How much money do you have?

[Former]

It can also destroy lives. Money does not do good works on its own. The person controlling the money is the key. Which is why members of organised religions should never be allowed near the stuff.

 

[- PC -]

Hey I forgot this board

I am a lot richer today than yesterday am ..big win on the cup..trifecta twice..it will allow me to do some things I was planning to do either in an emergency or at a later date.

I have always said if I won a lot on lotto that I would have to put it away for 12 months as I would be the worlds most arrogant person(even more so than MillerCHF and Ted Pellits) ..cut me off on the freeway? better put your seat belt on because I will bump your car off the road. Ignore me in the shop? I will ring up your boss and put a big order in on condition you get the sack...but I figure if I dont have it for 12 months I will accept it and make good plans to deal with it as I should..by helping others achieve ..either through sports scholarships or medical supplies for an overseas country. But yes money can breed evil and corruption

 

[Frodo]

It can also destroy lives. Money does not do good works on its own. The person controlling the money is the key. Which is why members of organised religions should never be allowed near the stuff.

True, money empowers, how that power is used is a personal issue.

 

[Dr Who]

True, money empowers, how that power is used is a personal issue.

Agree...

As people say money doesn’t bring happiness, but it can pay for things you don’t like to do while paying for things you do like to do.

As to the tread question, all ill say is I have enough to be considered a sophisticated investor by law.

 

[Frodo]

Agree...


As to the tread question, all ill say is I have enough to be considered a sophisticated investor by law.

The forum may welcome your post explaining the requirements for 'sophisticated investor' accreditation.

 

[silky-smooth]

Cha-Ching!!

Today was pay day.

I LOVE PAY DAY... That is tomorrow for me

 

[Dr Who]

The forum may welcome your post explaining the requirements for 'sophisticated investor' accreditation.

Sophisticated investor:

Individual entities in respect of whom a qualified accountant has given a certificate in the last six months confirming that the individual entity either has net assets of at least A$2.5 million, or has a gross annual income (for each of the last 2 financial years), of at least A$250,000.

 

[Fat Pizza]

What advantages are there to being accredited as a "sophisticated investor"?

 

[Cassius_Clay]

How much money do you approximately have in the bank?

I have $629,737 only joking...as if im gonna tell you

 

[Frodo]

What advantages are there to being accredited as a "sophisticated investor"?

You register with finance broking companies that raise money "off market" for listed companies (or those going to list, mainly). In essence you should have the means to invers $500k in one hit.

The problem is that you get quite a few offers and it takes a huge amount of time to analyze them properly. I've done a few, but I find it too timeconsuming. I allocate 90mins a day for the stockmarket. That's too short a time for research.

The next step up is proffesional trader. Now that's a step up from the spphisticated investor most of whom are doctors, dentists etc,

 

[Deej]

You can backpack around nearly every country in the world for next to nothing. A degree of any sort is only a ticket to square one of the game. I'm sure you have done some good deeds.

With money you can do a hell of a lot more.

i reckon travelling experience is just about the most important thing you can do in life. More important than working in your 20-29 years, in my opinion. I'm going to actively encourage my daughter to travel as much as possible when she gets older.

 

[gadj1976]

Just had a good luck story I thought I'd add. Lady at work here down from Qld has an offsider, 31, 2 kids, and won $360k on lotto. Her hubby rang to say "ahh, I've got some news........I put the ticket in twice".

Yep, $720k. thanks very much.

As for me, I don't have much really.

 

[Dr Who]

You register with finance broking companies that raise money "off market" for listed companies (or those going to list, mainly). In essence you should have the means to invers $500k in one hit.

The problem is that you get quite a few offers and it takes a huge amount of time to analyze them properly. I've done a few, but I find it too timeconsuming. I allocate 90mins a day for the stockmarket. That's too short a time for research.

The next step up is proffesional trader. Now that's a step up from the spphisticated investor most of whom are doctors, dentists etc,

Many doctors ect have the income to trade, doesn’t mean they are any good at it, let alone be professionals at it. Nor does being a professional trader mean you qualify as a sophisticated investor. Im a professional trader/ investor myself and know heaps of professional traders who don’t qualify.

 

[Dr Who]

i reckon travelling experience is just about the most important thing you can do in life. More important than working in your 20-29 years, in my opinion. I'm going to actively encourage my daughter to travel as much as possible when she gets older.

Im going to encourage my kids to invest, so that their travel is A) paid for by passive income and B) the trip should be able to be claimed on tax if done right. That way they wont have to work and can go on 5 times as many trips.

 

[Frodo]

Many doctors ect have the income to trade, doesn’t mean they are any good at it, let alone be professionals at it. Nor does being a professional trader mean you qualify as a sophisticated investor. Im a professional trader/ investor myself and know heaps of professional traders who don’t qualify.

It's an accreditation, and you need $10m+

If you have PT accreditation then SI is a walk.

 

[Frodo]

Im going to encourage my kids to invest, so that their travel is A) paid for by passive income and B) the trip should be able to be claimed on tax if done right. That way they wont have to work and can go on 5 times as many trips.

