Most millionaires don't feel wealthy

Yep , l came from a wealthy family but we never had any money. Late in life dad then went broke so we never saw any in the end.
We did grow up with nice cars , boats , wopping weekender farms, coastal holiday houses though.
But most wealthy people we've know own that much stuff they're working harder than ever to pay for it all . Funny that but it's very common.

But a million in Australia's nothing now is it. US and your looking pretty good, spose you'd be a king in Asia .
l understand exactly what BV said and seen that a lot .
l feel just like that myself only a much cheaper home. But 7=8 yrs ago l had nothing and no money. Now l have three properties and everyone thinks l've done pretty damn good considering l was broke not long ago. But l'm still always broke .
and l'm miserable .
Can't seem to get ahead and one place or another's always nagging and needing something or often all 3 . l hate the stress of them , the needing to find extra money all the time or time to go fix something , pay for something , keep up.
Spose you gotta have the head for it but l'd much rather be free of it all from here , just one place , not too expensive , few bucks in the bank would be a bonus .
So right now l reckon the guy that's had his steady job and 1 mortgage for 20 that he could now pay out if he hasn't already , any time he wants , he's pretty rich - rich enough anyway !
Now he's bored and looking for something to spend he's extra money on.

l reckon these high paid excecs are wealthy. like they don't have a business to keep a float and work like a Trojan on but if they do F up at work the just get asked to leave with a very golden hand shake.
l mean if your just turning up to a job in somebody elses business every day and on a million or 10 a yr , holy hell you'd have to be seriously comfortable wouldn't you.
 
There's a saying in Texas that's always stuck with me...

"Don't be someone with a big hat and no cattle"

You may look rich, sound like you're rich, even think you're rich... but you're not wealthy if you can't back it up.
 
... I have about 2mil investible assets outside PPOR and have never felt wealthy in the least. Still working a*se off. ...

Sounds like you needed to focus on when to where to put your money. Had you the courage to buy some typical household name shares such as the 4 banks, Wesfarmers .... during the GFC for example that 2mil would be already likely to be earning you greater than the $150,000 pa you desire (with high probability of inflation protection or better). Hardly a high risk strategy and not one requiring any guru type investing expertise!
 
Sounds like you needed to focus on when to where to put your money. Had you the courage to buy some typical household name shares such as the 4 banks, Wesfarmers .... during the GFC for example that 2mil would be already likely to be earning you greater than the $150,000 pa you desire (with high probability of inflation protection or better). Hardly a high risk strategy and not one requiring any guru type investing expertise!

I did buy some at the time but only about 50k worth and then sold out with a tiny profit in 2010 to buy my ppor.

Bring on GFC2 - I think that as a general principle, anytime that I read on the front page of a newspaper that the market has crashed or has had the worst fall in X years - is probably a good day to buy.
 
The millionaire in today's newspaper article linked below definitely does not feel wealthy.

He saved his way to 2.4 mil + PPOR.

http://www.news.com.au/money/cost-o...y-the-government/story-fnagkbpv-1226690750065

However, I believe the article must be missing many details as it is not possible to save 3 mil on an ordinary wage. And I wonder whether he does in fact have other assets beyond his 2.4 mil cash in a bank account but just not uncovered.

Don't dismiss it so flippantly. There was one detail that explained how he did it.

He was 88 years old and lived frugally.

CBF doing the maths, but it would not take much to put away each year.

EDIT: Did the maths. If he started with $500 pa when he was 18 and indexed that at 3%pa for inflation and then it returned 8% it would be $2.6M by the time he was 88.
 
Don't dismiss it so flippantly. There was one detail that explained how he did it.

He was 88 years old and lived frugally.

CBF doing the maths, but it would not take much to put away each year.

EDIT: Did the maths. If he started with $500 pa when he was 18 and indexed that at 3%pa for inflation and then it returned 8% it would be $2.6M by the time he was 88.


It would be unlikely that his bank account would have returned 8% p.a. consistently every year for 70 years. And generally, savings in a bank do not keep pace with inflation.

The other intriguing detail was how come there were no transactions in his account in the two years leading up to his death. How did he eat?
 
It would be unlikely that his bank account would have returned 8% p.a. consistently every year for 70 years. And generally, savings in a bank do not keep pace with inflation.

The other intriguing detail was how come there were no transactions in his account in the two years leading up to his death. How did he eat?

Was earning undeclared cash on the side :rolleyes:
 
It would be unlikely that his bank account would have returned 8% p.a. consistently every year for 70 years. And generally, savings in a bank do not keep pace with inflation.

The other intriguing detail was how come there were no transactions in his account in the two years leading up to his death. How did he eat?

Frugally. Look it up.
 
It would be unlikely that his bank account would have returned 8% p.a. consistently every year for 70 years. And generally, savings in a bank do not keep pace with inflation.

The other intriguing detail was how come there were no transactions in his account in the two years leading up to his death. How did he eat?

OK, starts with $4500pa at 18 indexed to inflation and only earns 3%pa in the bank. Still arrives at $2.6M.

So there's two ways.
 
Yes but no matter how you eat, you still need to access your bank account.

Not really, he was frugal.

Do the maths.

He hadn't touched it for 2 and then he died last year, so means he didn't touch it for three years and then the poor government stepped in.
 
I did buy some at the time but only about 50k worth and then sold out with a tiny profit in 2010 to buy my ppor.

Bring on GFC2 - I think that as a general principle, anytime that I read on the front page of a newspaper that the market has crashed or has had the worst fall in X years - is probably a good day to buy.
No probably...definitely.

Warren said it; "I buy my straw hats in the winter".
 
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