Rich people think about money… too much??

Discussion in 'Living Room' started by MTR, 2nd Jan, 2022.

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  1. Lizzie

    Lizzie Well-Known Member

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    That's pleasant to know as, although I'm considered in the top 5% of Australia, I really don't think about money ... I have enough to do what I want. Looks like it's bought out my mellow

    Sure, winning Lotto would be nice but not necessary

    I gather dementia has the same trait - of bringing out the true character
     
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  2. kierank

    kierank Well-Known Member

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    I am the complete opposite ;).
    If this problem rears its ugly head again, I have a solution for you :D.
     
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  3. Momentum

    Momentum Well-Known Member

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    Yep, it's not my cup of tea either. I think being rich would be very stressful, especially if you worked hard to get it and maybe you're a bit OCD constantly checking no-one is ripping you off or making you overpay. Anyone can feel 'rich' by toning down their wants/needs, being happy with what you have and not allowing lifestyle creep to become a problem as your wealth increases. I'm not rich (I'm worth less than $100 million) but I do whatever I want, whenever I want. A lot of people here know I retired early and haven't received a payslip since I was in my 30's. I don't live on champagne and caviar but I don't want that anyway. Honestly, I have trouble enough spending my annual income so a portion of it just ends up in an offset account.
     
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  4. Serveman

    Serveman Well-Known Member

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    My thought on this topic is that life has an element of uncertainty. For a long time now I have always felt most comfortable when I was neither super up or super down. If things were going really well for me I had this uncomfortable feeling that I would become wasteful, lose concentration and forsight so I would reign myself back in to a sense of cautiousness and get back into the grind. You know it’s like a sports team that gets way ahead of their opposition in a game and with the euphoria of their heightiness they clock off and by the time it’s almost the full time the other team has levelled the score with 1 minute to play. Equally if things were slipping for me I would feel kind of anxious. The lockdowns had this affect as my bank balance contracted. Some people suggested that I had a nice holiday but it sure didn’t feel that way.
    The other thing that’s on my mind right now is the difference between consistent performers and inconsistent performers in the way you are. I knew this guy about 20 years ago who in his late 30’s, early 40’s was at the top in his industry, he was highly intelligent, great with numbers and sales, super successful and wealthy, lived on the northern beaches, had the best cars and travelled everywhere. Everyone called him Maverick because he was the Top Gun. However things just spiralled out of control for him. First a divorce, followed by a controlled nervous breakdown and then throwing in his job because he didn’t like the system. He then got involved in some silly things and lets just say he made some wrong choices. He then disappeared and I hadn’t seen or heard from this guy for about 20 years until I ran into a mutual friend the other day who tracked him down by phone. He is now in his 70’s living in a housing commission home by himself with a lack of home appliances and he looks after some stray cats that visit him. This is quite a sad outcome, but it does happen,
     
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  5. skater

    skater Well-Known Member

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    You might be. The article says
    Having $2m isn't much these days. Not much more than a house, so I'd not classify that as rich.
     
    Last edited: 3rd Jan, 2022
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  6. MTR

    MTR Well-Known Member

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    So this is the nut and bolts of the article…..


    Based on my experience as a certified financial planner – and working with well-to-do clients – I’ve noticed they worry about money as much as everyone else. The specific concerns may be different than they are for the non-rich, but they just take a different direction

    and…..


    If you think all your money worries will go away if you become rich, think again. The rich may not worry about the day-to-day survival issues that the middle class does. But they instead turn their attention to building even more wealth to create the kind of financial security that being rich should provide
     
  7. MTR

    MTR Well-Known Member

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    Article

    If you apply the 4% safe withdrawal rate to the equation, a $250,000 annual income would require an investment portfolio of $6.25 million, invested 50% each in stocks and bonds.
     
  8. Scott No Mates

    Scott No Mates Well-Known Member

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    I must be poor because I don't focus on money (just making it) :oops:
     
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  9. MTR

    MTR Well-Known Member

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    ….. and this is the point…… when is enough???? The rich still worry about making more???
     
  10. kierank

    kierank Well-Known Member

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    The wife must be rich because she don't focus on money (just spending it) :p
     
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  11. Sackie

    Sackie Well-Known Member

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    The possibility of 'enough' can only come once wisdom is attained imho.
     
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  12. MTR

    MTR Well-Known Member

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    my better half only interested in his golf handicap:p its going down;)
     
  13. Scott No Mates

    Scott No Mates Well-Known Member

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    That's false economy - the more you play the less shots you take. Now that's not value for money. :oops:
     
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  14. skyfall

    skyfall Well-Known Member

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    Haha I don't think so. No one worth that much would bother hanging around here looking for tips on where to invest :p
     
  15. sash

    sash Well-Known Member

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    Believe it not there are......
     
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  16. skyfall

    skyfall Well-Known Member

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    Nah yea I don't think so. Geez if it's true then they need to get off the keyboard and go enjoy their spoils.
     
  17. sash

    sash Well-Known Member

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    In Sydney...thart might be dangerous....
     
  18. Beano

    Beano Well-Known Member

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    I would definitely not consider $60m wealthy.
    It's not much at all . I would consider $600m plus wealthy .
     
  19. Beano

    Beano Well-Known Member

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    When I go shopping for property I need to ask the expected price so I am definitely not wealthy.:p
     
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  20. Momentum

    Momentum Well-Known Member

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    I think OP said $2-3 million was rich ? I don't agree with that, especially when you can't buy a decent mansion for less than $30-40 million. But i agree $500 million plus is a good definition of being truly rich or wealthy. Majority of people (98%) on here are mum and dad investors worth $2-10 million tops . Even a billion dollars doesn't sound like much these days when Musk, Bezos and others are worth closer to a quarter TRILLION dollars net worth . A billion dollars used to be a lot of money 10+ years ago . Checkout Jefree Star on YouTube and a tour of his mansion and Pink vault with armed guards