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Duncan's Wealth Guru's post

Discussion in 'Off Topic' started by Mark Laszczuk, 23rd Sep, 2007.

  1. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    Reader's of Dunc's blog will be familiar with this, but I thought I'd link it because it provides what I think is an excellent lesson that we all can learn from. Namely, "How much is enough?".

    Dunc Nuggets » Blog Archive » Wealth Gurus/Wealth Convergence

    I hope you all get as much out of it as I did. I've bookmarked it and also copy pasted it into a word doc for future reflection.

    Thanks Duncan!

    Mark
     
  2. Glebe

    Glebe Well-Known Member

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    Hey Mark,

    Instead of copying and pasting these kinda things into word, a handy tool is PDF Creator.

    Once installed, you simply File -> Print, and PDF creator is listed as a virtual printer. It then converts the website or document to PDF. I think it's really cool.

    SourceForge.net: Files

    And I thought it was a good article too :)
     
  3. Alan

    Alan Well-Known Member

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    Good reminder Duncan/Mark.
     
  4. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    Hi Glebe,

    Oh my... that is a wonderful tool, thanks!

    Mark
     
  5. AsxBroker

    AsxBroker Well-Known Member

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    PDF Creator

    Hi,

    I reckon everyone should be using a PDF creator. Personally I use PDF995 but there are plenty of good freeware/shareware ones available.

    One would think that large businesses would have figured it out, but I guess not yet.

    Cross our fingers :)

    Mark, that Nugget is GOLD!

    There is also one a few earlier about energy consumption and how the governments are trying to create more energy, rather than getting people to use less energy!

    It's a crazy world we live in!

    Cheers,

    Dan
     
  6. TryHard

    TryHard Well-Known Member

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    A well written piece, great reminder to go outside and small the roses. Well spotted and highlighted Mark ... the 'next' link to "Deep in ... "is pretty funny too :)
     
  7. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    Funnily enough, I was in Dymocks today and saw book titled 'How Much Is Enough?' or something close to it. So I picked it up and had a quick flick through. It was rubbish, lol. I got more out of a few well-written paragraphs from Duncan than I did from what I read in the book.

    Very very heavily skewed towards 'planning industry' type thinking. But then it was endorsed by Paul Clitheroe, go figure.

    Mark
     
  8. coopranos

    coopranos Well-Known Member

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    So the way to be happy is to make sure you dream small??
    That is the biggest load of garbage I have read in a long time.
    I have read and listened very widely to material from a great many "wealth creation gurus", and honestly cannot think of a single one that claimed that money was the key to happiness - in fact all I can think of go out of their way to state very clearly that money will NOT bring you happiness in and of itself. If you arent happy along the way to whatever you decide is your destination, your destination wont make you happy - whether that destination is wealth, a new job, a new family, or the simple life espoused by duncan.
    The best way of putting it I have heard is that money is an amplifier - it can help happy people spend more time being happy, and it can be the death of those who look to it as the key to happiness. That is why so many of the wealth creation gurus that duncan likes to bag spend so much time in their books, seminars, and audio programs concentrating on psychology and personal development. In fact, arguably the biggest guru of them all Tony Robbins spends a very % of his programs focussing specifically on financial matters, and then it is only very very basic level information. Most of his programs are spent helping people becoming successful in other areas - health, relationships, happiness.
    Duncan admits that he lives a simple and basic lifestyle, and that is entirely his decision, and I call him a tremendous success - he has designed a life that makes him happy and has achieved his goals. There is no purer definition of success. However to suggest that what makes him happy is what should make everyone happy (by "aggressively attacking your needs"...ie decreasing the scope of your goals and lifestyle desires) is as ridiculous as saying that in order to be happy you have to have money like Bill Gates.
    The reason so many of the "wealth gurus" do show images of luxury lifestyle itmes - cars, boats, etc - is because people are generally goal oriented, and the great majority of people have thrown in the towel on having any hope of achieving a level of financial success that would enable them to experience things that they may genuinely enjoy. You cannot inspire people to reach by telling them to just settle for average.
    I missed the part where it is a negative thing to use reminders such as cutting out pictures of things and experiences you are aiming for. Should you not use whatever methods you can to keep your eye on your goals? So the guy who is 40 kilos overweight through years of poor eating habbits isnt allowed to use visual tools to help him get through the hard yards of diet and exercise? He comes home depressed one day because he succumbed to the temptation of the chocolate cake at morning tea, sees the reminder of the goal weight and washboard abs he is striving for on his fridge door and gets his inspiration back and jumps on the treadmill for an hour. Isnt this a good thing?
    The single mother lives in a house provided by welfare recently got a book from a friend and sets some goals to get ahead. She gets depressed one day because she had to turn her friend down for a movie for the 3rd time this month because she is putting her money into an investment program, she walks by the picture of her new house she will buy after a few years and gets inspired and motivated again, letting her focus on the long term prize instead of the short term pain. Isnt this a good thing?

