What does being wealthy mean to you?

[BayView]

Sure...money is good to have, but there is nothing more rewarding than when you FINALLY get to buy what you've saved sooooooooo long to get. So in that regard...there is much to be said in favour of delayed gratification!

I have no doubt that virtually every wealthy person (as in the above illustration of wealthy in my post) would have had to experience considerable delayed gratification to get to that wealthy stage.

Unless they were born into the Daddy and Mummy's money.

 

[andrew_de_a]

I disagree bayview, a lot of ppl I know have run successful businesses that have made them wealthy in a very short period of time.

 

[cu@thetop]

The yuppies in my previously tree lined neighbourhood cut the trees down and put mcMansions up . They come to the leafy neighbourhood for the family environment and proceed to annihilate and visible remnants of nature.

As a result the nature has been forced to move to the few remaining properties such as mine.

I could clear the trees and sell my property and make a quid so another yuppie could join the neighbourhood and raze the lot before building the fully ducted 2 story boundary height relaxation mc mansion.

Yesterday I saw the three tawny frogmouths sitting 3 feet outside my window in one of my trees that have recently set up their occasional home on my property (don't know where number 4 was). That gave me a better feeling then the money I banked that day from my work (and it was a good day's banking).

I probably don't fit with the avaristic demograph of economic sociopaths that have been known to frequent this forum so I am unsure I can even agree on what wealthy is.

I was happy to see the birds though.

 

[Dazz]

I probably don't fit with the avaristic demograph of economic sociopaths that have been known to frequent this forum so I am unsure I can even agree on what wealthy is.

I was happy to see the birds though.

Oh, for heaven's sake CU....what a load of old cobblers. Grow up son....of course it's about the money. All of this malarkey and tosh about living with nature is just fanciful leftist thinking.


Either get in the D9 or get out of the bl00dy way. Let no man stand in the way of progress.


Viva la demolition licence !!!

 

[coastymike]

True wealth (financial) is generally attained through dictatorships, corruption, exploitation and the like. I don't think hosni Mubarak, Gadaffi or their ilk with tens of billions in dollars consider all of us on this forum to be rather pathetic. Sure they have to kill people and exploit others but if we are just talking dollars most of the wealthiest in this world run countries for their own benefit and those of their family and friends. 50m is probably what they spend on their mistresses.

 

[jaycee]

True wealth (financial) is generally attained through dictatorships, corruption, exploitation and the like. I don't think hosni Mubarak, Gadaffi or their ilk with tens of billions in dollars consider all of us on this forum to be rather pathetic. Sure they have to kill people and exploit others but if we are just talking dollars most of the wealthiest in this world run countries for their own benefit and those of their family and friends. 50m is probably what they spend on their mistresses.

What's that relevant to coastymike ?



Are you pointing out that we people use the word "wealthy" to loosely ?

 

[bene313]

I have similar thoughts to coasty.

Those who are wealthy in Australia generally did not choose to be so. They were simply born into it.

 

[Monopoly]

Those who are wealthy in Australia generally did not choose to be so. They were simply born into it.

I think coasty is referring to the MEGA-wealthy not your average mum-and-dad investors. I'm guessing that words such as dictatorship, exploitation and corruption is not being used to describe your average circa 50% LVR financially comfortable types.

 

[bene313]

I think coasty is referring to the MEGA-wealthy not your average mum-and-dad investors. I'm guessing that words such as dictatorship, exploitation and corruption is not being used to describe your average circa 50% LVR financially comfortable types.

Yes I understand.

My point was that in Australia wealth is generally passed through generations as "old money". IMHO the term "wealthy" doesn't encompass mum & dad investors on 50% LVRs.

An example would be great-grandpa pegging some land up north and 100 years later you start collecting $10m per year in mining royalties. If only to be so lucky!

 

[Monopoly]

Yes I understand.

My point was that in Australia wealth is generally passed through generations as "old money". IMHO the term "wealthy" doesn't encompass mum & dad investors on 50% LVRs.

An example would be great-grandpa pegging some land up north and 100 years later you start collecting $10m per year in mining royalties. If only to be so lucky!

Yes that's true, but what I think also happens with this "old money" is that regardless of how much gran-pappy passes down to offspring of his offspring, unless those who inherit his milions continue and indeed turn it into squillions that "old money" inevitably becomes "no money" within a few short generations!

 

[Deltaberry]

Yes that's true, but what I think also happens with this "old money" is that regardless of how much gran-pappy passes down to offspring of his offspring, unless those who inherit his milions continue and indeed turn it into squillions that "old money" inevitably becomes "no money" within a few short generations!

