Attaining Wealth

[ROE]

Sometimes I worry we focus too much on the material wealth, and not enough on the joy / wealth of living, and just being happy with what we have.

I hurt my back earlier in the year at the gym. I spent 2 days in absolute agony. I never knew it could hurt to breath, or that the pain could literally make me sweat and nearly black out just trying to get out of bed. I honestly don't know how people with chronic pain cope.

I was rather downfallen that so many people would push past me while i was valiantly trying to climb some stairs at the train station on my way to see if the chiropractor could help, though one woman did ask me if I was OK. I was so scared to fall over because i didn't think I could get up again with the pain. It had been bad enough getting out of bed when i could eventually get my legs over the edge.

So to me wealth is having a healthy body and being able to do the simple things. I don't think there's any amount of money that would be worth giving up the wealth of independence.

When I went to my year 12 reunion in 2000 I noticed that the seemingly most happy ones were those who had such "small" lives. It was like they grew up in a valley and every so often looked to the top of the valley hills, enjoyed the view, then went back to what they were doing with nary a thought about what was beyond their sight. Seems once you want to know what's over the hill, you can't quite maintain that sense of happiness.

As others have said, we're probably in the top 15% of the richest humans to have ever lived on the earth. We buy clothes and don't even wear them, yet 60 years ago my dad had a good set of clothes and a couple of worn sets for school and working on the farm. He hardly wore shoes unless he really had to so they wouldn't wear out too quickly and be passed on to the next youngest.

I think it's part of growing up poor. I never really wanted much of the material things in life. Could get books for free at the library and spent most warm days at the beach. i see some of my friends always on the fashion escalator (which goes down) and the mad scramble they have to keep in vogue. Costs them a fortune. I'm happy with my less fashionable look that stands the test of time, and much easier on the wallet.

It's not the absolute level of material wealth, more how you perceive it, and how happy you choose to be. I prefer to enjoy what I have than constantly trying to add to it.

If I can attain the wealth to let me work for what I enjoy, not for a living, I'll be a very happy camper

Yeah I am in the same camp, I don't really want to make a lot of money, more money at the expense of other things doesn't do anything for me right now

Right now I am stress free, have heap of time, I get to do thing thing I enjoy everyday...

I am in a goldilocks stage and would not swap for more money
or anything else to upset the current position...

 

[ROE]

Depends what you get for the $400. Last time we went to Sydney we stayed at Quay West Apartments, in the heart of the Rocks, 1 bedroom apartment with very spacious living area and well equipped kitchen, plus a balcony.
It was on a high floor, and the views over the harbour, the Bridge and right out almost to the heads, was just spectacular. Lying in bed watching the sun come up over the harbour and sitting out on the balcony with a bottle of wine as the city lights came on at dusk was just gorgeous.

Plus great staff and beautiful indoor pool in one of the most convenient locations in Sydney. Worth every cent.
I can't remember exactly how much now, but I think around $320 per night.

+1 peak season in popular place $400 is normal, I usually dont have luxury of going off peak as I have to follow the kids school holiday time table and every we go it expensive during these times....Hotel, Air fare, Cruise, Activities.

but hey that why you invest to get enough money to be able to do that sort of stuff but not to go over the top.

 

[sydboy007]

Depends what you get for the $400.

True, still when you spend around 7 weeks a year paying for a hotel room, I generally try to budget. When it comes to travel, I do like the quantity

Hopefully my employer isn't watching, but I do find at 4am on a quiet night shift I'm able to do a bit of hunting around for bargains.

As smurf says, there's plenty of bargains out there, discounts etc, but a lot of people are either too lazy or sometimes too proud to take advantage of them.

I have a lot of respect for Buffett as he has the wealth, yet still a fairly simple outlook on life. I get to se to omany in the financial industry at Martin Place looking a million dollars in their suits and sports cars, but I bet the majority of them are geared up to the point they probably stress themselves to sleep each night.

I do think we've started to follow what the Singaporeans call the 4Cs - Car, Cash, Credit card, Condo - and a 5th one for the truly rich - Country club membership. To me that is not a true measure of wealth, especially if it comes with a meanness of spirit.

 

[Gringotts Bank]

Something I've learned over the years is that you cannot exceed your own self image.

I know what you're saying but there's a really important proviso, and that is: I can always act in a way which is beyond my current self image.

When I'm a baby, my self-image is that I am a helpless baby who can't walk. My actions have to exceed my self-image in order to learn how to walk and take care of myself. Desire makes me act, then the self image changes. Then the new image creates the new reality.

This is the essence of behavioural therapy - acting outside of one's self image. The theory goes that if I act like the person I want to be, the subconscious imprints start to fall in line with that. A new self image is created, and a new reality follows.

The other option in life is to see the self image as just that... merely an image, a concept... something only adolescents hang onto. But that's for the religion thread.

 

[Garpal Gumnut]

Attaining Wealth imo requires the following.

1. Luck
2. Resilience
3. Hard work
4. Not following the crowd.
5. Not worrying about losing your wealth.

They are my five essential requirements

It helps if you can do the following.

1. Come from a home that is poor in assets but rich in hope and love.
2. Not be overly impressed by ostentatious wealth.
3. Marry the only child of a very rich person in poor health who doesn't intend to give their money to some stupid cat charity.
4. Buy low sell high.
5. Control your expenditure.
6. Have friends who are not ostentatious, but all the way from poor to wealthy.
7. Get involved with your community, do pro bono work etc.

gg

 

[MrBurns]

Attaining Wealth imo requires the following.


5. Not worrying about losing your wealth.

That's the hard one.

 

[Garpal Gumnut]

Attaining Wealth imo requires the following.

1. Luck
2. Resilience
3. Hard work
4. Not following the crowd.
5. Not worrying about losing your wealth.

They are my five essential requirements

It helps if you can do the following.

1. Come from a home that is poor in assets but rich in hope and love.
2. Not be overly impressed by ostentatious wealth.
3. Marry the only child of a very rich person in poor health who doesn't intend to give their money to some stupid cat charity.
4. Buy low sell high.
5. Control your expenditure.
6. Have friends who are not ostentatious, but all the way from poor to wealthy.
7. Get involved with your community, do pro bono work etc.

gg

That's the hard one.

Though not a godbotherer I find a biblical phrase from Psalm 23:4 quite moot.

Yea, though I walk through the valley of the shadow of death, I will fear no evil: for thou art with me; thy rod and thy staff they comfort me.

I translate this as self belief when I have to make a difficult decision.

Another translation of the good psalm is.

" **** Happens "

gg

 

[Julia]

5. Not worrying about losing your wealth.

Disagree with this one. No need to worry about it, but it makes sense to always protect your capital.

 

[TikoMike]

That's the hard one.

Still trying to find the right one to marry?

 

[Garpal Gumnut]

Disagree with this one. No need to worry about it, but it makes sense to always protect your capital.

There is a difference between active protection of wealth and worry about losing it.

I know some very wealthy people paralysed by their wealth leading dreadfully worrisome lives, worse than a resident in Vinnies.

gg

 

[Garpal Gumnut]

Still trying to find the right one to marry?

I rarely speak of the first Mrs Gumnut, but she was a millionaire's daughter.

Not why I married her though.

Believe it or not.

gg

 

[TikoMike]

Disagree with this one. No need to worry about it, but it makes sense to always protect your capital.

"worry about it": what does that actually mean?