What are your tips for acquiring wealth and riches?

[bunyip]

you are right Knobby...5-10 years would have made a load of difference...
they are grown ups now....left the nest
have since replaced them with one little dog.....and its much more fun...rarely complains, always attentive...and loves to play....oh whoops almost forgot.....it is so much cheaper to keep than the kids ever were...

am thinking about finding another little one for a mate for it...
cheers

Different people - different experiences of parenthood.

I'm pleased to be able to say that my four kids have given my wife and I far more fun and fulfilment, and continue to do so, than a little dog could have ever given us.
Yes, they're far more expensive than a dog, but well and truly worth it.

 

[weird]

Hi Bunyip

While nothing to add, like your posts regarding this subject.

 

[bunyip]

Hi Bunyip

While nothing to add, like your posts regarding this subject.

Thanks Dave - good of you to say so.
I'm all for creating personal wealth, and I'm all for parenthood and family life. Despite views to the contrary, combining the two is both possible and very rewarding.

 

[Ageo]

I am giving an honest assessment....if I had my time over again, I would replace the kids with a couple of animals....much cheaper to keep, enjoyment etc still there...
I started my family when I was very young....the opposite to my father...now in hindsight...if I could choose...I would opt for the kids later in life....
its not all about the money....but later on you should have more of it...and then its easier to juggle the kids...the career should be set in stone...

the way I did it, married, had the kids early, bought the family home and in between all that going on....I studied for my career....
in hindsight it was being like superman everyday....
and less pay early in the workforce..
its just my circumstances

I could have done things differently.....
so next time... I would not get married, but I would study, and probably buy a house, then when about 40 I would consider having kids, or maybe in hindsight I would not have kids....let someone else do it

lol i hope you didnt mean that Kincella as i would feel sorry for your kids, i got married at 22 and had my daughter at 24 (im now 25) so im in the young category (as you would call it). Mate if 1 thing i have noticed is that kids are expensive but if i didnt have my daughter (who is worth more than any money could buy) i would have blown that extra cash somewhere else.

If you cant become financially wealthy over time with a family then what makes you think you can without 1?

Perhaps i should replace my daughter for a cat?

Anywayz whatever your journey enjoy it as we only get 1 (and money unfortunately is only a tool that helps with that journey but not the purpose).

 

[kingcarmleo]

No offense to anyone but coming from an 18 yr old's perspective, it's all well and good to say " as long as your happy" , "enjoy life" but at the end of the day without a decent amount of financially security you will not be happy nor be taken seriously. A teacher of mine once told me on the average mortgage you pay over 25 years, you will of paid 1 million in interest - I don't know how accurate that is but it is probably the one of the most important things I remember from school. I think if you have to worry about paying off mortgages and debts you won't be as happy as someone that is financially secure and doesn't have to worry about debt. I am not going to sit around like other 18 yr olds and let myself be a middle level income earner with big debt for the rest of my life, I'm going to start now when times are tough although it's hard to gain confidence with the media's non stop perception that everything is over. It reminds me of times after September 11 the media destroyed everyone's confidence striking fear into the heart of people around the world. Sorry I got off track , I just get carried away sometimes lol.

 

[Julia]

No offense to anyone but coming from an 18 yr old's perspective, it's all well and good to say " as long as your happy" , "enjoy life" but at the end of the day without a decent amount of financially security you will not be happy nor be taken seriously. A teacher of mine once told me on the average mortgage you pay over 25 years, you will of paid 1 million in interest - I don't know how accurate that is but it is probably the one of the most important things I remember from school. I think if you have to worry about paying off mortgages and debts you won't be as happy as someone that is financially secure and doesn't have to worry about debt. I am not going to sit around like other 18 yr olds and let myself be a middle level income earner with big debt for the rest of my life, I'm going to start now when times are tough although it's hard to gain confidence with the media's non stop perception that everything is over. It reminds me of times after September 11 the media destroyed everyone's confidence striking fear into the heart of people around the world. Sorry I got off track , I just get carried away sometimes lol.

No need for any apology. Great comments. All the best to you, not that you'll need luck .

 

[tech/a]

A teacher of mine once told me on the average mortgage you pay over 25 years, you will of paid 1 million in interest - I don't know how accurate that is but it is probably the one of the most important things I remember from school.

