I understood what you were saying about being a millionaire in the first post you brought it up, seemed simple to me. You're a millionaire. And you earn $200K per year. period...
And I gave you kudos, but only because you asked for it...
keeping "down" with the jones'
- Thread starter lizzie
- Start date
I understood what you were saying about being a millionaire in the first post you brought it up, seemed simple to me. You're a millionaire. And you earn $200K per year. period...
And I gave you kudos, but only because you asked for it...
hehe - thanks Perth Investor...btw where and how do I see kudos?
It's the green squares below your number of posts. ALso if you click on userCP in the menu above it should come straight up and will also show the comments people made when they kudosed you.
Click the User CP button at the top of the page, right next to Home.
I think all this chatter is confusing people. Let me be clear on what my stance is:
1. Being frugal is good. However when one reaches a certain milestone, one celebrates, some people go on holidays, some people buy expensive things, it is a reward they give to themselves. This is strong incentive system that WORKS. Banks like Goldman give out billions in bonuses because it invigorates staff, pushing them to perform better. You may call it reckless spending, others may call it a reward for their performance.
2. People have been stuffing words into my mouth. I did not say earning a high salary was enough. I was one of the first people on Amazon to buy the millionaire mind/nextdoor. I've herad of many stories about high income earners spending all their salary. My rebuttals have been against some forum members who believe the path to wealth is by simply saving. This is just half of the step. If you have a high income and have great savings skills, you will get to your financial goals faster.
3. All of you investors here depreciate your IPs for tax purposes, I'm surprised why you'd taunt these so called rich people who drive their 100k cars, calling them reckless spenders. May I remind you many of these CEOs, directors, managers use their vehicles for business, the car is basically "free" through their company tax depreciation.
1. Being frugal is good. However when one reaches a certain milestone, one celebrates, some people go on holidays, some people buy expensive things, it is a reward they give to themselves. This is strong incentive system that WORKS. Banks like Goldman give out billions in bonuses because it invigorates staff, pushing them to perform better. You may call it reckless spending, others may call it a reward for their performance.
2. People have been stuffing words into my mouth. I did not say earning a high salary was enough. I was one of the first people on Amazon to buy the millionaire mind/nextdoor. I've herad of many stories about high income earners spending all their salary. My rebuttals have been against some forum members who believe the path to wealth is by simply saving. This is just half of the step. If you have a high income and have great savings skills, you will get to your financial goals faster.
3. All of you investors here depreciate your IPs for tax purposes, I'm surprised why you'd taunt these so called rich people who drive their 100k cars, calling them reckless spenders. May I remind you many of these CEOs, directors, managers use their vehicles for business, the car is basically "free" through their company tax depreciation.
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WOW - I had no idea about the CP user button - lots of people have sent me nice messages over the last 5 years...geez where are my xmas cards!
God having read user cp - now i feel like a real a.........hole having not replied to nice people over the years. How do I reply to people who have left me messages? private pms'?
BTW - when I say lots - i still ony have two green thingys which is pretty poor after 5 years but I am thankful for small mercies.
BTW - when I say lots - i still ony have two green thingys which is pretty poor after 5 years but I am thankful for small mercies.
Cloudy day - you are on the road to redemtion my friend. Now next step - give away all your worldly possessions and move to the byron bay hinterlands. Get back to us in 6 months and tell us how you are going.
Cheers
Aussie
Cheers
Aussie
cloudyday said:
Oh boy.
Read this sentence a few times over and over and tell me if it makes any sense.
I suggest you need to read something like "The Richest Man in Babylon'', as your financial literacy seems very poor...
Don't be embarrassed mate, we all ''put our foots in it'' from time to time.
Read that book ages ago. I read all of these financial books when I was poor
You should see my bookcase.As I said earlier, my path to financial freedom was by creating a business, which grew in revenue, which gave me a good salary, which allowed me to fund more businesses and then acquire more properties. Now I understand this is a property forum and many people here would be doing it the other way. E.g. buy a house, borrow against it to buy more homes, repeat a few more times, hold it, wait for CG to increase their wealth. Does that make sense to you?
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Am I the only one here that hasn't read all these books???
I think I must be reading all the other ones... But there are ssooo many property and investment books out there to choose from.
anyway, i have enjoyed this thread. It has been very interesting reading everyone's points of veiw. I am not sure if there is any real answer as to any of this, because lets face it, it is all perseption. And what one person percieves is often very different to the next (which is a reason who posts can be misunderstood too).
