Apparently I'm considered "Rich" or "Loaded"...

[MIW]

There are just so many stereotypes of being rich...
You live in a wealthy suburb, so you must be rich, so pay for it. You own many properties, so you must be rich, you can afford to fix them. You run a business, so you are rich, and you lucky you don't have to do anything, others do it for you.... Gee, I could go on and on....
Early on I too shared with some thinking they will get it, yet instead when I caught flu I was told, "So what's the point of all these IPs when you are sick". I was stunned, cause I thought I am not dying yet???

Even some close ones will say, "You don't have any financial problems, or you are lucky you can spend on anything".

Well, usually when I get pushed too far, I just provide some of those comments:
1. Well it's not what you EARN, it's what you do with what you EARN!
2. Everyone has 24 hours in a day, no more and no less, and the opportunity is there for ALL to take!
3. Yes, I am so lucky I have this tree that grows dollars in my garden!
4. Yes, I do not have bills, only others have them!

That was many years ago, since then it doesn't bother me what others perceive or say as everybody can loose their financial wealth or riches!
So IMHO I am rich as long as I am healthy to chose in life to do what I want to do, being close with those that I love, and being able to grow and give to those that I chose!

 

[skater]

Got a new PM a couple of months ago (28 y.o) who manages my 3 IPs (units) and been calling me "Rich" and "You're Rich".

This is an issue! You need a new PM!

To be honest, if my PM said something like that to me I would leave, that is so unprofessional !

She will have that attitude in mind when she talks to tenants and tradies

"Oh, you need a week to pay your rent, that is OK, ( the owner is rich)"

"The handyman says $200 for an hours work, she says OK, (the owner is rich)"

No way would I stay with her as PM

You need someone who understands what you are doing, and realises that just because you own a couple of properties does not mean you are wealthy. You might be one day, but that is irrelevant. Their job is not to assume anything about the owner of the properties, but to make sure they do their job as efficiently as possible while minimising the expenses of the owner. Nothing else!

I just thought it was "interesting" to see how others viewed myself...I never thought of myself as "rich" or "loaded", but I guess I am, as measured by others. Only got about $1m in assets...Horses for courses

..

I think you are sharing way too much personal information.

I know the excitement when you get your first IP, and you want to tell the world, and most people will be pleased for you. Then the next one & the excitement from friends and acquaintances isn't as strong as the first.

You get the third one, and all of a sudden people see you in a different light. You must be rich! They can't do what you have done (maybe only in their minds, but that's irrelevant), so that is the only explanation they can think of. Because you are rich, you will now be more popular, or expected to buy better presents, or 'shout a round' etc.

We've got a decent sized portfolio. Our best friends know about it, but not the size. Mind you, we met through a forum meetup, years ago now. Our family know we've got properties, but not how many. Even our children don't know how many or where they all are. I think the only one who has any clue to the actual numbers and locations could be our eldest daughter, who still lives at home, but then, she just zones out, and doesn't really care, except to complain when we ask her to witness more paperwork.

 

[beachy]

Beachy have the comments on here swayed you at all to reconsider the office girls or the PM? I think maybe give the PM a chance, it may have just been an awkward way of flattering you?

Just to be clear: when I said 20-something girls, I didn't mean there was 20+ girls in the office, sorry, I meant they were aged "20-something" like early 20's. Also all have BF's so that's off limits to me. The PM is living with her ex, & she's too "zany" for me (her personality and beliefs don't gel with me)

The PM is knowledgeable and got me higher rents so I'm happy to keep her as my PM for the moment but I know a recent repair quote had me questioning her over costs. $400 quote vs my sparky at $182. Like someone else said themselves - they don't like paying unnecessary bills - I think most people are the same including me.

The last PM I had was excellent but she changed jobs so I was sorry to see her go. She owned 2 IPs with her hubby so firsthand understood where I was coming from as an investor.

