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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?
I still dont understand why people insist they dont like nice things - it's hilarious how well its done sometimes.
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.
Sheesh! That is a hard one. Only had 3 PPOR's. I can't remember if/when it was paid out. We drew down equity to fund Business and the first IP, then Business went bad. We owned that for 14 years.
cloudyday said:"how do you borrow another $5mill from $1mill?"..
http://en.wikipedia.org/wiki/The_Millionaire_Next_Door
Most of the millionaire households that they profiled did not have the extravagant lifestyles that most people would assume. This finding is backed up by surveys indicating how little these millionaire households have spent on such things as cars, watches, suits, and other luxury products/services. Most importantly, the book gives a list of reasons for why these people managed to accumulate so much wealth (the top one being that "They live below their means"). ...
maybe you have a problem with successful people? In one of the threads on this forum you discuss how your business suffered and went down the toilet, maybe you have anger against successful people?
Hardly! I am quite successful with what I do and encourage others to follow their dreams.
Regarding second post, if you bother to actually read the entire post, someone said they used $1million to borrow another $5 million from a bank. Thus my post was "how do you borrow another $5mill from $1mill?".. Hardly trivial.
Quite trivial actually! What is so hard to understand?
So you pulled equity from your house to invest in your business and that still failed? Interesting. I noticed you also used the word "fund". So did you draw down equity to "buy" this business or to "fund" it's daily running costs, etc?
I've read this guys story years ago (posted on RichDad) and have ever since tried to follow in his footsteps (start businesses, not sit on property).
lol - http://www.thefastlanetomillions.com/articles/2008/11/the-lie-youve-been-sold/
Basically free through company tax depreciation? Make a grandiose statement like that and you lose credibility in my view.
Waddent me...I'm being niceI can't believe the crap and venom in this thread. And they moderate ME if I ruffle a pet bird's feathers.
Gee, maybe this guy is just not that experienced (we all start somewhere) but the amount of times and different people i hear saying this...
Thanks for the kudos and for appreciating the fact I have been misrepresented
AND I HAVE NOW GOT 3 GREEN THINGOS! WHAHOOO
.............. Green dots don't make the man.
Unfortunately, this represents a lot of people I know who are still working 9-5pm every day, they are quite frugal, but because of their income, most of it is spent on just basic essentials and little left over for savings.
There are HEAPS and HEAPS of poor rich around. Have you seen the estimated number of real estate investors in Australia that have over 5 ips? There's hundreds of thousands of them, and there are many many more on $250k combined salaries.