Seven money secrets of the wealthy

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You may think that rich people think and act differently to the rest of us, and the truth is, they probably do. But many of the world’s wealthiest people worked hard to earn their wealth, and even harder to maintain it. To learn how to make your own fortune, or keep it, it’s best to seek the sage advice of the wealthy, because they’ve proven that they know about money.

Here are seven lessons to be learnt from the wealthy.

1. They look for investments every day
The wealthy aren’t happy with what they’ve got. Well, some are, and in this context, it’s not really a bad thing. The rich are always looking to increase their wealth, so they’re always on the lookout for investments. They always listen to potential opportunities. They’re constantly on the prowl for ways to save money as well as more. Think small – chances are you won’t get rich quick. Be on the lookout for incremental ways you can save or make money and one day, you too may call yourself ‘affluent’.

2. They control their money
Wealthy people stay away from high-risk investments, such as hedge funds and mortgage-backed securities. They stay in control of their money. If the rich don’t understand what they’re investing in, they don’t invest. But they also understand that there is no reward without risk, and are comfortable with taking on a reasonable level of risk to generate a moderate return.

3. They understand that saving is the same as making money
The rich, well the smart ones, don’t spend money for the sake of it. If they can forgo the fancy designer watch, they effectively save money – money which can then be re-invested in other money-making pursuits. Money saved is money they don’t have to earn again.

4. They invest in appreciating assets
Prosperous people don’t waste their wealth on cars and clothes, but instead, invest their money in appreciating assets, such as property, artwork, collectibles, stocks and bonds.

5. They diversify their assets

Putting all your eggs in one basket is a sure-fire way to fail. Money-making website Investopedia says it best: “it is foolish to invest all your money in one investment.”

It’s important to diversify your portfolio, by putting your money into a variety of investments, stocks, bonds and mutual funds. It’s also wise to invest your money in different types of industries, such as food, oil, retail or tech. That way, if one fails, you are still protected with your other investments.

6. They drive a hard bargain
Wealthy people look for the best possible deal in any given situation, and they’re not afraid or embarrassed to haggle for it.

7. They watch every dollar
Have you ever watched a kookaburra on the wire, scanning for its prey? Well, that’s how the rich watch over every dollar that comes in and goes out and, more often than not, it’s how they made their fortune in the first place. It’s also why they’ll most likely stay that way.

In closing …
The truly rich are the ones with the love and respect of family and friends. This is the real measure of happiness. Money isn’t everything, sure, but it can give you the freedom to live your life the way you desire. It also gives you the option of helping your loved ones live their lives comfortably and securely.

So, the point I am making is this: managing money is one thing, but looking after the really important aspects of your life, which are your relationships and your social interactions, should be a priority. Money may, or may not, buy you happiness, but by being good to those around you will make you feel like a rich person regardless of what’s in your bank account. And if you follow these tips, you may find yourself wealthy in a financial sense as well.

Read more at The Daily Telegraph

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Written by Leon Della Bosca

Leon Della Bosca is a voracious reader who loves words. You'll often find him spending time in galleries, writing, designing, painting, drawing, or photographing and documenting street art. He has a publishing and graphic design background and loves movies and music, but then, who doesn’t?

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88 Comments

Total Comments: 88
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    Well how lucky for them. First you need the money and then we can all invest like the wealthy. And the implication that people who are not wealthy do not watch every dollar astounds me

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      Anyone can become wealthy and you can start with nothing. Simple just spend less than you earn. I did it with a road block at every turn so anyone can.

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      You just need a little more than “average” to accumulate wealth.
      Our entire economy is based on the “average” household and the people who get ahead have just a little bit more. It’s all about percentages.
      If a manager in the 1970s got 10% more. ie Mr Average got $8000 pa and the boss got $8800pa. Which was quite reasonable. However move forward 40 years and Mr Average gets $80 000 but he needs to be married with a working wife for a viable income so that is $160 000. However the Boss and his wife are now taking home $16000 more. That $16000 is all play money to invest, buy bigger homes etc etc. Then chances are, due to our top heavy incomes the boss is earning far more than 10%.
      Our pay scales are totally out of kilter.

