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Viewing 20 posts - 141 through 160 (of 169 total)
  • Perry
    Participant
    @perry
    Join Date: 2003
    Post Count: 17

    Hi Peter my name is Perry , a Chemical engineer working for an oil and gas firm and this year I’m 24. I have read your fantastic book wealth magic a year ago and is now starting to implement your strategy or your way to wealth. At 24 I’m not a millionaire yet but I will get there. May I ask you what’s the life of a millionaire really like? Being wealthy does it give your life a lot of excitement? I’m quickly climbing my way to the top but what’s the view like up there?

    Cheers,

    Perry

    One who ask a question remain a fool for 5 minutes;One who does not ask a question remains a fool forever.

    Profile photo of Brenda IrwinBrenda Irwin
    Participant
    @brenda-irwin
    Join Date: 2003
    Post Count: 119
    Originally posted by Perry:

    Hi Peter my name is Perry , a Chemical engineer working for an oil and gas firm and this year I’m 24. I have read your fantastic book wealth magic a year ago and is now starting to implement your strategy or your way to wealth. At 24 I’m not a millionaire yet but I will get there. May I ask you what’s the life of a millionaire really like? Being wealthy does it give your life a lot of excitement? I’m quickly climbing my way to the top but what’s the view like up there?

    Cheers,

    Perry

    One who ask a question remain a fool for 5 minutes;One who does not ask a question remains a fool forever.

    Excellent question Perry. Peter, got a good answer for how your day to day life has changed? Mine hasn’t altered much at all….yet.

    If you want to get out of a hole, first stop digging.

    Profile photo of yackyack
    Member
    @yack
    Join Date: 2003
    Post Count: 1,206

    Hi Peter

    As mentioned I have adopted your strategy of buy (in surburbs not rural), renovate, refinace. I have done this will holding my full time job.

    I have now read both books and feel I am on the right track. I would love to do this full time one day, but I have a family with two youung kids, so I have adopted the slower approach.

    Now I am looking at commercial/industrial property trusts to supplement our income.

    A quick question – As i have equity in my properties and my wife does not work – i plan to borrow $20k (claim interest deduction) and buy a spread of property trusts.

    Should i buy in my name (income earner) or my wifes name – no income (full time mum)?

    Profile photo of Peter SpannPeter Spann
    Member
    @peter-spann
    Join Date: 2004
    Post Count: 59
    Originally posted by Perry:

    May I ask you what’s the life of a millionaire really like? Being wealthy does it give your life a lot of excitement? I’m quickly climbing my way to the top but what’s the view like up there?

    A very interesting question. The view is very nice – thank you.

    How has my life changed?

    Mmm, well, first I don’t eat Black and Gold Brand Tuna any more.

    That’s a good first start!

    I’ll let you decide for yourself if my life is exciting – to me it is just my life…

    Really, the most important thing is that I have more choice about what I do, when I do it and who I do it with.

    My life didn’t change much at all until my net worth was well into the millions.

    There really needs to be a new “benchmark” for us to set our gaols towards. While I understand that most people would LOVE to be a millionaire it really is not that much if you have any for of desire for a materially extravagant life.

    If you just want to sit and meditate a mil will still buy you a nice farm in Byron Bay!

    I always say that money doesn’t buy you anything important – love, family, health, happiness, purpose – those are not the domain of the wealthy and people with money have just the same problems as people who don’t, no more no less.

    Wealth is all about choice and ease.

    So, on a material level my life has changed a lot.

    Some of the changes I notice from the days I didn’t have any money…

    I have a beautiful home in one of the most expensive suburbs in Australia – Darling Point as well as my home in Brisbane which was the 3rd most expensive sale for a house in Brisbane when I bought it.

    My personal space is important to me and so to have so much room in the house means I can always find myself a quiet spot (different from living with 21 other people in a condemned house) and the outlook is lovely.

    I have a full time housekeeper and cook who keep the house in an immaculate state at all times so no cooking, cleaning, washing, ironing or gardening. Of course, most people will know that allows me and my partner a LOT more free time.

