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

O

one world

This is amazing stuff from a genuine rags to riches Aussie legend, who is still alive and well aged 85.

Rather than focus on his medical and media career, I am fascinated by the fact that he has such a huge property portfolio and yet prefers to live so simply.

Some interesting quotes about houses he bought for $5000 now worth $350,000.

Like Warren Buffett, he is still living in the same house he bought almost half a century ago.

"I don't like big houses, I don't like fast cars, I don't like yachts."

http://www.dailytelegraph.com.au/ne...exercise-routine/story-fni0cx12-1226675338626

Definitely worth reading.
 
I've known about some of his portfolio for a while - mainly due to knowing one of his tenants.

One thing he seems to do is buy rooms in older Surfers Paradise resorts and rent then out to low income / pensioner types (like the person I know) at a reduced cost to help them out. The person I know pays $200 pw for an 11th floor studio with balcony at the Equinox Resort which seems to be at least $50 below market.
 
Nice, thanks for sharing.

I dont understand the need to live on the bones of your a$$ like Dr Wright or Warren Buffet though. Both these men (and their wives) bought presumably market value houses that were modern and current) to have them in "original" condition some 50 years later is (I think) sad for the wives. I bet these wives were excited to get a lovely new home and then to not be allowed to even hang new curtains every few years, have to have thread bare carpets etc etc while amassing a vast fortune that someone takes the benefit from. I am not talking about a $10,000 kitchen every 2 years because you dont like the colour, but really a new couch every 10 years or so is not going to break the bank.

I understand the concept of "i dont like fast cars or yachts thing" but there surely must be some personal reward for a life of hard slog. These kind of "but they give it away to their foundations" sometimes (to me) smacks of egotism.
 
Great read thanks for sharing.

He is living within his means thats for sure :) I suppose it is also about perspective, the article reads that he grew up in poverty.

"He had grown up in "abject poverty" - the son of a religious minister who was paid a pittance."

So maybe he views his current lifestyle as more than comfortable compared with his childhood.
 
He seems like he's happy.

People always use Buffet as the ultimate example of the frugal living billionaire. Though his primary residence is his original home, he also owns secondary residences, has a private jet, stays in expensive hotels, etc.. There is nothing wrong with anything of that, of course, I just think it's silly when people assume he's going without because he lives in his original modest home. Seems like he's just attached to his original home for sentimental reasons.

This Wright guy on the other hand seems to have little desire to spend money. I don't think he's sacrificing his happiness. To me, he's living a very full and satisfying life. Helping others seems to bring him more happiness than spending money. There isn't anything sad in that. In fact, I think he's remarkable.

Thanks for sharing. It's just re-reminded me of the bigger picture. I'm still trying to discover what will bring me happiness. Sometimes we're brainwashed into thinking money is a prerequisite to happiness.
 
china said:
Medicine is a great base from which to accumulate immense wealth.
Click to expand...

It's not really. The course fees are very high over a 5 year period, and coming out of the course with only a job prospect of working in a hospital for $30k for the initial few years isn't exactly accumulating immense wealth. And to work in private practice you then have to spend another 3 years studying. For a hefty fee of course. Nearly 10+ years study in total... There are more efficient ways out there to make money...
 
Fifth said:
He seems like he's happy.

People always use Buffet as the ultimate example of the frugal living billionaire. Though his primary residence is his original home, he also owns secondary residences, has a private jet, stays in expensive hotels, etc.. There is nothing wrong with anything of that, of course, I just think it's silly when people assume he's going without because he lives in his original modest home. Seems like he's just attached to his original home for sentimental reasons.
Click to expand...

Me too, find it ridiculous that people want to believe Buffet lives like the average Joe Blow, seriously, what average person owns a jet, stays in hotels at $5000 per night.
 
Michael.Knight said:
It's not really. The course fees are very high over a 5 year period, and coming out of the course with only a job prospect of working in a hospital for $30k for the initial few years isn't exactly accumulating immense wealth. And to work in private practice you then have to spend another 3 years studying. For a hefty fee of course. Nearly 10+ years study in total... There are more efficient ways out there to make money...
Click to expand...


The end result is very worthwhile. Lets say 10 years out from high school, aged 28, you are earning 28k a day.

http://www.news.com.au/national-new...cataract-surgery/story-e6frfkvr-1225799092482

Within one year, you would catch up and surpass the plumbers / brickies who have been working since aged 16.
 
china said:
Within one year, you would catch up and surpass the plumbers / brickies who have been working since aged 16.
Click to expand...

Sure, but they dont have to stick their fingers up you know where and can go home after work and relax and not be on call.

And this Dr Wright has showed he is successful but doesnt need the dosh.

Choices.
 
I created this thread to honour Dr Wright and to create awareness that wealth need not equate to profligate living.

Please lets not get into bunfights about Doctors earning more/less than other professions.
 
Have I missed something?

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.
 
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