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      People fall into many different categories.Sure many folk do watch every dollar,but many do not.I know many who feel that money in the pocket is there to be spent and that it should all be spent before the next payday/pension day.
      Its not about how much you start of with or earn that will determine how wealthy you become,what you do with it will.

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      Not true, Old Geezer. Anyone can achieve a modest level of affluence after a lot of hard work and sacrifice. Almost anyone, I should say. There are folk with crippling disabilities who have no hope. There are folk who experience serious life challenges that they can’t recover from due to their age or health when it happens.

      It really disgusts me when people rant with this BS claim that they got wealthy from nothing, and then they demonstrate that they have no idea what life is like for strugglers in the real world, and not an ounce of empathy. You DID NOT get wealthy from nothing. For a start, your parents were in business. You had knowledge that many don’t have. You got a university education. You are an egotist indulging in self-aggrandisement at the expense of others, and that’s disgraceful.

      Concerned, it is certainly true that many who are not wealthy watch every dollar. They may have to! But equally it’s true that the majority who retire poor were careless with their money. Even a low wage, if you work for a lifetime, was enough in Australia to enable a person to own a modest home and have a small nestegg – if it money was managed well. The vast majority of Australians overspend. They don’t recognise that they do. They would protest angrily that they were ”unlucky”. But a lot of people achieve affluence (NOT wealth) without luck. And the vast majority, if they were given a fortune tomorrow, would have no clue how to invest it and would lose it all quickly. Just look at the record of lottery winnners!

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      It is very easy just spend less than you earn no matter how much you earn. I know people disabled that are very wealthy too. I know of one young women who is studying at uni and I already a millionaire and is yet to turn 21. She did it all from scratch.

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      Regarding being married with a working wife for a viable income: at the beginning of the feminist wave when families were far more happy and satisfied, women said we could do anything and now that we have the jobs, we want everything. Women have painted ourselves into a miserable corner. When men were the breadwinners, families lived within their means, stayed together, battled it out and kids grew up knowing that prosperity is hard-earned and usually long awaited. These days younger folk want to start out how we older are finishing up. Baby boomers knew how to work, how to save, how to go without and how to wait for luxuries. Not so today.

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      To spend less than you earn, OG, you have to earn more than enough to pay for the essentials of life. If your earnings don’t put a basic roof over your head and minimal food on the table, you can’t spend less than you earn. And anyone who claims life is easy for people born to poverty is a MORON – and a cruel and evil one at that. Savings don’t yield enough now to keep up with inflation. Investment is a risky business, especially for those with no knowledge and not enough funds to diversify. It is NOT easy. It is only easy for those who have had been fortunate in at least one way – be it with money to start them off, education, guidance, mentoring, or a stroke of good luck via a win, inheritance, or the opportunity of a well-paid job. Your chest beating isn’t impressing anyone. It’s just revealing your miserable character.

      Yes Swinging Voter – I agree with you about how families lived. We were all so much more contented back in the day. I remember my aunt meeting my uncle at the door with picnic basket in hand and they would go out to and BBQ dinner on the creek bank in summer. Our Saturday treat was picking blackberries or mushrooms or shooting rabbits. Life was laid back, but family and community was the centre of everything. When someone was sick or in difficulty, the whole community rallied. I remember the town grocer telling everyone who needed help and the hampers of food and cooked dinners would start arriving and a man would appear on Saturday to chop wood and mow the lawn. Not all baby boomers knew how to save though – as evidenced by the number now retiring with nothing to show for a lifetime of earning. Some encountered crisis later in life, but there are plenty who just lived day to day and never thought of putting anything aside for tomorrow.

