7 ways to get rich before age 40 -- which one suits you??

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Thisweek BRW released its annual list of Australia’s richest people aged 40years and under. It’s a fascinating look at the next generation ofentrepreneurs in Australiaand highlights the way the economy is changing.

One of the biggest changes liesin the ways these young people are building fortunes.

Other than the celebrity sportsstars and entertainers of the list, very few of the names are well-known inbusiness circles. That might have something to do with the age of theseentrepreneurs, but it probably has more do with the fact that many of themembers of the Young Rich operate in the services economy.

While people like Richard Pratt,Frank Lowy, John Gandel and Len Buckeridge built their fortunes by creatingvast, capital-intensive empires employing tens of thousands of people, themembers of Generation Next are focused on relatively small businesses operatingin very specific niches, such as hedge fund management, specialist areas of thetechnology sector and specialist retail areas such as fashion and cosmetics.

So what are the secrets tobuilding a fabulous fortune before you hit 40? Here are some of key trends fromthis year’s Young Rich list.

1) Find a bit of dirtwith some minerals in it

The quickest way to get richright now is to find a patch of dirt containing coal or iron ore and sell itfor a crazy amount of money. The Young Rich list is led this year by NathanTinkler, who has built his $441 million fortune in two years.

In early 2006, Tinkler’s companyCustom Mining bought the Middlemount coal deposit in central Queensland for $15 million. In December2007, Queenslandcoal independent Macarthur Coal acquired Custom Mining and its 70% in theMiddlemount project for $275 million in cash and shares.

Tinkler sold his shares earlierthis year and is now sitting on a pretty pile.

2) Become a fundmanager

Working as a money manager mightnot seem like a lot of fun right at the moment, but establishing a fundsmanagement business and winning the backing of a couple of wealthy investorsand institutions is still a very handy way to amass a lot of cash.

The Young Rich list features anumber of high-flying fund managers, including London-based pair Greg Coffey(worth $335 million) and Hilton Nathanson, the chief investment manager atLondon-based funds manager Marble Bar Asset Management, who is worth $385million.

Of course, whether thesedesk-jockeys can hang on to their cash in the next 12 months will beinteresting, particularly given the bans on short selling in place around theworld.

3) Join the seconddot-com boom

Technology dominates this list,providing a fifth of the members. That’s not surprising, given the low barriersto entry (anyone can start a website these days) and the low amount of capitalrequired.

The best thing about this sectoris that you don’t have to come up with killer app (to use a bit of tech speak)like Google or Amazon.

Simon Clausen, valued at $170million, made his money from PC security software company PC Tools, which wasrecently sold to Symantec for $300 million. Queensland-based pair Sam Sciaccaand Daniel Tzvetkoff (who is aged just 24) provide billing systems to websitesand are valued at $120 million.

Neither idea is particularlyoriginal, but that matters little – you only need a miniscule slice of theglobal IT pie to make a lot of money.

4) Get very good atsoccer, tennis or golf

If you’ve got a bit of talent forball sports but not much else, then fear not – you can still become very rich.

The list features a number ofsportsmen, including motocross star Chad Reed and Formula 1 ace Mark Webber,soccer players Mark Viduka and Harry Kewell, tennis players Patrick Rafter andLleyton Hewitt and golfers Adam Scott and Karrie Webb.

The secret is picking a sportthat is big in the United Statesor Europe – global companies will only sponsorathletes involved in global sports.

5) Make someonebeautiful

The flock of young Australianentrepreneurs making millions from cosmetics is amazing. Napoleon Perdis'scosmetics empire is worth $85 million, while Natalie Bloom from Bloom Cosmeticsand Mecca Cosmetica founder Jo Horgan are both valued at $31 million. Husbandand wife team Christine and Richard Matta have built a $30 million fortune withtheir Perfume Empire retail chain.

Fashion is the other big sourceof list members. It's a cut-throat, fickle business, but the barriers to entry arelow – anyone can design jeans or t-shirts in their bedroom. Sarah-Jane Clarkeand Heidi Middleton from Sass & Bide are worth $40 million, while Nigel andTania Austin, owners of the Cotton On chain, are worth an impressive $120million.

6) Become an entertainer

Plenty of room for pretty faceson the Young Rich list – actors Cate Blanchett and Naomi Watts make the list,as do musicians Kylie Minogue, Keith Urban, Daniel Jones and Darren Hayes (fromSavage Garden).

Kylie leads the charge with afortune of $84 million. As with the sporting members of the list, the key tobecoming wealthy from entertainment is developing an international profile.

7) Get a trade

Anyone who has paid for a plumberor electrician in recent years can tell you that getting a trade is a great wayto get rich. But several members of the Young Rich list have taken this to anew level by building property development empires from their trade business.

Mark Etherington (who is valuedat $60 million) started his career as a carpenter, as did Queensland developer Chris Anderson ($75million). Melbourne'sShane Wilkinson ($32 million) was a builder.

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