Now gotta go to work to pay for all 4 properties. I earned $80,000 this year, down from $105,000 last year but can't complain, I'm happy and grateful for what I've got. It could be a lot worse, when 3 years ago I almost lost the lot and had to "dig deep" within myself to get out of a bad financial decision and rise above it all. Made quite a quite sacrifices and bought my first house (financed of course) last year at the princely sum of $360,000. It was a lot of money to me and still is but I love the house and location. Gotta run

 

[redwing]

This + 100

The less people know your business, the better.

Unless your actually in business, then the more people that know about your business the better

There are just so many stereotypes of being rich...

 

[Ed Barton]

It's all about perception.

Yep, and if finances aren't spoken about then appearances will determine perception of wealth.

When I turn up to the school reunion in an average car and say I don't work then the perception will be I'm poor and maybe a dole bludger. I could be rich, lead a modest lifestyle and are humble.

When I turn up in a flash car, recently back from a huge os trip, work as a <insert prestigious profession>, the perception will be I'm rich. I could have a load of consumer debt, no assets and be living pay day to pay day.

 

[JDP1]

Just to be clear: when I said 20-something girls, I didn't mean there was 20+ girls in the office, sorry, I meant they were aged "20-something" like early 20's. Also all have BF's so that's off limits to me. The PM is living with her ex, & she's too "zany" for me (her personality and beliefs don't gel with me)

The PM is knowledgeable and got me higher rents so I'm happy to keep her as my PM for the moment but I know a recent repair quote had me questioning her over costs. $400 quote vs my sparky at $182. Like someone else said themselves - they don't like paying unnecessary bills - I think most people are the same including me.

The last PM I had was excellent but she changed jobs so I was sorry to see her go. She owned 2 IPs with her hubby so firsthand understood where I was coming from as an investor.

Now gotta go to work to pay for all 4 properties. I earned $80,000 this year, down from $105,000 last year but can't complain, I'm happy and grateful for what I've got. It could be a lot worse, when 3 years ago I almost lost the lot and had to "dig deep" within myself to get out of a bad financial decision and rise above it all. Made quite a quite sacrifices and bought my first house (financed of course) last year at the princely sum of $360,000. It was a lot of money to me and still is but I love the house and location. Gotta run

No worries, you still have options here. Just need to be a little patient. Some will be on the market again soon enough. You might like to hasten that process as well...use your grey matter to figure out how....
Regarding the pm, yeah she sounds messed up. But again, she won't be living with ex forever so some patience I'd suggest...let that work the way it does. The good news for you is that she is interested at this stage... So you probably should develop that angle....
Your success will be dependant on patience, creativity and proactiveness
..

 

[Bunlee]

Hi all

er....ah....er....how do I say this?

I have a permanent part-time job that is in an industry that does not require an obvious high skill level. I work with solely guys (as opposed to the lucky OP ). A significant proportion of them are in their 20s to 30s and still live with parents. More so than not is that they have the latest phones, enjoy a 'dabble ' at the pokies as well as other pleasures in life. Most live from pay to pay.

One of them borrows $50-$150 off me from time to time so that they can eat, smoke and have a drink before pay day. Sometimes the amount is not paid when agreed and a few pays later it is repaid.

I don't think where I work can be extrapolated across the greater population, I hope not.

Anyway, the guy that borrows off me knows that I am doing o'k financially in life. I told him once that instead of surfing the net on his Iphone for 30 minutes or so during down time, I would be happy to chat with him and give him some insight as to how he can progress financially.

He hasn't taken up the offer and prefers to surf the net or go out during breaks and talk gossip with workmates. Definitely his choice.

We are all different in life with a range of beliefs about ourselves and the world that translate into what we want out of life and what we think that we can get out out of life.

He has referred to me as being 'lucky ', it doesn't bother me nor do I feel compelled to explain that I came from poverty and worked hard to do o'k.

