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Malcolm Turnbull wealth creation advice.

Discussion in 'Living Room' started by Biz, 16th Oct, 2015.

  1. Biz

    Biz Well-Known Member

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    I liked the PM's response to Labors attacks on his wealth yesterday:

    http://www.news.com.au/finance/work...-cayman-accounts/story-fn5tas5k-1227570449220

    Basically his response was: You have to have a go, get out of your comfort zone and then you have to be be a bit lucky

    Something I have always believed when it comes to serious wealth creation. Showing up is half the battle in investing and business but from there you need to be somewhat fortunate to be in the right conditions, environment or bump into the right people to seriously make it from there - You need some luck. Just working hard or being smart isn't enough.

    Discuss.
     
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  2. Bran

    Bran Well-Known Member

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    Turnbull went up a big notch in my book with that smack down. I've not heard him speak much before, and it was so much better than the usual stammering drivel that leaked out of Abbot's mouth.
     
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  3. larrylarry

    larrylarry Well-Known Member

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    I'm in business and I agree. My business partner and I used to talk about how other firms partners are raking and whinged about paying for someone's office, Lamborghini etc and we did this for a number of years on the golf course. 5 years ago, we decided that we need to be in to have a chance at creating wealth...we are still in it. We took some opportunities and we missed some. We have to keep moving forward. Not everyone can own or run a business to create wealth and so property and share investment are the next best alternatives, including other strategies that I have not explored in depth.
     
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  4. oracle

    oracle Well-Known Member

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    Agree.

    But I also believe you can create your own luck and anybody can build serious wealth if they really wanted to. By that I mean there will be failures in your wealth creation journey involving bad luck sometimes. But if you are determined and refuse to give up and keep persisting by doing the right things required for wealth creation you will succeed eventually (create your own luck).

    Cheers,
    Oracle.
     
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  5. willair

    willair Well-Known Member Premium Member

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    I think he may have understood the "I T" industry and technology a bit more then most and put their money in the right company at the right time,and what a waste of time Labor repeating the same day in day out without anyone noticing..
     
  6. House

    House Well-Known Member Premium Member

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    +1 for that. No real interest in politics but watched him this morning and liked how he responded. Every person in that room is earning far more than the average Australian yet they feel justified to criticize his wealth. Yammering in the background as he addressed their fatuous concerns.

    I can imagine his story isn't anything unusual for a successful man. He got off his arse, consistently worked very hard, made some good decisions by consulting with smarter people and reaped the rewards.

    As a sitting politician, is he now limited to what he can invest in?
     
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  7. Bran

    Bran Well-Known Member

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    That's his argument for sending all his investments offshore. Which is fine by me (in case he cares what I think).
     
  8. geoffw

    geoffw Moderator Staff Member

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    I definitely like what he said.

    But it's been pointed out to me in this forum that he did start out with a lot of money and advantages behind him. Yes, he's done extremely well with what he has. And he did, from that position, get himself into a far better position financially. But he didn't start from a zero base.

    And I like him a whole heap more than another prominent US politician wannabe.
     
  9. Ed Barton

    Ed Barton Well-Known Member

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    Labor's main point was not that MT is wealthy but that he has money stashed away in the Cayman Islands. That smells of tax avoidance/evasion. He did a good job in addressing the issue.

    If he's legally minimising his tax by such a structure good on him. But it makes it very difficult for him raise issues of the wealthiest not paying their fair share.
     
  10. geoffw

    geoffw Moderator Staff Member

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    He is saying that he doesn't directly keep investments in the Caymans- but funds that he invests in have investments in Cayman entities. If the fund pays less tax as a result, his argument is that he pays tax in Australia on any proceeds. Presumably there is a component of paying tax only in one country.
     
  11. Bayview

    Bayview Well-Known Member

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    Envy and resentment Politics.

    Lefty, socialist, tall-poppy dudes.
     
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  12. Lizzie

    Lizzie Well-Known Member

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    I also liked what (and how) he said ... he is an intelligent man and a good leader

    However - his beginnings were far from advantageous or financially well off ... and I am a great believer in "god helps them who help themselves"

    http://www.couriermail.com.au/news/...7529301359?sv=44581b687ae0f0e1423cea5b641b705
     
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  13. larrylarry

    larrylarry Well-Known Member

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    IMO, whether one has a good start or not, it doesn't guarantee success or failure. So yes, I agree with Lizzie, work hard and be adaptable. Stop the blame game and carve your own path, and help others along the way.
     
  14. 2FAST4U

    2FAST4U Well-Known Member

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    Like Labor have any connection with the 'common man'. There are very few politicians these days who have any connection to the 'common man' and most of them tend to be independents.
     
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  15. House

    House Well-Known Member Premium Member

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  16. jins13

    jins13 Well-Known Member

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    I have a lot of respect for someone who worked hard to earn his wealth than the people that receives the hand me down. We all know how well he did when he used to work for private, business enterprise and working for Packer.
     
  17. Bayview

    Bayview Well-Known Member

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    I don't know why everyone has issues with folks who play the rules of the Game as they exist, in their current status quo. :confused:

    (Not saying you have an issue with Malcolm's investments, Geoff)

    Everyone has access to the same Games and the same rules.

    I'm sure Malcolm has a tax bill that I would love to have.

    It's no different to the business owner who can claim a lot of things through their business that are arguably for personal use.

    It's just victim thinking IMO.

    Just on the whole business expense thing; those who begrudge that - are usually Employees who have never owned a business, never will and can't see what goes on with owning one - in regards to responsibility and risk....they just see "rich folks getting all the perks".

    Employees can quite easily go out and own a business if they want, and then play by that game's rules too.

    But no; that is too risky or hard. Folks like to sit in their comfort zone, and snipe away at those who take some action and get out of their comfort zone in life.
     
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  18. jins13

    jins13 Well-Known Member

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    Isn't this why we invest in properties? For me personally, I love tax return time. It's like Christmas in the middle of the year.
     
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  19. Lizzie

    Lizzie Well-Known Member

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    not sure why that happened ... I simply googled "malcolm turnbull beginnings" and it came up in the full
     
  20. Perthguy

    Perthguy Well-Known Member

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    ABC slammed Shorty on this issue, pointing out that his super fund invests in the same managed funds as MT.