My friend of good intentions

Had a serious discussion with a close friend over money views. I told him what some of my money targets were, and he said some of the following to me, which I highlight below.

  1. "$1M in net equity? That's nothing. What is the point? I would rather have US$1M in cash. That is a true sign of a High Net Worth Individual (HNWI). What you set for yourself is nothing great." :eek:
  2. "I don't think you have what it takes to be a wealthy person. Most wealth people need a high degree of nastiness and meanness to fight their way to the top of the food chain."
  3. "You got to be a high-income earner. Average income earners like us can only dream on."
  4. "You don't even have a job at the moment, how are you going to support your investments? Maybe it's better that you become a househusband like me and work on the side to supplement the family income."
  5. "Seriously, I don't want to see you fail and become a broken man when it's all over for you. If wealth creation was that easy, everyone would be doing it and I wouldn't need to play the lottory!"

I responded with the following.

  1. "My plans may not be great according to your standards, but how many can boast $1M in net worth in their life time while earning an average income?"
  2. "Wealthy people doesn't equal bad people. There are good wealthy folks around who don't show off."
  3. "I have seen average income earners amass a property portfolio that is nothing to laugh about. High-income does not equate to sizeable investments earning passive income."
  4. "I may be out of work at the moment, but I'm still looking for one. Having no job does not equate to the end of the world. Our finances are steady at current."
  5. "I would rather give my best shot and fail than to regret any inactions. You miss 100% of the shots that you don't take. Wealth creation is a gradual process, not a one-shot wonder."

Told him I'm not going to discuss money topics with him anymore. We can hang out over other matters.

Anyone been through something similar and mind sharing their experience and outcome? Would be a good moral booster.

Clearly, I am not going to associate myself with negative-minded people on my wealth creation journey. :D

Regards
Daniel
 
Everyone has an opinion and is entitled to it.

I have found that some of the best insights come from reconsidering my position when someone expresses an opposite view. It doesn't mean I agree with them, just that by considering what they have said I will sometimes come to a better understanding and a clearer point of view.

Sometimes it is the negative people who give us pause to think.

Money, religion, politics - the old conversation taboos.....
Marg
 
Hi Daniel,

Great to see you here, how's things?

People create their own reality and show it through the words they use. Says alot about a person's mind and the ceiling they place on their own success through the filters they use.

That is "their" reality and you need to allow them to be that, only they can make a change when they are ready.

It does not need to be your reality.

I would respond with "yes I understand" then get on the phone to make my next deal in my wealthy reality while allowing them to live in theirs.

X
 
Add to that list....

"SHARES ? A lot of people lost a lot of money in shares"

"Maybe you should py your own house off first" (if you can then see if you can be better than me........)

"People in those suburbs suck"

there was an ad on tv while bck for some manged fund I think wher e guy was sitting on chair nd sid something like "you know that if you dont ivnest, you wot have enough for retirement, and tht if you do invest you will, you know this, but you still don't invest. strange"

Isn't that the majority of people ? I know it described me at least
 
Dosen't sound like your friend has good intentions at all. I've got similar people in my circle of interaction that say similar things. You don't need to deal with that sort of negative attitude to be honest.

I get the whole everyone is entitled to their opinions (even if they are wrong) but as long as you can seperate that from what they are saying, otherwise I'd have trouble keeping them as a 'friend' ;)
 
The more you have - the less you tell.

That has been our biggest learning curve so far. Only with other LIKEMINDED folk do we share our "stuff". Other people's issues and perceptions are their business.

Don't be put off by people's negativity, jealousy or ignorance. Keep doing what you are doing and get onto SS and be around likeminded folk.

Sunshine
 
Told him I'm not going to discuss money topics with him anymore. We can hang out over other matters.

A few investors I know would regard your friend as a 'Dream Stealer'. I tend to think carefully about what people like this have to say and whether there is any truth in their comments. The people giving the advice are well meaning, and geniunely believe they are protecting you from making huge financial mistakes.

Jan Somers wrote a book of stories regarding property investors. In many of the stories there are people like your friend. They advise their friend (the investor) not to proceed with their plan, or to sell up and go to cash.

There was one story where a man had amased a huge portfolio of RIP's. His friends/family convinced him to sell them all. He did. He lived like a king on the money throughout the 70's. However, his term deposits couldn't keep up with inflation and he and his wife ended up having to live on the old aged pension. :eek:

In time you may be able to show your friend how you have become financially independent with your investments. He may or may not be interested. Be prepared to hear him tell you that you 'got lucky'.

Regards Jason.
 
The more you have - the less you tell.

That has been our biggest learning curve so far. Only with other LIKEMINDED folk do we share our "stuff". Other people's issues and perceptions are their business.

Don't be put off by people's negativity, jealousy or ignorance. Keep doing what you are doing and get onto SS and be around likeminded folk.

Sunshine
i agree with you. not everyone needs to know or should be told all of our personal stories. wise to be selective about what to disclose and how much.
regards
 
Average income earners like us can only dream on."

What you set for yourself is nothing great."

Regards
Daniel

He doesn't sound to bright. On the one hand he says people like himself (and you) can't do it. Then he says $1M is nothing great.

Tell him to go and get it then.

Or better still.
Get on with it, do it THEN show him.

Once you start your journey you'll move on and he'll still be in the same position.
Get some new, like minded friends. Good luck.
 
He doesn't sound to bright. On the one hand he says people like himself (and you) can't do it. Then he says $1M is nothing great.

Tell him to go and get it then.

Or better still.
Get on with it, do it THEN show him.