    While my favourite dinner is grilled chicken and salad with Sarsaparilla to drink our cook can and does whip up some quite exotic meals when we have guests over for dinner (which is about 3 nights a week and when home, Sundays for a pool side party) and, while not super extravagant, the wine on the table is usually in the $50 to $100 a bottle range.

    It also means that all the spare rooms are always made up and ready so when we have guests they can be accommodated at a moment’s notice. Most of my friends prefer to stay with me than 5 Star hotels – they say they get better service!

    When I do stay away – which is a lot – I stay 5 Star and usually in suits that I have stayed in many times before so I have a sense of sameness or homeliness – the staff at the boutique hotels where I stay usually recognise me and do those little extra things for special guests – again important to me. To people who do not travel a lot they don’t get why spending so much extra is worth it. Just to have a Butler press a shirt so I can have 20 more minutes sleep or 20 more minutes to myself is virtually priceless though when you spend over 200 nights away from home.

    I have a nice collection of cars and I love driving my Ferrari on quiet country roads to just revel in its sound. I don’t wait in Taxi cues as my limo driver is always there waiting and I fly at the pointy end of the plane (First Class is a joy) and every now and again as an extravagance I charter a plane to remind me of my goal to again own one.

    I go to Europe once a year, another international destination a least once per year, take my partner skiing once a year and head up to the Whitsunday’s to spend time on my 63’ boat as often as I can.

    I throw excellent birthday parties and as I don’t like Christmas away from home bring my family and my partner’s family to me every other year.

    I get invited to a lot of special events – charity balls (and you can get fantastic deals at the auctions), concerts, theatre, gallery openings, parties, product launches (recently the arrival of the Maybach at our local Mercedes dealer) and enjoy not going to most.

    I get to follow my favourite sports up front and personal – F1 in the Paddock Club at Monaco, Melbourne and Imola this year, the swimming and beach volley ball at the Olympics, The Brissy Lions from a corporate box and so on.

    I get to meet some great people… Mother Teresa, Nelson Mandela, Bill Clinton, Michael Schumacher, all sorts of sports people, movie stars (I got invited to Cannes Film Festival by Sandra Bullock this year), politicians, businessmen and the like.

    I hate lining up for things and a little bit extra “flash” (as they say in the good ol’ USofA) usually fixes that.

    My Doctor was the President of the AMA (they most definitely do not bulk bill) and I have the best specialists in the country looking after me when I need it.

    I don’t have to worry about many things – like where next month’s home loan repayment is coming from, can I afford this that or the other, will my credit card bounce if I hand it over, what I have to sacrifice to afford something and so on.

    All of this I am extraordinarily grateful for. Coming from where I did I understand deeply how lucky I am to have all this, and on the flip side I also like to give back.
    I have established a private foundation, and apart from the tax benefits it has allowed me to give away a lot of money to charity. These days I invest the funds I give to the foundations and the other funds we raise. 50% of the profits go back to the fund and 50% are donated. This has resulted in lower donations in the short term but will produce a sustainable fund that will in perpetuity donate to charity and continue to grow (Like J.P. Getty’s fund which is now almost $100 Billion).

    I also like to do practical projects, so for example this coming weekend I have, with a group of my Platinum clients organised to build a barn on a farm that helps errant teenagers get skills and trades so they can get back into society.

    We have 200 people coming and intend to build it between 9 am Saturday and 6 pm Sunday. This is the 7th such project I have started.

    I still go to work most days and have a great company with a great team who I am proud to work with but what has changed is that I get the feeling that most days at least, we are really making a difference in people’s lives. The company has a small amount of influence with certain people which helps get things done. The Qld government for example were most helpful in assisting us to move our head office to Brisbane and in the process we made friends and contacts in the government and public service which would help us again should we need it. It also means we have the resources to do what we need to do to run our business and move it forward.

    The influence extends well beyond that. In our western world people respect people with money more (sad but true). It’s easier to get things done. People are always offering me free things, discounts, extra services and so on just because they perceive I may have a bit of wealth. Odd that the more money you have the less you have to pay for!

    I could go on but I think you’ve got the picture.