I think I must be reading all the other ones... But there are ssooo many property and investment books out there to choose from.
anyway, i have enjoyed this thread. It has been very interesting reading everyone's points of veiw. I am not sure if there is any real answer as to any of this, because lets face it, it is all perseption. And what one person percieves is often very different to the next (which is a reason who posts can be misunderstood too).
cloudyday ... i would suggest you pull you head in a little. you are coming across as rather arrogant know it all for someone who has only 23 posts on this forum, no background that we are aware of and no kudo squares (except the 1 we are all issued with) and hence little credibility - quit trying to quote and dictate to those who have been around the traps a heck of a long time.
some have done it the hard way, some have done it easier, but all know a heck of a lot about being rich, being poor, living frugally, living well, aspiration and plain hard work.
skater is right - there are people on $1mil a year struggling to pay the bills under stress and those on $50k who are living the life of their dreams.
it doesn't take a high income to become wealthy - it takes hard work, a passion, an ability, skill and desire ... jan and ian somers (whose forum this is) are a perfect example. both teachers, not a high income, now extremely wealthy. another example is john ilham, son of immigrant parents who started as a telephone salesman (okay, so he died, but didn't he do well without a high income). also mr bouris (from the apprentice), built up wizard finance from nothing, sold it for $14mil, and is now working on his next project.
what comes first? the high income or the passion, drive and investment? hey - how about dazzling (or whatever he calls himself now
anyhow - this is getting off topic. i'm pretty happy that i also am a millionaire despite being a stay at home mum who invests and renovates in my spare time. i also drive a 11yr old corolla - thru choice. can easily afford a new car. could easily afford a bmw or merc if i really really wanted, but i don't want. i see it as a waste of money personally as my corolla won't depreciate any further in value, runs well, costs very little to maintain and i live in the inner ring 5mins from everything so barely use it.
actully, Daz mentioned his salary range at least once.... he was something close to 100k about 20 years go or something like that.... close but not quite up to the level of income that cloudyday was alluding to. Daz also did himself describe the size of his salary as .... I cant remember, but he did indicate himself it was definitely not considered a small sum.
cloudyday never used the terms "500k when he started investing"
I still dont understand why people insist they dont like nice things - it's hilarious how well its done sometimes.
I'm human, I like nice things. I'm not perfect. I dont succumb to every temptation, I realise what wastage is, but I can see nice things for what they are.
I understand that there's more to life than just designer labels/cars etc... but its a bit funny sometimes when people go to almost lengths to show how our old cheaper stuff is better
I recall it was noted as 50k per month, not sure what currency though.
Doubt that very much.
He had the high $ AND ''geared up to the wazoo'' with well selected RIPs and CIPs.
So about $600k... hmmm the parallels
I wonder if that had "nothing" to do with his success ? I think he suggested himself that it helped, but maybe I'm wrong
Wonder no more..... of course that type of salary would have something to do with his success
Now Im half expecting someone to write that they wouldn't want more money than they have anyway
So that you are not disappointed, I will stand up and say that I don't want more money that I have. We live a very comfortable life, don't have to think about whether we can afford something that we want, are not "missing out" on anything that we need or want and more money that we have would be just that....... more money.
I like nice things, and buy the best dishwasher, washing machine etc because often it is false economy to buy cheap and cheerful, but not always. I am not into gadgets, gismos or trying to impress anybody. I couldn't really give a toss what people think about me regarding money. I do care what they think about me in other areas.
It is my kids who would like "more money", but that is a whole other story.
http://www.somersoft.com/forums/showthread.php?p=534877#post534877
Hmmm......for someone who buys Businesses, you asked a very "newbie" question in this thread of your's.
http://www.somersoft.com/forums/showthread.php?p=532633#post532633
Then you ask how to leverage $1mil. Surely if you really had all these Businesses AND properties you would know.
Methinks you are a little full of the brown stuff my friend.
I'm not sure if Cloudy is a noob to RE or can't get his point across.
Reading his unedited long post he sounded reasonable.
I can also understand that the fist time someone comes across the periodic "mine's smaller than yours", "mine's cheaper than yours" and "I'm a tighter tightA$$ than you" competition on this forum the first reaction can be "get a life!".
In a way both cloudy & aussierogue are saying the same thing:
Most of middle class who have IPs & high wages appear to be affluent but in actual fact are not as they depend on many balls being juggled in the air and if one hits the ground the are on the street.
Just as many boast of big wages, others here boast of millions in RE, and just like those millionaires in API and YIP, if income where to suddenly stop, then how long would they be millionaires? Not long.
500k does'nt make someone rich.
20 years ago I knew a few people round my age and households earning >100k yr (was big $$ then). Are they now all rich? Nope, they still work.
Do they have many IPs? Nope, maybe some have 1 or 2 bought neg geared.
Do they own share? Yep most of them do and there value has halved.
Do they have $$ in managed funds? Yep most do and their value has more than halved and some still cant access fund.
