woke up a millionaire

[MUR]

Well Done!

Good work Oscar!
Your story is a validation of the Jan Somers philosophy.
Buy as many assets as you can as early as possible, and wait for them to appreciate over time.

 

[oracle]

Excellent work Oscar!

Enjoy the fruits of your hard work!

May be after you come back from your well deserved break you might set new goals to hit $10M, $25M or $50M, after certain point they are all just numbers but its fun to keep the scorecard.

Cheers,
Oracle.

 

[neK]

I have now obtained financial freedom for my wife and I. It feels very good to achieve that. After a good break I will take on another corporate role (asset) in the new year, and enjoy the intellectual stimulation while making more income from my investments and my work. I have started running again, and god willing, will have many more options in the future for an abundant life.

cheers everyone

Hi Oscar, to you, what does financial freedom mean? I need some goal posts I can use as a benchmark

 

[redwing]

Thanks Oscar

Always great to read updates

 

[Tyla]

Congratulations and thanks for sharing a great news.

 

[LeoT]

Well done Oscar! Really its a phenomenal achievement mate!

I was just reading back to some of the comments NP2003 made and to be honest I for one am very grateful to that person and people like them for renting my properties to reduce my holding cost, allowing me and ppl like Oscar to build massive wealth and achieve their dreams. Thanks again np2003.

Again congrats Oscar!!

"The few who do are the envy of the many who only watch" Jim rohn.

Leo

 

[The Y-man]

Awesome going Oscar.

Maybe time to revive the "lick the marshmallow" thread too

The Y-man

 

[MTR]

......The journey continues and life takes a new path. The above was posted in February this year, and not 8 months later, I have more than 5 million reasons to smile.

The growth this time came partially from asset growth (property, shares both local and international), but mostly from kicking in my JOB and accepting a golden handshake.

I have now obtained financial freedom for my wife and I. It feels very good to achieve that. After a good break I will take on another corporate role (asset) in the new year, and enjoy the intellectual stimulation while making more income from my investments and my work. I have started running again, and god willing, will have many more options in the future for an abundant life.

cheers everyone

Fantastic

Oscar you are way too modest, you made a bucket load of money in a relatively short time-frame.

The performance/outcome had also something to do with the selection of the asset, certainly well above what I believe to be average, and timing, buying property in US etc. Good for you, well deserved.

 

[Neptune]

This is a great success story......Have noticed the time between each million is getting shorter and shorter (albeit helped with your current payout) but if it was to grow at the current rate your net worth would be incresing by about a million a month from end of next year.....no pressure
Well done and enjoy your time off.

 

[LeoT]

" Have noticed the time between each million is getting shorter and shorter"

Gimme a c "C"
Gimme a o "O"
Gimme a m "M"
Gimme a p "P"
Gimme a o "o"
Gimme a u "U"
...........................oh you get the rest..! Compound baby! Gotta love it!

 

[Brady]

Brady - I'd rather not go through all the details.

One example are properties I bought in Randwick/Clovelly for approx $1.4MM now worth approx $2.6MM, so that's $1.2MM of equity created from thin air. Similar examples at different scales with Australian shares, US stocks, US property etc.. Also savings from cash bonuses and stock options from the JOB.

It's a combination of many factors, mainly, spending less than I earn and conservative investing over a long period of time with a long term buy and hold mentality.

Didn't see the reply to this until now.

Thanks for sharing.

 

[Bandita]

Congrats Oscar!! Well done, and enjoy your financial freedom, what an incredible achievement!!

 

[Oscar]

Hi Oscar, to you, what does financial freedom mean? I need some goal posts I can use as a benchmark

Very simply I can choose to work or not to work. I am not forced into a job I don't want to do. If I'm not working and living off net income from passive investments there is enough income to fund a reasonable lifestyle without ever worrying about money.

 

[Intrigued again]

Wake up minus a few million

Oscar our driver has just told us story about the place we are staying, The Birlington Hotel Dublin,( Doubletree by Hilton). The amounts are unbelievable.

 

[knightm]

Hi Oscar, to you, what does financial freedom mean? I need some goal posts I can use as a benchmark

What would you be setting for yourself nek? For me it used to be 1:1 income replacement from passive income so I could surf and hang with my kids instead of work. My goals have shifted considerable over the last few yrs as I realise the magnitude of what is actually possible.

 

[Deltaberry]

Good job!! Time to party!!

 

[neK]

What would you be setting for yourself nek? For me it used to be 1:1 income replacement from passive income so I could surf and hang with my kids instead of work. My goals have shifted considerable over the last few yrs as I realise the magnitude of what is actually possible.

At the core, my definition is very similar to Oscar's. Work because I want to (ie im bored / find an excuse to runaway from my wife for a few hours ) not because I have to.

As for how much money, if i tried to get a 1:1 income replacement, i would never retire. I looked at how much i was spending now on essentials and entertainment (so excluding any debt related repayments) and multiple that by 1.5 ~ 2.

I figured that would give me sufficient income to have a comfortable lifestyle.

 

[Oscar]

Awesome going Oscar.

Maybe time to revive the "lick the marshmallow" thread too

The Y-man

will do mate - but after I go through the purchase. But just to give a hint the item in question has 12 cylinders, twin turbos and made in england.........you'll have to wait to early 2015 for the full update.

 

[china]

Hi Oscar, to you, what does financial freedom mean? I need some goal posts I can use as a benchmark

A fully owned house and passive income of 100k per year, indexed to inflation forever.

If you want to live in Sydney this would currently mean a minimum net worth of 5 mil. A median priced house 1.5mil to 2 mil plus 3 mil of investable, income generating assets. I assume around a 3 per cent return per year.

 

[Oscar]

A fully owned house and passive income of 100k per year, indexed to inflation forever.

If you want to live in Sydney this would currently mean a minimum net worth of 5 mil. A median priced house 1.5mil to 2 mil plus 3 mil of investable, income generating assets. I assume around a 3 per cent return per year.

This is very conservative, even for me. What if, you were able to slum it in a home at $1MM or less, and achieve 5% returns (not very hard to do) - you have now doubled your income to $200,000 per year.

Planning super conservative is always a good approach but you should work to make your actual returns much much better.