    If having money has downsides I can’t find many of them…

    Maybe a greater sense of responsibility. Maybe a greater sense of guilt when you see things not quite right in the world that money could fix (lot’s more than I have might I say), like hunger and so on.

    But most of the downsides in my life come from my public profile not necessarily from money (ie I could have chosen to be wealthy without seeking public attention). Having people recognise you is mostly fun but sometimes difficult.

    Like the other night I was running late for my flight home. I got to the airport late but was excited to see that they hadn’t started boarding the flight. The check in person called the gate and the gate said no, so I politely but firmly asked her to try again. The gate still said no and so I asked to speak to the gate person myself and finally after a bit of argy bargy got on the plane. The check in person said “I have been to one of your seminars and now I’m disappointed because I have seen another side of you.”

    I mean, what am I supposed to do with that? I just wanted to go home after a long and difficult day. Somebody making a comment like that just makes it worse, like I always have to be on my best behaviour and never demand anything just because somebody might recognise me. I have seen people do far, far worse than that at check in time! No wonder genuine celebrities get lumbered with the “spoilt” tag. I can imagine the story she told when she got home!

    But to my own personal credit I handled it, I believe quite well. A few years ago I would have full on chucked a tanty and made a real scene, so I’m making progress on the personal development front.

    And this leads me to, more importantly, having a bit of wealth (and I do not consider myself rich) has enabled me to spend time on myself. Going to courses, reading books, working with coaches and so on to try to become a better person. I have a long way to go but I am enjoying the journey.

    I think I lead a full life, and while I want to live for a long time, believe I have packed as much as I possibly could into my little life, and wealth gives me the freedom to continue to do so.

    I always say that money acts as a giant magnifying glass, amplifying whatever you already have inside.

    So if you are happy, money can make you happier, if you are sad then money will make you miserable. This is why I work on myself. To find happiness in everything I do, to find peace and harmony in my life.

    So has my life changed since I have had money – absolutely.

    Has money changed me – yes, mostly for the better I hope.

    So set your goals around what will make you happy. Money has no purpose in the world apart from helping us fulfil our purpose. So for that, it is extraordinarily useful.

    And if you set your goals around happiness then you will be happy today with or without money, and if it ever happens (not that it will), I will be happy without money too.

    Hope this answers the question.

    Profile photo of Peter SpannPeter Spann
    Member
    @peter-spann
    Join Date: 2004
    Post Count: 59
    Originally posted by yack:

    Now I am looking at commercial/industrial property trusts to supplement our income.

    A quick question – As i have equity in my properties and my wife does not work – i plan to borrow $20k (claim interest deduction) and buy a spread of property trusts.

    Should i buy in my name (income earner) or my wifes name – no income (full time mum)?

    Without knowing your full circumstances I can’t really advise but generally as your strategy should be cash flow positive it would make sense to have it in the name of the person who is not earning and income therefore taking advantage of the tax free threshold.
    Seek advice from your accountant or financial adviser if you are not sure.

    Profile photo of pelicanpelican
    Member
    @pelican
    Join Date: 2003
    Post Count: 454

    Peter,

    I’d like to say a big thanks for your detailed post about your life….

    It’s great to hear you post here and at somerset in such a candid “no gloss” manner.

    Cheers

    Scott

    You may know the cost of everything…. but what about the value ????

    Profile photo of Andrew_AAndrew_A
    Participant
    @andrew_a
    Join Date: 2003
    Post Count: 392

    That’s one of the best posts I have ever read.

    Thanks :)

    WaySolid.

    “Write the wrongs that are done to you in sand, but write the good things that happen to you on marble.” Arab proverb

    Profile photo of Native_MetaLNative_MetaL
    Member
    @native_metal
    Join Date: 2003
    Post Count: 47

    Peter

    I have just finished reading your new book and I have to say you are an inspiration to me.
    Also I would like to thank you for taking the time to post on this site your knowledge is priceless.