Are they rich? They could give that appearance and easily come across that way in a mag interview (by careful omission of details), but nope they are slaves to the system that keep their house of cards up.
Do they think they're rich? Absolutely! They're successful millionaires dammit!
Just another poor millionaire.
But you cant really make that assumption now can you, though many do and that's life.
And mainly those who don't like assumptions being made about them.
Reading his unedited long post he sounded reasonable.
I can also understand that the fist time someone comes across the periodic "mine's smaller than yours", "mine's cheaper than yours" and "I'm a tighter tightA$$ than you" competition on this forum the first reaction can be "get a life!".
In a way both cloudy & aussierogue are saying the same thing:
Most of middle class who have IPs & high wages appear to be affluent but in actual fact are not as they depend on many balls being juggled in the air and if one hits the ground the are on the street.
Just as many boast of big wages, others here boast of millions in RE, and just like those millionaires in API and YIP, if income where to suddenly stop, then how long would they be millionaires? Not long.
500k does'nt make someone rich.
20 years ago I knew a few people round my age and households earning >100k yr (was big $$ then). Are they now all rich? Nope, they still work.
Do they have many IPs? Nope, maybe some have 1 or 2 bought neg geared.
Do they own share? Yep most of them do and there value has halved.
Do they have $$ in managed funds? Yep most do and their value has more than halved and some still cant access fund.
Are they rich? They could give that appearance and easily come across that way in a mag interview (by careful omission of details), but nope they are slaves to the system that keep their house of cards up.
Do they think they're rich? Absolutely! They're successful millionaires dammit!
Just another poor millionaire.
If you see someone <40 driving a flash car, with a boat etc I'd say there's an 70-80% chance they're doing their 60hrs a week and it's all bought on borrowed money.
But you cant really make that assumption now can you, though many do and that's life.
And mainly those who don't like assumptions being made about them.
Absolutely Not FREE! for those of us that can count.
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Good pick up Skater.
Piston Broke - I dont think its ever been about 'mine smaller than yours' - or as someone else said 'what have people got against nice things'.
I have never said anywhere that i dont like nice stuff. If I see value I buy it!
I wear nice clothes when I want too, holiday in nice joints, have stayed in more 5 star hotels than I can remember, eaten at more 3 hats and a a few michelins....hardly the profile of a denyer (spelling) of nice things.
This discussion to me has more to do with wanton rampant consumerism and finding the true motives behind the reasons we seem to be caught (as a society) in this cycle. Again dont shoot the messenger...none if this is new.
BTW - the gangster comment was half tounge in cheek. Most of the people I know who drive flash cars (the ones under 35 anyway) work no harder than anyone else, have huge debts and like to show off. We can (and do) assume lots of things - and those assumptions have greater varocity if we actually know many of the protagaonists. There are some people you listen too (value their opinions) and some people you know are just guessing. Who you believe is your choice.
Piston Broke - I dont think its ever been about 'mine smaller than yours' - or as someone else said 'what have people got against nice things'.
I have never said anywhere that i dont like nice stuff. If I see value I buy it!
I wear nice clothes when I want too, holiday in nice joints, have stayed in more 5 star hotels than I can remember, eaten at more 3 hats and a a few michelins....hardly the profile of a denyer (spelling) of nice things.
This discussion to me has more to do with wanton rampant consumerism and finding the true motives behind the reasons we seem to be caught (as a society) in this cycle. Again dont shoot the messenger...none if this is new.
BTW - the gangster comment was half tounge in cheek. Most of the people I know who drive flash cars (the ones under 35 anyway) work no harder than anyone else, have huge debts and like to show off. We can (and do) assume lots of things - and those assumptions have greater varocity if we actually know many of the protagaonists. There are some people you listen too (value their opinions) and some people you know are just guessing. Who you believe is your choice.
The discussion is about rich people doing their own garden instead of paying a gardner.
Hanging the wash instead of using the dryer.
Saving money because they have to keep the bank from repoing their assets.
In other words those rich millionaires who built a house of debt, appear to be rich, tell everyone they are succesful, but in actual fact are poor and need to scrimp for the next 10 years on a hope & prayer that the economy improves, they don't lose their job and that interest rates don't go up.
There's nothing wrong with having to save, only those(seem most) that are in denial are amusing to watch and wait for that reaper to appear and take it all away...
Hanging the wash instead of using the dryer.
Saving money because they have to keep the bank from repoing their assets.
In other words those rich millionaires who built a house of debt, appear to be rich, tell everyone they are succesful, but in actual fact are poor and need to scrimp for the next 10 years on a hope & prayer that the economy improves, they don't lose their job and that interest rates don't go up.
There's nothing wrong with having to save, only those(seem most) that are in denial are amusing to watch and wait for that reaper to appear and take it all away...
