Importantly, Ron said there is no single strategy to achieving wealth – it takes planning.
But his advice to potential investors: “Start small, start early.”
Maple Tree Wealth is currently based in Mount Waverley.
Ron is expecting the shift the business to Berwick, Narre Warren or nearby within the next six months.
Ron is also currently finalising his third book, The Wealth Answer, which is due to be released next year.