Join Australia's most dynamic and respected property investment community

Perceptions and attitudes to wealth creation

Discussion in 'Investor Psychology' started by Owlet, 2nd Jul, 2016.

  1. Owlet

    Owlet Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    124
    Location:
    VIC
    I would say most on here have positive perceptions and are quite encouraging of people's efforts to create wealth. How do you find this sits within your world?
    For example I feel that it is ok to tell friends I am raising money for charity or training for a marathon - this is perceived by them as honourable. However, saying that I am looking to start a business to increase my income is perceived as selfish and something you shouldn't share.
     
    Adele, Xenia, Blueskies and 1 other person like this.
  2. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,858
    Location:
    Sydney
    For me personally I'm not interested in and actively avoid socializing with ppl of that mindset.
     
    Adele, Hanison, Xenia and 3 others like this.
  3. Owlet

    Owlet Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    124
    Location:
    VIC
    Leo that is exactly where I am at, at the moment. I have and am pulling away from those people.
     
    Bayview likes this.
  4. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,858
    Location:
    Sydney
    I understand that mate and imo it's quite a normal thing to go through. The people we mix with regularly enough most definitely have an impact on our thoughts, behaviours, and most importantly of all, on our attitude.
     
  5. Bran

    Bran Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    3,230
    Location:
    At work
    Agree.

    That and the invariable negative response as to why you shouldn't be investing in XYZ.
     
    York and Leo2413 like this.
  6. wombat777

    wombat777 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,451
    Location:
    33°41'24.7"S 150°55'34.3"E
    I for one delayed an investing journey mainly because I didn't have the knowledge or confidence. I was also wasting time and money for many years helping an ex with a business. I wish I had put that energy into building wealth through property. It would have been much less stressful.

    My perspective now is to carefully share what I am doing. If people then genuinely express an interest in my investing, they will gradually ask more and I will share more about my journey. I'm just trying to help friends / family / colleagues help themselves, but I'm careful who I talk to about it.
     
  7. bobbyj

    bobbyj Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    195
    Location:
    Sydney
    I get asked about how many I own. I politely refuse to say now, and explain it's not a matter of trust nor that it's a secret, but rather it's not constructive or purposeful for anyone else to know.
     
  8. alexm

    alexm Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    306
    Location:
    Sydney
    Who cares what anyone thinks about your wealth building motives. If you want to get ahead then take action.
     
    MTR, Angel, Xenia and 3 others like this.
  9. Cactus

    Cactus Well-Known Member

    Joined:
    18th Jan, 2016
    Posts:
    1,003
    Location:
    Melbourne
    So how many, go on, you can tell us!

    :p
     
    bobbyj likes this.
  10. bobbyj

    bobbyj Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    195
    Location:
    Sydney
    I'd rather not say as it's not a matter of trust nor that it's a secret, but rather it's not constructive or purposeful for anyone else to know. :D
     
  11. Cactus

    Cactus Well-Known Member

    Joined:
    18th Jan, 2016
    Posts:
    1,003
    Location:
    Melbourne
    i agree with you, for most people it's seen as bragging and even though they want to know the green eyed monster comes out.

    In PC though I think it's different. We are all like minded, and people see numbers as making it tangible. If you said you had 50+ houses, then my reaction would be wow that's great, from reading your post the other day I understand you bought half and then built an extra house per property. It'd walk away thinking great that you achieved X homes and that affords you X income, I could do this too. It might be rude, but PC allows you to ask info you might be too shy to ask someone normally.
     
    bobbyj likes this.
  12. Blueskies

    Blueskies Well-Known Member

    Joined:
    24th Aug, 2015
    Posts:
    197
    Location:
    Brisbane
    I think that is a very good point you raise @Owlet and something I have definitely experienced, I think sometimes it is people projecting their own fear/failings/inaction onto you. Also, perhaps they have a competitive 'scarcity' mentality rather than an 'abundance' mentality (i.e. you can be successful and so can I, there is enough to go around for all!)

    The thing that most resonated with me when I first started reading on this forum is the overwhelmingly positive encouragement from others, both ahead and behind me on their investment journey. People trying to help each other figure out how to do achieve their goals rather than telling them all the reasons they can't/won't/shouldn't even try.
     
    DiligentPM, Leo2413, bobbyj and 2 others like this.
  13. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,400
    Location:
    Somewhere in the land of Oz
    I'm at this stage now with family. The mrs tries to talk to her fam and I've told her to give up. They know what we're doing and if they want to learn or genuinely interested its all good. It's not worth the negativity or defending what we are doing to get ahead. Jealousy and lack of understanding plays a big part.
    With friends i am reluctant. Some want to get started but haven't shown me any actual inclination to them starting
     
  14. Xenia

    Xenia Adelaide Property Manager Business Member

    Joined:
    21st Jun, 2015
    Posts:
    2,347
    Location:
    4/136 The Parade Norwood, South Australia
    Sometimes people's perception of money can be based on fear and false pretenses. You can't afford to allow that to derail you and drag you down.
    I used to walk away in the past but now I prefer to just have an attempt to bring people up by defining a definition of wealth that is positive.
    Wealth = creating value x doing it for as many people as possible.

    Have a listen to this, the speech within the book, it's a great outlook on wealth:
     
    freyja and MTR like this.
  15. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    7,534
    Location:
    Perth, Melbourne, USA
    i think it's a fine line, here we are all interested in creating wealth via property, however in the real world not many will share this interest or passion.
    Unfortunately, Enthusiasm and passion may also be perceived as gloating, bragging.....

    We don't discuss assets etc. with family or friends, most would not be interested so why bore them.

    Also on the flip side if all our friends shared our mindset/philosophy with regards to wealth creation would not necessarily make for harmonious relationships, it could actually lead to competition. Have seen this dynamic many times, we humans are a strange lot.

    I really like having a mixture of friends who don't give a rats about investing, money etc, I find it helps to keep me grounded.

    mtr
     
    Propagate, bobbyj, Xenia and 3 others like this.
  16. LibGS

    LibGS Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    616
    Location:
    Melbourne, Australia
    My family, friends (and most are left wing) are immensely pleased at my success. I don't hide stuff from them, if they ask, I tell them. This idea that someone is considered selfish for wanting to get ahead makes me shake my head.
     
    MTR and Bayview like this.
  17. EN710

    EN710 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,165
    Location:
    NSW
    Many people I know would love to start a business to increase their income, some already have a side business so I don't see an issue on that front. Are your friends the type who would think that you are selfish or is it mainly your fear? How you think they they would react might be different to how they would. Sometimes people can surprise you too, in a good way

    I mention properties to some colleagues, to one that is interested and only when asked (i was looking stressed on tenant arrears). Family are not really interested and I dont really want them to know in details.
     
  18. bobbyj

    bobbyj Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    195
    Location:
    Sydney
    Oh it's definitely not something I'd hold back here on PC. I actually updated a post on the introductions page as a yearly update that I hold 8 properties now.
    I think the crowd here are supportive and either keen to mentor or willing to listen and learn. It's a great place to be for property investing.
     
    Cactus and Bayview like this.
  19. Bayview

    Bayview Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    2,716
    Location:
    Mornington Peninsula
    Other than here; I choose very carefully who I reveal what we do (don't do that much; but more than most Average Joes)...for some reason we have a healthy (?) tall poppy/resentment of the rich culture in Aus....

    I have given up trying to help folks with their financial (and golf) situation because in many cases they don't really want to listen (unless they seek you out and ask the questions) and/or do the hard yards....many just want the immediate miracle cure.
     
  20. Hodge

    Hodge Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    514
    Location:
    Melbourne
    These days i say nothing!!