New Definition of Wealthy

My mentor JR said:
"Let's face it....people and events are going to continue to both hurt and disappoint you. Among the people will be those you most love, as well as those you least know. Seldom is their intent to purposely hurt you, but rather, a variety of situations mostly beyond your control will cause them to act, speak, or think in ways which can have adverse effect upon you, your present feelings and emotions, and the way your life unfolds."
I continually try to define what constitutes a good life to me hence my actions are dictated by that. I don't compare, what's the point, I heard some time ago, "Don't wish your grass was greener water your own lawn!".
I suppose people are just people, we are all different. I am open minded I will read, check what is presented, but then I will make my own decision. So yes some will have egos greater some less some will make up more or less, but at the end of the day like you say I like to sleep well at nights so I become responsible for my actions.
To give example...recently I went to DJ and bought a mascara, I explained the brand the colour to the assistant from another area as there was no one in YSL section. She took it out from a draw and I paid for it. When I came home I opened it destroyed the packing and then to my surprise saw it was pink colour, not black as I wanted it.
Some friends said to me go and complain they should change it, it wasn't your fault you were given a different product. Well....I thought differently, yes it wasn't my fault BUT it was my fault I did not check, I destroyed the package, so I look at this situation differently. It taught me a lesson to be pro-active and responsible next time, not to blame the person that made the mistake, instead I should always check.
Some of my friends who keep going are really truly financially wealthy (have been on 200 Rich List) yet continue to do and keep going not because they dread what they do (they start up IPOs/companies) they actually 'love' what they do. It becomes no longer about money rather a challenge, a dream to leave a legacy, to some degree their personal obsession. It is ok by me as I don't wish to judge others, if that makes them happy why not, we live and learn.
And to be honest they don't boast at all and don't share either they just continue doing what they do and love....!
Many have achieved such financial greatness but at what cost? Trust me there's always some journey, some cost yet most who don't have don't even think about it or realize it. As my mentor JR said:
"The bugs and weeds of life exist to test the human will to succeed, and the human worthiness for life's rich rewards."
"As you sow, so shall you reap".
An empty financial life is a sign of an ineffective past effort, missed opportunity, too much procrastination, or laziness, or lack of understanding. I am a believer that what I put into this world, I get back from it.
"It is a tendency of humans to look at those who enjoy success as having been, at some earlier time, either lucky or dishonest. Surely, the man driving the luxury car toward his expensive home on the hill could not deserve it through hard work and sacrifice. Such is the language of the poor."

 

That is why one of my principles when on the Internet is:

“Read everything BUT believe nothing “​

 

This is actually a good and salient point.
And feudalism is what led to rivolts and revolutions in EU.

 

So insolvent

 

I predict revolt in Sydney in 2023 if markets keep rising by double digits

 

Personally my definition of wealthy is when you can drive a nice car without caring about scratches and dents etc

eg I drive mitsubishis because for some reason people keep keying my car (not always my fault lol). One day I aspire to move up to a nice car without changing my driving and parking habits

 

This is the best! Kinda like toilet paper not long ago lol

 

Well they're still rioting in Portland while the ruling class encourages them on saying they're on their side.
They did try it here, but the gov give people too much money for them to care.

 

Sydney is now comprised of too many 'rich' folks. Not enough rioters to make a difference.

When crappy houses in Quakers Hill (45km from cbd) are 850k+, you know the majority of Sydney have vested interests and will push back hard against any peasant uprising.

 

Hey, there's nothing wrong with a Mitsubishi!

 

Yes. I had a 96 Magna during my uni days.
It had lots of features for that age.

 

IMO sad for Australia that generating wealth through salaried work as valuable as something that pays 200-300k (doctors, engineers and entrepreneurship) isn't enough to "make" it in the big cities any more. Have to leverage and play with funny money. Too much focus on the latter will lead to a less productive and inclusive country

 

That's honestly my biggest fear in life besides a market crash. But it's not that I am worried about financial cost of having to repair the car, but it's because I love my Tesla way too much!

 

Yes it is!!

 

So what net worth would be considered wealthy in Australia? Do you include your family home in net worth?

 

Wealth is, in the vast majority of cases created through business and leverage. Both in the real estate markets and stockmarket. Very, very, very few people on salaried incomes will be able to build large amounts of wealth solely from their PAYG incomes . It's always been the case. Income alone is rarely enough to build even small amounts of wealth.

 

Which is why I included entrepreneurial incomes in that list; using leverage to create productive businesses gets harder when real estate costs (both residential and commercial) inflate above foundations (inline with company profitability and/or wages).

 

Wealthy Individuals within Australia are generally deemed to be those with net investible assets (NIA) over $1M (or net of over $2.5M including the family home) and earning more than $250,000 per annum. Having said this, the ATO categorize ‘Wealthy Individuals’ as those who control a net wealth of $5M or more.

However, IMHO what 'Wealthy' is, is honestly extremely subjective and has a lot more to do with other factors than just money .

I personally know folks who have net worth in excess of 50m but from what they tell me, are living pretty unhappy lives.

And I know folks who have a net worth of 4 or 5mil who are living extremely fulfilling lives from what I see and and their conversations with me.

All depends how you define what 'wealth' actually is for an individual.

 

'Business' is only one way to growth wealth. Real estate and the stock market have always been markets where many, many people have been able to build all kinds of wealth, from smallish to massive. Many, if not all of my friends use profits from business to invest in real estate and vice versa. I just recently bought two commercial businesses from some profits in residential real estate.