What is your net worth? AU$193 million, according to the Australian Financial Review Young Rich List: Fred Schebesta
At what age did you become a net worth millionaire? 26
How did you accumulate your net worth, what are you invested in? In the early days of the internet, my business partner Frank Restuccia and I took advantage of the dot com boom and created an SEO company called Freestyle Media. We then sold the agency in 2007 and then focussed our efforts on creating www.finder.com/nz. Since then, we’ve grown our business to operate globally. I am also super interested in crypto, having started our own brokerage HiveEx in 2018.
What is your career? I’m a serial entrepreneur and a futurist. I love launching business ideas, staying a step ahead of the game and building businesses that solve problems and help people. I’m the co-founder of Finder, a financial comparison site that operates globally. I also lead our venture capital arm, Finder Ventures, which is an incubator for new business ideas, and HiveEx.
Do you have children? YES
Do you have a tertiary qualification? YES
Are you in KiwiSaver? NO
Were you taught about money? YES
If YES, how were you taught? My parents and grandparents taught me a lot about frugal living and the value in everything. Growing up, my parents were both studying to be doctors and there were times where we didn’t have a lot but it showed me how important hard work is and how to make the best of what you’ve got.
Do you use your money or your time to help others? YES
If YES, can you please elaborate. I am fortunate enough to donate my money and time to a variety of causes including homelessness, the bushfire relief in Australia and other charities. From the Australian bushfire crisis, we've set up fundraising efforts for the Red Cross and WIRES and launched a cryptocurrency fundraiser, the Crypto Fire Alliance where people can safely donate crypto like bitcoin towards bushfire related causes. These initiatives are testament to the Finder crew who have also generously donated and launched incredible guides to help people in need.
What is your greatest financial win? Watching Finder grow from just a single website built in our living room to a global sustainable organisation valued at about AU$250 million. Personally, my biggest achievement is empowering our crew to be the best they can be, to challenge themselves, master their crafts and win at their goals.
What is your worst financial mistake? I view mistakes as learning curves. For me, the biggest learning was when we were penalised by Google in 2011. We saw our traffic tank by nearly 85% and it almost wiped out Finder. We learnt a lot from this and re-defined our values to build a high quality, user-first business.
What advice do you have for others? Every dollar spent is an investment. My mum always said to me “If you buy cheap, you buy twice. If you buy quality, you forget the cost”, and I agree. Thinking about the end goal you want can make financial decisions easier.
Finish these sentences:
If you want to build wealth do this… Have a savings mindset, always. It doesn’t matter how much money you earn, if you lose that sense of frugality, and spend more than you earn, your wealth can disappear. When we started Finder, Frank and I practically survived off tinned spaghetti for two years so we could put all our money into the business and not rely on external funding.
If you want to build wealth avoid doing this… Don’t get caught up with brand loyalty. Once you detach yourself emotionally from a brand, you’ll find yourself evaluating decisions more logically and focus on value. This means you’ll be able to unlock more savings opportunities so you can focus on investing your money more wisely.