Millionaire next door

Discussion in 'Investor Psychology & Mindset' started by tomlemke, 28th Dec, 2015.

Join Australia's most dynamic and respected property investment community
  1. Ted Varrick

    Ted Varrick Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    1,941
    Location:
    No Mans Land
    Sounds like the ideal opportunity to inform both the mother and the Pastor to go forth and multiply... (and one might argue that this might not be the first time the mother has both heard, and taken, this literally...)
     
  2. Big Will

    Big Will Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,517
    Location:
    Melbourne, Australia
    There are those who have money and you wouldn't know it and then there are those that appear to have money but have none.

    This is what Allen Teys the neighbor who used to live across the road from where i grew up lived.

    For those who down know him he was worth over 300M but has gone down.

    No Cookies | The Courier Mail

    Even though they were so rich (beyond what 99.9999% will ever achieve) Carol (his wife) each year at Christmas time would make Christmas pudding in her own kitchen from scratch and give to the needy. This is a couple who could buy Bakers Delight and get the workers to do it for her but they were the most down to earth people I have ever met. If you read the article you know they own a number of abattoirs and yes their dog would be fed premium export quality steak (lucky *******)

    Same thing with my dad worth 10-15m (i don't know his bank account or share portfolio worth) and hasn't worked in over 5 years and is in his 50's.

    However he wears shorts that have rips in them out to the shops with thongs, rarely goes out for dinner would rather have a nice steak at home that he cooks with a nice bottle of red for $50 for 2 people (meat and wine) then to go to a steakhouse and spend $200+ for 2 people. He might go to the steak houses once or twice a year but could afford to easily go every week/day.

    So never judge a book by its cover, I see everyday of friends I went to school with that are living a high life on overseas holidays but only a few actually have a mortgage.
     
    Perthguy and Excalibur1 like this.
  3. Paterson00

    Paterson00 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    218
    Location:
    Perth WA
    I love driving a car cheap enough that i don't care if people ding it in the car park with trolleys and i love not having to worry about locking it either as it will never be stolen. That freedom that i get from that is priceless. ..
     
  4. Tonibell

    Tonibell Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,107
    Location:
    Sydney
    Yep, had my motor rebuild of my commodore it died. I like my Commodore, it reminds me where I came from. My old car is a sign that a good old working class gal can save her pennies and send her kids to private school. The car is a rose amongst the thorns, admittedly an old vintage rose.

    Also a lot of people can spend their money as they stand to receive an inheritance. The rest of use have to provide our own retirement. There is where the difference is for a lot of people.
     
  5. Perthguy

    Perthguy Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    11,767
    Location:
    Perth
    I drive a cheap car too. It is cheap, reliable and economical. That's all I need in a car. They types of people I choose to associate with don't care about the type of car a person drives.

    It was interesting I went to an auction late last year and was talking to a bloke I know, who is the Managing Director of a very sucessful building company in Perth. He turned up to the auction wearing a cheap k-mart, polyester track suit, sneakers and a cap. He ended up buying the development site for $1.5 million. He's definitely not flashing his wealth around. :)
     
    Jess Peletier likes this.