This is the sort of rubbish that gets me riled with our teaching profession.
Its stuck in your mind and made home ownership look like you have to be hog tied to a mortgage for the rest of your life.

On average people upgrade every 7 yrs.
House prices "On Average" double every 10 yrs.
The "Average" home owner puts down 20% deposit.
Simple maths will tell you that growth on initial investment has far more positive implications than 1 million of interest.
Then compound that by a house or 2 and take in the tax benifits of owning more than 1.


Here is something I believe WORTH remembering---go tell your teacher.

Find anyone with real wealth and you'll more often than not find a foundation to their wealth in PROPERTY.

 

[tech/a]

There is ONE tip I would pass on to 95% of the population with regard to financial security (Wealth and riches whatever they are to YOU) and thats a



Quantum Shift in Thinking.




Think like 95% of the population and thats where you'll be.
Happily so for many.

 

[kincella]

Wonder did the teacher tell you how much rent you would pay as the alternative to a mortgage ??? it would be a similar amount....

here are some rough figures...say you rent for 20,000 pa x 50 years = 1,000,000 in rent...there's the million dollars
and covers one from age 30 to age 80

 

[kincella]

the figures used to be 90% of the worlds wealth is held by just 5% of the population...
so the balance of 95% of the population account for just 10% of the wealth

that figure may have changed to a greater number of wealthy people,,,before the GFC....
in a nutshell....stop acting like sheep, stop doing what everyone else is doing...
if you want to become wealthy...you need to do things differently to the average joe
we have some very talented people on this site...with very sound advice...listen and absorb what they have to say...

 

[Ageo]

There is ONE tip I would pass on to 95% of the population with regard to financial security (Wealth and riches whatever they are to YOU) and thats a



Quantum Shift in Thinking.




Think like 95% of the population and thats where you'll be.
Happily so for many.

It reminds me of a mentor wants told me something:

He flew with his family and the kids sat in economy whilst him and his wife sat in 1st class. Now to 95% of people thats cruel and abusive but to him it was a valuable lesson to his kids. His son said why do you guys get to sit in the good area why we are here in the back all cramped up etc... and the father went onto say if you think like the masses then you will always be in cattle class but if you think like the other 5% then you will be up the front enjoying life.

And everytime i fly and sit with the masses i think of that very thing. And i have come to realise that alot people in this world no matter how much they say they love to be wealthy etc.. will never become it because they havent learned these simple but vital lessons.

P.S kingcarmleo: i would ask your teacher if his filthy rich, if he responds "no" then i would reply: "better stick to teaching what you know then eh"

 

[bunyip]

No offense to anyone but coming from an 18 yr old's perspective, it's all well and good to say " as long as your happy" , "enjoy life" but at the end of the day without a decent amount of financially security you will not be happy nor be taken seriously. A teacher of mine once told me on the average mortgage you pay over 25 years, you will of paid 1 million in interest - I don't know how accurate that is but it is probably the one of the most important things I remember from school. I think if you have to worry about paying off mortgages and debts you won't be as happy as someone that is financially secure and doesn't have to worry about debt. I am not going to sit around like other 18 yr olds and let myself be a middle level income earner with big debt for the rest of my life, I'm going to start now when times are tough although it's hard to gain confidence with the media's non stop perception that everything is over. It reminds me of times after September 11 the media destroyed everyone's confidence striking fear into the heart of people around the world. Sorry I got off track , I just get carried away sometimes lol.

Good for you - I really admire young people with your kind of attitude.
And don't concern yourself too much with what the media says....not many of them own millions of dollars worth of real estate.
This financial crisis will create the sort of investment opportunities that investors dream of. Make yourself an investor by saving like your life depends on it. But make sure you have some social life and fun as well, otherwise you'll get stale and disillusioned and never stick to your wealth creation plan.
Aim at getting your first house by using some of your money and some of the banks money. If you can keep living at home with your parents, great, that frees up your house to rent out to other people who will help you pay it off. And because it's a business investment, it will attract some very beneficial tax concessions. For example, rates, bank interest, agents letting fees, depreciation, gardening, maintenance etc, are all tax deductible if the house is a money-making investment.
Do your research, make sure you buy in a growth area. If you do, your real estate will at least double in value every ten years. Use the increasing equity to raise a loan for another house. Get more renters to pay it off for you. Keep doing it over and over again.
Don't let the doom and gloomers influence your thinking - it's not the negative people who ever get anywhere in life.

