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.