How fucking deluded is this guy

How fucking deluded is this guy

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scottmarsh.com/million-dollar-choices.aspx
youtube.com/watch?v=MNctsEFp7Zs&t=793s
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It's a joke chill bruh

Avocados are overrated, guac sucks.

reduce frivolous spending

It's true. A $4 coffee + A $19 avocado toast every day of the year = $8395. Can't waste money like that if you want to own a home especially in Sydney.

This is the 2017 equivalent of "kids these days just need to have the newest $600 flat screen TV and $30 per month netflix subscription! Thats why they cant afford a 500k house!

yeah i dont buy into this trend either, just not very good

supposed to have a lot of fiber which is good but there are better tasting options

avocados cause most of the world's problems.

It's proven scientific fact like gender being a spectrum (XX, XY, etc., etc)

if $8395 Is a lot of money to you, you can't afford a house

stop eating

This is like the scenario of the interviewer telling a guy that if he didn't drink a 6 pack of beer every day then he could have a ferrari by now, and he asks the interviewer where there ferrari is then. This guy didn't become a millionaire by not eating avocados.

The guy is an idiot. Fair enough he managed to turn 34k investment into 500mil but he was given a leg up from his family by being handed the 34k which back when it was handed over in the early 2000s, it was sufficient money to cover a deposit.

Now days, lets assume that we have a partner and are saving for a house deposit. Purchase 1 $4 (wtf who pays $4 for a coffee) a day, 5 days a week and 1 $20 Smashed avo on the weekend.

5x4 = 20 + 20 for the avo.
$40 a week in singles, 80 a week for couples.

Lets assume they do this for the whole year
$2080 for a single, $4160 for a couple.

Lets put $4160 into a Term deposit for 12 months and assume what 2.7%, hell lets say 3% and all you walk away with is $31.20 in interest.

Sorry but in the 12 months, the houses at least 1 hour outside of Sydney will increase well above that.

But hey stop drinking coffee and having smashed avo and you'll be sweet.

are you wearing mankeup?

that fucking guy there turned a small 30k loan into a fucking half a billion

It sells the paper. No one cares about making money except people already making money, they are milling idiots who read shitrags like this and post on Veeky Forums about what some rich guy thinks poor people should do with their money.

Tim Gurner has the backing of every big jew in Australia. The $551 million is not his money.

Sounds like this "big jews" is a special kind of good money human species. Do you perchance know which coins they are backing?

can confirm no coins

>buying a home at all
Enjoy wagecucking and paying 1M for a 1500sqft house if you live in California or pretty much any booming city.

The redpilled thing to do in this market is to live with parents or in a van (financed at low rates), shower at a gym, and save as much cash as possible while growing your businesses and milking your clients as hard as possible. Been making >500K profits, >1.5M revenue in recent years. Might hit 1M profits with this explosion of clients after the Trump rally. I do high end remodeling for mostly rich people in the north Chicago area with my father. By the time the next recession comes, well be sitting on millions in cash and buying up all of our competitors which have much higher cost structures but can still exist in this market.

this
If you marry and bitch and she divorces you, enjoy 50% of your lifes work going straight to the trash

WHAT DID YOU SAY ABOUT GUAC???

>1M for 1500sq
yeah well that is something i would fucking enjoy, would be 2 - 4x that down here.

Indeed. The funny thing is that the residential market is massively picking up in my area. Young couples are buying houses at extreme valuations because of extreme debt. Our warehouse which is a distribution center 30' ceilings and the like was recently bought for 25-30X operating income. We are paying rent and happily so. 4 units at $6000 month is a steal given these 32 unit centers are changing hands for 5-10M a piece.

Stop breathing.

Warren buffet 2.0

Honestly he has a point if you don't take the 'avocados on toast' point literally - Millennials have awful spending habits which continue to fuck them over. Sure, this is exacerbated by the despair most people feel when looking to the future, especially in areas where housing prices are insane (i.e. major cities in the Anglosphere), but the concept of saving for a future investment, or investing a portion of their pay checks is totally beyond most of them. Everyone here who has recently been to university or still is there will know that 90% of the students (who aren't rich FOB chinese mainlanders) put most of their money towards going out/clothes/other frivolities, then blow the leftover money on an overseas trip or, if they can't afford one, festival(s) around Christmas/January before school resumes, then they repeat the cycle again.

What results is that the vast majority of graduates not only leave university in their early-twenties with a useless degree and debt, but also an abysmal understanding of money driven by their adoption of the 'university lifestyle'. Given their lack of funds, qualifications, direction, motivation and experience, most graduates simply give up on their hopes to own a home, and this glut is only going to increase.