Buy yourself a book called 'The Richest Man In Babylon'. It's not only inspirational, it's easy reading as well. I got all my kids to read it while they were still at school.

 

[kincella]

This article has to be one of the best I have read in a long time....its as if Marcus Padley read this thread, and provided an excellent answer....
Extract. 3 gems.......................

We cannot employ the unchallenged. Twenty-five-year-olds are not supposed to be sitting in their parents' homes eating takeaway pizza. The longer they stay on the financial umbilical cord, the weaker they get. Feed the ducks and they will never learn to feed themselves. For their own sake you have to release them to the wild. Kick them out. We cannot employ weaklings

Debt is king. You'll never make big money without it. Do not be afraid of debt. Liabilities drive you to the most Herculean efforts.

Patience is not a virtue, it's a waste of bloody time. Time is the most valuable of commodities and you will not succeed without it. No one got rich working 9 to 5 and respecting weekends. You can't build a business 9 to 5. It takes total immersion. Every activity becomes a time-versus-money equation.

http://business.theage.com.au/busin...eres-a-brutal-crash-course-20090403-9rn7.html

 

[Trembling Hand]

Debt is king. You'll never make big money without it.

Patience is not a virtue, it's a waste of bloody time.

http://business.theage.com.au/busin...eres-a-brutal-crash-course-20090403-9rn7.html

Ya bet me to it. Very good article. thou most who read it will never get past this point. It is exactly why there's bookshops filled with how to rubbish.

The willingness of highly capable and educated people to work for a certain rather than variable sum is the most exploitable, available and cheap investment you will ever make.

 

[kincella]

There are quite a few gems in the article...........

Education is paramount. The more you learn, the more the lights come on and the more you realise how many other lights are off. You have to know, there is no substitute. Knowing opens doors. Knowing what you don't know is as important as knowing what you do.

and this piece............

There is education and there is qualification. Set out in pursuit of a qualification and you will deliver yourself to the corporate sector for exploitation. Set out for an education and you will develop beyond that. You already have everything you need. That piece of paper is of little use unless you want to impress someone else and build their assets instead of yours.

 

[tech/a]

The willingness of highly capable and educated people to work for a certain rather than variable sum is the most exploitable, available and cheap investment you will ever make.

One of my favorite quotes.

Who is the more intelligent/
"Those with a degree
Or Those who employ those with a degree"

Another.
"If you wish to become an expert surround yourself with those who are!"

Another
"Anyone can be a loser---look around there are 1000s of them."

And from the article a gem.
"Patience is not a virtue, it's a waste of bloody time"

 

[tech/a]

There is more money made in a room in an hour than is made in a factory every day.

How true this rings in my ears!

Expanded a little consider this!

Clients negotiate on a daily basis. If I or my sales staff negotiate $200 higher or lower as an example or YOU negotiate $200 off a fridge in 5 mins of hard nosing thats
$2,400/hr.

Its common practice when tendering large contracts (that you want) to tender below your estimate then screw the daylights out of your Suppliers and Subcontractors.

Yesterday after being awarded A retirement village project which needs 25 tonne of steel I spent all day negotiating price with 3 suppliers. Saving $200/tonne.
A good days work!

 

[kincella]

Tech A...more gems from you too..
the other thing that springs to mind....is there are only so many Chiefs...but millions of Indians..so its far more informative to get the 'nuts and bolts' infor direct from the chief...
stacks of indians out there who relate their understanding of what they think the chief means...and then those same indians train the others....no wonder they get don't it....
PS...the chief and indian is another word for the 'the business owner versus the employees', for any unaware of the term...

been involved with many small businesses....its the canny business owner that uses all intelligence and senses to hold the fort together..
he/she needs to be just so much more 'smarter than the average bear'

 

[sjx]

Contribute $1000 to your super per year and get the $1500 government bonus.. I'm not sure if many are aware of this scheme.. but if you started young (and a $1k contribution is nothing in the scheme of things..) you could have and extra $1 million+ super. That is pretty financially secure for your later life.

All the short term stuff.. Well it has all been said already. Find your passion. Explore your passion.. make it happen.

 

[granev]

Debt only works because of inflation , and the way they are printing money at the moment we are in for that big time in the near future.