We are all different

 

[Francesco]

No worries, you still have options here. Just need to be a little patient. Some will be on the market again soon enough. You might like to hasten that process as well...use your grey matter to figure out how....
Regarding the pm, yeah she sounds messed up. But again, she won't be living with ex forever so some patience I'd suggest...let that work the way it does. The good news for you is that she is interested at this stage... So you probably should develop that angle....
Your success will be dependant on patience, creativity and proactiveness
..

My friend when you are rich you will always have company. Go the length of Philippines, Thailand, Ukraine, etc and you can find willing company all the way. Being poor is a burden to many overseas, sometimes to desperate extent, which is foreign in the Lucky Country.

Back in Australia, rich is relative:

1) A friend about to retire with a lumpsum of $500,000 to which I commented that it is not a lot of money for retirement. The friend was adamant that it was a 'lot of money'. I left it at that. It was his reality.

2) An insurer trying to appease my concern about the cost of insurance - "You are rich. You have two investment properties."

3) A bank financial advisor seeking my subscription to his service, and which I refused with the excuse: "I do not need it. I am not big enough."

Bank advisor: "We think you are rich enough. Most of our customers have assets $0.2m to $1m." I was unpersuaded to subscribe to financial planning with unfront fees of $4k and upwards with ongoing commissions.

4) The best anecdotes are the unspoken ones relating to my situation of having a PPOR built interstate.

Friend 1: "So you are renting meanwhile awaiting construction of your house?"
Myself: "No. I am living in my house at the moment."
Friend 1: Awestruck. "Only you would do that..."

Friend 2 and 3 ask separately in different occasions: "What would you do with your present house when you move?"
Myself: "Rent it out."
Friend 2 and 3 both appeared impressed and in silent contemplation.


It is good and flattering to be recognised as something akin to being rich. At least one is likely to be afforded courtesy and deference. However, being 'rich' is a state one has to strive to maintain, like being healthy and alert. I acknowledge SS helps with achieving these objectives.

 

[Ausprop]

Just to be clear: when I said 20-something girls, I didn't mean there was 20+ girls in the office, sorry, I meant they were aged "20-something" like early 20's. Also all have BF's so that's off limits to me. The PM is living with her ex, & she's too "zany" for me (her personality and beliefs don't gel with me)

If they are dropping lazy lines on you then the BF thing is obviously just a temporary situation for them. Not sure why you would rule out the PM just because she lives with her ex. How would you have even come to have learned that? I am thinking you are beyond a normal PM/Owner relationship now already anyway, which could be good and bad. If you have developed a relationship with this PM how are you going to tackle things like this inflated electrician invoice?

And in your office how many girls are we talking?

From what you have posted I can only see blue sky.

 

[beachy]

If they are dropping lazy lines on you then the BF thing is obviously just a temporary situation for them. Not sure why you would rule out the PM just because she lives with her ex. How would you have even come to have learned that? I am thinking you are beyond a normal PM/Owner relationship now already anyway, which could be good and bad. If you have developed a relationship with this PM how are you going to tackle things like this inflated electrician invoice?

And in your office how many girls are we talking?

From what you have posted I can only see blue sky.

Thanks for your insight Ausprop. I had a chuckle at the last line. The PM's not for me. Not my type. I think there's 6 girls under 24. We'll leave it at that. Thanks though

 

[Big Will]

Got a new PM a couple of months ago (28 y.o) who manages my 3 IPs (units) and been calling me "Rich" and "You're Rich".

I have a house as well, so 4 properties in total. Now I don't own them the properties outright and have loans against each one. I work in an office with 20-something girls and who know I have 4 properties (bloody curious bunch) and all have said the same thing "you're rich"

I brought up this with my 3 pool (table) mates last night at a bar, and said the girls think I'm rich, etc etc. and they all go "Yep, you're loaded!" - WTF!!

I'm not egotistic and quite humble, modest and grateful for what I've achieved thus far - I'm 38, a bachelor, but never considered myself "rich" and it occurred to me that how people have a totally different perspective to me. Rich to me is like having $3m in property, or if I owned all 4 properties outright, I'd consider myself doing pretty well for myself at my age.

