HK$100M+ to HK$500M
HK$50M+ to HK$100M
HK$20M+ to HK$50M
HK$10M+ to HK$20M
HK$5M+ to HK$10M
HK$1M+ to HK$5M
HK$1 to HK$1M
Broke / Nada / Skint
In Debt (-HK$1 to -HK$100K)
Massively In Debt (More than -HKD100K)
Still it was better with the names , now I do not know who I like the most on this forum ;-)
lionrock88, how about you just post your own net worth on this thread and be done with it. I don't think Shri would stop you. And I'd personally be very interested to read all about it, as I'm sure would other people.
In keeping with your original suggestions to others, feel free to include all your assets - cash, fixed income, equities, properties (inc primary place of residence), funds, derivatives etc. For your properties, just include the equity portion (ie exclude the outstanding mortgage amount).
Are you chill enough to do that for us?
Last edited by John Doe Jr; 16-02-2011 at 07:53 AM.
As I keep trying to reiterate, there is no magic formula as to how some have done ( in my case ) exceptionally well out of property, by following some renovation rules that for me, work. What works for me, may not work for you, because you aren't me. Property is one of my passions, like coffee, great food, and European travel, its what drives me, I don't see it as a chore or work.
It was also greatly helped ( my case ) having invested in Melbourne property since 1997, where capital gains have been extraordinary, and VERY SOLID. To give you an example, we pooled all of our previous gains into one blue chip heritage property back in 2003, purchased for $735,000AUD, is now worth realistically $2.4million AUD, ( 65% of our net worth ) and will likely gain another 20% over the next 12 months as the market is still climbing, defying all the bubble burst ranters who aren't even actively involved in the market, had they put their money where their mouth was, they certainly wouldn't be mentioning doom, and gloom. To be blunt, they would have nothing to complain about, as they would have reaped a great gain, during their opportunity wasting rant. Know what I am saying ?
We have also pooled all our gains into what we perceive as the best area/address in the Sai Kung district, in an architecturally unique home that looks nothing like the rote repetitive boring little boxes that usually smother the landscapes of HK/NTburbia, our street is one of the neatest/prettiest in HK, with one of the best cove views you could possibly find anywhere. As we didn't leverage to purchase the property, regardless if property prices cave in tomorrow to a 50% drop, I am still in front, and am quite willing to ride out the dip should there be one, knowing that property prices are cyclic, and with this one, we don't plan to flip, we'll be in this one for the long haul. Having very low supply, certainly helps maintain prices in this particular street, that doesn't cater for first home buyers, which don't interest me.
Once you reach where you want to be, contentment is achieved, the problem is some people are soooooooo greedy and obsessed, worried about what other people think, they don't know when to stop, to the point that it consumes them, destroying things like their marriage, ie selfish .Leaning off the other property threads that you and Morrison were heavilly involved in, merging it with this one that Lionrock started:
Based on a small few that harped on about property bubbles, because they plan to borrow up to their eye balls to purchase a property. It is easy to spout off doom and gloom in that case scenario, or when you are not actively committed in anything tactile/fruitful financially, and seems to only indicate sour grapes portrayed by a small percentage of people that cannot work out how to enter a soaring property market. If you aim big, while having limited experience, you will only fail. You have to start small, and work your way up. Also, if you don't plan to get your hands dirty, and be prepared to modify, to drastically improve a home to new standards of fit, and finish, you arent going to be able to attract buyers that are willing to bid higher for your property over any other, in the area. I aim exclusively at the wife factor, knowing that if the wife really likes the home, you are 70% closer to a sale, and once adding a home cinema, pre wired with a 100 inch hide away projection screen in the lounge, with automated A/V connectivity around the home, you hook hubby in for the final 30% of signing a deal.
When we retire early to live in the French countryside, owning a small B & B ( just to keep busy and for fun ) by a picturesque river, we will sell our Melbourne property, and supplement our income off the SK property, even if we didn't lift a finger, we could very comfortable live on the HK property rent, until our mortal coil extinguishes.
The key is knowing what you want, and not sacrificing your family to achieve it .....
Last edited by Skyhook; 16-02-2011 at 11:10 AM.
Skyhook, I do appreciate your post and while I personally wouldn't have provided the detail you have (Mrs Doe would kill me), it was voluntary on your part and it is an extremely interesting read.
I particularly like your focus on "acting" rather than "talking" when it comes to building up net wealth. The process is scary, much of the time, and with a lot of our net worth in individual investments things can get volatile.
But this is the element of risk (calculated risk) that it seems everyone who gets ahead financially has to face at some point. Being scared is not the issue, but pushing ahead regardless with what you believe is the financially sensible thing to do, seems to be.
As you say, by starting out small we build our confidence and our abilities. Then we get to the point where big numbers (eg sums in the millions of dollars) don't phase us. That's when we can start moving larger amounts of capital around and enjoy some really exceptional returns.
My question is, When will you determine the point at which you can retire (or get your French B&B going, in your case)? Do you have a lump sum figure in mind, or a passive level of cash flow you're aiming for before you say, "Enough"?
And contrary to what other people may imply here, I'm not curious to find out other people's net worth so that I can gloat at their misfortune but rather, I want to celebrate the successes of those who have made it financially. I spent a significant chunk of my life in the States where they do have a culture of celebrating financial success and for better or for worse, I've picked up those habits.
So when I read posts by Skyhook and (admittedly) you that describes their deals or how they made their fortunes, I find it informative, inspiring and something to aspire to. It's also why I'm a prolific reader of business biographies, investment books etc. I want to know how other people did it and hopefully learn some lessons that I can apply to my own life.
As I mentioned on an earlier thread, I'm still a long way from being financially independent which is why I have to continue to work hard and invest wisely.
Also, I'm not retired and have to work so I can't always respond right away.
Last edited by lionrock88; 16-02-2011 at 12:42 PM.