woke up a millionaire
- Thread starter Oscar
- Start date
Well done Oscar.
It does make sense that it gets easier to make a mil quicker now because it's only a fraction of what you now have, snowball and exponential growth working here.
Personally, my goals are to keep doubling every 3 years which has happened for the past 12 years. Want to reach 10m by 40 with 2 years to go now, and with properties in place now, just need some good growth to get there. Or will have to pull off some other business venture if growth slows down.
It does make sense that it gets easier to make a mil quicker now because it's only a fraction of what you now have, snowball and exponential growth working here.
Personally, my goals are to keep doubling every 3 years which has happened for the past 12 years. Want to reach 10m by 40 with 2 years to go now, and with properties in place now, just need some good growth to get there. Or will have to pull off some other business venture if growth slows down.
*bump*
Well it's now just over 10 years since I posted this thread. I promised another milestone update at the next million in equity and now happy to report that $4MM in net equity has just been achieved. I've been hearing about the so called "snow ball effect", always understood it intuitively, but feels real good when you get to experienced it
- first million achieved in 2003, I was on the right side of 40.
- took 6 years from there to get to $2MM equity
- another 3 years to get to $3MM
- under 1.5 years to get to $4MM
If I look at how the last million was created;
- about 70% of it just growth from existing assets (property and shares, local and international)
- about 30% cash savings.
My investments are still very simple ones of the buy and hold type and just focus on quality assets.
My biggest asset is my job right now and I hope to keep it for a few more years at this stage.
cheers everyone...
That's excellent Oscar - thanks for sharing.
I assume between the first Million and the last, you added considerably in terms of number of properties and extra shares?
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Hi Oscar. Have you thought of a point where you pull the pin on your high paying job and live off your investments?
High paying jobs can be like a drug - hard to kick once you're hooked.
Such an inspiring thread! 
thanks for sharing.....
Ahhhhh.... the power of time & compounding.
thanks for sharing.....Ahhhhh.... the power of time & compounding.
Oscar,
This is one of the first threads that stuck in my mind after joining Somersoft. Well done on your accomplishments. I'm hoping to be in around the same position as you when you made your first mil (inflation adjusted). I've got roughly 9 years to get there. Will be interested to see how things are looking in another 10 years!
This is one of the first threads that stuck in my mind after joining Somersoft. Well done on your accomplishments. I'm hoping to be in around the same position as you when you made your first mil (inflation adjusted). I've got roughly 9 years to get there. Will be interested to see how things are looking in another 10 years!
Fantastic work Oscar! $4mm in net equity puts you in the top 0.5% of the people worldwide....
I am on a similar trajectory to you in terms of wealth...and you are right...the snowball effect is a great multiplier of wealth oncem you have a certain level of assets.
In my case my net equity position..:
1. Got to $1m net around 2006 - the first mil is the hardest
2. Hit $2m net around 2010
3. Hit $3m mid 2012
4. Will hit $4m around mid 2014
I hope to hit $5-6m by 2016 as the Qld, Vic, WA, and NSW continue to perform. My I am also agressively also increasing super...hope to have over
$1m in super in next 7 years.
Like you my job is the best asset at the moment as the cash coming in goes from strength to strength.
With some luck I will be at $10m networth by 2020 at the earliest and 2013 at the latest.....
I am on a similar trajectory to you in terms of wealth...and you are right...the snowball effect is a great multiplier of wealth oncem you have a certain level of assets.
In my case my net equity position..:
1. Got to $1m net around 2006 - the first mil is the hardest
2. Hit $2m net around 2010
3. Hit $3m mid 2012
4. Will hit $4m around mid 2014
I hope to hit $5-6m by 2016 as the Qld, Vic, WA, and NSW continue to perform. My I am also agressively also increasing super...hope to have over
$1m in super in next 7 years.
Like you my job is the best asset at the moment as the cash coming in goes from strength to strength.
With some luck I will be at $10m networth by 2020 at the earliest and 2013 at the latest.....
*bump*
Well it's now just over 10 years since I posted this thread. I promised another milestone update at the next million in equity and now happy to report that $4MM in net equity has just been achieved. I've been hearing about the so called "snow ball effect", always understood it intuitively, but feels real good when you get to experienced it
- first million achieved in 2003, I was on the right side of 40.
- took 6 years from there to get to $2MM equity
- another 3 years to get to $3MM
- under 1.5 years to get to $4MM
If I look at how the last million was created;
- about 70% of it just growth from existing assets (property and shares, local and international)
- about 30% cash savings.
My investments are still very simple ones of the buy and hold type and just focus on quality assets.
My biggest asset is my job right now and I hope to keep it for a few more years at this stage.
cheers everyone...
Sash,
May I ask if you are you doing this with purely property and salary as the instruments, or is there other variables involved? (eg stockmarket investments?)
Regards,
Greg
May I ask if you are you doing this with purely property and salary as the instruments, or is there other variables involved? (eg stockmarket investments?)
Regards,
Greg
AITH - to have $10m in net equity by 40 is a phenomenal achievement. Based on your equation above you're already over $5m. There's a heck of a story to be told here!
Almost every day! something ticks you off and you just say feck it..... Then you come to your senses...
I don't have much debt, about 1.25m, but would like to get rid of all of it when I do pull the pin. Then I can sit down all day and just count what's coming in. If I reign in my spending I could do that relatively quickly.
That's great sash. I suspect your gross assets are much higher than mine, and so your potential to grow the portfolio outstrips mine. My LVR is in the low 20% range, so only roughly $5m of gross assets. I've stopped buying property but still active in international and local share market and hoarding cash. There's a lot of laziness creeping in here...
not quite... I haven't added to my Sydney properties. I bought expensive, well located so called blue chip apartments in Sydney's eastern suburbs and they have grown spectacularly with minimal outlays. I added substantially to super, local and international shares and dipped my toe in the US housing market. A good percentage of it has also come from savings.
Congratulations! That is truly a great achievement. Well done!
If you are having fun just keep going, your net worth will take care of itself.
Cheers,
Oracle.
Mostly property....but starting to turbo charge by super which is shares.
Yes....have about 60% more....I too am hoarding cash....it is growing faster than I can spend it.
Yes....have about 60% more....I too am hoarding cash....it is growing faster than I can spend it.
Brilliant result, Oscar.*bump*
Well it's now just over 10 years since I posted this thread. I promised another milestone update at the next million in equity and now happy to report that $4MM in net equity has just been achieved. I've been hearing about the so called "snow ball effect", always understood it intuitively, but feels real good when you get to experienced it
- first million achieved in 2003, I was on the right side of 40.
- took 6 years from there to get to $2MM equity
- another 3 years to get to $3MM
- under 1.5 years to get to $4MM
If I look at how the last million was created;
- about 70% of it just growth from existing assets (property and shares, local and international)
- about 30% cash savings.
My investments are still very simple ones of the buy and hold type and just focus on quality assets.
My biggest asset is my job right now and I hope to keep it for a few more years at this stage.
cheers everyone...
Well done, mate!!
