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sky18
post Sep 4 2018, 12:10 PM

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QUOTE(MeToo @ Sep 4 2018, 11:43 AM)
its all good until I read the last line "No loans"...

Er... personally I dont know a millionaire (and above) that doesnt have a few outstanding loans. Using cash for everything is not making the best use of you money. So for those who have 7 digit and above networth and claim to be debt free, I always take it with a bucket full of salt.
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I believe "his friend" at least close to 8 figures NW or above.

Btw, we had accept the "personal finance" is vary among ppl. there are exist 7 figures folks dont have any outstanding debt. it just a matter of preference and no right or wrong. Some of them are very good in boosting their earning, some may super frugal in spending, and other excel in investment.

To me, we had to agree to disagree as everyone have different context, personal strenght and past experience which form their unique way / view on "personal finance";

It just wasting time & effort to force own beliefs onto others; similiar to you can't help someone who doesn't want to be helped.
sky18
post Sep 4 2018, 01:02 PM

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QUOTE(cfkoon @ Sep 4 2018, 12:26 PM)
7 figures are nothing, millionaires will have loan. period. for eg millionaires will want to stay in millionaire homes, not one HNW person will pay that outright with cash.

7 figure who meticulously saved up over the years, they are prob frugal retirees, paid off their house, enjoying their retirement income.

UHNW will have even more loans than you think, because we can earn much more than the loan repayments. Loans will range from HP, House loans, SMF, CC.

Majority of UHNW will have loans.
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I guess you refering to 7 figures millionaires in RM terms, there are many out there... in USD term, around 43,000 as of 2016 as stated here (https://www.straitstimes.com/asia/se-asia/malaysias-rich-drive-demand-for-high-life)

Millionaires not neccessary want to stay in "million" worth of properties and take up loan for that. Instead, pseudo affluent may... this article is well written (https://thinksaveretire.com/pseudo-affluent)

And, imnotabot speak it out and loud where everyone had different financial goal.

UHNW is different league... Showtime747 will be a better person to tell. smile.gif

Added:
I'm enjoying millionaires interview series..... https://esimoney.com/category/millionaires/page/9/;
And come across money critics article and I shared the same views (https://esimoney.com/ignore-money-critics/)


QUOTE(imnotabot @ Sep 4 2018, 12:43 PM)
Come on guys, it really depends on your financial goal lah.

Some people accumulate wealth so that they get to live like millionaires, live in huge houses, drive expensive cars, eat at expensive restaurants, send their kids to private international school, etc.

Some other people accumulate wealth just to achieve financial independence: not having to work to live. So they accumulate wealth up to a point, stop working, and continue living the same lifestyle until the end. This can be achieved without relying on debt. In case you're not familiar with this approach, I suggest reading blog posts by a guy famous for it, Mr. Money Mustache.

There's nothing wrong with both approach. To each his own.
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This post has been edited by sky18: Sep 4 2018, 02:08 PM
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