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How do you get super rich?

Discussion in 'Living Room' started by Tim86, 14th Aug, 2016.

  1. Tim86

    Tim86 Well-Known Member

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    How the heck do people become multi millionaires without a lot of luck or a hand out or working your butt off until you drive yourself into an early grave?

    With my plan I might be able to make a million in equity by the time Im 35yo. But thats by working my butt off. Something I dont want to do for the rest of my life.

    So what do you do next?

    Just wait decades for property to go up and to pay itself off and then buy yourself a boat at 65yo and then sell it at 70yo because you are too sick to sail, do gardening for the next 10 years and then spend the last 5 years in doctors waiting rooms and your friends funerals?
     
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  2. Bran

    Bran Well-Known Member

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    Compounding. But I do the sums and become equally depressed.
     
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  3. kierank

    kierank Well-Known Member

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    Run a business and pay millions in tax. Simple.
     
  4. bob shovel

    bob shovel Well-Known Member

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    Drugs.

    I'm just registering abn and trade marks for "the Bali 10" if you want to apply
     
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  5. Blacky

    Blacky Well-Known Member

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    Tim
    What is super rich in your mind?

    Becoming a millionaire by 30-35 is perfectly doable but Requires a lot of hard work.
    If your not willing to do it, you don't really want it.

    To be mega-rich ($100mil++) you'll need to run a business and be good at it.

    Blacky
     
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  6. Player

    Player Well-Known Member

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    ^
    ^
    ^
    ^
    This. Business that is scalable and growing.
     
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  7. Tim86

    Tim86 Well-Known Member

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    Im thinking 5 -10 million as super rich.
     
  8. Tim86

    Tim86 Well-Known Member

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    Brilliant! I hear people trafficking pays well too :p
     
  9. Tim86

    Tim86 Well-Known Member

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    So thats how most of them do it. Grow a successful business?
     
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  10. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    like
     
  11. Player

    Player Well-Known Member

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    It can be done with property however it would involve active strategies, developing and good timing and maybe a tiny bit of luck.

    Don't take my word for it though because I haven't done it. ;)

    *** edit *** just saw your definition of super rich. I am certainly in that numerical camp but I don't consider circa 5 to 10 million super rich in a monetary sense. I'd have the lower threshold at 50 million plus.....
     
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  12. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Most of the people I know who are 'super rich' are obsessed with wealth creation and have been obsessed since a young age or for quite awhile. They are often viewed by others as quite eccentric but that's perfectly fine to them because they never want to be part of the pack, and separate themselves very quickly, by attitude, mindset and approach. The ones I know also run businesses, whether it's though property or other industries, or both. They find a way to actively add value for the customer and they are comfortable to accept medium to high risk that is calculated.

    And they work bloody hard but also they delegate a lot to other professionals to help them along the way.

    My two cents.
     
    Last edited: 14th Aug, 2016
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  13. Iamnumber5

    Iamnumber5 Well-Known Member

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    Business, and use the profit for investment. I dont see any other way of doing it.
    I was on graduates pay of 40k about 15 years ago, the way it was going i could not achieve what i wanted.
    Everything started to change 11 years ago when we started our own business. We have achieved 8 digit net worth of assets since then.
    Few months ago, I saw a listing on 2 bed unit which I wanted to buy 15 years ago but could not afford it back then. It made me smile to know how much we have accomplished.
     
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  14. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    Nothing wrong with working your butt off for a little while.
    If you make the right moves, you could make your millions in a few years, won't take a lifetime, but if you're not willing, then I guess you'll never know.
    Pretty sure if you ask anyone who's just past this amount, they won't consider themselves Super Rich.

    Anyway, quickest way to get there is to leverage everything - your time, cash flow and investments.
    Leveraging via investments only while not improving the other areas is a slow way to wealth and you're also relying on the market rather than yourself.
     
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  15. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    We're almost identical to you guys in every way, just less educated and sophisticated :)
     
  16. Lizzie

    Lizzie Well-Known Member

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    Hmmmm - if business, then find a niche that is unfulfilled and fill it sensationally.

    We did it via property (net worth over $3mil) in 20 years by working smart and hard - buy, reno while we live it in, sell, buy again ... mix in a few subdivisions and a couple of property cycles ... last count was a reno property on average every 18 months and about to finally build and then one more move and reno (in around 5 years) before officially retiring.

    Now I just have to retrain hubby to "slow down"
     
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  17. Iamnumber5

    Iamnumber5 Well-Known Member

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    That's what I said to you last time, that we are in similar situation:)
     
  18. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    Yeah, it's a very similar path we've both gone down.
    I switched off a few years ago and in cruise mode now.
    Gonna cash in my chips and take it easy for a while and focus on other areas of life not related to making money.
     
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  19. MTR

    MTR Well-Known Member Premium Member

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    Way too bashful, would love to hear your story please:)
     
  20. Lizzie

    Lizzie Well-Known Member

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    Yes - we're also about to invest in a business that should move things along very nicely ... sadly it's not garlic growing of wine products, even if they are an enjoyable dabble
     
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