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      It was the same where I grew up OGR. My Dad would milk a cow every morning (even when his family of nine kids were all grown & flown) & give the fresh milk to a struggling neighbour (a single Mum/widow with 4 little kids). And with home grown fruit & veggies, too. People gave to each other quietly & allowed those who received charity to retain their dignity.

      I agree that young people not only want everything, but they also want the latest, designer version of it. Unlike my generation who shared houses with others to save rent costs, who lugged their dirty washing down to the laundromat, who didn’t own a car until they had a full-time job, who only ate cheap mince if they wanted to eat meat.

      Our modern consumer society doesn’t encourage people to act like this anymore. Young people think only “poor” people have to budget or do with a second hand washing machine, car, mobile phone or TV. They are so sensitive to peer pressure they’d rather stay at home with their parents than do without the latest status symbol.

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      I started out at 15 as a typist in a bank on five pounds twelve shilling and sixpence. Started saving from the day I began work and was very proud at the end of my first year of working to have a bank account with one hundred pounds in it.

      I did indeed start with nothing…and I worked in the middle of Brisbane living in boarding house (my parents lived out in the country) and was the youngest there and had to buy all my meals with only breakfast provided. I had no money to do much at all and it took a couple of years where I could splurge here and there.

      Because I wore a bank uniform I had litle need to have many clothes at all and consequently spent very little on them.

      Never once did my parents give me as much as a shilling. I had to do everything for myself ..
      o handouts at all.

      I learnt the value of money and how to handle it at a very early age . I grew up fast.

      Never once got into debt and always lived within my means.

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      I started as a receptionist on $9 a week, paying $8 for board and lodgings, and I borrowed from a relative to buy an outfit to wear to work, as all I had was a school uniform. It took me months to repay the loan and then to buy a second outfit so I didn’t have to wash it every night and get it dry by morning. My partner started work at 14 but all pay was stolen until nearly 18. That’s a long and sad story – and recently laws were changed to allow a law suit for compensation, nearly 60 years on! When we married, we had $1000 between us a huge debt for medical treatment. We did get into debt because of illness, an accident, and a special needs child who cost us a fortune – but we worked like dogs and lived very frugally and ended up putting our children through university and clearing the debt, then started saving for retirement. The only debt we ever had was a house mortgage and medical bills and that initial one for essential work clothing. We lived very frugally and did whatever we could to avoid spending. Never received a cent in gift or inheritance. We were both orphans so had nobody to give us anything.

      I see young people buying expensive homes with professional landscaping and swimming pools and central air conditioning, paying $5000+ for a fridge, replacing their car every second year, taking overseas holidays with kids tagging along – and then complaining that they can’t get ahead and the cost of living is too high. The other day a hairdresser told me she spent $30,000 on one child’s sporting activities in 2018, but went on to say they ‘had to do it’ because all her friends were going overseas with the team. The child isn’t particularly talented and has no interest in a sporting career. It’s just a case of keeping up with the Joneses.

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    I think that you are wealthy if you can enjoy the simple things in life and have a rood of your head, Meaning of wealthy has many different meanings

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      The richest woman I ever knew had never had two pennies to rub together. She lived her whole life in a humble two-bedroom cottage that was fit for nothing but demolition on her death, and she got by growing vegetables and keeping chickens and making her own soap and skin lotions. But in her last years, she could have called on any of 1000 people for anything she needed and they’d have come running. Some of them were very wealthy. They wouldn’t have shared their wealth with her, but they would not have seen her in need of anything. She had no education and lived in abject poverty her whole life, but she wanted for nothing and a huge cathedral was too small for her funeral. They had to put loudspeakers in the park adjacent for the folk who couldn’t find room in the church.

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      I have requested that my body be burnt anonymously with no funeral at all. I can’t see the point of funerals at all myself.

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      Totally agree with you, OG.

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      I was commenting on her wealth, OG – not what her friends decided was an appropriate way to farewell her. You have to divert every discussion with your claims of superiority. Dream on! Good people have friends who want to say goodbye and honour a memory. You wouldn’t get that because nobody would care a jot about you dropping dead. They would most likely have a party to celebrate.