He's right then to point that out. The only reason this was picked up by the press is because they can push their 'the rich are out of touch' line easily, but the inherent truth remains: personal wealth tends to increase proportionally to the size of the wealth itself, and pissing away the beginnings of your wealth (accrued through a part-time job or similar) is a great way to hamper yourself in the future.

How fucking retarded are you if you don't understand the concept of compound growth?
scottmarsh.com/million-dollar-choices.aspx

>500mil
Fuck avocado im listening to this guy

That's a lot of money just for meme food, no matter how much you make

Poorfag detected

He's right though.

Didnt this comment come out last year? I remember when the australian media got a hold of it and everyone bantered it to death

think so, this guys in an AFR article every 2nd day

thanks for all that anecdotal evidence you pulled out of your ass

that said I'd rather spend my life eating avocado on toast than plop hundreds of thousands of dollars on a plywood shitshack in suburbia

He has a point. Regardless of who its directed toward.

The example he made just refers to if you spend an extra $5 on each meal everyday, you;re wasting almost $6k a year (which in many places alone is the difference between an apartment and a small house).

To his point, the same people who do that for breakfast, also probably buy a $6 beer while they're out when they dont like it much more than the $2 draft. Buy 2 $3 coffees a day instead of brewing some at home. Put premium gas in their Honda. etc.

After 5 years, if they invested that $15 a day they'd have $32k to show for it.

And that doesnt mean eat ramen and unhealthy your whole life. I means look at the opportunity cost of everything you buy.


Also, if anyone wants to know how to eat right for cheap, let me know. If you like steak, chicken, and pork, You should be able to eat one of the three with sides, home cooked for under $5 a meal

There's no point in saving when you're a university student because you don't have a proper job and thus nothing to save

Retard

People who disagree with this post are wrong.

Lol wtf

Ausfag here
I have met him and can say that he isn't deadset brilliant, has a good team but spends all of his time working on new projects. Although that figure seems to be a bit off. When I first met him in 2013 he was in the 100-150 range.
His office is down the road from my old apparent in South yarra.

That's exactly why you should save though.

Grant Card one hates these people, and with good reason. If you eat the avocado toast twice a week, that's about $2000 a year. Do that for 10 years you have $20000. But wait, prices of homes has shot up and inflation has destroyed the $20000 purchasing value.

The housing market is fucked. The only way out is to increase value and make more money.

you know what he means, it's a lighthearted comment with some truth to it, 20 somethings spend insane amounts of money on coffee/food/alcohol without saving anything.

Poor people waste too much money, he's not wrong about that. Problem is this misses the point. If you can't afford avocado toast then cutting it out isn't going to make you able to afford a house. It'll just make you be able to afford, say, a rainy day fund so you don't become destitute if your boss at your minimum wage gig decides to cut your hours.

It's prudent for poor people to stop buying this crap, but it won't allow them to afford a house.

This guy literally got handed a golden ticket.

Given money to cover deposit, perfect time to buy while prices were low etc... no doubt probably scooped up some bargains post GFC with all the capital he already had.

It's not fucking rocket science that you need money to make money. The problem is now because cost of living is so fucking high and increases in wages isn't keeping in line with housing prices due to fuckwits like him selling thousands of properties to China at inflated prices, everyday millenials can never afford to buy a house in the capital cities.

Somewhat. You probably spend too much, but the real way to get money is to make money.

> t. Drooling retards

I'm not saying you have to buy some shithole for a fortune (and no one should), just that pissing away your cash while waiting for some high paying job is a fucking idiotic idea. In this case, I'm wondering why some rich faggot telling young hipsters not to spend an hour and a half's worth of wages on breakfast is a dumb idea to you people.

>larping this hard in the business section on an anonymous chink image board

Who are you trying to impress?

ITT: people rustled by some guy

WEW

They're only rustled because they cannot face living a life of not spending money on stupid shit

either you're rich and still wasting your time on a shitposting board or you're a larping poorfag.

either way pathetic

It's also a zoning issue but it's interesting to see the development of house prices of single-family houses to apartment buildings. The latter grew much slower.

Are you fucking retarded

Its a false comparison to say that Gen Y just spends too much on their international holidays and fucking avocado.

THE PRICE OF FOOD HAS FALLEN SINCE 1960
THE PRICE OF TRAVEL HAS DRASTICALLY FALLEN SINCE 1960
TECH ECONOMIES OF SCALE ETC HAVE MADE FLYING TO EUROPE COST A MUCH LESS THAN IT DID IN 2000. MY PARENT BOUGHT A HOUSE IN SYDNEY FOR 700K in 04 NOW WORTH 1.5 M.

