Dr James Wright. $240m Portfolio. Lives on $250 pw

[china]

I think the point is that Wright's and Buffet's primary home is modest and small relative to the size of their net worth. Their PPOR represents less than 0.01 per cent of their net worth. Presumably it is unencumbered.

Whereas for most other people, the value of their PPOR may represent anything from 25 to 100 % of their net worth. There may be a mortgage involved.

So, interestingly, you could say that the average Joe is much more extravagant in terms of their choice of PPOR relative to their total net worth.

 

[D.T.]

I think the point is that Wright's and Buffet's primary home is modest and small relative to the size of their net worth. Their PPOR represents less than 0.01 per cent of their net worth. Presumably it is unencumbered.

Whereas for most other people, the value of their PPOR may represent anything from 25 to 100 % of their net worth. There may be a mortgage involved.

So, interestingly, you could say that the average Joe is much more extravagant in terms of their choice of PPOR relative to their total net worth.

Not all of us need lavish trinkets to show off to the world.

 

[redwing]

he says he lives as well as he wants on a budget of $250 a week, $75 of that paid to his daughter who helps him with the shopping and cooking. "What would you do with any more money?" he asks.

The share-market and Tax battle were interesting also

Great to see what he's done with his Charity

 

[Dazz]

Whilst I do believe that medical professions are a good platform to wealth, I agree with Rolf that there are many other forms of business that can create opportunities to platform from.

...which is covered in exquisite detail in the very thoroughly researched "Millionaire Next Door" series of books....

Dr Wright seems to be a very prudent fellow indeed. It's that rare combination of ;

• being satisfied with the simple things in life
• gaining pleasure from old school activities that don't cost and arm and a leg
• the financial acumen to keep acquiring assets
• holding those assets over many decades

which seems to have created the circumstances under which those assets have appreciated in value enormously.

He looks to have lived a very satisfied and happy life. Good on him.

 

[Richard Feynman]

It is hard to be happy seven feet under with no use for any material possessions.

That'll teach me to post on 30 mins sleep for a night. Misread your post to mean no point dying rich, having lived frugally.

 

[china]

That'll teach me to post on 30 mins sleep for a night. Misread your post to mean no point dying rich, having lived frugally.

Sounds like you had a great night.

 

[oracle]

Where does it say that Mrs Wright and Mrs Buffett never got new curtains or a new couch? Perhaps the couch was so well made that it is still going strong? Or perhaps the cat sleeps on it, who knows. Perhaps the couch has been recovered and rebuilt a few times over the years and it isn't really the same one, but we all know of an elderly relative who honestly believes it is the "same" one. People of that era honestly cant see that their carpets are worn or their couches could be replaced. It took my brother and I eight years to convince our mother to buy a new carpet once our 'world's stingiest' father passed away. The original carpet was 45 years old and it wasn't in too bad condition. Under the beds it was still perfect! True.

From what I have seen of the Buffett's home, it is big. It is a modest home only because it isn't a brand new Mcmansion with a brand new kitchen and bathroom. From the street it seems to be a lot bigger than my modest home.

A nice video on Warren Buffett.
I think around the 8min mark he talks about his house.

Cheers,
Oracle.

 

[dan c]

Back on topic. One World, thanks for posting.

 

[Richard Feynman]

Sounds like you had a great night.

Certainly did mate!