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    Look after the pennies the pound looks after it self

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    If all this stuff is such a secret, doubt that it would be circulating on the internet in the
    first place.

    One thing that was not mentioned, and is fundamental to this discussion, is the timing
    of buy / sell decisions. If you believe the market is overpriced it’s time to sell – not buy.
    If you believe the market is undervalued, the reverse applies.

    For instance, some genuine value emerged in the share market in the days leading up to
    Christmas, then the market rallied last week. The people who benefitted were the
    ” contrarian ” investors who waited for value to emerge before committing to an
    investment decision. Whether or not any wealth is realised depends on successfully
    timing a future selling decision.

    If you aspire to become ” genuinely rich ” ask yourself whether you are sufficient astute
    to make the right investment decisions at the right time and are prepared to deal with
    the consequences, especially in circumstances where the decision to invest is proven
    incorrect.

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      Re stock market. Never panic. Don’t listen to the news and their melodramas, the hedge fund managers have the stock market well controlled. The market fluctuates so buy low and sell high.

      Do listen to the news for promising inventions, discoveries etc. If you think it has promise do you own research and decide for yourself. Remember the only money you invest in the share market is money you can afford to lose. Don’t buy shares on credit.

      My antecedents always believed in blue ribbon stocks and I would have to say that I think they are right. Of course there was an era where you could live off the dividends. I suppose that’s our super returns each year.

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      Just like you buy bargains in shops you buy bargains in investments. Most people wait until they are over priced then buy and sell when they fall. I buy cheap and sell dear by selling into a rising market and buying into a falling one. I did pick up some bargains recently. One has already reached by sell target so I’ve sold it for a nice profit.

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    The article makes it sound easy. It isn’t. It requires a great deal of knowledge and a certain psyche to invest successfully. And when you have very little, or you have experienced real hardship with no apparent escape route, you become very risk averse. I think that’s the biggest obstacle for most folk. If you are wealthy, you can afford to take a risk. A loss isn’t the end of the world. But for a poor person, it might be. And as for diversification – how, if you have so little that there is no way to spread it across multiple investments.

    OG keeps spreading BS about Malcolm Turnbull’s investment success, but he DID inherit a hundred million – AFTER attending the world’s most exclusive schools. His father and grandfather were filthy rich. He didn’t do anything startling. He just did what the born rich are taught to do, and what their inheritance enables them to do. The birth lottery dictates the fate of many – and that fate is to struggle for modest affluence in retirement and never have a hope in hell of getting wealthy.

    That said, I tell my grandchildren if you want to improve your station in life, mix with the rich, impress the rich, and as far as you are able, do what the rich do. Most Australians CAN achieve modest affluence if they work hard and manage well.

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      It is very easy but most people don’t see it.

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      It’s NOT easy for those who face genuine long-term hardship. But the fortunate love to blame the less fortunate. They rip off and exploit and pillage and plunder and take far more than their share of national resources, dodge tax obligations, collude to pass laws that persecute the disadvantaged – and then they salve their guilty conscience by lying to themselves and pretending they are smart and getting wealthy is easy, so the poor are to blame for being poor. I meet people like you all the time, and I uncover their lies. They love to boast, pretending they are self made. Never come across one yet who was. They are all just liars beating their chests – and too ignorant and arrogant to even acknowledge the truth to themselves. Get over yourself, egotist.

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      I suspect you are right about Turnbull, Rainey, and who cares about him, he turned out to ditch all his principles to stay in the job, he is just another rich parasite as you describe, liars beating their chests.
      Might be a good time to reduce the rich, – Max $3. million? – $5. Million? – what maximum wealth level do we need to protect our future from these greed obsessed egotists?

