Hey guys,
I thought I would pose this quick question to you all.
Everyone has their own definition of the word “richâ€. So I was wondering, at what point will you personally be able to sit back and say “wow, I’ve finally reached that milestone, I’m RICH!†If you haven’t already that is. If you already have, well congratulations! I’ll see you there in a few years
When i have 100k a year income coming in from properties a Porsche and a 120sqm Beachside apartment while still living life to the fullest (travelling ect) then i will consider myself to be rich.
I’m 21 so i am targeting late 30s.
When I wake up in the morning and can decide then and there ‘if’ I want to work that day or not.
My dad gets to do that on a regular basis, with him only having to work 4 days every month.Technically I think ‘rich’ means: When you work because you enjoy it, not because you need the money. Therefore I’m not referring to just financially rich as the most three important things in life are being: Happy, Healthy and Wealthy (in that order).
Not a bad mentality for an 18 year old aye [whistle]
But the majority of you will be after a numerical figure.
So when i have hit 8 digits and can live off a passive income with a good lifestyle.I hope to be financially ‘set’ by the age of 27, so i have 9 years [biggrin] Bring it on!!
Apprentice Millionaire
Yup, thats my aim Young.
If i can wake up one day and think, stuff it, i dont need to work today, then i’ll consider myself rich.
I choose my goals based on what i want out of life, and then work out the costs after.
“But the majority of you will be after a numerical figure.”
I disagree with you on that point Young, most people that ive spoken to about this have a dream they want to live rather than a numerical figure they want to have. Its a better way to go about it as well, as you can focus on the dream rather than the dollar figure. You cant enjoy money unless you spend it. Money is just a means to an end.
The dream is what its all about.
Cheers,
Damon
In theory, there is no difference between practice and theory, in practice, there is….
Originally posted by kinkso0o0o:The dream is what its all about.
Im interperating this as the journey.
I still stand by my statement that most people would class the term ‘rich’ with a numerical figure. But then again, the majority of us on here arnt aren’t like the ‘average’ person.Apprentice Millionaire
Yes, the journey is part of the dream, the nothaving to work is the icing on the cake for me. Theres no point living like a pauper with no friends/socialising, eating burnt toast and brains for 20 years just to retire early.
Originally posted by Young:Originally posted by kinkso0o0o:The dream is what its all about.
Im interperating this as the journey.
I still stand by my statement that most people would class the term ‘rich’ with a numerical figure. But then again, the majority of us on here arnt aren’t like the ‘average’ person.Apprentice Millionaire
I agree with that, most people in general would go for the $ figure. I was referring to your previous one:
“But the majority of you will be after a numerical figure.”
But as you said the majority of us here arent the average joe.
Btw, care to share how far you are through on your way to financial freedom?
Cheers,
Damon
In theory, there is no difference between practice and theory, in practice, there is….
Rich is a specific condition when your profit is higher than your expenses.
In other words you have “unused†funds left after all bills paid.
On the other hand, wealthy is when your profits match your expenses….
This is my understanding of it.Originally posted by simple:Rich is a specific condition when your profit is higher than your expenses.
In other words you have “unused†funds left after all bills paid.
On the other hand, wealthy is when your profits match your expenses….
This is my understanding of it.Hmm, you can make a profit and not be rich. Im profitable now, but im not rich. There are plenty of profitable business that are not rich.
Profits match expenses? doesnt make much sense…
Profit = Income – Expenses
Rich/Wealthy are just descritive terms and their meaning lies in the eye of the beholder. check http://www.answers.com/topic/rich for defintion.
eg To myself I am not rich or wealthy, however a homeless person living on the street may consider me rich.
Cheers,
Damon
In theory, there is no difference between practice and theory, in practice, there is….
Well my understanding in simplified form is:
Income > Expenses (Rich)
Income = Expenses (Wealthy )
Income < Expenses (Poor)Originally posted by kinkso0o0o:Btw, care to share how far you are through on your way to financial freedom?
No Problem, I have just turned 18, so im on the browse for a property at the moment. I have secured a Cadetship with a reputable building company in Brisbane, who will pay for my uni fee’s and train me up to be a Project Manager. (these are normally offered to 3rd and 4th year students)
I feel that for my age, i have a good start and with the correct additude i should be able to achieve what i’ve set out to do.
Therefore in answer to your question, I am only just begining the practical side of it, i have studied investing for numerous years and now am ready to take the plunge. My only advantage over others is my age, I am starting young, and will be finished while im still young ‘hopefully’ [biggrin]Apprentice Millionaire
RIGHT NOW!!!
It’s not about money, it’s about the way you think [biggrin]
Xenia Ioannou-Mena
Adprop Pty Ltd.
Property Management and Sales
E: [email protected]
M. 0412 437 582When I earn $110
and spend $90
to fullfill my needsWhen the seemingly endless credit runs dry. The living standards of the spendthrifts who currently live far more affluently than me via accumulation of debt will face payment day. Meanwhile, I’ll go on living within my means… which means I’m perhaps already rich. It’s just that it doesn’t feel like it when everybody else seems to spend so much more than me.
F.[cowboy2]Wow, interesting replies!
I will consider myself materially ‘rich’ when I can close great opportunities/deals without having to work out how to raise the deposit/settlement costs on buy&hold.
Fortunately I’m already doing good with ‘health & happiness!
[happy3][buz][build]Rich people are ones who have more than I. (those greedy bastards)
I will never be rich, no matter what I have,…..but I am “comfortably well off ” ….
Ahhh, the ole glass is half empty eh? [biggrin]
In theory, there is no difference between practice and theory, in practice, there is….
When my passive income is 50% more then I’m currently spending.
Not that much – hah?Cheers,
First step is to work out how much you need.
You need a cryitical mass of 4,000,000 (4 million dollars) to generate an income of 2,000.00 per week.
D
Last time I done some calcs, for an average couple (both on 70K/year) it would take about 25 years to build 2,000,000 (2 Mil) worth. This based on 0% inflation and 0% growth of realestate.
Calculation was based on purchasing IP’s and paying it out…
This is working hard and not wasting money
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