Get fucked you dumb cunt if you think saving more when houses are double and tripling in price is the answer

>Also, if anyone wants to know how to eat right for cheap, let me know. If you like steak, chicken, and pork, You should be able to eat one of the three with sides, home cooked for under $5 a meal

Veeky Forumsizen crossposter here, you can eat like a bodybuilder for 200$/month. Theres a few videos on jewtube on the subject, heres one;youtube.com/watch?v=MNctsEFp7Zs&t=793s

>$19 avocado toast

> Yes friend, don't even try to buy a house, just rent from us your entire life while consuming our goods! Remember, spend all your money when you're young, its not like there are a million ways to multiply it! That's it, you'll always be a loser who will never be able to afford a house - that'll be half your pay check after taxes for the rent, good job rentcuck! You must be glad you didn't buy a home haha!

Cry more coward, we're all aware that the housing market in Aus is bullshit but remember that people having been saying the rubble would pop since Howard's second term. If you want to be a prole you're welcome to be one, but the rest of us will be saving to either:
1. Buy when the bubble does pop, whenever that might be, or
2. Buy property overseas
or to invest in other assets, obviously. My point is that young people cannot manage their money and that capital will continue to flow upwards at an exponential rate while the boomers have a monopoly on the market. If you want to break that stranglehold you need to buy property, and to buy property 99% of the population needs to save. Also:
>1.5m
>Sydney
Do you poorfags always type in all-caps?

Globalization of wealth also implies people with a less favorable income in the currently wealthy countries will have to move to less wealthy countries.

It's like, globalized ghetto/segregation.

I'm not opposed to all you poorfags moving out.

Haha, jokes on him: I buy avocado at 5€/kg and make my own toast saving money and prolonging my life.

Seriously though not many people get how fucking cheap one can live in the west with almost all the comforts the world can give you. You need mental fortitude not to give in and live alone/with friends. Not that I do it because my gf would insult me and she anyways sucks all my cash.

If you disagree with this, you're probably under 20.

>$19 avocado toast

Where?

In my pantsu, user~

>millenials have terrible spending habits
>says this while boomers waste 10s of thousands of dollars on a new boat and rack up 7k in credit card debt

Avocado prices hover between 1.50 and 2 bucks where I live.

What millenials really need to quit doing is spending 4$ a can on craft IPAs.

while "university spending habits" are a real problem and I don't disagree with you, the average boomer is 100x fucking worse than the worst millennial. it's a miracle they keep themselves alive on a daily basis.

t. analyst at a very large bank

time to short my avocadotoast-stocks

Grade a journalism Time.

...

It's like you haven't heard of a prenuptial agreement.

He has a good point, if you eat at expensive restaurants every day it adds up

>things that get thrown out of court

Everyone is losing their shit over this but you have to admit the larger point as merit. And I am in the age group he is talking about.

It is indisputable that frivolous spending is playing a huge role in the younger generations stagnation. I personally know plenty of people under 35 who are still stuck renting (despite having the same job for 10 years, one of the common excuses given for excessive renting) and have basically dick for savings but spend money on daily luxury products, and expensive vacations.

Something like :
>make 30 to 70k per year
>have lease payment on car
>rent shitty overpriced apartment
>eat out for dinner 4 or 6 times a week
>not counting lunch, which they buy at a cafe every single work day
(Eating out 10 fucking times a week)
>buy starbucks or equivalent every day
>every weekend drop 100 plus dollars on a bartab
>go on mundane over priced vacations (thousands of dollars each) 2 or 3 times a year
"The man is keeping my generation down"

The worst part is, unlike Sidney or other urban cesspools I live in an area with a low cost of living and high job availability AND an affordable housing market. A young person can get a nice place for around 100k (less if you want to slum it a little) or a really nice place for under 200k.

Meaning anyone who can save 4 to 7k, pay 700 to 1000 per month (less than most apartments) and hasn't fucked up their credit with rent to own furniture can buy a house and build equity while saving money.

I know this math doesn't work in every market, but it is happening. And that "live while you are young" spend every dime lifestyle starts looking shitty at 30, and looks suicidal when you turn 40 and don't have a dime.

>paying 30x ebitda for a warehouse

Lmao why

>$19 avocado toast

Even your gross overestimate doesn't seem like a lot

Retards or shills. Kill yourselves

>There's no point in saving when you're a university student because you don't have a proper job and thus nothing to save
>Retard

Your youth is precisely where you should save. Those savings build upon themselves, if invested wisely.