Sure, I guess if you're 23 and own no properties, and here's this guy who's 38 who has 4 properties, well, you probably think "you're rich". With my 3 mates, without bragging, I'd kinda thought recently, that they probably perceive me as the "rich one" even though that comment is not how I view myself. I grew up real poor and never had "Rich friends", so never got that "concept/way of life". Apparently I'm rich, as perceived by my friends and work colleagues...maybe I should change my view of myself...whilst still remaining true to myself and humble

Tell them how much debt you have and they will likely run lol

 

[Waldo]

I think there's 6 girls under 24. We'll leave it at that. Thanks though

Hang on. 6 girls - how many do you want?!?!

You must be gen Y - always want more, more!

 

[MTR]

Hang on. 6 girls - how many do you want?!?!

You must be gen Y - always want more, more!

Funny thing is this age group will go hot hot guys any day of the week over chubby bubby with money. Give it 10 years another story

 

[Ausprop]

Funny thing is this age group will go hot hot guys any day of the week over chubby bubby with money. Give it 10 years another story

yeh except by then they realise it's too late for kids and they spend their nights at thermomix parties hating on men

 

[JDP1]

Hang on. 6 girls - how many do you want?!?!

You must be gen Y - always want more, more!

Lol....

Yeah its smooth sailing for the OP.

 

[Waldo]

Funny thing is this age group will go hot hot guys any day of the week over chubby bubby with money.

Ok. I don't think you're thinking big enough money wise. I can promise you that with enough money, the girls will overlook almost anything.......

 

[tomlemke]

I worked at a factory that builds demountable's for schools a while ago,
about a week into the new job everyone was really excited in the morning
for some reason! I kept hearing people saying to the next guy " what are you
doing this arvo ? "are you going for beers?" so i asked whats on? quick response was " it's pay day what are you going buy?" it completely shocked me
It was funny you would see everyone buying there lunch at the start of the week then by the end they would be eating cans of baked beans!

 

[Deltaberry]

Rich is all relative and perception. Do you think someone driving a Maserati is rich? What if I told you he rented an apartment in Bankstown and has a 250k loan on his Maserati?

 

[BayView]

Rich is all relative and perception. Do you think someone driving a Maserati is rich? What if I told you he rented an apartment in Bankstown and has a 250k loan on his Maserati?

He is rich.

A $250k loan on a car says so.

Will it last though?

And, speaking of that - and you guys won't believe it, but if you don't believe me I'll give you the phone number of my r/e agent who is selling our PPoR - we have only had one low-ball offer on it....

And - I swear on my mother's grave this is true - he was a 50 something guy, going through a divorce, renting an apartment in Port Melbourne...and drives a Maserati.

He even drove down into the garage to see if the car would handle the transition from the road to the driveway, and down into the garage (bit of a slope).

He is a highly ranked dude at Foxtel, apparently.

You are right about perception though; we own a nice house, and we have our own business, and an IP...but we are flat broke most of the time (and we are not spenders - we are pretty sensible with spending - otherwise we would be bankrupt).

But most of our friends and family don't really know how bad it is because we don't say much, and all they see is the outside story.

 

[Waldo]

I worked at a factory that builds demountable's for schools a while ago,
about a week into the new job everyone was really excited in the morning
for some reason! I kept hearing people saying to the next guy " what are you
doing this arvo ? "are you going for beers?" so i asked whats on? quick response was " it's pay day what are you going buy?" it completely shocked me
It was funny you would see everyone buying there lunch at the start of the week then by the end they would be eating cans of baked beans!

This type of thing no longer surprises me. I live in a mining town where the average wage far exceeds the rest of SA and yet there is a significant increase in business for the local restraunts, pubs, ect on the 15th of every month. Which happens to be the payday for the main employer in town.

Heck even the local markets are done on the first weekend after payday. Goes to show, it doesn't matter how much money you make, theres still a large percentage who live pay cheque to pay cheque.