I just re-read Robert Kiyosaki’s Rich Dad Poor Dad book again for the xxx time, just love it – any way he talks about the 95% v’s the 5% of people who just won’t make it.
Do you believe that he is right because if he is only 5% of people on this site are actual investors and my caculations make that 2100 people leaving 39900 people who are lookers
Wow just a thought … what do you think … scary isn’t it
D
Originally posted by wealth4life:I just re-read Robert Kiyosaki’s Rich Dad Poor Dad book again for the xxx time, just love it – any way he talks about the 95% v’s the 5% of people who just won’t make it.
Do you believe that he is right because if he is only 5% of people on this site are actual investors and my caculations make that 2100 people leaving 39900 people who are lookers
Wow just a thought … what do you think … scary isn’t it
D
D
Your sample group is not an accurate representation of society. Obviously only people interested in investing are members here. In adddition it wouldn’t include anyone who doesn’t own or cannot use a PC. Proabably limited to English speakers too….
If you questioned 1000 random people and found that 5% were successful investors then surely you would expect the figure to be significantly higher here?
Imagine if you surveyed 100 people and asked who liked ice cream. Would you expect a different result if you asked it in a Primary School as to asking 100 random people?
Of course.
Or if you quizzed people as to their health – you wouldn’t restrict that survey to people in a hospital waiting room would you?
This is why most surveys online are flawed. Even the SMH will tell you that it’s surveys are only indicative of the opinions of SMH readers who answer surveys online. So neither my parents, my grandparents or my children fall into that demographic.
Makes sense?
So I guess we should be heartened by being included in a group much more likely to be successful investors!
[biggrin]Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Some of the wily old Greek and Italian gentlemen I bump into occassionally out in the industrial back blocks certainly fit that mold you describe Simon.
They can’t speak very good English, they cannot read or write, they don’t own a computer and have never “surfed the internet”.
Yet, when it comes to savvy property investors, I’d confidently put them up against any forum member anywhere in Australia on any forum. Some of them are massive investment barracuda’s, chomping their way through the investing minnows.
Be careful…..just because you don’t “chat” on a forum doesn’t mean you are loser, and conversely…..just because you do, doesn’t mean you are a “winner”. Nice for a chat and all, especially when you have some good news or an interesting tale to share with like minded folk…..but for me that’s about it.
Originally posted by Dazzling:Some of the wily old Greek and Italian gentlemen I bump into occassionally out in the industrial back blocks certainly fit that mold you describe Simon.
They can’t speak very good English, they cannot read or write, they don’t own a computer and have never “surfed the internet”.
Yet, when it comes to savvy property investors, I’d confidently put them up against any forum member anywhere in Australia on any forum. Some of them are massive investment barracuda’s, chomping their way through the investing minnows.
Be careful…..just because you don’t “chat” on a forum doesn’t mean you are loser, and conversely…..just because you do, doesn’t mean you are a “winner”. Nice for a chat and all, especially when you have some good news or an interesting tale to share with like minded folk…..but for me that’s about it.
Daryl,
You missed my entire point. I was making no judgements on any group. In fact your examples support my point that membership of this site is vastly different to the average punter out there and so the 5% vs 95% doesn’t apply.
I too know of many a wily immigrant with broken english that does way better than my uni educated friends.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You missed my entire point. I was making no judgements on any group. In fact your examples support my pointMatey, I got your point and agreed with it. I agree you weren’t making any judgements. Hopefully my examples did support your point, that was the intent…..gee whizzy !!!!
How about we firm up what it means to “make it”…..that’s very rubbery and depends on your living standards and expectations. I’ve seen people “make it” on 25K p.a., and others who would be hopelessly lost on 100K p.a.
I think I better have a beer.
My point was purely about how flawed it was to apply a population statistic to a group of like minded individuals as if they were representative of the whole community.
Stats can prove anything… There is a direct correlation between ice cream consumption figures and cases of sunburn my medical wife tells me [blush2]
Nothing about who makes it or who doesn’t ….
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I think when he say’s that 95% wont make he means that 95% wont even look and I am only new to this site ( I joined 5 mins ago) but I would think that everyone here would be in the 5% group.[thumbsup2]
Welcome mate. Where are you from? Looking forward to seeing some great posts from you!
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
According to Steve only a few of the original MAP (see Steve’s 2nd book) participants are still doing full-time investing. This would seem to hold the 95% theory pretty true. Even after some initial success and mentoring the temptation to let life get in the way is very strong.
Another Steve quote that comes to mind is that it’s just as hard to become an Olympic gold medalist as it is to become a successful property investor.
You can pick at the definitions of ‘success’, but the reality is that it isn’t easy to have a big goal and stay on course over the long-term. Especially when you’re trying to do it alone and when you allow the 95% to talk you down.
No one wants to say others are doomed to fail. We rationalise our decisions, tone down our lofty goals, accept economic realities, allow the unexpected life circumstances to take us off track, let frustration weaken instead of strengthen us, take long holidays and basically ‘fail’ to utilise that elusive, hidden ‘potential’ that might otherwise have led us to ‘success’.
It’s a sobering reality that will hopefully prompt us to take action and have the mental resolve of a future gold medalist. Procrastination is a bigger threat than making a mistake out of inexperience. It’s certainly true for me.
Thanks Simon good response as well, espicially the ice cream link, may be you should do an on line survey and compile some stats – i think that it would be very interesting.
