What are your tips for acquiring wealth and riches?

[Bill M]

Still cutting Domino's coupons for pizza.

That's so funny only because I do it too and my wife loves Dominos too so we both enjoy it. 2 large pizzas for $11.90 with coupons.

Here's another tip. I have a NAB Gold Card. I also hold NAB shares and as such I get the shareholders discount card. If I spend $8,000 per year (always do) on that card then the yearly fee is waved as I am a shareholder. In the 10 years I have had it I have had 2 overseas airfares, bought a tivo and at least 2 x $100 Woolies Store Cards, all for free with the points I accumulate. I have not paid 1c in interest during that time. I make a profit from my credit card. Just recently they upgraded me to a Platinum Card for free.

 

[tech/a]

I do similar thing

I refuse to pay any sticker price.. I bargain and negotiate on all deal big and small
usually I get 10-15% off most things I buy.

I drive reliable Japanese cars, cheap on service, cheap on repair and cheap on the pocket.

40-50% of my cash taken out of my hand and go into the stock market each month.. I'm fairly discipline I don't touch that money ...dividend get reinvested into more stocks...all gains stay in that account never to be touch until such time
I need it for some something important.....compounding at its best....

if I need to buy a new laptop I have to work out how I'm going to fund it with 50% of the pay, if I cant afford it well bad luck maybe save some more and get it next year...

I mostly buy no brand products taste the same except 30% cheaper

I walk around with $5 thongs and $10 Croc which are to me the most comfortable
stuff and I love it why pay more when you like this stuff.

I live in Mr average house, cheap on rate and upkeep and no debt.

Don't smoke or drink ..only drink during Xmas or some special occasion..

Still cutting Domino's coupons for pizza.

Dont have expensive watch, that what mobile phone are for ..phone call and watch.

my only expensive habit is coffee and willing to pay for a nice cup once a day

I pick up most of these habits from the people I know and from Dr Stanley books, best thing that happen to me, no more money worries, and the first shock was when I was at this person house real rich, no debt and he unpack his groceries all no brand...that has a powerful effect on me

Fraid I'm much the opposite.

I get one shot at this life so Ive designed my lifestyle and those around me so I/we can afford some class.
I Dont want to concern myself with the price of Petrol or Diesel at the pumps. I run a fleet.
I Dont want my wife to see something she loves and looks great in but has to put back on the rack because she "thinks" the price may need my approval.
I Dont want to go out to dinner and haggle about the bill because 4 bottles of wine were purchased with friends and I'm the only one who doesn't drink.
I Dont want to sit in Cattle class on a long haul I want to lie down and sleep.
I Dont want to knock back a trip to Europe because I cant afford it.
I Dont want to shop at K mart.
I like to look at and walk/run along the beach
I like to spoil my wife!
I like to spoil friends and family.
I like to spoil myself.

I Dont want to worry about Money there are more important things to worry about.

If I'm ever lying on my death bed I want to be able to say to myself (as I do now).

That---Was a BLAST!

 

[Noddy]

True richness and wealth comes from within.
If you achieve happiness and contentment, you are rich.
Money, travel, possessions have very little to do with it.
Read the Dalai Lama's books, and you'll realise how it works.

 

[Julia]

I do similar thing

I refuse to pay any sticker price.. I bargain and negotiate on all deal big and small
usually I get 10-15% off most things I buy.

I drive reliable Japanese cars, cheap on service, cheap on repair and cheap on the pocket.

40-50% of my cash taken out of my hand and go into the stock market each month.. I'm fairly discipline I don't touch that money ...dividend get reinvested into more stocks...all gains stay in that account never to be touch until such time
I need it for some something important.....compounding at its best....

if I need to buy a new laptop I have to work out how I'm going to fund it with 50% of the pay, if I cant afford it well bad luck maybe save some more and get it next year...

I mostly buy no brand products taste the same except 30% cheaper

I walk around with $5 thongs and $10 Croc which are to me the most comfortable
stuff and I love it why pay more when you like this stuff.

I live in Mr average house, cheap on rate and upkeep and no debt.

Don't smoke or drink ..only drink during Xmas or some special occasion..

Still cutting Domino's coupons for pizza.

Dont have expensive watch, that what mobile phone are for ..phone call and watch.

my only expensive habit is coffee and willing to pay for a nice cup once a day

I pick up most of these habits from the people I know and from Dr Stanley books, best thing that happen to me, no more money worries, and the first shock was when I was at this person house real rich, no debt and he unpack his groceries all no brand...that has a powerful effect on me

Well, that's just fine ROE, but what is the actual purpose of all the above?
Essentially the idea of creating wealth is to allow us to enjoy our lives, to provide a sense of security, and hell , to buy some pure pleasure.

Tech has set all this out perfectly.

