Has anyone here made themselves "rich" or wealthy by trading?

[Ves]

INSERT MASSIVE NON ADVICE DISCLAIMER HERE. Go speak to a professional trust lawyer. DYOR
You may be able to live in your newly built house as a tenant.

How would explain to the ATO why division Part IV (A) does not apply in this case?

 

[rx2]

However, I've lived the ultra rich lifestyle with the sports cars lined up outside, the house others envied, and I can tell you it's all superficial and entirely unimportant when compared with finding joyful relationships, contributing to your community, and feeling a simple sense of being OK with your inner self.

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[pavilion103]

This post will undoubtedly be seen by you bulletproof young people, yet to experience much of the real world with all its unexpected failure and tragedy, as miserably pessimistic.
However, I've lived the ultra rich lifestyle with the sports cars lined up outside, the house others envied, and I can tell you it's all superficial and entirely unimportant when compared with finding joyful relationships, contributing to your community, and feeling a simple sense of being OK with your inner self.

A few years back I would have been one of the people looking at this post as someone who didn't understand that anything is possible. Now I see it as a completely true and sensible post.

The most rewarding thing for me has been my spiritual journey and discovering a deep sense of peace and understanding of myself. After reading many hundreds of books and other materials, as well as a lot of personal reflection, I believe that anyone who does not feel fulfilled as they are now, is unlikely to feel fulfilled no matter how their circumstances change. The people others really admire and are attracted to are those who are happy with themselves as they are and have a deep humility and contentment with them-self.

I am certainly no guru but I'd suggest that if you are truly passionate about trading and have strong mental character then the money will follow. I'm guessing that it's not even the money that matters to most successful traders on here, it's the intellectual gamesmanship!

 

[Steve C]

How would explain to the ATO why division Part IV (A) does not apply in this case?

Just thinking Sir O wouldnt that mean you also would pay CGT when you sell?

 

[boofis]

This post will undoubtedly be seen by you bulletproof young people, yet to experience much of the real world with all its unexpected failure and tragedy, as miserably pessimistic.
However, I've lived the ultra rich lifestyle with the sports cars lined up outside, the house others envied, and I can tell you it's all superficial and entirely unimportant when compared with finding joyful relationships, contributing to your community, and feeling a simple sense of being OK with your inner self.

Thanks for sharing your experience Julia. I'm seeking to NOT do as my parents are doing and work until they die in a job they don't enjoy wishing the whole time (and yet not acting) they didn't have to be in such a situation My ideal will be when I can enjoy the work I do, have enough for a comfortable living without worrying about expenses/mortgage etc. and can provide some for the people I value.

 

[Sir Osisofliver]

How would explain to the ATO why division Part IV (A) does not apply in this case?

I'm not a gun trust lawyer but there are differences in trust law depending on what state you live in. It also depends upon what kind of entity sits above the trust that holds the asset. It's about placing an arms length between himself and the asset.

Cheers

Sir O

 

[Sir Osisofliver]

Just thinking Sir O wouldnt that mean you also would pay CGT when you sell?

Yes. That's the trade off. Tax deductible interest payments but no CGT benefit. So when are you planning on selling the asset? I hold good quality assets...forever. If its in a trust you can also pass the asset on to your kids with minimal expense.

As I said do your research though. Set up and ongoing expenses occur with trust and company structures. (but it's a piddling amount compared to the interest saving on the interest deduction)

Cheers

Sir O

 

[young-gun]

Really? When?

By the time I'm 50 or sooner.

It's good to have something to aspire to. However, I would question whether it should all relate to money.
Might be worth asking how many people who have won large amounts in Lotto etc never seem able to hold on to it.

The onyl reason I gave my aspirations of great wealth was because it was topic at the time. I have many other aspirations that will trek firmly side by side the accumulation of that wealth. Some of which are already achieved, one major hurdle down to occur in september when I marry the single most amazing girl on the face of this earth

Could those of you who seem to see 30 million as some sort of magic figure outline what your life will be like when you get there?
What is it that you don't have now that that magic amount of money will buy you?
What satisfaction will you derive from that supa large house?
How long will the thrill from the Maserati last?

My life will be full of wealth and riches in every sense of the words, financial, love, happiness, family, the works. The satisfaction will be knowing that me and the people around me created such a life through hard work and determination. And thankyou for bringing up the maserati, as the Gran Turismo I think will be my proudest purchase when the time comes. I envy you if you have had the luxury of driving one.

I don't believe money can be enjoyed unless you are truly happy with life itself, as you have pointed out Julia.

This post will undoubtedly be seen by you bulletproof young people, yet to experience much of the real world with all its unexpected failure and tragedy, as miserably pessimistic.
However, I've lived the ultra rich lifestyle with the sports cars lined up outside, the house others envied, and I can tell you it's all superficial and entirely unimportant when compared with finding joyful relationships, contributing to your community, and feeling a simple sense of being OK with your inner self.

There is hurdles to pass that's for sure, but can you not imagine having the joyful relationships, contribution to local community, and the same sense of being ok with yourself that you describe, and the money? The two are most certainly compatible, if they are not, then I do not wish to be wealthy. But I believe they are.

 

[GG999]

Anybody thinking of making a lot of money by trading - could they consider what this guy talks about - if he is right then it's something that you might have to keep in mind

Youtube

 

[tech/a]

Anybody thinking of making a lot of money by trading - could they consider what this guy talks about - if he is right then it's something that you might have to keep in mind

Youtube

One of those suck in vids

 

[ROE]

Anybody thinking of making a lot of money by trading - could they consider what this guy talks about - if he is right then it's something that you might have to keep in mind

Youtube

Everyone has theory, every has a system and everyone has a technique...there are countless strategy out there...

It is easy to talk and draw pretty diagram with full knowledge of hind insight it is not that easy in real life.

and he is the best trader by default because he is trading his program for your hard cash

There is no magic system, the best system is the one that fit your investment principles and investment objectives.

 

[tigerboi]

Has anyone here made themselves "rich" or wealthy by trading?

not yet...

but once i become an investor in BCT bluechiip i am seriously confident it will

turn me into a multi... TB

 

[boofis]

My life will be full of wealth and riches in every sense of the words, financial, love, happiness, family, the works. The satisfaction will be knowing that me and the people around me created such a life through hard work and determination. And thankyou for bringing up the maserati, as the Gran Turismo I think will be my proudest purchase when the time comes. I envy you if you have had the luxury of driving one.

There is hurdles to pass that's for sure, but can you not imagine having the joyful relationships, contribution to local community, and the same sense of being ok with yourself that you describe, and the money? The two are most certainly compatible, if they are not, then I do not wish to be wealthy. But I believe they are.

History does seem to point to an inverse correlation between acquisition of money and participation in joyful family relationships :