    Dont listen to that drivel. Dream as big as you want to dream, Aim as high as you want to aim, study happiness and design the lifestyle you want, then go and do it. That is success. No one ever just woke up happy one day - happiness must be planned and worked towards, just like any other value worth having - including good health, good relationships, and financial success.
     
  9. TryHard

    TryHard Well-Known Member

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    I had the misfortune of burying a mate today. 47 yo, top bloke who loved the odd beer, fit looking fella, coached kids in local footy, great family guy, no sign of any illness, died in his sleep, survived by his lovely wife and 14yo daughter/11 yo son.

    The service was in a catholic church ... like all there I will miss him, but the religious side was somewhat lost on me ... been a while since I set foot in a church ... possibly the religion meant as little to me as Duncan's tome meant to Coopranos.

    However there was one gem which I must admit I had never seen before (not being widely read) ... there's a copy here :
    Max Ehrmann's "Desiderata"

    I figure that is a nice bridge between those who are religious and those who aren't ...

    I mix with some very rough blokes and it definitely takes an event like this to bring us all down to the basics.

    If anything ever reminded me Ferraris and Power Boats don't make you a better bloke, the events of today did ... I'd swap a lifetime of all the wealth gurus on earth for another 5 mins listening to my mate talking about the footy. But that's just me.

    Cheers
    Carl
     
  10. coopranos

    coopranos Well-Known Member

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    Carl
    My condolenses for your loss, I sincerely hope his wife & child are ok.

    Mate I really hope you dont misunderstand my post - it is not about power boats, or ferraris, and anyone who says it is is just plain wrong.
    It IS about making the absolute most out of the time we are given - stretching ourselves as far as we can, experiencing as much as we can, growing to the full extent of our capacity, having the best relationships possible.
    Duncan's write-up just rubbed me the wrong way - saying that people should just settle with less than they can be/do/have.
     
  11. TryHard

    TryHard Well-Known Member

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    Fair enough mate - I wasn't having a go - was only the Desiderata reminded me of this thread I went looking for it :)

    It was yet another wake up call to me about what is important ... we're a long time gone, as they say in the classics ...

    Like you, Duncan's post struck a chord in me, in my case mainly because those wealth gurus he refers too invariably show the flash sports cars as though it makes them better than 'normal' people. I know a supposed wealth guru with a Ferrari and I guarantee my mate who's gone is 1,000 times the man the "guru" will ever be ...

    I guess as long as whatever we do fulfills us while looking after our loved ones, it probably doesn't much matter what or how we do it ... :)
     
  12. coopranos

    coopranos Well-Known Member

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    Just shows you mate - its not the money that makes the man, its the man that makes the man - money helps the good man have a bit more fun, money helps the less than average man be more of a w@nker!
     
  13. Alan

    Alan Well-Known Member

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    Sorry to hear about the passing of your mate Carl. :(

    I think we're all really saying the same thing.....

    Money doesn't make you a good person or a bad person. YOU make you a good person or bad person.
     
  14. Glebe

    Glebe Well-Known Member

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    Carl,

    Sorry for your loss, he sounds like a top bloke.

    And thanks for the link to Desiderata, that's the first time I've read it. It's reminded me of Rudyard Kipling's 'If', which my dad hung on my bedroom wall when I was a kid.

    If by Rudyard Kipling
     
  15. Glebe

    Glebe Well-Known Member

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    I guess in the example above, Duncan would argue the happiness lies in the sailing, the active pursuit, not in the purchase of the boat itself.
     
  16. MichaelWhyte

    MichaelWhyte Well-Known Member

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    Quite right, but that would run contrary to his minimalist approach. But I decided to delete my entire post anyway. I agree with the fundamental tenet of not aspiring to more than you require to be happy so will leave it at that. I still do take some offence at being lectured as to what that end state should look like though. I'll take my own counsel on that.

    Cheers,
    Michael.
     
  17. TryHard

    TryHard Well-Known Member

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    Thanks Coops, Alan and Glebe for the thoughts

    The bloke packed out the church even more than people expected I think - he touched a lot of people as being just a kind and amiable fella no matter who he talked to

    Bit of a warning for those of us in our 40's thinking we are otherwise healthy ... he showed no signs of a completely blocked aorta which is what killed him ... time to order some poking and prodding at the local quack for me
     
  18. Dr Lobster

    Dr Lobster Well-Known Member

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    Today I calculated my net worth after receiving advice that my qld properties were growing nicely (stronger than what I had predicted thumb suck style).

