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Monday, December 12, 2011

Dream time is really Cream Time

About Modest Millionaires

Gidday folks! Dream time is really Cream Time. It really is a luxury to find time to dream, yet dreams are important. This is the ability to visualise our end-goals, or what we are trying to achieve.

There was a very interesting TV programme last night. In
"Modest Millionaires" several Kiwi millionaires were interviewed and they all shared many fascinating similarities. If you missed it, here are the main points:

  • They are very frugal!
  • They are acutely aware of the value of things ... and the return on them
  • They dislike spending, especially on non-appreciating items!
  • They dislike spending!!! (1996 model cars, homes they've lived in for years, with little/no renovation/upgrading)
  • They plough their profits back into their business and not into the family home which tend to be modest considering their net worth
  • For the same reason they downsize their family home, preferring to free up their equity for investments
  • They invest as much as they can, into assets that appreciate over time (not new cars)
  • They invest for the long term
  • They invest wisely
  • Yes, many of them hold property - huge blocks! (eg. 5 acres of blue-chip, beach-front, Waiheke)
  • They are not interested in status "assets" - they spend time being & getting rich! rather than looking rich!
  • They are refreshingly humble, unpretentious and understated!
  • They are disciplined & very hard-working (12-hour working day, 6 days a week)
  • They have strong belief in themselves and their projects / business
  • ALL of them have 1 or more BUSINESSES! (not surprising since a business gives you a 30% return compared to a property portfolio)!
  • They don't have bad debts (hire-purchase, etc. - debts on consumer goods)
  • Their philosophy: "don't buy if you don't have the cash!" Got cash? Then buy!
  • They are risk-takers ... but they minimise those risks
  • They have big dreams and clear goals - they make and keep physical reminders of what they want in their vision eg. collage-poster of tropical paradise ... 3 years before they owned a piece of beach-front paradise in FiJi)!!!
  • They acknowledge the importance of having Dreams and Goals
  • They know how to live in the Now & to appreciate the small but good things in life, be it little luxuries like a spa-bath, good wine, each other's company, fab views
  • They know how to relax, unwind and reward themselves - they have 1 or 2 indulgences: eg. own tennis-court, cellar of good wines, own decompressing chamber, diving, singing
  • They are civic-minded and donate a portion of their proceeds, time & energy to the community eg. gardening projects that beautify the city, charity work, mayoralty work, etc.
  • They know the importance of family and friends - they lend a hand,
  • They have supportive and/or involved spouses
  • They spend big ... when it is something they really want price is immaterial! eg. buying $20,000 worth of Peony Roses from USA, for their garden project (which is also dedicated to future generations)
  • And they are fab gardeners! of lovely, huge gardens, which is not surprising - what better place to unwind than in a lovely garden? BTW, they don't hire gardening help, not even when they own 5 acres of prime land, not even when they possess forty million.

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