Millionaire's Club

[handyandy]

Funnily, we don't feel any different today than yesterday, but the urge to go out and buy a Beemer or Merc is strong today.

Of course; I won't be doing that just yet - maybe a 3 year old one (that's the financially smart strategy, right?) .

And even then don't do it.

As far as I am concerned cars are an absolute waste of time and although we need cars that go and are reliable I really detest having to spend the money.

As per my earlier comment my wife still doesn't have her Merc and she 'could have' had one at least 10 years ago.

Having said all this we do actually buy new cars - but then run them into the ground. We also put LPG on them and then drive them until they will go no more.

Cheers

 

[vincenzo]

Lol.......Somersoft millionaires, they're not fancy but they're cheap

No no no, we're not fancy and we're cheap

Wait a minute... Andy bought a new car that's blasphemy! You're lucky the pope is down here in oz, only he can forgive you for that!

 

[redwing]

It's official; according to the Bank, based on their recent vals and the debt owed, we have finally achieved it today;

Nett worth from investment assets of $1 mill!! Yay!

Small potatoes to some here no doubt, but a biggy for us. The wife and I had a quiet glass of wine to celebrate tonight.

The hard work and sacrifice has paid off, and the good news is; anyone can do it.

Great work

Another Goal achieved...whats next?

 

[redwing]

Big congrats LA!

I'm in the club too and I still get around in my 13-year-old car.

My unofficial rule for doodads is "Can I afford to buy 5 of them?". If the answer is no, then I don't buy yet.

eg. I'll buy the $150,000 audi when I can afford to blow 750k on 'cars'. And I'll buy the $30m jet when I've got a spare $150m laying around

-Ian

You dont have to "buy" them, per se, just ensure that your passive income covers the payments

 

[geoffw]

$10? For just one bottle? I don't pay that much for 4 litre cask.
You Millionaires. You just like to show off, don't you

There's not that many places you can get even a $10 cask any more. Aldi is one of the few.

Some years back, I lived in England. It cost me more to buy an empty refillable cask for home winemaking than it did to buy a full cask back home.

(But then, home winemaking was easy. Easier than home brew beer. You bought an extract, added sugar, water and yeast, and bottled it- or casked it- when it was ready. But at Pommy prices than, it was worth it).

 

[JamesGG]

Hiya,

That's awesome news Marc, really great to hear.

To annouce such a thing publicly, as Dazz said, is a great feat in itself. The world needs more people who are proud of what they have achieved.

I've been looking out for your posts lately, along with those from Dazz and Scott. Might not always agree with your POV but I do like the way you put your point across. I wonder, will you buy something expensive and otherwise pointless to commemorate the occassion...?

Cheers

James.

 

[kissfan]

Great stuff L.A.A.

You may have another book coming out soon then eh...

Regards
Marty

 

[kissfan]

Congratulations, that is a fantastic outcome! My current net worth from investments is -$200K (-ve equity)

Me thinks that this is only temporary.

 

[MichaelW]

Me thinks that this is only temporary.

Hope so mate.

That's mainly because I structured my finances to intentionally use surplus cash flows from the structure to pay down non-deductible PPoR debt. As a result my PPoR is now paid off, but my investments in isolation are now in negative equity territory. But at least ALL of that debt is deductible now!

12-18 months time and a completed Mona Vale MUH development and investments in isolation should be nicely into positive equity territory with good +ve cash flow too. Nothing worth anything ever came easy. Its hard work and takes a lot of time and effort to achieve. Which is precisely why I take my hat off to LAA and the others here that have done so already! Perfect examples to those following of how commitment in the face of adversity coupled with extreme effort can yield significant financial results.

Well done again LAA!!

Cheers,
Michael

 

[steveadl]

No lights on in the house, and the family had games night. They didn't buy designer labels and always asked for a discount wherever he went. Some said he was a miser but why pay full price for something if you don't have to.I hate wasting money. Even if I was a multi millionaire I'd still look at the price tag before buying clothes. It's what's bred into you I think.

Sorry, I may be youthful and wasteful as a result - but I just think that's pathetic. Seriously, how much could leaving the lights on during games night possibly cost - $2 maybe?