Once you start your journey you'll move on and he'll still be in the same position.
Get some new, like minded friends.
Good luck.

I think that's part of the dilemma isn't it ? We actually like our friends
 
this happens a plenty, and you need to be with others that share your passion, most here have been through, the same with family , friends, as they too1 started on the road to wealth creation,
ask the same questions, to somone that has 1mill equity, and started with a mid sized income!
the answers will be completely different, listen to loosers, you will be just like em"
 
Had a serious discussion with a close friend over money views. I told him what some of my money targets were, and he said some of the following to me, which I highlight below.

  1. "$1M in net equity? That's nothing. What is the point? I would rather have US$1M in cash. That is a true sign of a High Net Worth Individual (HNWI). What you set for yourself is nothing great." :eek:
  2. "I don't think you have what it takes to be a wealthy person. Most wealth people need a high degree of nastiness and meanness to fight their way to the top of the food chain."
  3. "You got to be a high-income earner. Average income earners like us can only dream on."
  4. "You don't even have a job at the moment, how are you going to support your investments? Maybe it's better that you become a househusband like me and work on the side to supplement the family income."
  5. "Seriously, I don't want to see you fail and become a broken man when it's all over for you. If wealth creation was that easy, everyone would be doing it and I wouldn't need to play the lottory!"
I responded with the following.

  1. "My plans may not be great according to your standards, but how many can boast $1M in net worth in their life time while earning an average income?"
  2. "Wealthy people doesn't equal bad people. There are good wealthy folks around who don't show off."
  3. "I have seen average income earners amass a property portfolio that is nothing to laugh about. High-income does not equate to sizeable investments earning passive income."
  4. "I may be out of work at the moment, but I'm still looking for one. Having no job does not equate to the end of the world. Our finances are steady at current."
  5. "I would rather give my best shot and fail than to regret any inactions. You miss 100% of the shots that you don't take. Wealth creation is a gradual process, not a one-shot wonder."
Told him I'm not going to discuss money topics with him anymore. We can hang out over other matters.

Anyone been through something similar and mind sharing their experience and outcome? Would be a good moral booster.

Clearly, I am not going to associate myself with negative-minded people on my wealth creation journey. :D

Regards
Daniel
A lot of people i know are worth well over several million,all started on low income jobs,but they all had a dream like you and as long as the return is higher than the cost of capital, then don't worry about what snake-oil humanitarians talk about as anyone who acts like that is a fool or a lair ..good luck willair.
who cares what your mates think
 
Stay close enough to your mate as he will be the measure stick of where NOT to go....and yes...no more of that talk with him, keep it for here with like minded folks.;)
 
Not many people can handle money or attract money. Your 'friend' is one of them. Your friend's understanding about investments, market, supply and demand, compounding, risk and time is probably deficient. You cannot have a beneficial discussion with him until he really wants to understand the issues, so stear clear of these topics until he is matured and keen to seek your input. Be discriminating with whom you discuss financial and wealth creation issues. Negative people will paint you black no matter how noble your aspirations are. Be where the light is, ie SS. :D
 
Thanks everyone

Hi, everyone

Xenia: doing well considering my current circumstances. Reno'ed our first IP and am in the process of renting it out. What a learning experience and all very exciting. :D

Jaycee: I actually do like this close friend. Known him since we were teens skateboarding in the parks. Although we have taken different paths in our adult lives. He did also say the following:

  1. "I don't see property generating the kind of returns that the sharemarket would."
  2. "You may have a business structure to control your investments, but you don't own them, right? It's the bank that own your investments!"
  3. "Finding someone to rent your property at your asking rental price? You think you are that lucky?!"

How funny that you brought up somethings similar as well! :p

Marg4000, Morgs & Jingo: I engaged him in the conversation because I wanted to understand where his opinions were coming from, and the more we spoke, the more I realised he was dead set on his views. Clearly, he is a 'Dream stealer', is probably too afraid to venture out and wants to lead life in a safe and secure manner.

Normally, I limit my property conversations to a select few, but had no idea how we got into the money talk. Big mistake.

Aegcp, Travelbug & Thorpey: Oh, I will keep my friend close to me, and use him as a yardstick for what I shall NOT be. Keep forging ahead with my plans.

I woke up this morning, turned to the wife and said: "I'm going to show him who's right. One day, he will ask me how I did it, and I might just decide not to tell him." :cool:

Thanks everyone for the encouraging comments.

Cheers
Daniel
 
I woke up this morning, turned to the wife and said: "I'm going to show him who's right.

Daniel,

You're not right and he's not wrong. It's just how you each want to live your life. I wouldn't make it into a competitive thing - this may cause unnecessary tension for you and him. Focus on more positive motivations and this will make the journey more rewarding.

With respect and best of luck, RS
 
[*]"If wealth creation was that easy, everyone would be doing it and I wouldn't need to play the lottory!"

My father used to say this. I found it very confusing as a child and teenager, because I figured (even then) that wealth creation was something that anyone could do, but that your income and existing situation would impact the scale.

The I met my girlfriend's father (who became my Father in Law), who said to me "of course you can generate wealth, here's how it's done..."
 
Daniel,

You're not right and he's not wrong. It's just how you each want to live your life. I wouldn't make it into a competitive thing - this may cause unnecessary tension for you and him. Focus on more positive motivations and this will make the journey more rewarding.

With respect and best of luck, RS

Hi, RockStar

You said it right. His comments simply made me want to prove it more to myself that I can do what I set out. In 14 yrs time, I want to look back and say that it was an amazing journey and I look forward to many more years to come.

Thanks
Daniel
 
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