    I would like to ask your opinion about asset growth and property cycles, I have been under the impression that property cycles run on a 7-10 year pattern and that 3 to 5 years out of the cycle property prices are flat with little or no growth and can sometimes even go backwards.
    Could you tell me if my interpretation from your book is correct in that well selected real-estate can still grow in value in a flat market and almost be immune to a slow down or dead property market?
    I have been to a couple of seminars where the presenters stated that well selected real-estate can still have not huge growth but modest growth during a flat property market but I have yet to get confirmation if this is fact or fiction.
    I would love to get your experienced opinion of how this has actually played out for you and your investments.
    I understand that well selected property can grow at a much higher rate than every day or ordinary property during the boom part of the property cycle, but this one question has been on my mind for about a year now and I have not yet been able to find anyone that has been a successful investor long enough to answer accurately.

    Any input would be hugely appreciated I hope I am making cense and that I’m not asking you a stupid question.

    Kind Regards
    Shannon

    Profile photo of PhoenixrisingPhoenixrising
    Member
    @phoenixrising
    Join Date: 2002
    Post Count: 58

    Many thanks from me also

    Its nice to hear from the authentic real Peter

    Good luck

    Cheers

    PR

    “When you can walk on water…take the boat”

    Profile photo of elika7264elika7264
    Member
    @elika7264
    Join Date: 2003
    Post Count: 160

    Wow Peter!!!!

    What an inspirational reply.[biggrin]

    Thanks for sharing your thoughts.

    Helen

    Profile photo of calvin_thirty4calvin_thirty4
    Participant
    @calvin_thirty4
    Join Date: 2004
    Post Count: 556

    I like how you described your life! That sounds very much where I’d like to be at! I will have to look into your books now just to see how you did what you did.

    Thank you for another stepping stone to my future freedom! Like Steve, you are helping me move forwards in realising that dream.

    All the best, and I look forward to your future submissions.

    Cheers

    [email protected]

    Profile photo of Brenda IrwinBrenda Irwin
    Participant
    @brenda-irwin
    Join Date: 2003
    Post Count: 119

    Hello Peter,

    Thank you very, very much for the insight into your personal life. I feel I should almost call you ‘Mr’ Spann or Your Worship but I am too cheeky for that.[biggrin]

    I, having been raised on a farm, and leading a rather simple life, have never dreamed that life could be exciting as yours. It scares me a bit to think that there is so much you can do and have when you are a multimillionaire. For the moment, my comfort zone is so not up there with you, but I’m working on it.

    I do understand your comment on a ‘bit of flash’. I would consider it so be part and parcel of the art of negotiation, which is what propelled you into this profitable life in the first place.

    Don’t dwell too much on what other people think of you. They are only highlighting the fact that you are human like they are, and really, they would be secretly pleased sometimes if you get annoyed with the service. Some people just love to bait and annoy others who are financially secure, just so their own self importance goes up a rung or two. To be understanding of them is all you can do.

    Associating with other famous people would probably freak me out. I mean, I see film stars only on the tele, but to actually meet them and find they are human would probably dissappoint me somewhat. I have some, put on a mental pedestal in my mind and it would spoil it to find they are ‘normal’.

    The really, truly, most supa dupa thing I admire about your life is the fact that you have your own housekeeper/cook. WOWEE! Now that really gets my aspirational thoughts flying. I want one of them too!

    Cheers Brenda.[biggrin]

    If you want to get out of a hole, first stop digging.

    Profile photo of ExpatExpat
    Member
    @expat
    Join Date: 2004
    Post Count: 14

    I just thought I would pitch in and say WOW……that was an excellent post….especially as a uni student It gives me the drive to go out there and make a killing [biggrin] anyway just wanted to say thanks peter and good luck

    Regards
    Expat

    Profile photo of Peter SpannPeter Spann
    Member
    @peter-spann
    Join Date: 2004
    Post Count: 59
    Originally posted by Brenda Irwin:

    I feel I should almost call you ‘Mr’ Spann or Your Worship but I am too cheeky for that

    If you did I’d be forced to slap you! [biggrin]

    In the end we are all human beings with the same challenges, problems and dramas in our lives.

    I just liked the quote from some guru I once heard…

    “Having wealth does not remove your problems, but it sure helps pulling up to them in a stretch limo!”

