10 points on becoming rich
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Reply: 2.1.1.1.1.1.1.2.1.1
From: Terry Avery
Yes Robert, I can see where you are coming from. I wonder what your view is
on what is sufficient to live on? Given the example you put forward, to me
$175k to live on is far more than I need and would therefore apply a greater
portion of that to investment, say another $100k could quite comfortably be
put into investments and still maintain a comfortable lifestyle. This would
accelerate the wealth building and bring self funded retirement closer.
Cheers
Terry
From: Terry Avery
Yes Robert, I can see where you are coming from. I wonder what your view is
on what is sufficient to live on? Given the example you put forward, to me
$175k to live on is far more than I need and would therefore apply a greater
portion of that to investment, say another $100k could quite comfortably be
put into investments and still maintain a comfortable lifestyle. This would
accelerate the wealth building and bring self funded retirement closer.
Cheers
Terry
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Reply: 2.1.1.1.1.1.1.2.1.1.1
From: Robert Forward
Hi Terry
I absolutely agree that $175k would be more then enough to live on. I, being myself and Ms Flip, would live on 1/2 to 1/3 of that and would aggressively invest the remainder to earn more passive income faster.
I see it as the more earned via passive means the faster I get to live the lifestyle I want.
Cheers
Robert
From: Robert Forward
Hi Terry
I absolutely agree that $175k would be more then enough to live on. I, being myself and Ms Flip, would live on 1/2 to 1/3 of that and would aggressively invest the remainder to earn more passive income faster.
I see it as the more earned via passive means the faster I get to live the lifestyle I want.
Cheers
Robert
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Reply: 2.1.1.1.1.1.1.2.2
From: Dale Gatherum-Goss
Hi Terry
Congratulations on helping your son. To me, this skill in managing money is one of the biggest gifts that we can give our children and I applaud you for your success!
I also understand what you mean and agree with you wholeheartedly when you talk about the larger the income the larger the problem.
RK's "Cashlow" game is testament to this fact.
I had one client about two years ago now, who was renting a house, flat broke and who won a contract with Ansett of all places that paid him $5,000 per day. Yes, per day!!!
Before he started, he met with me to establish financial plans, budgets and goals because his spouse desperately wanted a home of her own . . . .
Six months later he rang me wanting an after hours appointment because he had gone further into debt, still had no money and was not going to be able to buy a house.
His lifestyle absorbed all of that money and then some.
It's a pity. But, I see this regularly.
Have fun and once again congrats on your successes.
Dale
From: Dale Gatherum-Goss
Hi Terry
Congratulations on helping your son. To me, this skill in managing money is one of the biggest gifts that we can give our children and I applaud you for your success!
I also understand what you mean and agree with you wholeheartedly when you talk about the larger the income the larger the problem.
RK's "Cashlow" game is testament to this fact.
I had one client about two years ago now, who was renting a house, flat broke and who won a contract with Ansett of all places that paid him $5,000 per day. Yes, per day!!!
Before he started, he met with me to establish financial plans, budgets and goals because his spouse desperately wanted a home of her own . . . .
Six months later he rang me wanting an after hours appointment because he had gone further into debt, still had no money and was not going to be able to buy a house.
His lifestyle absorbed all of that money and then some.
It's a pity. But, I see this regularly.
Have fun and once again congrats on your successes.
Dale
Last edited by a moderator:
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