The Exceptional Wealth Accumulation Ideas and Thinking Thread

[MrBurns]

Exceptional Wealth Accumulation requires leveraging to the max and risk taking, there's no other way to make serious money.

You have to be totally fearless, unfortunately I've seen to many on the scrap heap to indulge to that extent myself.

 

[wayneL]

On the one hand we must be careful not to be Fooled By Randomness*, but just like the lottery, you have to be in it to win it.

However, as credit is the only fundamental, loose credit conditions will result in a bubble... somewhere. Where individuals can kick goals is in trying to select the best manifestation of the same.

Likewise, a tightening of credit causes those bubbles to deflate or pop... exit time. Plenty over here rode the bubble, but didn't see the lance coming right at them. As a result, several "exceptional" fortunes became exceptionally spectacular bankruptcies.

The trick from here is detecting credit conditions and where capital wants to go. If accurate (and just a little bit lucky), you can go for the slap shot.

But nothing wrong with hitting singles until then.

I had a view that manufacturing could be the beneficiary of capital inflows in the next cycle. I'm not so sure now.







*

Taleb sets forth the idea that modern humans are often unaware of the very existence of randomness. They tend to explain random outcomes as non-random.
Human beings:
overestimate causality, e.g., we see Mosques in the clouds instead of understanding that there are just random clouds that appear to our eyes as Mosques (or something else);
tend to view the world as more explainable than it really is, i.e., we look for explanations even when there are none.

 

[tech/a]

Sorry but to save me sifting through your previous posts, what your view on property now ?

Inflated, stay out ?

You bought a smile to my face.

I had just clicked SEND to one of my property agents for the first time in 2 yrs.

Jackie.

Hi
We are just completing our own home at Moana espy
In a few months we will be actively looking for
developement opportunities. Our interest will be
in properties West of Commercial road
West of Dyson Road with our without a building on it
with 1000 square meters min corner sites.

Jackie if you find any I'd be happy to hear from you.

Will run through the "No Brainer" reasoning tonight as I'm busy if you want (My reasoning and plan of action.)

 

[tech/a]

Exceptional Wealth Accumulation requires leveraging to the max and risk taking, there's no other way to make serious money.

You have to be totally fearless, unfortunately I've seen to many on the scrap heap to indulge to that extent myself.

RUBBISH


You have to alter YOUR thinking and become creative and entrepeneurial.

Burns'y your limiting yourself---your the classic 90% er.

 

[MrBurns]

You bought a smile to my face.
I had just clicked SEND to one of my property agents for the first time in 2 yrs.
Will run through the "No Brainer" reasoning tonight as I'm busy if you want (My reasoning and plan of action.)

No thanks that's fine my guess is you're familiar with a niche' market in that location and are targeting that, you would probably feel it will be safe even with a severe downturn AND you arent leveraging to any great extent.
good luck, I need to get back into it, it's been a while but Melbourne is different.

 

[MrBurns]

RUBBISH
You have to alter YOUR thinking and become creative and entrepeneurial.
Burns'y your limiting yourself---your the classic 90% er.

I've done that in the past and made heaps, but not in property, did that too but I got out in time and my partners went down to gurgler a long time ago, timing is everything in property.

 

[jersey10]

There are too many excuses to use, but in the end it comes down to laziness and/or ignorance.

I think a lot of people just don't have the fortitude. They are society's puppets and are brainwashed into working 9-5 till they are 65 whinging about doing it the whole time.

 

[MrBurns]

This is a very good thread, very important that it stays focussed and on topic otherwise it will be lost.

 

[MrBurns]

I think a lot of people just don't have the fortitude. They are society's puppets and are brainwashed into working 9-5 till they are 65 whinging about doing it the whole time.

Those types and I've seen a lot of them have NO tolerance for risk at all, they cant see past the contents of their pay packet.

 

[jersey10]

You bought a smile to my face.

I had just clicked SEND to one of my property agents for the first time in 2 yrs.



Will run through the "No Brainer" reasoning tonight as I'm busy if you want (My reasoning and plan of action.)

I would be interested in hearing your reasoning and plan of action Tech/a

 

[ThingyMajiggy]

Is it just me, or does it seem like a waste of time telling people they should think differently and do things differently, but not actually telling them HOW?

"Your just another 90%er"
"Toughen the F up"

How does this actually help anyone?

Like showing the picture for a nice meal, but not telling you what to do with the ingredients. Might as well make this thread truly helpful and tell people HOW to do things, not just tell them to do things, most people know they need work in different areas, and we would all dearly love to pick those exceptional moves.

Seems like it will be a good thread.

 

[Mr J]

Exceptional Wealth Accumulation requires leveraging to the max and risk taking, there's no other way to make serious money.

You have to be totally fearless, unfortunately I've seen to many on the scrap heap to indulge to that extent myself.

I don't agree. Outstanding growth can be experienced with responsible capital management; it's a matter of finding good opportunities and enough of them. Just take a look at TH's nothing to something thread. It is extremely good, but even a fraction of that performance would make someone a fortune reasonably quickly. Perhaps we differ in our definitions of serious money, but I don't consider 8-9 figures to be lunch money.

There's also the fact that leveraging to the max and overly-aggressive risk taking will likely lead to blowing up. To suggest that exceptional wealth accumulation requires being overly aggressive is to suggest that anyone who has had exceptional success has simply been lucky.

Is it just me, or does it seem like a waste of time telling people they should think differently and do things differently, but not actually telling them HOW?

