Your net worth.

Datto might be in the $10m bracket after the Druitt boom.... and that he may have a daughter he yet to met

 

Very sorry to hear that. I feel a good dog is as much of the family as a human child. So I understand the sadness of your loss.

 

Maybe it says that to really be in the big money you need to be not working for someone else?

 

Agree.

 

That's right. I'm in the Maccas car park right now and I've just polished off a burger.

 

Datto....you sly dog you...here you have all us all think you the as the "King of the Druie" when actually you the the king of "Crackamatta"......oui...son what's with that?

Your groupies won't like it one bit.....

 

Why does one still feel so poor when a millionaire or multi millionaire - many assets, some paid off in full but cash poor after holding costs...the situation with many of our clients

 

Its a mentality.....they keep denying theselves...sure be careful...but some of the extremes I have seen some on this site..I shake my head......

 

Forgot why they started investing? Emotionally attached to low yield investments with various maintenance and tax costs more about speculation? Need to live in inner city Melb or Sydney for various reasons so need a couple of mil unencumbered for the ppor? Can't sell as convinced they need to pass on 'something' on to the kids? Scared to sell in case they miss out on even more growth? Hence still in a JOB everyday with golden handcuffs firmly on?

Who knows why some millionnaires feel poor, but you'll get an idea if you read a few threads on here.

 

Highly recommend Money Brilliant - it calculates my net worth for me by pulling all the data. I'm 28 years old and my net worth is just over $150k. A big chunk of my debt other than my PPOR mortgage is HECS though.

 

Yes, great program, I check mine almost daily.

It does have a few shortcomings in that two of my banks aren't working properly with it and it can't pick up my St George super either.

It'd also be nice if I could attribute IP expenses to a certain IP, but it's probably not made for people that have multiple investment properties.

 

Have those with the 2-5mil+ net worth upgraded their lifestyle to adjust for the higher net worth? I'm individually at 500k+ at 26 years old and living "below my means" to invest as much as I can at a young age. I honestly think I would be living a similar life at 500k vs 1mil net worth....Is it hard to break that mindset and not feel guilty enjoying some of your hard earned money? I do wonder if I will be looking for the reduced meat in 10 years time haha.... Do you keep setting the bar higher? Ill splash out at 1m, 2.5m or 5 million+...

More net worth= more investments = more financial security.

Atm I make sure I go on an annual overseas vacation but all my friends are just average guys(I consider my self average also) I would feel weird buying a 100k car even if I had a 5mil net worth.

It would be cool to hear how some positive stories on how the increase in net worth has made a big impact on your life.

 

It's been drilled into me to save money.

So realistically the increase in net worth hasn't changed much. I'm still a cheap *******.

 

More money just give me more options and lives a bit better but it hasn't changed my habits

I get to go holiday anywhere I chose.

Task that saves me time and makes life easier for me I outsource, I only do stuff I am really good at, anything else I call in the proper professional for that specific job

Have a lot of gadget and toys that make life easier and more enjoyable
I like running, biking, water sport, photography so I got all the best gear for it

Not into fancy cars or designer clothes but I buy good quality brand clothe
I bargain search for and import if I can get it cheaper overseas.

 

They lack gratitude and perspective. A few hours volunteering at a local hospital or something similar might be all they need. If the only point of investing money is to get more money I would find that a hollow victory indeed. Need to find a useful enterprise that's not all about money to "invest" in. They need to find a legacy.

 

Mate - your net worth would be noticeably higher than when you posted this, looking at this graph...

 

It was a gradual change for us.
Were pretty tight up until we were financially free and made money pretty quick, so didn't even notice the wealth build up.
Over time, the money kept coming so loosened up the spending a little.
Feels very satisfying when you can genuinely spend money on anything you want with no concern about how much it costs.

 

I wouldn't feel bad about your situation. You're standing on your own two feet.

Years ago, I worked in the public service assessing applications for the age pension. I noticed some applicants were disposing of large amounts of income producing assets simply to get the pension and it's associated "perks" which at that time were worth about $3k pa on average, much less than the amount of income those assets would have produced. I thought they were stupid, greedy so-and-so's (my boss at the time had the same view.)

It's a view I still hold.