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    Obviously there are different levels of wealth. Those people living in mansions, driving flash cars, wearing designer clothes can’t all be spendthrifts living on the never never. I’m sure some wealthy people spend up as well as save and invest. They can afford to

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      Poor people can’t live in mansions, drive Ferraris, and send their kids to posh private schools, so obviously many of the rich DO spend liberally. They are just very fortunate to have enough to both spend and invest. Plenty of them couldn’t spend their wealth in a hundred lifetimes, so they can live it up and still have plenty to invest for growth. Turnbull inherited more than he could spend in 200 lifetimes, but still claims to be ”self made”. Like OG, he’s totally delusional.

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      You are completely WRONG OGR.
      Many of the rich did have good incomes but they invested this rather than live the high life, at least in their early years. Your comment is for the very few and many rich people were enslaved to their jobs.
      Turnbull? He came from working class people as far as I know and made his fortune whilst working for Goldman Sachs. One fantastic investment I believe.

      I have no jealousy towards people who make a fortune but this group is objectionable because it is in ‘the club’ which abuses its privilege and avoids paying a fair share of tax. We saw the latest chapter when Turnbull gave this cohort, and himself, huge tax cuts recently.

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      No, Mick. Turnbull was not working class at all. He inherited a huge fortune. His father and grandfather owned a chain of hotels. They were very, very rich. He was sent to the most exclusive schools and university. Working class people don’t get to the kind of job he had at Goldman Sachs. You ha e to wear the right tie (figuratively speaking!). He’s typical of the rich who lie to pretend the poor are to blame for their circumstances and the rich have merely worked harder and smarter. A bit like OG, only OG has NO class at all!

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      “I have no jealousy towards people who make a fortune”
      Neither do I, Mick, but I think those who pretend to be self-made and those who lack empathy and respect for battlers are despicable.

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      And I am certainly NOT completely wrong, Mick. I said MANY of the rich spend. If they didn’t, there would be no market for cars that cost as much as a house, luxury yachts, mobile homes that cost close to a million, clothing that costs hundreds of dollars for a single small item – or even thousands and tens of thousands. Who buys jewellery worth hundreds of thousands?

      Sure, many have good incomes and accrue substantial wealth by managing it sensibly. But plenty of rich people spend very lavishly. Even throwing parties that cost hundreds of thousands for just one night of fun! Good luck to them. Money should be enjoyed, not hoarded. You can’t take it with you. But let’s not engage in games of ‘let’s pretend’.

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      You might want to read this OGR:

      https://www.
      ews.com.au/finance/work/leaders/malcolm-turnbull-is-donating-his-entire-528000-salary-to-charity/news-story/d7234aa711ed4a0db3cd77ea2ce034c1

      Whilst I have no love of any PM who gives HIMSELF massive tax cuts at a time of debt and no wage rises for workers Turnbull became rich. He was not born rich. You may want to do a bit more homework on this one.

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      Mick, he inherited mega millions before age 21. That I know for an ABSOLUTE FACT. I also know he wants to perpetrate a myth. And I know no school teacher or electrician pays the private school fees the school he went to charges. NONE. Note that the article says “Mr Turnbull noted…” Of course he does. That’s the myth he wants to perpetrate. And I do believe his father was working class. It was his grandfather that was filthy rich and left him mega millions. Quite likely his maternal grandfather – who might not have been inclined to give much to a son-in-law his daughter had deserted. When you are rich, you can write history any way you choose.

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      And BTW. Forming a charitable foundation is one of the best ways to dodge tax. Most very wealthy do it. Auditors have repeatedly found that the charity operates at a loss and the loss is claimed as a tax deduction. But the loss is achieved by paying people fat salaries and investing in expensive buildings, cars, etc. (all needed to operate the foundation, of course!)

      I am related to an auditor who works at very high levels and I have a close friendship with one of Malcolm Turnbull’s Goldman Sachs work colleagues. I DO know what the facts. And I know they will never be exposed on the web.