It is said that only 3% of Australians retiring will reach an investment amount of $2,000.000.00 not including the value of their home that they live in.
Is this target one that people here aspire to or is it more, or how many don’t know, and are they just snapping up as many positive deals as possible and hoping it will work out ok
If you are a financial planner with access to the Australian Wealth Standards the future is more than glim for the 95%
Something to think about … D
You raise an interesting point. What do we consider success? My Grandma is thrilled with her war widows pension and seniors card but I would be less than thrilled to retire with that.
In other countries success is counted by having strong sons to support you as you age.
How do we measure success in investing? Some people may think we are greedy and obsessive to want to own more than we need for ourselves.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
No Simon success isgetting to the magic numberof 2million dollars of savings by the timewe reach 65.
Success is being able to live in a dignified life style at retiement, we must goback to the basics.
Its not how much we accumulate but how we manage ourselves when we decide to stop work.
Investing is about a game determined to reach our desired outcome,not being kerry packer or Bill Gates but being ourselves from our own humble beginnings.
Who were your parents what did they have and how have you bettered your self andyour family fromyour upbringing,that is what matters.
Success is in your mind not how many properiesyou own, how much better looking you are, how tall you are, wether you are black or white success is achieving what you set out to do.
D
Success for me is to be truly happy in life. Now in order for that to happen I’ll need to retire at age 40 with a passive income of $2m per year. increasing with CPI naturally. This should allow me to crash some more motorbikes, oops I mean ride them through Europe and run amok on the AutoBahns over there whilst being young enough to apprecite the world for what it is and what I have achieved…
Does this make me greedy? Perhaps. Then again, I also plan on being able to pass on a Legacy, which will hopefully one day be classed as “old money”.
Sometimes the Black Sheep does have it right…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Hi All
Very interesting topic….. i guess I am more in line with Wealth4life.
Success is measured in many varied ways and for some:1.It is the gathering of as many assets before retiring as they can.
2. To others it is not the assets but what they can provide for you to do that you thought was beyond your dreams.
3. To others it is about being able to say YES i will go to dinner, Yes i would love to go to that show etc..without counting pennies.
4. To some in retirement ..it is not being a burden on your families or society … just being able to provide the basics for yourself.
5. To others money / assets are nothing – it is health, loving relationships etc which light their world.
Wealth4life is very accurate it is “your own idea of success” that is important and everyone no matter where they are at if they feel they have been a success then that is all that matters.
For me I am rich in success in many areas of my life and now I am about to tack;le the hardest path but so long as I reach MY targets then I will judge myself successful.
PS had not posted on the forum at all until today… now I am off and
running…. bit nervousjessmont [exhappy]
Jessmont well said,
Hey just had a thought, how much money are each of the moderators worth and what is their opinions on wealth creation.
D
Originally posted by wealth4life:Jessmont well said,
Hey just had a thought, how much money are each of the moderators worth and what is their opinions on wealth creation.
D
Doubt many of the mods will answer that one!
My theories are well enough documented on this forum now. They closely follow the principles espoused in Jan Somers books and George Clasons classic “Richest Man in Babylon”.
I have tried most things but am now essentially a buy and hold man using all three investment classes. I am not a role model for anyone but am happy to teach principles when people ask. I have retired in the past and may do so again and I have a professional wife who loves her calling and wont retire until she is much older regardless of our annual income from any source.
I would recommend everyone read the Calson book and it should be given to every person starting their first job!
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
how much money are each of the moderators worthMy 3 kids kids reckon I’m worth ‘the world and beyond’…that may change as they get older…. [blush2]
what is their opinions on wealth creation.I reckon steady steady as she goes is a pretty good model. Preparation / neat filing / organisation and all of that other boring paperwork type stuff is crucial.
Have your ducks in a row, and be ready to pounce on anything that swings your way. I’ve found the wealthy people always seem to be both willing and able to make a quick decision – they don’t “dilly dally”…..and they can normally smell a rat a mile off.
Rich people can also be very lopsided in their life also…..note the stressed out highly paid CEO who is just about to get a divorce and wouldn’t have a clue what’s happening in his kid’s lives…..he may be rich but he ain’t wealthy….
On the other hand, the dero on the park bench with no stress, no hassles and little worries is also not wealthy either IMO…. [eh]
I’m shooting for the “well rounded” type wealthy ideal….bit of dosh, happy family life, kids that like me and want to hang round and do some fun stuff, and someone who enjoys interesting hobbies and has a full busy life…..the type of life, that if recorded, would easily overflow a one day to a page diary.
To be RICH and HAPPY is the quintessential dream and desire of most people yet few of us become RICH and not many achieve genuine personal HAPPIENESS
Why is That?
D
It is a pretty vague goal to determine.
How do I know when I have reached absolute happiness? Everytime I feel happy there seems to be more happiness beckoning!
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I believe Simon that if we set achievable targets and reach them we are on the way to achieving happieness.
Sadness is when we feel life is not delivering and we are losing hope for the future. Just look at the recent surveys where 65% of people are uncertain of the future.
You mentioned previously that you are not a great role model however you are a moderator in a very successful forum, are you scared of investing to the level that Steve and Dave do.
To be rich and happy means so many different things to so many people, personal debt and credit cards are out of control – if people could get rid of that debt alone how mush happier would they be i wonder.
D
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