How can you honestly believe what you just said?

kek

very weak bait. You suck at fishing

>3% of 4,000 is $31
Dude

Money means different things at different stages of life.

When I was 20, I had 3k. I blew it on an 17-year old (legal here) over a single summer. In return I'll have this image burned in my mind forever:
69 with an 17-year old with her thick but firm porcelain ass in my face and her perfect pussy rubbing against my nose through her red thong, while her mouth is bobbing on my dick.

In contrast:
3k back then = 10k now if I had been lucky. Gf wants a baby, so we'd have spent that money on a stroller, diapers, baby bathtub, car seat, dresser, crib and a whole bunch of other stupid shit.

The memory is fucking priceless at this point. I still think about it when I nut. The latter is just a stupid shopping list that makes me stressed.

Someones always handed the golden ticket, right place right time is not a fucking meme and makes up part of the luck a successful business needs. Problem is you're talking like property is "it" and now that the doors have been welded no one stands a chance, it's this obsession with fucking property that has consumed most you youngsters, accept that now and here is NOT the right time and place, the markets saturated, you missed the shuttle same as you missed social networking, online retail or search.

There are plenty of other countries where renting is the norm, look at somewhere like singapore, yet you don't see anybody fucking crying about it there, they get up and find different rockets, enough to be one of the wealthiest countries in the world - well ahead of straya.

As for this guy driving prices up, I don't really see it, he's creating supply not reducing it.

Where do you live?

He's general point makes sense but is still redundent for people buying in sydney/ melb/ bris. Even if you are eating out 10 times a week say $20 ave each time, this is like the upper fucking limit and stop eatin all together. Saving about 10K a year, great you have enough to borrow 100K from the bank. This will get you nothing and in the next ten years you will need to pay back with interest, you will need to never eat out for 7 years to have enough for a deposit to then get a loan you will have to pay off and then spend the next 30+ not eating out to pay off the loan.

Fuck off
Saving is not the solution
Earning more is
This guy is a fucking shill.
The property market is fucked because its over saturated by foreign investors, and fucking SMSFs. Housing is for people not for lords to get rich off.

Most investors dont add any value at all. They just have capital at the right time.

>tfw no Jeb!

Lol

That's an extra 10K ON TOP of the other money you've saved

And get it through your head that you don't need to buy a fucking property to get anywhere.

Listen to this main, he brings gainz of body AND wallet

explain yourself nigger

>tfw the best pussy was the cheapest pussy

I miss being young. I swear to god they give it out for free when ~18

1) Stop wasting money on stupid shit
2) Meet like minded people and use nepotism to advance you, your family, and your network
3) Build wealth and repeat steps 1 and 2

Hmm, this looks familiar...

>As for this guy driving prices up, I don't really see it, he's creating supply not reducing it.

He said himself most of his business is with Chinese so just like every western country it's driving prices up.

If you're spending $8395 on toast a year you're probably a fucking bankrupt

its not supposed to be taken literally
stop frivolous spending and save your money instead
also, the average millionaires are not the ones driving lambos and throwing dinner parties every week for their friends
that's how you lose all you money

>but i'm kind of new to this board, is being a millionaire a meme dream here for people just to rant about coins and lambos?

Lol this math...
$4,160*.03*(12/12) = $124.8

Also why would you invest in anything at 3%
Maybe for trading securities

But his point was obviously long term, which average investments you'll pull maybe 9-12% out (mid-cap and small growth 5 yr plans are getting over 12%)
Http://news.morningstar.com/fund-category-returns/
And for a common 30 year long term investment that's compounded monthly
That would be $82,523 from the principal alone

What if you reduced your budget another $500 a month
>Which should be easy since $320 is spent on coffee and avocados alone
Now your PV is $10,160 resulting in $201,547 after 30 yrs

What if you put $100 a month extra, $200?
$427,596 for $100 extra and $653,645 for $200

But if all this is 'bogus' or whatever, then back to your original statement of only saving $4,160 a year:
What if you saved that $4,160 each year and put it into a mutual fund compounded yearly for 30 years?
You'd have $756,884. What if you got that ~12% return? Bam! $1,128,577, you're a millionaire!!
>And that's only saving on coffee and California meme bread.

>any booming city
Houston is still growing and a 6,000 sqft house goes for $400-750k depending if you live inside the city or in the suburbs/countryside.

>t. millennial pushing the blame onto another generation

Fucking gas yourself