Forums / Property Investing / General Property / How RICH ! Do You Want To Become ?

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  • Profile photo of waynel2waynel2
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    @waynel2
    Join Date: 2004
    Post Count: 311

    I’d like to be rich enough so my IP’s could buy me a boat, and pay for the weekly expenses of running a fishing charter business in broome!:)

    Wayne Leech

    *Below are links to my websites – any feedback, comments would be appreciated:)
    http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
    http://www.homesearcher.com.au – List your property for FREE (Private sellers only)

    Profile photo of Ali GAli G
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    @ali_g
    Join Date: 2004
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    Interesting thread.

    I have never really considered ‘how much’ I want, but have always wanted to have enough to buy big tracts of old growth forest and land under threat that is habitat to endangered species. To me, this would be a truly satisfying way to use my wealth.

    I am not totally selfless though. A comfortable house for my family, a reasonable buffer in the bank account, and the freedom to go on holidays and see the world regularly is what I aim for.

    How many IPs or how much income will this require? Not sure. Sorry for not giving a quantified answer!! The sky is the limit…

    Cheers,

    Ali G

    Profile photo of WallFlowerWallFlower
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    @wallflower
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    RICH??? compared to WHO?
    Kerry Packer, the pope or the little kids scavenging for food in rubish dumps…..
    Anyone suddenly feeling like a millionaire?
    Get real people……

    Profile photo of wealth4life.comwealth4life.com
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    @wealth4life.com
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    Dear Wallflower,

    I wonder why people like you are on these sites with comments like that, you are no doubt trying to build wealth other wise you would not be here.

    Read wallace de wattles book on poverty …

    Rich is what ever meaning YOU give it … i think Mother Terresa was rich.

    There is more poverty with out money than with it so why don’t you make some and go and educate the boy digging in the bin so he can go and teach others – thats rich in itself.

    Profile photo of WallFlowerWallFlower
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    Dearest RW

    You are spot on!, i am endeavouring to make money by investing in property etc.

    The title of this thread is very interesting.
    How Rich do you want to be
    I was born in a third world country, I shared a single bed with my five brothers and sisters,we lived in houses where if it was a windy day, the roof would simply blow right off the house. During this time, i use to lie in bed thinking how fantastically rich we were. When we arrived in Australia, we were flabbergasted at the extreme and blatant excess of wealth. Kids had their own beds,some had their own ROOMS!!. Every house had it’s OWN toilet.(You get the message?)
    So you see, My response to your question comes from what i have experienced in my life. And at no time did i ever think i was ‘poor’ although in most peoples eyes our outward circumstances indicated that we were!

    There is more poverty with out money than with it

    Some people would argue that it is not the lack of funds that causes poverty but the lack of love and integrity.Open up any ‘Who Weekly’ and you’ll see what i mean.

    PS. I just loved being called ‘people like you’ it means i’m a tad different

    Profile photo of FWFW
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    @fw
    Join Date: 2002
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    I want to have enough money so that I don’t have to have THOSE conversations with hubby when the car unexpectedly needs fixing etc….

    Keep smiling
    Felicity 8-)

    Profile photo of wealth4life.comwealth4life.com
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    @wealth4life.com
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    Dear WF,

    What a great storey and welcome to Australia, land of dsbt.

    Can i share this with you, Wallace de Wattles says that the worse thing you can do to poverty is give poverty money because it keeps poverty in poverty.

    The best thing you can do to poverty is to “teach” someone in poverty how to get out of poverty and that will encourage other people in poverty that it is possible to change.

    Thats why so many people are attracted to people like Steve and Dave, Peter Span etc because they have proven it can be done. 15 years ago i was an electrician today i run my own successful business as well as being a property developer.

    You can do it !!

    Profile photo of wayneLwayneL
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    @waynel
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    The American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked. Inside the small boat were several large yellow fin tuna. The American complimented the Mexican on the quality of his fish and asked how long it took to catch them.
    The Mexican replied, only a little while.

    The American then asked why didn’t he stay out longer and catch more fish?

    The Mexican said he had enough to support his family’s immediate needs.

    The American then asked, “but what do you do with the rest of your time?”

    The Mexican fisherman said, “I sleep late, fish a little, play with my children, take siesta with my wife, Maria, stroll into the village each evening where I sip wine and play guitar with my amigos, I have a full and busy life.”

    The American scoffed, “I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat with the proceeds from the bigger boat you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then LA and eventually NYC where you will run your expanding enterprise.”

    The Mexican fisherman asked, “But, how long will this all take?”

    To which the American replied, “15-20 years.”

    “But what then?”

    The American laughed and said that’s the best part.

    “When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions.”

    “Millions.. Then what?”

    The American said, “Then you would retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siesta with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your amigos.”