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      Maybe use some logic here, Mick and Misty? Where would a working class battler whose father struggled or borrowed to send him to an elite private school and subsequently to Uni in the UK to become an elite Rhodes scholar get $500,000 to invest in a high risk technology venture. For the kind of person Turnbull CLAIMS to be, that would be a lifetime of saving! And he sure wouldn’t risk it on a high risk tech venture.

      He inherited mega millions. If he hadn’t, he would NOT have had $500,000 to invest in anything – much less a high risk investment.

      Also, he is descended from the Blighs – some of Australians’ wealthiest and most influential. And he is a Rhodes scholar – and NOBODY from the common working class gets to be a Rhodes scholar. All the claims are lies in the name of social re-engineering – trying to perpetuate a lie to justify the way he wanted to shape society.

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    Some very good comments today.

    I completely agree leon. Its a very disciplined life fraught with sacrifices and choices, especially in the accumulation years.
    The only important point which is missing is THE RICH LIVE ON THE INTEREST, NEVER ON THE CAPITAL. The eternally poor never seem to grasp this. Its the lottery syndrome: if you win the lottery you’re rich…and can then spend up like there is no tomorrow. That mentality only ever leads to one place. Poverty. Ask most people who win large fortunes. After 5 years its all gone.

    Happy New Year to you all. Hope 2019 is a good one. Yeah…another year older. Not sure who that old coot is every time I look in the mirror. Ha ha ha….

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      I’m not rich but I live a better life than some I consider to be rich. It does not matter how much money you manage to accumulate, if you don’t know how to enjoy that money it is being wasted. I laugh at some of the people who repeatedly state how well off they are, but seem to live mean, miserable lives. These people may have managed to accumulate a lot of money, but their lives are not rich because of it.

      Money can buy you happiness, but you have to be wise enough to realize what happiness is.

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      Agree. Of course the issue is always a balance. No point being a pauper or the richest man in the graveyard.

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    I have just Googled Malcolm Turnbull’s life story and his families, he did not have a wealthy upbringing, his father struggled as a single parent after Malcolm’s mother left them both and mooved to New Zealand. Bruce, Malcolm’s father worked as an electrician and later got into pub brokering but did not make a fortune, Malcolm’s wealth came mostly from one fortunate investment. There are many stories on Malcolm’s life if you Google them to sort fact from fiction.

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      And they are just that. Stories! What Malcolm and others with influence want believed. There are plenty of fabricated stories in history books and all over Google, and many are widely accepted as fact. His grandfather owned a chain of hotels and left him hundreds of millions. How the hell would a single-father electrician afford the most exclusive private school in the nation? Did you bother to check which university Malcolm went to and what the fees are? It never ceases to amaze how stories circulated that have not even a shred of truth in them.

      My partner is fighting to disprove a historical account about his family that was believed for 60 years (including by him) until he found files under FOI that revealed the truth. I uncovered records from the Old Bailey from 1790 that disproved historical records relating to an ancestor, but if you Google that ancestor you won’t find any hint of the truth. The untrue history still stands. All it takes is one influential historian to write a story the way he/she sees it and it can become accepted public record.

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      Misty you are right and no matter what you tell OGR they will not believe you.

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      Turnbull apparently made one very lucrative investment in ozemail OGR. Turned $500,000 into $50 million. I guess the question you should be asking is how much tax, if any, did Turnbull pay when he realised his profits? The fact that his business interests now reside in an offshore tax shelter sort of feels like ZERO but I would love to be proven incorrect.
      Anybody know the facts?

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      Malcolm’s paternal grandparents were school teacher’s and Malcolm’s father may have taken out a loan to pay for Malcolm’s school fees or just used his savings, either way these grandparents were not rich and did not own a chain of hotels.

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      Nobody in that social class can afford the schools he went to. NOBODY. His grandfather owned a chain of hotels. He inherited a fortune. He is rich enough to perpetrate any myth he chooses.

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      And where would the son of a humble electrician, whose grandparents were humble school teachers and whose father saved frantically or borrowed heavily to send him to a fancy school get $500,000 to invest in a risky high tech venture, Mick? Answer that if you can!