    Profile photo of redwingredwing
    Participant
    @redwing
    Join Date: 2003
    Post Count: 2,733

    In the end we are all human beings with the same challenges, problems and dramas in our lives.
    It’s the challenges that make things interesting Peter [biggrin]

    When i’m faced with a problem i recall something i once read saying you have to look at a problem and say ‘good’, this is the problem and then look for the positives, even look at the problem from a different perspective.

    I’ve faced financial problems before and overcome them with thinking about them outside thesquare, i recall getting a $40 000.00 loan from the bank about 14 years ago and i wasn’t even working at the time, however i had a good history and was able to talk the manager into seeing things from my perspective..

    Enjoy your post’s Peter, can’t really grasp a lot of your share atrategies..but i’m getting there [biggrin][biggrin]

    Maybe i’ll see you in Perth when Mars and Venus come together [biggrin]
    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

    Profile photo of Steve McKnightSteve McKnight
    Keymaster
    @stevemcknight
    Join Date: 2001
    Post Count: 1,729

    Hi,

    I try to read my bible regularly, and a passage I came across today was:

    Whoever loves money has money enough;
    whoever loves wealth is never satisfied with his income.
    This too is meaningless.
    – Ecc 5:10

    I don’t profess to be in the same ‘wealth tier’ as Peter, however from my perspective, and increasingly more so, I sense the extra burden of being financially well off.

    Perhaps surprisingly, I only reached this insight recently and after I have enjoyed some degree of success.

    From a personal perspective, and being a Christian, I believe there is enough scripture to emphasise the importance of using the wealth one is blessed with an eternal perspective in mind.

    It’s no sin to be wealthy, but the use of that wealth can be dangerous to the soul. Some insight can be found in many places in Matthew. A passage I try to follwo is Tim 6:17

    One final thing that one of the Mappers said to me which I really like

    seek not what the master has, but what the master knows

    Just adding my 2 cents about my personal situation.

    Cheers,

    Steve McKnight

    **********
    Remember that success comes from doing things differently.
    **********

    Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
    https://www.propertyinvesting.com

    Success comes from doing things differently

    Profile photo of PhoenixrisingPhoenixrising
    Member
    @phoenixrising
    Join Date: 2002
    Post Count: 58

    I think it was Bob Proctor who said a lot of not so well of people would like lots of money so they have no problems anymore

    He says wealthy people have lots more problems, the diference is they concentrate on solving problems and create money as well

    The diference looks sutble, but is actually huge

    Steve says this as well i think

    Cheers

    “When you can walk on water…take the boat”

    Profile photo of stargazerstargazer
    Participant
    @stargazer
    Join Date: 2002
    Post Count: 344

    Hi Peter

    I was coming to a point where i was going to stop buying property investment books as they generally say the same thing with a slight variance in some cases.

    But…..

    Given that i haven’t read any of your material before i decided to purchase your new book $10m and was duly impressed.

    In particular the way to interrpret the median sales information and using it to base some decision on when to invest.

    There are some things that i would like to say and ask and hope you are gracious enough to answer.

    Do you feel that with all the wealth you have now you may lose touch with what people are trying to achieve?

    The reason i ask this is i noticed you mention on page 172 of a person say 40 and buying three houses now etc. to achieve over time 10.2m in property and 4.8m in borrowings. These are big figures to the average person.
    Then in other areas you say Don’t overstretch/don’t be greedy etc.
    Most baby boomer people i speak to want and are looking for-
    Enough to be able to retire at there present income levels
    They like residential property for its low risk factor
    They dont want to get down and dirty but buy and hold for future growth
    Many don’t have the experience to start in a big way but want to start
    They want something simple that works but realise that time is getting shorter and shorter as they wait…Risk vs time

    Most are still paying there own PPOR and are questioning whether they still should.

    There main concerns are
    vacancy factors
    interest rates
    If things go wrong

    These appear to be limiting factors and bring some fear to move forward given that NG is a factor with quality property..

    For a person like yourself that started from nothing what would your strategy be knowing what you know and the risks involved and for a say Mid 40’s individual that wants to retire at 60 has some equity in the home. Currently earns $50000pa.