    Cheers

    Profile photo of westanwestan
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    @westan
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    Good one wayne.

    whatever the goal lets make sure we enjoy the ride. Take time to smell the flowers etc etc.

    regards westan

    I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database

    Profile photo of Ali GAli G
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    @ali_g
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    I smiled at your story Wayne. Thanks for sharing!

    Cheers,

    Ali G

    Profile photo of WallFlowerWallFlower
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    @wallflower
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    Good one Wayne dude !!

    RW: Thanks for the encouragement, hope to see you on a pier of a small Mexican coastal village

    Profile photo of DDDD
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    @dd
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    We are all in here for the same reasons, to ask questions and share opinions. Isnt it great we all come from slightly differing perspectives and backgrounds. Nothing better than a bit of healthy discussion.

    Personally I want to just pay off this house and have 20 fully owned houses, the rest can take care of itself.

    DD

    Don’t sweat the small stuff,and it’s all small stuff!!

    Profile photo of wealth4life.comwealth4life.com
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    @wealth4life.com
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    Wayne that one is a gem, thanks

    It is still amazing to me though that nobody has answered the question ie;

    Target $1,500.000.00 net

    Passive income $2,500.00 per week

    Free hold home on the water front etc etc

    97% of people FAIL because they have no CLEARLY defined targets (stanford university)

    How much is 20 houses, how much does it take to get started, where do you start, when do you dive in and take the plunge.

    How rich do you want to BECOME if you write clearly your dream magic happens..

    Profile photo of MiniMogulMiniMogul
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    I don’t see myself stopping.

    I think the more you make the more you can do, the more effect you can have.

    Why would you want to limit that?
    I do agree though that putting deadlines on yourself to achieve certain things by a certain date works for sure.

    Once upon a time I said ‘If I can meet (my musical hero) I can die happy.’ I think I was about 23 at the time. well I didn’t only meet them but had lunch, and met various other even bigger musical heroes to boot. So I made a new goal, ‘If I could play a concert with Neil Finn I could die happy’. He was another long-time musical hero of mine. Well that happened too.
    And more! It was amazing! So I kept on making new goals and they got a bit more ambitious each time. Even though they seemed unlikely dreams and I didn’t even necessarily tell anyone, they didn’t seem so unlikely by the time they happened. I think that the same thing will happen with my financial goals. Get to a place you thought was impossible at the time of making the goal, but hey, you got there. So make another goal ten times as big and see what happens…

    joy to the world

    Profile photo of Still in SchoolStill in School
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    @still-in-school
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    Originally posted by Still in School:

    truly i want to be a billionaire…

    share market, shaker, mover, property developer and fiancier

    you name it… i want my name on it…

    Cheers,
    sis

    Wanna Talk About Stocks

    Hi ResidentialWealth,

    like said, the above, though each month, i target my trading portfolio to increase by 10% minimal, reluctantly have been lucky and has been increasing much faster,

    i set my first goal this year, to be trading around $100k, within a few months i reached this target, i set my new trading target of $250k and have reached that and more, my next goal by early march – may, next year, is to be trading $500k plus by then..

    i do set big goals.. but the bigger the goals, the higher my achievements are, than trying to reach and act upon small goals, i like managing people and i give them flexibility in managing and controlling money for me…

    other similar goals are, purchasing business, some more property, and other cash investments… i dont like money sitting around, so i dont leave money abouts…

    my analogy and i always like to imagine is Gold Coins, pumping iron and lifting weights in the gym, ive now taken Robert Kiyosaki approach, and im always asking whats happening with the money and where it is going… i hate seeing money going lazy, but i try to have everything always working and investing…

    my next approach is to be making money, not only during the day, but by using my night time, but leveraging that to increase, more compounding results

    i do have bigger plans, but because i find investing a lonely game, i mainly share them to myself… and many of my friends in the pass keep saying, im dreaming… i dont let this stop me, but it gives the drive and desire to further push on and fight forward…

    though my ulitmate goal is to be billionaire, each day on my wealth creation, i keep reminding myself how slow i am going…

    a few months ago, i took the plunge and quit my job, since then i have never looked back, each day is a new and challeging, but its an enjoyment i like to tackle and fight head on…

    … with me, i belive the sky the limit…

    (though in all of this, i still drive my old car, i moved back home and live with my mother, and still carry only $20 in my wallet at any one time)

    Cheers,
    sis

    Wanna Talk About Stocks

    Profile photo of techatecha
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    @techa
    Join Date: 2004
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    {{i set my first goal this year, to be trading around $100k, within a few months i reached this target, i set my new trading target of $250k and have reached that and more, my next goal by early march – may, next year, is to be trading $500k plus by then..}}

    Sis.
    I often find that claims like that made above are generally fanciful.Probably 1 in 1 million traders could achieve that.Particularly the 100K to 250K and more in a few months and in particular if you set that target “this year”.