I don't know what your level of wealth is ROE, but given your advice about how to make money over now many years, I'm guessing you're pretty OK in terms of financial self sufficiency. So what is all this frugality about? Is it essentially just now a habit, or do you get some sense of satisfaction out of continually thinking to yourself "Wow, I just saved a dollar".

My father was pretty wealthy. But he never discovered how to enjoy what he had created. He remained miserly and miserable until his death.

As far as I'm concerned, the accumulation of money is nothing more than a means to the end of providing security and enjoyment.
I detest the thought of it being an end in itself.

Fraid I'm much the opposite.

I get one shot at this life so Ive designed my lifestyle and those around me so I/we can afford some class.
I Dont want to concern myself with the price of Petrol or Diesel at the pumps. I run a fleet.
I Dont want my wife to see something she loves and looks great in but has to put back on the rack because she "thinks" the price may need my approval.
I Dont want to go out to dinner and haggle about the bill because 4 bottles of wine were purchased with friends and I'm the only one who doesn't drink.
I Dont want to sit in Cattle class on a long haul I want to lie down and sleep.
I Dont want to knock back a trip to Europe because I cant afford it.
I Dont want to shop at K mart.
I like to look at and walk/run along the beach
I like to spoil my wife!
I like to spoil friends and family.
I like to spoil myself.

I Dont want to worry about Money there are more important things to worry about.

If I'm ever lying on my death bed I want to be able to say to myself (as I do now).

That---Was a BLAST!

Amen.

True richness and wealth comes from within.
If you achieve happiness and contentment, you are rich.
Money, travel, possessions have very little to do with it.
Read the Dalai Lama's books, and you'll realise how it works.

Fine, Noddy. But I don't think you can ever dismiss the relevance of money in achieving said happiness and contentment.
Pretty damn hard to feel a sense of bliss when you can't pay the rent and can't buy enough to eat.

 

[medicowallet]

Amen too...

gotta get the money to live the life however.

I agree that getting there should be fun too!! Just need to work smarter and invest wisely so that what you do sacrifice benefits you in the long run.

 

[Spongle]

Having a job is usually a good start

Don't study humanities at university unless you want to be an academic

Don't put on dance parties

Study for a proffession that will always exist (dosent always result in riches, take nurses for example)

Do this investment stuff, but do it all or nothing like everything in life should be done and don't do it for the cash, do it to aquire skills and for the joy of learning.

Live poor for a few years, when you aquire money again you will not be used to it and will save shedloads... forget putting 10% of your cash aside for saving. Try 50%.

Get every cent you are entitled to from the government whatever that may be

Don't smoke meth, don't drink, gamble etc. all drugs legal and illegal are ridiculously expensive. Enjoy other hedonistic pursuits like music, sex, food.

Don't buy expensive clothes or other expensive crap... this excludes your hobbies and/or passions as these are worthforking out for.

If you are from Sydney don't live on the north shore, upper or lower. You'll save a fortune and you won't be surrounded by wankers.

Study something of immense difficulty like particle physics, higher chemistry, pure mathematics or neuroscience... finance is a doddle in comparison.

 

[nukz]

Marry some rich old widow before they die & make sure they add you on the will

 

[ROE]

Well, that's just fine ROE, but what is the actual purpose of all the above?
Essentially the idea of creating wealth is to allow us to enjoy our lives, to provide a sense of security, and hell , to buy some pure pleasure.

Tech has set all this out perfectly.

I don't know what your level of wealth is ROE, but given your advice about how to make money over now many years, I'm guessing you're pretty OK in terms of financial self sufficiency. So what is all this frugality about? Is it essentially just now a habit, or do you get some sense of satisfaction out of continually thinking to yourself "Wow, I just saved a dollar".

My father was pretty wealthy. But he never discovered how to enjoy what he had created. He remained miserly and miserable until his death.

As far as I'm concerned, the accumulation of money is nothing more than a means to the end of providing security and enjoyment.
I detest the thought of it being an end in itself.



Amen.


Fine, Noddy. But I don't think you can ever dismiss the relevance of money in achieving said happiness and contentment.
Pretty damn hard to feel a sense of bliss when you can't pay the rent and can't buy enough to eat.

My wealth and happiness is not about have a big house or drive expensive cars
or go to some exotic place for holiday

My happiness lies in loving the thing I do, it doesn't have to be expensive

I get no satisfaction carry $1000 dollar watch when my mobile phone can tell me the time, In fact I don't feel right wearing a thousand dollar watch.

I like Crocs for $10 and love it why would I waste $200 on a pair of shoes? ... My no brand milk taste the same as the branded one why would I spend more for essentially pretty colors and some name???

people who have a lot of money and spend I got no problem with that ... if spending your cash make people happy do it.

I find happiness in other mean other than spending money and my saving purpose is not so that I can consume more ...

I save because it gave me financial security, market crash, GFC not losing one sleep over it...