When the old money is tied up in nil debt financed blue chips and properties, rest assured it'll turn into squillions without lifting a finger. To the extent there is a downswing in these assets, they are still as rich as they were before in a relative sense (because most people would also be poorer by the same factor, and in fact the geared ones will be bankrupt).

 

[pully]

http://thesilvervoice.wordpress.com/2011/03/18/celebrating-irishness-charles-feeney/
i like the story of this man and his actions and values.

being wealthy is after all a relative term?

having enough and being happy and healthy are probably better aspirations.

some would never be comfortable within their skin regardless of how much money they can count. for some it will never be enough.

 

[Xenia]

I agree Pully I also hold the belief that wealth is what you have left even after your "money" is gone. It's your ability to attract wealth and is intrinsic not external.

One of my major wealth goals is to change the education system - it is in need of an overhaul but it requires a critical mass of people who are able to do it.

I don't have any expertise whatsoever in the area other than the ability to attract people and create awareness. The changes need to be made in a positive way and over time so I'm not aiming to attract people who will "blame" or throw their weight around. Only people who are educated and tactful and will do it in such a way that the education system embraces and does not reject the changes. I know there are many great educational programs out there for children that address many of the current concerns and limitations, my aim is not for more of these programs but to implement those changes in main stream education so that every child has access to it.

so far I've just managed to create an awareness - lifetime goal is to implement some changes.

 

[oracle]

I agree Pully I also hold the belief that wealth is what you have left even after your "money" is gone. It's your ability to attract wealth and is intrinsic not external.

Xenia,

Do you have any proof of that statement you made? Have you ever lost all your money (by that I mean struggle to put food on your table) and still considered yourself wealthy? Or do you know anyone who lost all their money and still considered themselves wealthy?

Cheers,
Oracle.

 

[pully]

for most wealth means/refers to just their financial position in the world?

for others it can have a broader meaning beyond money and things. for some it refers to being comfortable in their skin, inner peace and contentment.

now the question is do you need one to have the other? or a balance of both.
some people may have a lot of things but live an empty life. its more than about cashflow and accumulation of things.

we are all different about how we measure our wealth its more than just our financial position i think. buts its ok if counting our money gives comfort and a feeling of security.
for some no matter much they have it will never be enough to feel right.

 

[VYBerlinaV8]

There's a reason I chose the quote in my sig block...

 

[daniellee]

Okay so we've embarked on this journey to becoming more wealthy.

Have you ever considered what being wealthy actually means to you?

Able to spend time with family and friends, buy the things I want without worry.

How will you know when you are there?

When there is more money in the bank at the end of the money then at the beginning, even when we do not need to work by choice.

what sacrifices will you make along the way?

Massive delayed gratification. My wife commented once that we spend more money on our IPs than on our own PPOR.

What are you prepared to give up to get you there?

Associate less with negative friends, be selective about topics discussed and only associate with those of similar and higher wealth and life mindset.

A long time ago, my dad told me, "I can teach you to have a lot of money... do you really want it? Or do you want a simple life? He was so right, being rich is not simple.

All my parents told me was to save, although as I reach adulthood I knew I had to invets my money.

Regards,

Daniel Lee

 

[Xenia]

Xenia,

Do you have any proof of that statement you made? Have you ever lost all your money (by that I mean struggle to put food on your table) and still considered yourself wealthy? Or do you know anyone who lost all their money and still considered themselves wealthy?

Cheers,
Oracle.

Yes I came into Australia as a refugee with my parents and brother with no home, money or language skills. The only thing my parents had was a dream to start over. Absolutely true statement for me.

 

[ldriver]

There's a reason I chose the quote in my sig block...

I like your quote. I am aspiring for both

 

[oracle]

Yes I came into Australia as a refugee with my parents and brother with no home, money or language skills. The only thing my parents had was a dream to start over. Absolutely true statement for me.

Did you lose a lot of money before you came here as a refugee? And were still quite happy and considered yourself wealthy? Can I ask you what is the motivation/drive behind starting business, running seminars and networking with a lot of financially successful people? Because according to your definition it ain't going to make you wealthy.

I agree Pully I also hold the belief that wealth is what you have left even after your "money" is gone. It's your ability to attract wealth and is intrinsic not external.

I have to disagree with you, I think being wealthy can mean a to different ppl a lot more than having plenty of money. But having plenty of money is to me atleast an integral part of considering oneself wealthy. You can have everything in life but if you are broke you ain't gonna feel wealthy, on the contrary you might not have everything life has to offer but if you have money you may consider yourself wealthy.

My 2cents.

Cheers,
Oracle.