As for asking for discount, I never do and it really bugs me when people ask for no reason. I tell them flat out 'no.' On the other hand, people who don't ask for discount, but are just genuinely nice and are good customers, I'll give a freebie or perhaps a few bucks off.

 

[ianvestor]

As for asking for discount, I never do and it really bugs me when people ask for no reason.

Why does it bug you that someone wants to save money?

On a renovation job, I had a sink I wanted picked out, called up a few stores that had it and asked them how much it was.

Clive told me "It's $195". I said "Yes, that's your retail price, but what's your best price?". He then told me I could have it for $178. I didn't give him a 'reason' for discounting.

 

[stumunro]

As for asking for discount, I never do and it really bugs me when people ask for no reason. I tell them flat out 'no.' On the other hand, people who don't ask for discount, but are just genuinely nice and are good customers, I'll give a freebie or perhaps a few bucks off.

Eyes of a retail business owner

 

[steveadl]

Why does it bug you that someone wants to save money?

On a renovation job, I had a sink I wanted picked out, called up a few stores that had it and asked them how much it was.

Clive told me "It's $195". I said "Yes, that's your retail price, but what's your best price?". He then told me I could have it for $178. I didn't give him a 'reason' for discounting.

Like Stu said.

I'm not talking about service fees, or contract jobs etc. I'm talking about the items at your local retail store that have a price sticker on them.

Do you go into Woolworths and ask the checkout operator for discount as the items are scanned through? No, the price is what it is. I also find that the people that ask for discount in this situation (ie. retail) are generally not that nice either. Don't talk to you, no smile, just 'can I get that any cheaper.'

 

[steveadl]

PS Plus in my particular case, a lot of my customers are quite affluent (or in a position to put lots of luxuries on credit at any rate).

Pull up out front of my shop in a brand new BMW, but proceed to pick one of the cheapest products off my shelf, and then have the gall to ask for it cheaper.

 

[ianvestor]

Like Stu said.

I'm not talking about service fees, or contract jobs etc. I'm talking about the items at your local retail store that have a price sticker on them.

Do you go into Woolworths and ask the checkout operator for discount as the items are scanned through? No, the price is what it is. I also find that the people that ask for discount in this situation (ie. retail) are generally not that nice either. Don't talk to you, no smile, just 'can I get that any cheaper.'

No, not Woolworths, but retail stores like David Jones and Myer are easy as pie to get a discount off the sticker price, not to mention Harvey Norman.

By the way, when I mentioned the sink, that was just the sink (no labour) with a price sticker on it.

 

[ianvestor]

Pull up out front of my shop in a brand new BMW, but proceed to pick one of the cheapest products off my shelf, and then have the gall to ask for it cheaper.

Tell them it's cheaper for regulars, and see if they keep coming back.

 

[steveadl]

No, not Woolworths, but retail stores like David Jones and Myer are easy as pie to get a discount off the sticker price.

By the way, when I mentioned the sink, that was just the sink (no labour) with a price sticker on it.

Fair enough. My business is more everyday use items that you shop for every couple weeks - so Woolworths is the better comparison.

 

[steveadl]

Tell them it's cheaper for regulars, and see if they keep coming back.

hehe not a bad idea. Although I'd never do it in practice.

As much as I've whinged above, the people who ask for discount are in the vast minority. It's the reason I've never introduced loyalty schemes etc - there's no point, I'd be cutting my own throat.

 

[BayView]

Pull up out front of my shop in a brand new BMW, but proceed to pick one of the cheapest products off my shelf, and then have the gall to ask for it cheaper.

A sign of a "would be if they could be".

People I know who are genuinely wealthy just buy it and don't ask the price.

Why would you need to ask? Money is no object.

 

[Jayro]

Big congrats LA. Awsum feeling for you and your wife im sure and im sure very well deserved. It gets a little disheartning I guess when I see 1 or 2 of my props not moved much (if at all) in the last few yrs but fingures crossed by continuing to add to our portfolio I hope to achieve similar goals (one day) to the one you have just reached so its great to see that it can be done and has been done by more than a few on here.

Congrats again

cheers Jayro