I save also to give me the luxury to work in place I only love to be in ...
I don't work in jobs I don't like...

I dont get ties down to a job, I can go home early at any day of the week and spend time with the kids or attend their performance or if I need extra two weeks holiday for something important I can take it....

having money is not about living the material life, it's the intangible benefits that goes with having money...

If I have extra $10 mil my life style would not have change much
I still get to swim at a beach, ride my bikes, paddle my kayaks on the rivers
and when my Japanese car dies I just buy another one that will last me the next 15 years...

Status and brand name doesnt register with me in fact it may attract unwanted attention to your life.. Why wouldn't anyone steal my 5 years old Mazda, when a BMW park next to it

I rock up at garden centre and tell them I dont have much money can you give me a discount on the gravels, yes sir this dude doesn't look like he has much money ..driving in with a BMW they probably laugh at me

I dont know anything about your father so cant say much there but I ain't miserable and I'm very happy
I get to go places I want to go, buy stuff I want to buy and have all the time in the world to do what I love to do...

 

[tothemax6]

True richness and wealth comes from within.
If you achieve happiness and contentment, you are rich.
Money, travel, possessions have very little to do with it.
Read the Dalai Lama's books, and you'll realise how it works.

No, you are happy and content. Richness is how much you own.
Its hard to be content when you can't afford anything.
The Dalai Lama's insights are applicable to Dalai Lama's only - i.e. guys who sit around all day and do nothing but talk fluff, and get fed by the donations of others.

 

[ROE]

True richness and wealth comes from within.
If you achieve happiness and contentment, you are rich.
Money, travel, possessions have very little to do with it.
Read the Dalai Lama's books, and you'll realise how it works.

I know what you mean I read some of those books

the example Julia give is a little extreme no one can be happy

if they cant feed themselves but the message is if you have food and shelters

if you content with what you have you are the happiest person.

he said dont want it all, want all you have

people have to use a bit of common senses, he doesn't preach someone who have hit rock bottom and cant feed themselves, he preach to the battlers who has a jobs and have food on the table and have shelters.

and there is Frugal and there is wasteful, people who are frugal doesn't mean they don't spend money.
They just pay the same for less...

I buy a $2000 TV but it takes me 5-10 minutes to knock it off another 10%.

When I bought my new Mazda I use higher authority negotiation tactics, got $3000 off just like that
less than 30 minutes phone call and another 10 minutes for the higher authority tricks.

A pizza coupons stuck on my fridge take me a few seconds to chuck it in the domino site and get extra few bucks off.

You be surprise you save thousands of dollars by being frugal in your daily life and make it a routine.
and I don't have to worry about my wife buying top brands stuff, she is more frugal than I am

 

[Garpal Gumnut]

Being born rich helps.
As does marrying a rich person's child.
Apart from that luck and hard work, often not in equal proportions, surprisingly.
That is for dollars, property etc.

Happiness is much more difficult as has been noted above.

gg

 

[tech/a]

More come to mind.

As mentioned---Dont have kids until you can afford them.
A very large majority of the population are single parents in a few years.
The Girls struggle raising kids --job---house and most guys dont want the responsibility of someone else's kids.

The guys have to pay maintenance rent and have little to offer a new partner.
Its been mentioned before but it is a biggie.

Think Differently to the Masses.
Working at $30 an hr wont make you wealthy.

Work in some way for yourself.

A mate of mine was retiring and he had a meager fund


Example. I told him the same thing and got the SAME answer.

"Ive been a---- all my life I dont know anything else."
What could I do.
Adelaide is screaming for Excavators I told him--buy one and put it to work.

BUT I DONT HAVE A TICKET TO OPERATE IT--I CANT.

My reply
Who said you were going to operate it.
There are 100s of un employed Excavator operators out there for $28/hr Go hire one.
(a good one).

He now has a 22 tonne Hitachi excavator---its floated to work by a contractor.
Neil his employee drives it a $26.50/Hr. He sets it to work at $150/ hr and $250/ hr with a Rock breaker. He is now (After 12 mths) permanently booked.

He plays golf enjoys life still cant operate the machine and spends a few days a week visiting site and pushing Palm---coffee's and lunch with clients.
He pulls around $3500/week taxable profit.

Now he only has 1--
I have 5

Mate of mine is in retail.
As he says I can sell 10 items in 1 hr with $150 profit on each (Furniture)
and I have 5 salesmen who could do exactly the same

See the SHIFT IN THINKING!!

 

[Julia]

ROE: great reply, thank you. Sounds like genuine contentment to me. And simply not being wasteful.

I agree with all you say and overall do similarly. Just wouldn't go cutting coupons out for pizza and can't always be bothered haggling over price.

 

[So_Cynical]

Still cutting Domino's coupons for pizza.

That's pathetic...you need help.

