what's your goal?

[Jen]

I am interested to know what people's ultimate motivation for investing is. While we probably all want to be financially independent and secure, there hopefully comes a time when we have made enough money to achieve this goal. I am fairly sure that most of us won't stop. When I visualise myself in the future, I am not only financially very comfortable, but I surpass that to have enough to help others....wouldn't it be the best fuzzy feeling to help kids with cancer or give a substantial boost to a well deserving, yet struggling cause. To me that is the ultimate reward for my hard work and investing....therefore, in my situation, there will never be a time that I say, "well I can rest now."
What are other's ultimate goals in this investing game?

 

[MarkB]

Jen

Even though I have yet to acquire my first IP many of my goals are the same, eg:


- to have enough passive income to live comfortably

- PPOR around the NSW North Coast with a small amount of acreage

- spend more time with family / friends

- help others, including charities (RSPCA, etc)

- support local community (local sporting clubs, etc)

- single figure golf handicap (probably the most ambitious of my goals)

Mark

 

[paul_s]

Originally posted by Jen
I am interested to know what people's ultimate motivation for investing is. While we probably all want to be financially independent and secure, there hopefully comes a time when we have made enough money to achieve this goal. I am fairly sure that most of us won't stop.

What are other's ultimate goals in this investing game?

Its interesting though when you look at the super rich, the billionaire types it would seem for some there never comes a time when they have enough money, even though it is clear they have enough wealth to never have to worry about money again and could spend their life doing whatever they like. However they continue to work hard to try and turn that 2 billion into 4 billion etc. I wonder what motivates them, is it mainly power, or are they workaholics or some other motivation? perhaps its just because they love business/investing so much? In fact I'd almost say its rare for people to work hard achieve a certain levels of wealth, then just stop, they always want more!

 

[NigelW]

Re: Re: what's your goal?

Originally posted by paul_s
Its interesting though when you look at the super rich, the billionaire types it would seem for some there never comes a time when they have enough money, even though it is clear they have enough wealth to never have to worry about money again and could spend their life doing whatever they like. However they continue to work hard to try and turn that 2 billion into 4 billion etc. I wonder what motivates them, is it mainly power, or are they workaholics or some other motivation? perhaps its just because they love business/investing so much? In fact I'd almost say its rare for people to work hard achieve a certain levels of wealth, then just stop, they always want more!

Hi Paul

I think the critical distinction is that the rich & super rich are working to make their CAPITAL earn more. Whereas most people are still working to accumulate the CAPITAL in the first place.

One set is managing and setting their money to multiplying full time, whilst the other set is working what money they do have to make more, but need to work for income to a) live and b) add to their capital.

The related saying is that its the 1st mill that's the hardest. Once you've got say $1m in net assets it shouldn't be too hard to conver that in a gross $50k per annum income stream ie 5% return. For some people that may be enough...others not!


It's an interesting issue...good post Jen.

Cheers
N.

 

[Learner]

I think that most peoples reasoning would be pretty much on the same grounds ie financial independence. Well once we reach financial independence what is it we seek to achieve through it?? Well through financial independence and being my ultimate goal is "to be able to choose to work and not forced to do so" hence financial independence has opened the gate to choices, which is what financial independence is, the key to the padlocked gate....money provides choices. I guess those who are rich, continue to work on their empire's because of the satisfaction it would provide in being able to help those around them and the power a such a position would provide would also be quite satisfying.

Learner

 

[natmarie73]

Hi Jen,

I love your goal. I already donate quite a bit of money through child sponsorship etc but my ultimate goal is to be able to accumulate enough assets to give me an income stream which will allow me to go back to full time study and gain some sort of qualification so I can actually volunteer my time and skills to help charities such as Worldvision overseas. I hope to achieve this within the next 10 years or so.

Of course I want to travel a lot too and have a nice house on a small acreage just outside of Brisbane. I reckon $50000 a year would be just enough.

The big yacht, flashy sportscar and harbourside mansion does not even feature in my plans at all.

Nat

 

[MarkB]

My idea of a big yacht is a 12 ft tinny that I can take fishing in the river.

MB

 

[Jen]

Natmarie, I agree that the idea of flashy yachts and huge mansions do nothing for me. I personally find that very self indulgent but maybe those trappings creep up on you or maybe the very wealthy easily do both, so figure"why not?" I know Greg Norman helps charities a lot and has a flashy yacht, so good luck to him.
Most self development books I've read teach that the greatest happiness comes from helping others and I find that to be very true.

 

[bundy1964]

For me the motivation was knowing that my full time working life had come to an end.

Instead of sitting on my rear end I decided to put my last pay day to good use. I went in with the attitude that if I did nothing I was going to lose it in the end through tax and inflation so I took an educated guess at what would be best for me and stuck my neck out. Used that to do it again....hit a minor speed hump but look like surviving it ok in the end.

Now I can help out a charity by giving them an office to use at a good price since I missed out on buying there old one today May be a win/win for both of us

I have gone past my need stage now and am looking at greed So far I will limit that to 10 years buying or 10 properties + PPOR as a managable lot with good income.

Sounds better to me than welcome to the dole office for the next 30+ years that I got from Centrelink

bundy

 

[rambada]

In todays environment money buys time ie leave a 'job' to commit time to what counts. Eg family, health, sunsets, dogs and the bird that wags its tail at you. Time is the ultimate goal, money is only a commodity that acheives it. To me there is little difference between the super rich and Tarzan - once your basics are provided for, time is your friend and most rapidly dimminishing assett.

 

[JoannaK]

Re: Re: what's your goal?

Originally posted by paul_s
Its interesting though when you look at the super rich, the billionaire types it would seem for some there never comes a time when they have enough money, even though it is clear they have enough wealth to never have to worry about money again and could spend their life doing whatever they like. However they continue to work hard to try and turn that 2 billion into 4 billion etc. I wonder what motivates them, is it mainly power, or are they workaholics or some other motivation? perhaps its just because they love business/investing so much? In fact I'd almost say its rare for people to work hard achieve a certain levels of wealth, then just stop, they always want more!

I think it's the trill of the deal more than anything else, and the challenge to rise up to the next level and just get it done.

 

[saucy gibbon]

I'm looking to provide my kids with more oppourtunities, just like my dad wanted for his kids.

 

[Joe D]

Rambada

"............. family, health, sunsets, dogs and the bird that wags its tail at you.........................................."

This pretty well sums it up for me!

Regards

Joe D

 

[np2003]

I will be happy when I have 30 IPs and $10 million in the bank.

 

[D.T.]

hi np,

and what are you going to do with that?

-Regards

Dave