    I determined that I could sell up everything including my ppor, buy in raymond terrace with cash, and generate about $40k a year in passive income and still have my super ticking over and preserve a fair chunk of my capital. To supplement my income I would have to get some kind of sh*t kicker job like work in a servo a couple o days a week or mow lawns etc etc. Then I would be free to surf, fish, bum around. Of course it would mean I would never own a european car or holiday o/s etc etc.

    Currently I am reading "The Art of Happiness". I'm trying to sort somethings out. I don't actually know what I want.

    For example, if I had a fancy car would I be happier. I don't know. I fantasize about it all the time. I really want one. I drive 800kms a week to and from work in a 1989 landcruiser with 400,000 kms on the clock. I suspect it would be nice, but not necessarily make me happier.

    At the moment I am trying to divorce myself from the idea that I must compare myself to everyone. I know I'm competitive, I compete as hard as I can and I get pissed off when I'm not successful. However very few ppl in the world win in the sense that they are the absolute best.

    I'm trying to step away from career progression, but knowing there are more rungs up the ladder makes me wanna climb them. But there will always be more rungs. I've got mates who earn more than me, have jobs higher up the food chain than me and I feel like should be up there with them. They don't make me feel bad, its a competitive thing.

    And the weirdest part of all is that I am financially in front of people that earn more than three times what I do, and yet I still feel like I need to climb that corporate ladder. What for ? I earn enuff and apply it well enuff to be well off.

    And I know why.

    1. I'm a dude and therefore I'm competitive. I'm not saying all dudes are competitive or chicks aren't, but being a dude goes away toward this.

    2. Society depends upon ppl continually striving to earn more and spend more, I work in retail, I see everyday the profit margins of businesses and the turnover they generate. People are conditioned to earn to spend, just like the scene in the matrix where ppl are born to feed the machine. The shopping centre I manage turns over $500m a year, there is a surf shop that turns over $3.5m a yr, across the mall there is another one that turns over $1.5m. How many pairs of boardies and tee shirts do ya need !!!!

    I know this and turn my energies to investing and think that I know what's doing and that I am better than "them".

    I dunno why I gotta be better than anyone.
     
  19. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Hey Doc Lobster ... if you have competitive energy that is looking for an outlet - here's a suggestion (a serious, humble suggestion - and it is only a suggestion, not a "you should be doing this").

    Maybe you'd like to try putting your energy into helping others ? Doesn't have to necessarily be putting your own time in, there are plenty of causes which just need good cashflow to do their work ... but if you do have the time, it can be far more valuable than money. To get yourself out of the "competitive" mindset - continually striving for more for the sole purpose of trying to make yourself happy ... perhaps try striving to achieve other things with your wealth. I'm not saying give all your money away and live like a pauper ... I'm saying strive to make a LOT of money so you can give more away - or so you can afford to spend the time working on projects which don't return any monetary value directly to you. There is a lot of satisfaction that can come from these activities which make the competing with other people seem quite insignificant. Compete with yourself to see how much you can achieve in your lifetime, to see how many other people's lives you can improve - even if only indirectly.

    Like I said - this is just a suggestion - please don't feel like I am trying to guilt anyone into action here ... everyone has to find their own place and their own path.
     
  20. Dr Lobster

    Dr Lobster Well-Known Member

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    Firstly let me say I am not manically depressed or the like. I guess what I'm saying is that getting out of the career path mentality aint as easy as what I thought. Probably because that's all I've know for the vast majority of my life. Plus the industry I work in expects you to want to keep progressing. It is frowned upon if you do not have a personal development program. Personally I don't really want anymore responsibility, more income is nice though.

    If I get to the point of having enough then doing stuff for others is definitely an option. Don't know what that will be, there will be something.

    I'm sure most here have heard of the paradox of thrift.

    Paradox of thrift - Wikipedia, the free encyclopedia

    I'm thinking there is a similar paradox of investing.

    Most people start off small, saving what they can and delaying gratification. As the assets grow and income streams grow they continue to purchase more assets and and continue to delay gratification to continue the cycle. Having trained themselves this way for years, by being so focused and dogged in their resolve it becomes harder and harder to release some of this equity to start buying the nice things. They know how hard it was to obtain that equity or income. They told themselves they did not need those things, that they were unnecessay and frivolous and they were better than those who had them because they didn't need them.

    Now they find it hard to purchase those things that subconciously they have been working towards. Its a case of one more deal, then I'll have enough and I can have it. But there is always one more deal, and then I'll be able to go from a toyota to a calais to a bmw and so on.

    Finding a balance between money and time is tough. You don't want to squander either.