What's your Motivation? Part 2

[WebBoard]

From: Peter Davidson


Guys,

Great responses. What I find interesting is most people responded by saying they want to retire early, secure their future and then enjoy(previous post, down a little, ah there it is).

The truth of the matter is that "rich" people or those that have accumulated wealth in their lives become more and more motivated to build their investments. This in turn makes them less prone to spend money(even though they are earning more) and save more, even though they have become millionaires and originally planned to spend it all later. Ie. A "Miser Monster" is created. Is this really "enjoying" life?

How many people do you know that sell their investments or spend their returns to enjoy later, even at old age? Not many hey.

Anyway, hope we don't fall into the same trap.

Look at Jan Somers for example, she's got a tonne of money, but boy is she tight!!! My point is, she wasn't intending to be this way originally.

Ie. Once you start living your life a certain way, for example saving every cent and putting it towards something, that's how you will live the rest of your life.

Just look around you.......see what I mean.

Don't fall into this trap and that includes me! I've seen a few of my Uncles and their friends and I tell you what, they buy themselves a nice car and "THAT'S IT". They are so tight with everything else....It's incredible and they have sooo much wealth.

P.S For those who balance their finances\investments, keep it up and don't create the "Miser Monster".

Regards,

Pete.

 

[WebBoard]

Reply: 1
From: Gee Cee Clay


Better to be a IN Control Miser Monster than a person controlled by a boss and a job.

Besides , how many cars do you need and how many holidays can you take a year and still enjoy them.

Most true investors once to a certain stage enjoy their fruits . But still enjoy the chase for more.

It is all a question of balance and goals.

 

[IanF]

Reply: 2
From: Ian Findlay


Pete,

I agree with you (partly).

As I may have previously mentioned in this forum my wife and I are drawn in
two directions due to personal experiences.
One direction is spend like mad (just like the rest of the crowd) in case
we're not here tomorrow.
The other is to save save save in case we are.

In the first case we know an old couple who saved like mad (miser monsters),
lived in an old house etc who promised themselves that once they retire they
would by their dream home and really enjoy the fruits of their labours.
Sounds great I hear you say, the down side was that they retired and she was
dead 2 weeks during a world cruise they had always promised themselves. He
is now left a wasted bitter old man with nothing to look forward too but he
does have pots of money.

In the second case I'm sure the all know the kind that spend past their
limits then have nothing for retirement when they have the time to enjoy
themselves.

Balance is king.

We try to do both. We eat out when we want to, we buy doodads because its
fun, we will be building our dream home next year, but we are also very
serious about saving and investing for the future. We have a number of IPs
(TW - take note we are all following your example) and both have
significant super even though we are both mid 30s.

The point is that building wealth gives you flexibility e.g. deciding when
to retire even if you decide to retire at 60 its nice to know you don't have
to, and financial security in your life.

Ian



> From: "Peter Davidson" <[email protected]>
>
> Guys,
>
> Great responses. What I find interesting is most people responded by
saying they want to retire early, secure their future and then
enjoy(previous post, down a little, ah there it is).
>
> The truth of the matter is that "rich" people or those that have
accumulated wealth in their lives become more and more motivated to build
their investments. This in turn makes them less prone to spend money(even
though they are earning more) and save more, even though they have become
millionaires and originally planned to spend it all later. Ie. A "Miser
Monster" is created. Is this really "enjoying" life?
>
> How many people do you know that sell their investments or spend their
returns to enjoy later, even at old age? Not many hey.
>
> Anyway, hope we don't fall into the same trap.
>
> Look at Jan Somers for example, she's got a tonne of money, but boy is she
tight!!! My point is, she wasn't intending to be this way originally.
>
> Ie. Once you start living your life a certain way, for example saving
every cent and putting it towards something, that's how you will live the
rest of your life.
>
> Just look around you.......see what I mean.
>
> Don't fall into this trap and that includes me! I've seen a few of my
Uncles and their friends and I tell you what, they buy themselves a nice car
and "THAT'S IT". They are so tight with everything else....It's incredible
and they have sooo much wealth.
>
> P.S For those who balance their finances\investments, keep it up and
don't create the "Miser Monster".
>
> Regards,
>
> Pete.
>
>
>
> To reply: mailto[email protected]
> To start a new topic: mailto[email protected]
> To login: http://bne003w.webcentral.com.au:80/~wb013
>

 

[WebBoard]

Reply: 2.1
From: Gee Cee Clay


Way to go Ian.