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      Check out ”Born To Rule: The Unauthorised Biography of Malcolm Turnbull”

      Here’s just a small snippet:
      Coalition Prime Minister Malcolm Turnbull likes to downplay his image as a privileged, wealthy silvertail by touting his time as a flat-dwelling young boy from a broken family.

      But, writes the business journalist Paddy Manning in his biography of the former investment banker, Turnbull’s upbringing was not that humble.

      Head prefect at the elitist and pricey Sydney Grammar School, law graduate from Sydney University and Rhodes Scholar at Oxford, Turnbull’s remarkably soft “hard times” ended with his property-dealing father’s death in 1982. The 27-year-old Turnbull was the sole beneficiary of a multi-million dollar estate and inherited well north of $2 million.

      Now where would his ‘poor’ father get well north of $2 million? Misty, you had two jobs and a working husband and you constantly talk about nobody you know having ”that sort of money” – referring to way way way less than $2 million, and 25 years of inflation later. If Turnbull could possibly achieve what he claims, you should be rich also? Were you lazy, spendthrift, stupid…? Or is maybe Turnbull telling fairy tales?

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      Malcom’s mother, Coral Lansbury’s parents were stage actors, not hoteliers, Malcolm attended Sydney Grammar High School on a part scholarship and while studying at Sydney University worked part time as a political journalist, he later won a Rhodes Scholarship to attend Brasenose College Oxford where he also worked for the Sunday Times, so he partly funded his own education by working and scholarships.

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      So I’ll ask again. If a poor man’s son can do that well, why did you fail so badly, Misty. Where did you hide your millions? Where did his father get $2 million to leave to him after doing it tough? And yes, Malcolm’s mother had Hollywood connections – connections to wealth and fame and very useful contacts.

      Turnbull was born rich. He has fabricated a sound-good story for political gain.

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      Politicians are really good at sucking in gullible wanna-be’s who are devoid of logic and reason. No wonder Shorten is able to bluff so many.

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      What rubbish you write here OGR you obviously wouldn’t believe a word, even if Malcolm told you his life story himself, believe what you want, if you want to believe in your own made up versions of the truth then that is your decision.

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      Oh and btw OGR the same could be said about you, why aren’t you a millionaire?, you say you were poor with nothing so where is your fortune?.

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      Bad comprehension showing again, Misty. That’s exactly the point. You CAN’T start poor and become fantastically rich without amazing luck and a lot of connections. Virtually NOBODY does – though many claim to. You CAN rise from poor to moderate affluence AND I DID. I would probably qualify as a millionaire – though it doesn’t mean much these days as a million is no longer a lot of money, especially for a retiree couple with 25-30 years left to live.

      As for hearing the story from Malcolm himself – NO, I absolutely WOULD NOT believe a word because HE is the one fabricating the myth for political gain! Like I said – gullible, and devoid of logic and reasoning! Unlike you, Misty, I don’t rely on propaganda. I research FACT. And I weigh the likelihood of something being true. When I read that someone grew up poor and invested $500,000 in a high tech venture, I ask how that could happen. It doesn’t ring true. When I read that someone’s father was a poor electrician and left his son $2 million in the mid-80s (equal to almost $5 million today) I’m smart enough to know that the guy was NEVER poor. When I read that the son went to the country’s best schools, I know for a fact his family was NEVER poor. Poor kids don’t survive in a posh school even if someone pays their fees. It’s social hell!

      I guess the fact that I am probably a millionaire by many people, and I DID start VERY poor, and an orphan with nobody to help or guide and no education, suggests I’m smarter than the average bear, so maybe you should stop believing crap and start paying attention to logic?