    Well Peter i did really think we needed another property investment book like we need another cosmetic company but i would have to say that yours is right up there with the best if not better. I could give you the reasons but this post is a bit long already.

    How does one get an invite to your parties…?

    regards
    Alf

    Profile photo of Brenda IrwinBrenda Irwin
    Participant
    @brenda-irwin
    Join Date: 2003
    Post Count: 119

    Ha! Steve you have touched on my biggest secret. I got to where I am by my belief that God would see me right.[biggrin]

    It can be tricky to decipher exactly what the Big Guy wants but I tend to go in the general direction and if all is well, I keep going in that direction in my investing. Any major hiccups to any deals, and I see it as a warning and get out.

    My Christian faith has served me well and when you’re on a good thing, stick to it.[cap]

    I also try very hard to structure my wealth toward ‘passive income’ for which I don’t have to do anything ‘hands on’ to get it. I see many wealthy people who are so tied up in responsibility for their incomes that they don’t ever have the time to sit back and enjoy it enough.

    My goal for wealth is to have a good team working for me and who work independantly without needing too much of my input. That will result in a good passive income to me whether I am nearby to oversee things or not.[biggrin]

    If you want to get out of a hole, first stop digging.

    Profile photo of Peter SpannPeter Spann
    Member
    @peter-spann
    Join Date: 2004
    Post Count: 59
    Originally posted by SteveMcKnight:

    From my perspective, and increasingly more so, I sense the extra burden of being financially well off.

    It seems in my reading God certainly does not want us to be “burdened” by what we have. Seems to me what we have is his gift.

    (I would quote Matthew 6 as well but most people interpret it completely differently to me so you can all go there and make up your own mind if you wish).

    A couple of my favourite passages…

    (My own bolding)

    Philippians 4

    Thanks for Their Gifts

    12I know what it is to be in need, and I know what it is to have plenty. I have learned the secret of being content in any and every situation, whether well fed or hungry, whether living in plenty or in want. 13I can do everything through him who gives me strength.

    And…

    18I have received full payment and even more; I am amply supplied. 19And my God will meet all your needs according to his glorious riches in Christ Jesus.

    Luke 12

    Do Not Worry

    22Then Jesus said to his disciples: “Therefore I tell you, do not worry about your life, what you will eat; or about your body, what you will wear. 23Life is more than food, and the body more than clothes. 24Consider the ravens: They do not sow or reap, they have no storeroom or barn; yet God feeds them. And how much more valuable you are than birds! 25Who of you by worrying can add a single hour to his life? 26Since you cannot do this very little thing, why do you worry about the rest?
    27″Consider how the lilies grow. They do not labor or spin. Yet I tell you, not even Solomon in all his splendor was dressed like one of these. 28If that is how God clothes the grass of the field, which is here today, and tomorrow is thrown into the fire, how much more will he clothe you, O you of little faith! 29And do not set your heart on what you will eat or drink; do not worry about it. 30For the pagan world runs after all such things, and your Father knows that you need them. 31But seek his kingdom, and these things will be given to you as well.
    32″Do not be afraid, little flock, for your Father has been pleased to give you the kingdom.

    So when the bible says, “Seek his kingdom, and these things will be given to you as well.” My view of that is simply if we focus on the main game… “seeking the kingdom” then whatever we receive is the gift of God (or metaphysically the return of good will).

    May I be bold enough to suggest an amazing book on this:
    “Spiritual Economics: The Principles and Process of True Prosperity” by Eric Butterworth and while you are at http://www.amazon.com you might like to get a copy of “The Universe is calling: Opening to the Divine Through Prayer” by Eric Butterworth as well. Many of my Christian friends (unless they are well counselled in God’ desire for us to be prosperous both here and in the hereafter) are hesitant about the first book but say it all makes sense when they read both together.

    Also I HIGHLY recommend Catherine Ponder’s books. My favourites are “Dare to Prosper” and “Secrets of Unlimited Prosperity” but I am sure that you’ll enjoy her “Millionaires of the Bible Series” where she does an in-depth analysis of how wealthy many of God’s prophets were and how their secrets can lead you to prosperity here in this life and in the life forever.

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