Comments on: We’ve Got Our First Millionaire In The Club!

By: J. Money

J. Money — Fri, 06 Mar 2015 03:38:18 +0000

In reply to Kate. I like that way of thinking :)

By: Kate

Kate — Thu, 05 Mar 2015 20:22:02 +0000

In reply to J. Money. You are already part of the 1%. You are already a millionaire in mindset. It's just that the 'facts' haven't caught up yet! But they will!

By: Thomas @ MADD Finances

Thomas @ MADD Finances — Tue, 28 May 2013 15:42:37 +0000

Great to see so many people on the list and to actually have someone reach the goal is wonderful. I will make sure to check out that post by BigChrisB. I think this is wonderful and need to actually put my goals down on paper and join the list.

By: bigchrisb

bigchrisb — Thu, 23 May 2013 22:11:05 +0000

In reply to J. Money. Yes, its been mandatory since the early 1990's. Means Australia has one of the larger pots of retirement savings in the world on a per capita basis. These type of accounts are about $1.5T, where as the Australian population is about 22M. However, such a big pool of funds makes it pretty tempting for government to keep trying to change the rules, so there is a lot of perceived policy risk for it as an investment vehicle.

By: J. Money

J. Money — Thu, 23 May 2013 21:44:47 +0000

In reply to D.

It def. takes some getting used to :) Here are some posts we’ve done on it already – maybe one of them helps?

https://eliteedgemoney.com/2009/01/to-combine-or-not-to-combine-finances/

https://eliteedgemoney.com/2011/05/married-3-years-still-havent-combined-finances/

https://eliteedgemoney.com/2012/08/love-and-money-whats-fair-whats-right/

https://eliteedgemoney.com/2012/08/new-money-management-system-and-banking/

By: J. Money

J. Money — Thu, 23 May 2013 21:42:58 +0000

In reply to Anton Ivanov | Dreams Cash True. That's true indeed :) Thanks man. Hope you reach it soon too!

By: J. Money

J. Money — Thu, 23 May 2013 21:41:01 +0000

In reply to bigchrisb.

D’uh. Yeah, that makes a lot more sense, haha… I must have been half-sleeping while trying to calculate that in my head ;)

And also, congrats again my man! Or better yet, Mr. Millionaire!

By: J. Money

J. Money — Thu, 23 May 2013 21:40:10 +0000

In reply to bigchrisb. woahhhh everyone there MUST contribute to it?? Like mandatory savings?? If so, that's awesome!!

By: bigchrisb

bigchrisb — Thu, 23 May 2013 04:02:08 +0000

In reply to HabbieBabbie.

Good question! By “net” I mean the value of my assets (about $1.6M) less the value of my debt (about $550k). The debt is all investment debt (business loan and margin debt against stocks).

However, the same method would be true if looking at a house. A $1,000,000 house with a $900,000 mortgage would not (in my opinion) make you worth $1,000,000, but just the difference, $100,000.

Hope that helps!

By: bigchrisb

bigchrisb — Thu, 23 May 2013 03:56:48 +0000

In reply to J. Money. Yes, I'm in Australia. The retirement system here is based around superannuation accounts (retirement account by another name). You must contribute 9% (rising to 12%) of pre-tax salary, and can choose to contribute more than this. Both contributions and earnings are taxed at 15%, as opposed to whatever your marginal tax rate may be (38.5% for me).