"Your just another 90%er"
"Toughen the F up"

How does this actually help anyone?

It doesn't unless it provokes thought, and in my opinion, if they don't think they don't deserve the help.

 

[Trembling Hand]

Is it just me, or does it seem like a waste of time telling people they should think differently and do things differently, but not actually telling them HOW?

Yes you are right for 90% or more of people it would seem to be a waste.

But you have completely missed my point. If you think that you haven't the tools to fix a problem then that's a good start, you need to set about getting new ones.

If you are looking to be force feed or handed the tools then you are completely lost and have no hope. IMHO.

 

[ThingyMajiggy]

Yes you are right for 90% or more of people it would seem to be a waste.

But you have completely missed my point. If you think that you haven't the tools to fix a problem then that's a good start, you need to set about getting new ones.

If you are looking to be force feed or handed the tools then you are completely lost and have no hope. IMHO.

I think someone could be a lot more help than " You're a 90%er" etc, without being "force fed".

Oh BTW.....get used to people "missing your points". Exactly what I'm referring to.

Anyway, back on topic. This discussion isn't for here or now

 

[Temjin]

RUBBISH


You have to alter YOUR thinking and become creative and entrepeneurial.

Burns'y your limiting yourself---your the classic 90% er.

That's a bit harsh there.

Burn has a point though.

You can only make exceptional wealth either using somebody else money or somebody else time. And you LEVERAGE ON THEM through "creativity" and "entrepreneurship". Of course, there are obvious exceptions where successful people have created "exceptional" wealth through practicising innovative business processes or products. (i.e. $1 million pixel website is one example, founder of twitter/facebook, etc)

But from the original list of opportunities that you initially listed, it would only be possible to create exceptional wealth through them if you utilise leverage properly. (not necessary be totally fearless and have a lack of plan)

However, I agree that one only need to focus on ONE NICHE market.

It's no point in pondering all these opportunities out there if the person don't really take actions on it. Any informed person would be totally overwhelmed with the number of options out there. (the number of ways to invest or trade, the different options in how to start a business, etc) The best way is to just focus on one that you "feel" it suits your personality and your perception of reality, and spend all your time educating yourself more on the subject and just do it.

Regardless, there are no "best" opportunities to make their exceptional wealth because every one would eventually lead to it.

And these are my beliefs.

 

[Mr J]

I think someone could be a lot more help than " You're a 90%er" etc, without being "force fed".

The right type of person will start asking questions that put themselves on the right path. That "you're a 90%" comment is still quite helpful to someone who is willing to dwell on it. Maybe the experienced person is willing to open up a little when they are asked the right questions, rather than being asked for the tools.

 

[Temjin]

The right type of person will start asking questions that put themselves on the right path. That "you're a 90%" comment is still quite helpful to someone who is willing to dwell on it. Maybe the experienced person is willing to open up a little when they are asked the right questions, rather than being asked for the tools.

What IS the right path?????

The individual opportunity itself or the person's willingness and ability to act on it?

If the person have the will to do it, then any opportunities (or most rather) would lead to exceptional wealth. And it doesn't have to be just property alone.

It's pointless to talk about how my opportunity is a better way to generate more wealth than yours. It's about how you actually go about in doing it. Are you committed to it? Do you have a plan? Have you done your research? Do you understand the risks involved? Do you actually have the skills for it? Are you motivated enough to do it too?

And more importantly, why are you doing it? Why do you want to achieve exceptional wealth in the first place? After you have achieved it, what do you want to do with it?

 

[Mr J]

The right path could arguably be both. I would say that it's the point at which we develop the ability recognise opportunities and take advantage of them.

It's pointless to talk about how my opportunity is a better way to generate more wealth than yours.

An opportunity is like perspective - everyone's is different. You may see a lucrative opportunity, I may not see one at all. My methods may work for me, but be useless to you.

 

[kincella]

FIND OUT HOW THE RICH PEOPLE HAVE DONE WHATEVER THEY DO TO BECOME WEALTHY ..thats a start...
look at this kid...

THE software entrepreneur Simon Clausen is Sydney's most active property investor, having bought $34 million worth since last October.

Mr Clausen, who made his debut on the recent BRW Rich List with a $180 million fortune, has snapped up nine properties since selling his business last year.

The 32-year-old recently added another Clareville beachfront to his portfolio, paying $2,789,000 for a property listed with $3.5 million hopes.

He has also bought a Balmain East property listed at $2.49 million for $1.73 million.

http://business.smh.com.au/business/tech-tycoon-bets-on-houses-20090626-cztn.html

 

[wayneL]

FIND OUT HOW THE RICH PEOPLE HAVE DONE WHATEVER THEY DO TO BECOME WEALTHY ..thats a start...
look at this kid...

THE software entrepreneur Simon Clausen is Sydney's most active property investor, having bought $34 million worth since last October.

Mr Clausen, who made his debut on the recent BRW Rich List with a $180 million fortune, has snapped up nine properties since selling his business last year.

The 32-year-old recently added another Clareville beachfront to his portfolio, paying $2,789,000 for a property listed with $3.5 million hopes.

He has also bought a Balmain East property listed at $2.49 million for $1.73 million.

http://business.smh.com.au/business/tech-tycoon-bets-on-houses-20090626-cztn.html

Ahem!

We can deduce from this that to get wealthy, build a business and sell it.

Buying the property is incidental and had nothing to do with how he got there. It *may* turn out to be a poor decision.

Not quite the point you intended was it?

Confirmation bias can be a killer.