Seriously dude.

True richness and wealth comes from within.
If you achieve happiness and contentment, you are rich.
Money, travel, possessions have very little to do with it.
Read the Dalai Lama's books, and you'll realise how it works.

That's the sort of crap social workers tell to losers to stop them being depressed and over drinking, beating up the missus.

 

[qldfrog]

Two points I would add in that thread which have not been discussed but do make a huge difference:
1)
work on your marriage and commit with the right person:
that is an easy way to save half of your wealth and has the bonus of increasing your happiness
So yes divorce is a huge wealth destructor so keep this in mind unless you marry a rich widow......;-)
Limited number of kids does help as well.

2)
think taxes:
you will get taxed at 50% on your hard work so make sure you minimise this (legally)
If you are young, leave australia and go expat in HK, asia, basically any place where you will not be hammered by taxes...and SAVE;
Then if in Oz, or when back work for yourself: more legal way to save taxes, a happier life: the boss you hate is a customer; so much easier to handle;

And be lucky, but luck can be changed : be daring

was born in europe (western, highest education, cushioned jobs available there)
moved to australia leaving a corporate job [to consternation of friends, family and managers)and landed with my backpack in Adelaide 17y ago with 20% pay cut on my first job here, moved 10 times or so, changed specialisation and got lucky to catch both the dotcom and the mining booms; own business, limited debt, lucky now not to have to really worry about money, jobs I like otherwise i leave; travel, enjoy life (you have only one) and just targetting the date where I can fully pre retire (ie stop the normal job and open a B&B, or play in my hobby farm)
No one I left behind in europe is anywhere near this level of happiness/wealth

So dare to be happy and reach enough wealth

 

[ROE]

That's pathetic...you need help.

Seriously dude.



That's the sort of crap social workers tell to losers to stop them being depressed and over drinking, beating up the missus.

I don't find it pathetic about punching in a codes on a computer and save me a few bucks on pizzas..I'm sure a lot of other people do it...

Dominos wont be making those crazy sales if it wasn't for those coupons and they wouldn't be giving it out years after years if no one use them..

for you it may be pathetic but for thousand of others it just a routing thing they don't mind doing it at all.

Probably said enough in the thread and put my view across, don't want to get into tic for tac argument or attacks

 

[Wysiwyg]

I don't find it pathetic about punching in a codes on a computer and save me a few bucks on pizzas..I'm sure a lot of other people do it

Love your posts and investment philosophy ROE. Don't run away ya hear.

 

[skyQuake]

More come to mind.

As mentioned---Dont have kids until you can afford them.
A very large majority of the population are single parents in a few years.
The Girls struggle raising kids --job---house and most guys dont want the responsibility of someone else's kids.

The guys have to pay maintenance rent and have little to offer a new partner.
Its been mentioned before but it is a biggie.

Think Differently to the Masses.
Working at $30 an hr wont make you wealthy.

Work in some way for yourself.

A mate of mine was retiring and he had a meager fund


Example. I told him the same thing and got the SAME answer.

"Ive been a---- all my life I dont know anything else."
What could I do.
Adelaide is screaming for Excavators I told him--buy one and put it to work.

BUT I DONT HAVE A TICKET TO OPERATE IT--I CANT.

My reply
Who said you were going to operate it.
There are 100s of un employed Excavator operators out there for $28/hr Go hire one.
(a good one).

He now has a 22 tonne Hitachi excavator---its floated to work by a contractor.
Neil his employee drives it a $26.50/Hr. He sets it to work at $150/ hr and $250/ hr with a Rock breaker. He is now (After 12 mths) permanently booked.

He plays golf enjoys life still cant operate the machine and spends a few days a week visiting site and pushing Palm---coffee's and lunch with clients.
He pulls around $3500/week taxable profit.

Now he only has 1--
I have 5

Mate of mine is in retail.
As he says I can sell 10 items in 1 hr with $150 profit on each (Furniture)
and I have 5 salesmen who could do exactly the same

See the SHIFT IN THINKING!!

Excellent post.

Too many people are stuck in their 9-5 cycle, even those with a bit of vision can see only property or shares.

Closed minds aplenty

 

[Garpal Gumnut]

I find meditation the way to real riches.

The enclosed youtube on meditation by one of the disciples of Sirrumphrei Appelbei points the way towards the achievement of bliss in under 40 seconds.

He like all enlightened people makes light of his holiness.



gg

 

[Smurf1976]

I don't find it pathetic about punching in a codes on a computer and save me a few bucks on pizzas..I'm sure a lot of other people do it...

Dominos wont be making those crazy sales if it wasn't for those coupons and they wouldn't be giving it out years after years if no one use them..

for you it may be pathetic but for thousand of others it just a routing thing they don't mind doing it at all.

I see no reason to pay full price if someone is freely offering a discount without even needing to negotiate.