Some Facts - Where most Australians are Financially......

Hey mate, looking forward to reading up on the details of your latest deal. Nice one!

 

i think the way people approach things, be it life in general, opportunities, challenges etc can have a huge effect and ultimately surely mindset is part of that in some way.

i do think the often OTT focus on it is a bit much, i suspect it is used by some as a way to feel better while not actually progressing that much but im sure some people have had big improvements once they started to work on their "mindset".

it is interesting that the more successful people i know dont really talk about mindset but have a pretty good handle on it whereas often those banging on about it and sharing lots of motivational quotes arent actually progressing all that much

 

Gotta get the finance first.

You know me - happy to reveal all BUT you gotta wait. Was a really interesting and mind-blowing experience .

 

Agree

 

These friends you always talk about...dead set are you in some exclusive millionaires club or something!

 

Totally agree with you here

You have now made my awful day even worse .

 

hahaha i did say often not always!

as an example ive got 2 friends who immediately come to mind who share such things on facebook etc. one truly is someone that positive and approaches most of his life with that energy and is quite successful. the other one meanders through life, constantly having things not work out and putting it down to the universe or it not being meant to be or whatever and arguably believing in some of this stuff has been a hindrance.

for some believing there's always something good around the corner becomes a convenient excuse for not grabbing what is in front of them imo. there comes a time where what someone learns from jim rohn or anthony robbins or whoever needs to translate to progress otherwise its a *********** of nonsense.

 

haha nah i have friends from all levels of financial success, i just happen to know a fair few successful ones due to the nature of what i do etc. thankfully most of us dont have hang ups on being open and honest with successes and failures we've had so many of us try to help each other.

the figures i used earlier i know are conservative and not in any way made up, ive seen a few years worth of financials...

 

Well you don't have to fund EVERY business idea. Fund the ones you can.
Yes in my eyes only people who are without debt are rich, other just have debt.

 

@sanj 100% agree with this.

 

Just a thought about barnes - not saying he's lying or anything but I often find people who widely contrarian views like that often don't tell the full story, which is perfectly fine as some of it can be very private. Perhaps he's earning like 500k a year or something so heaps of leverage is just not something he really needs to worry about for the goals that he has.

I have a friend that basically hasn't done anything for 15 years, has a waterside apartment, a merc, but I only found out a few years ago just how he funded it all. A whole side to the story that I never knew about and once I found out it all fell into place and made a lot of seemingly unusual views and decisions perfectly clear.

I often find myself making decisions that people around me are puzzled about because I'm not at liberty to discuss what's behind them. I suspect there's a lot more to Barnes than he cares to reveal but he's keeping it to himself which is absolutely his right.

 

How do you propose anyone actually buy a house in Australia without debt?

Should developers fund every last project purely out of their own pocket?

Like @sanj I do agree that there is too much debt in general. However, nor am I as hard line, black/white as you are. Debt, where it can be used for the generation of wealth, and it is manageable, is not the end of the world at all. I would rather have debt for 15 years and walk away with an asset that is worth far more than the debt was than save from my income (which, thinking about it, came from debt from setting up the business), and have a much smaller amount in 15 years.

 

How valuable are the royalties from Cold Chisel you reckon?

 

It wasn't like that all the time wasn't it? Yes you are right, now it's fairly impossible. But who had made that situation - cheap credit and massive debt, both of them made possible to almost anybody. This is not good. It can and will backfire.

 

lmao

 

I'm 30. What do I about creating wealth without debt. No point talking about what people in the past have/haven't done. It's irrelevant to my situation. I work within the current system. Not a system that existed before I was born.

At the moment my last bit of debt is $860 on HECS which will go next pay. Then it's zero. I'm house hunting, but zero debt right now. I have money in the bank from a deal that I took on debt to secure, but that is finished, paid off, with profit now.

How can I create real wealth without utilising any more debt at this point in my life?

 

Very, but the child support is starting to add up.

 

think of everything you encounter in your day to day life, do you really think all the businesses involved in that could have self funded the whole way?
even govt infrastructure projects, would all their suppliers be able to self fund?

atlassian, one of the major australian business success stories over the last few years was started by the founders maxing out $10k on credit cards. their business is now worth over $3bn but you'd rather they have not done it.

could air asia, a business that has completely revolutionised how people in asia travel and given people who previously could not afford to travel a chance to - how would that business get off the ground without debt?

imagine every first time owner operator opening up a small cafe, the very kind that so many people in this country love to go to. doing the entire thing with no debt whatsoever would mean many would never get off the ground.

i agree entirely that debt needs to be used responsibly and somewhat conservatively but your insistence on it being entirely bad is not only impractical but illogical imo.

 

it wasnt like what? you really believe debt has never been a part of modern society?

even john rockefeller started with a loan from his father and was known for borrowing money and reinvesting it.

you yourself have said what you're advocating now is fairly impossible so why are you continuing to advocate it?

 

Not only impractical & illogical, but positively detrimental to huge sectors of society. That debt we take on is someone elses cash asset, and they receive interest from us.

Millions of (rich ) pensioners with term deposits rely on us for their income.