Well you've clearly read "Rich Dad, Poor Dad", but exactly how are these trips going to be claimed on Tax?

 

[Dr Who]

One of many books on trading/ property or investing, yes. If one was to own investment property, then trips to find more property and or inspect owned property could be claimed. Would a trip to WA to inspect a mine you own shares in be a legitimate reason? Meet your futures broker who works in Noosa? Ect?

 

[Dr Who]

I see, you mean Professional Investor not trader.www.smithbarney.com.au/Access/Dyn/Content/ourservices/internationalinvestments/investors.html

 

[Frodo]

I see, you mean Professional Investor not trader.www.smithbarney.com.au/Access/Dyn/Content/ourservices/internationalinvestments/investors.html

yes, i stand corrected.

 

[Frodo]

One of many books on trading/ property or investing, yes. If one was to own investment property, then trips to find more property and or inspect owned property could be claimed. Would a trip to WA to inspect a mine you own shares in be a legitimate reason? Meet your futures broker who works in Noosa? Ect?

The legitimacy would be down to the taxman. I should think your Noosa trip would not have a hope in hell. Your investment property trips would be okay as long a reasonable amount of trips, say 50%, resulted in aquisitions. The taxman isn't daft.

But the key question was how your 'children' would travel the world as tax deductible expenses. I'd like to know because I have two children mid twenties and the opportunities seem very limited.

 

[Dr Who]

Nah mate, you were right (out slightly with 1 word no biggy). It just threw me off for a bit, hence the confusion.

Yes im sure there are guidelines, that’s why its so important to have a good accountant. It can be done, in some cases it may only be a percentage that can be claimed and in all cases good documentation for tax must be kept.

One possible way might be ( I say might as I haven’t tested it with my accountant as my kids are still very young): Your trust decides its time to invest in international property and/or shares. Problem is you trust (directors) don’t know where to invest, but its decided for a well balanced portfolio this is what needs to happen. All the minutes, research and reports would need to be kept. So its decided you send your kids off to investigate the economy, rental yeilds, property conditions, growth areas, local laws ect ect, that may effect this potential investment in various countries. Governments do it all the time, they call them fact finding trips I believe, large companies do it, yours is no different. All of a sudden the trips are paid with pre-tax dollars, and your kids might just find you an investment that pays for it all, time and time again.

But anyway my main point was to illustrate it might be possible to have both. It’s the mindset and one which is very well illustrated in ‘rich dad poor dad’ series. You’ll recall he wanted a flash car, and his wife said how about you get an investment with that money then have the investment pay for the car. Yeah sure he had to wait a few years (delayed gratification), but now the investment buys him a new car every so often without him having to physically earn a cent.

 

[Fat Pizza]

There's heaps of good information in here. Why would people bag this forum?

I'm a professional trader too, but way short of the sophisticated investor status.

 

[Deej]

Im going to encourage my kids to invest, so that their travel is A) paid for by passive income and B) the trip should be able to be claimed on tax if done right. That way they wont have to work and can go on 5 times as many trips.

That's fine, but from my experience and observations people who get into the invest/work thing early in life never end up travelling at all. They only go on occasional holidays, which they think is great but in my opinion for whatever reason they never end up truly becoming enlightened to what real travelling and self-understanding/learning/exploration thing is all about.

I know there's no wrong or right, but i did the travelling thing and now i'm doing the asset building thing, and i just reckon that unless you do it early then it's like a lost window of opportunity that sort of closes in life and no matter what you go through later on it is an opportunity lost forever.

 

[utility]

At the end of the day we can't take our money with us when we die. I would much rather look back on life and say that I've lived, rather than look back and say' "Look how much money I earned". I am not a rich man but I have traveled to over 30 countries and lived for longer than a year in four.

Relationships are also more important to me. On your deathbed who are you going to want next to you as you die - your friends and family or your money?

Thatsa finea attitude!

I've got less than two grand to my name, and no sizeable assets, but I've had some wonderful experiences in the past two years travelling and spending the money I had... hopefully I'll be back overseas in January.

Money is to be spent, just like life is to be lived! Mortgage? Bah, mort = death. Money in the bank today is no good to you if you're run over by a bus.

 

[Frodo]

Thatsa finea attitude!

I've got less than two grand to my name, and no sizeable assets, but I've had some wonderful experiences in the past two years travelling and spending the money I had... hopefully I'll be back overseas in January.

Money is to be spent, just like life is to be lived! Mortgage? Bah, mort = death. Money in the bank today is no good to you if you're run over by a bus.

But that is the thinking of a poor man who intends to remain poor.

You are psychologically branding yourself a failure..and proud of it.

For God's sake change...... look at the people with money enjoying themselves on their boats, swish holidays, first class travel, parties, etc, etc. It's a lot better if you have wealth than you don't so try and strive to be wealthy. Okay wealth doesn't buy health or a true freind but it does buy the best doctors and just because you're wealthy doesn't make you any less prone to friendship than anyone else.