    I only bring this up as Trading can be dangerous to the unwary and very expensive.There is a lot of misguided misleading and very expensive information out there.Same goes for most free stuff.Only 3% become successful traders.

    I speak from experience having traded for 10 yrs and have been trading ONE Trading method I use LIVE on the NET for 2.5 yrs.Everyone can watch(Its slow and boring a long term method)or check past performance.Its returned almost 300%(on initial investment)in the 2.5 yrs and


    its disclosed FREE in its entirety.

    Sis.
    Would you call yourself a discretionary trader,
    Do you trade Stock,Derivatives or Commodities?
    Who do you use as a broker?

    If your going to embark on the trading route insist on audited trading accounts from those making claims(Including those with get rich quick trading methods)99.9% of time you wont get them because simply they havent got them!

    Humans are the DUMBEST of creatures.
    They do the same thing day in day out and expect a DIFFERENT result.

    Profile photo of wealth4life.comwealth4life.com
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    @wealth4life.com
    Join Date: 2003
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    Hi Techa you make some good points especially (only 3% of people who trade are successful).

    Isnt that the same as 97% of Australians retire broke or worse off than when they were working.

    How many people who scan this site daily can truley claim that they will be in the 3% league, Robert Kiyosaki talks about the 95/5 principle in his books.

    Techa, in regard to SIS and his comments – as i have met him at a preview i did in Parramatta i believe that he is the type of person who not only is focused and goal driven but will achieve his TARGET.

    Phil

    Profile photo of techatecha
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    @techa
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    Phil.

    Im not questioning SIS motivation(Over 2700 Posts) or desire just his current claims.
    Particularly when I see claims of Near enough to nought to $250K+ in a matter of months from trading.

    Substantiated Trading accounts would see me posting a full public apology,but somehow I think I wont be doing this.

    (He with biggest mouth usually has smallest wallet)

    I really do hope that all find their true happiness in their own wealth creation endeavor,SIS included,but feel the closer you get to it the more youll think and act like the Fisherman!!

    Phil I have heard those stats like you.

    Dont know the exact ones perhaps someone could post them.

    Like
    95% fail in business in the first 3 yrs.
    80% succeed if they last 5 yrs.
    Only ??% own more than 1 IP.
    Only ??% own more than 5 IPs
    Only ??% own More than 10 IPs.
    97% fail in trading.

    Finally must admit that I find unsubstantiated over the top claims very difficult to pass buy.
    Ive seen to many duped.

    tech

    Humans are the DUMBEST of creatures.
    They do the same thing day in day out and expect a DIFFERENT result.

    Profile photo of Still in SchoolStill in School
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    @still-in-school
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    Originally posted by techa:

    Sis.
    Would you call yourself a discretionary trader,
    Do you trade Stock,Derivatives or Commodities?
    Who do you use as a broker?

    If your going to embark on the trading route insist on audited trading accounts from those making claims(Including those with get rich quick trading methods)99.9% of time you wont get them because simply they havent got them!

    Hi Techa,

    to be honest and telling the truth, im not lying about anything i say, i have a very tight but sophiscated system that works and does very well…

    some of the guys who i meet up in sydney, where we would hold a once month meeting, would see, my strategies of investing in the market… why it really works, but why at the same time its very profitable….

    like managment, i have 4 different brokers, who manage all different trading accounts noted, CFD, Equities + Margin Lending, Options, Warrants.

    Brokers in who i use are, Tricom, Baillieu, Etrade, ASR.

    im happy to show trading examples, but even more happier to show some trades that i have been averaging up and buying more of this morning.

    Going Long On

    NCP6S Nov $12.00 Calls – (33 contracts bought this morning) currently also holding another 27 of the same.

    AMP59 DEC $6.08 Calls – just keeping on accumlating it, on its dips… profit target on the share is $6.70 and above

    Will be selling FGL3S, bought in at .15 cents currently trading .235 – .265 cents

    just then put an order in for LLC2O Nov $11.50 Calls for 13 contracts then… waiting for bites at .38 cents

    thats so far this morning trades plan… but after lunch i will see again

    though im happy to show contract notes and all, with trading, but i do have a very good sophisticated system that works.

    though watch my trades mentioned for today and i will post an update on when i exit out of them.

    Cheers,
    sis

    Wanna Talk About Stocks

    Profile photo of MJTMJT
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    @mjt
    Join Date: 2004
    Post Count: 80

    Good work SIS, you look to have definately taken the bull by the horns!

    I applaud you big goals. The only way to make it big is to plan big. You obviously plan your work and work your plan.

    How Rich do I want to become?
    next 5 years – 5 pos IP’s average buy $200000, $100000 trading & med term shares, start & finish brand new reno (cost $317000 + $100000 reno) value will be around $750000.

    Longer term net worth $10M by 40.

    Another question, how many of you have written these goals down with a time/date. Or smaller shorter term goals to lead you to the bigger one?

    [bike2]

    Matt

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