SMH 22/10/08
Browns 18 houses
You'd think with all these pollies with property, NSW would have a less nasty land tax.
Browns 18 houses
You'd think with all these pollies with property, NSW would have a less nasty land tax.
Pollies Properties
- Thread starter twodogs
- Start date
Should see whether we can get these guys to contribute to the forum! Come to think of it, maybe they do already? Some of their purchases look eerily similar to techniques advocated by some on here...
I hear Kevin Rudd and his housing minister have a bit of an IP portfolio between them - it would sure be nice to hear their investing story!
I hear Kevin Rudd and his housing minister have a bit of an IP portfolio between them - it would sure be nice to hear their investing story!
Should see whether we can get these guys to contribute to the forum! Come to think of it, maybe they do already? Some of their purchases look eerily similar to techniques advocated by some on here...
I hear Kevin Rudd and his housing minister have a bit of an IP portfolio between them - it would sure be nice to hear their investing story!
No thanks; hear enough about him already.
Besides; how hard is it to accumulate an IP portfolio when you are earning way above the average people's wages like Lapdance Kev has for the last umpteen years?
It's a doddle. Anyone on more than $100k per year could do it with their eyes closed.
I wanna hear about the lower income battler who rose above the quagmire and did good.
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Actually, it is a lot harder than you think.
The people on this site are....are a rarity.
Earning 100K is a norm rather than an exception in professional positions in Sydney or Melbourne.....but not everyone is investing in properties. As a matter of fact I hear constant groaning about people coping on their 100k-150k salaries!
I have found that people on these salaries are more interested in creating a perception of being successful...i.e. nice clothes, nice cars, and houses in the right suburbs. Organisations love these types as they are locked into their careers and will anything to climb the career ladder.
You are right in anyone is able to do....but having the right psychology (mindset) is another issue.
Cheers
Sash
The people on this site are....are a rarity.
Earning 100K is a norm rather than an exception in professional positions in Sydney or Melbourne.....but not everyone is investing in properties. As a matter of fact I hear constant groaning about people coping on their 100k-150k salaries!
I have found that people on these salaries are more interested in creating a perception of being successful...i.e. nice clothes, nice cars, and houses in the right suburbs. Organisations love these types as they are locked into their careers and will anything to climb the career ladder.
You are right in anyone is able to do....but having the right psychology (mindset) is another issue.
Cheers
Sash
You are right in anyone is able to do....but having the right psychology (mindset) is another issue.
Couldn't agree more. There are that many people I know on high incomes living payday to payday that it is a bit sad really. There is something pretty depressing about people who take 4-5 years out of their life to spend at uni to get a high income and then follow up with being an absolute slave to that income for the rest of their working lives. Their lifestyle expenses just follow their salary up and they have even less time with their families than those on low incomes.
The fact that it is so common makes me very interested in the mindset of those who have been able to break free from those around them and use their incomes to set themselves up and govern their own time.
Granted, achieving a big passive income from a low PAYE income is a worthy achievement and should be applauded but the challenges for high income earners to do this are more mindset related and therefore it would seem just as difficult to overcome (expensive house in a nice suburb, nice car, private school for the kids, skiing holidays in Canada, etc etc etc)...
The peer pressure to be like everyone else they look up to (ie the GMs and CEOs who are even worse at this) is pretty hard to overcome. I am very interested in their stories...
where i work - many of the people i work for could retire at 40 with a couple of mill in the bank if they wanted to - but I believe that they don't for the following reasons (or a combination of):
i. because where they are - life is rather cruisy and they take home their multi-million dollar pay cheques year after year
ii. they love the job and its no longer about money
iii. it becomes a power play
as has been mentioned before it is a total mindset thing - someone on a low income could be satisfied with building a portfolio that returns say 50k in passive income a year
someone on 100k that would probably only be satisfied with something returning 100k and it just scales up... which will need double the assets to generate...
i mean you can criticize them for having expensive "taste" but where do we draw the line? a person driving a Kia may want to upgrade to a Toyota, the Toyota driver up to VW and maybe the VW up to a Merc etc etc...
i guess it just boils down to personal preferences and what you think you think you want to achieve
i. driving a Kia or Merc?
ii. flying coach or first class?
iii. skiing in canada or thredbo?
iv. eating at a one hat or three michelin star restaurant?
v. private or public school?
etc etc...
for me - i used to think that I would be happy with $5m in net assets to retire on (when I was in uni) - but now i'm not so sure... i'm sure many on this board have moving targets as well...
i. because where they are - life is rather cruisy and they take home their multi-million dollar pay cheques year after year
ii. they love the job and its no longer about money
iii. it becomes a power play
as has been mentioned before it is a total mindset thing - someone on a low income could be satisfied with building a portfolio that returns say 50k in passive income a year
someone on 100k that would probably only be satisfied with something returning 100k and it just scales up... which will need double the assets to generate...
i mean you can criticize them for having expensive "taste" but where do we draw the line? a person driving a Kia may want to upgrade to a Toyota, the Toyota driver up to VW and maybe the VW up to a Merc etc etc...
i guess it just boils down to personal preferences and what you think you think you want to achieve
i. driving a Kia or Merc?
ii. flying coach or first class?
iii. skiing in canada or thredbo?
iv. eating at a one hat or three michelin star restaurant?
v. private or public school?
etc etc...
for me - i used to think that I would be happy with $5m in net assets to retire on (when I was in uni) - but now i'm not so sure... i'm sure many on this board have moving targets as well...