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      Well there you are OGR, you can’t start poor and become fantastically rich without amazing luck and connections. WELL I DIDN’T HAVE EITHER OF THESE DID YOU?. Malcolm’s father was a struggling electrician who later got into pub real estate, that is how he made his money and can’t you also comprehend what I wrote?, Malcolm won scholarships to High School and Oxford University and worked part time to finance his education. How would you know how kids do in a private school anyway?, i don’t remember reading in any of your posts that you went to a private school and Malcolm wasn’t happy there but stuck it out, shows his character doesn’t it, but then again I don’t know why I bother telling you the truth you only believe your own misguided stories that are not true.

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      Seems you are right OG, OGR has no desire to acknowledge the truth about Malcolm Turnbull’s life.

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      And you choose to believe fairy tales! I have close relatives who went to private schools – not even exclusive ones – and suffered terribly. I have a psychologist friend who was from a well-to-do family but has treated people who suffered from private school social exclusion. I believe the FACTS – Misty, not fairy tales and propaganda. Nobody from a poor background has the educational opportunities Malcolm had and nobody as poor as he claims to be has a father who leaves them today’s equivalent of nearly $5 mil. It doesn’t happen. And the truth is out there for those intelligent and interested enough to pay attention to it. But fairy tales are much nicer, aren’t they? No, I didn’t have luck or connections, and I didn’t become fantastically rich. And neither did you apparently. So why would you believe other can? Are you saying you are useless and dumb? Malcolm did, why didn’t you? Obviously you believe it’s achievable, so you must be a failure.

      There’s one more thing. Nobody who grew up the way Turnbull claims to would consent to the policies he has supported. People who know what real hardship is and how hard it is to overcome it don’t feed the rich and endorse tax avoidance and persecution of the unemployed and disabled.

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      Yes OGR, you too could have had the education Malcolm Turnbull did if you had won scholarships through hard work and diligence and worked to help pay the fees the scholarships did not cover. No I am not useless and dumb but you can think what you like, obviously very jealous of what Malcolm has achieved in his lifetime, that is what is coming through in your posts. Malcolm Inherited some money from his father , he became a Barrister and was very successful at everything he did, especially when he got into banking so of course it wouldn’t have taken him long with successful share trading to wrack up $500,000, probably peanut to him by that time in his life. Who knows what great social policies he might have brought in if he didn’t have the likes of Tony Abbott, and all those old fogies blocking him at evrey turn.

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      Your ignorance is unbelievable, Misty. Both my partner and I were dux of the schools we attended every year we attended. We were straight A students who excelled, but as orphans we could not go to school past age 15 no matter what. No scholarship was going to allow us to live in an orphanage while we went to school. Perhaps we should have lived in a garbage can while we studied? No, that wouldn’t have worked either, because we were both SOLD into work contracts against our will and with no option to do anything else. We both tried to go back to school later in life but that was blocked too, very unfairly. Even qualifications we did obtain were not recognized because they were obtained through unconventional avenues when conventional avenues were closed to us. Eventually, I DID succeed in self-educating to find work that normally requires a university degree, and I’m good at it, but it took until I was 50. And then I had to retire to care for a disabled partner at 55, though I’m working part-time now.

      $500,000 was NEVER going to be peanuts for anyone who struggled through childhood poor unless they inherited millions (as Malcolm did) or won a fortune. NOBODY who has to work like a dog for every cent gets rich enough to risk $500,000 on a high risk venture while still young and with a young family or family life ahead of them. Only a gullible fool believes such rubbish. And I’ll say again – it he could do it, what’s wrong with you? Why are you such a failure? You should at least have enough to not need a pension if it’s so easy for poor people to get fantastically wealthy.

      Me jealous of Malcolm’s achievements – NO. Mine leave him in the shade – though they are different and not necessarily as materially relevant. Envious of the opportunities and inherited wealth to some extent? Yes. I could have achieved equally with the privileges and opportunities he enjoyed. And he didn’t WANT to bring in social policies that benefits battlers and encouraged people to move from poverty to affluence. He never proposed or supported a single one. Dream on if it makes you happy. You obviously are gullible enough to swallow all the political propaganda.

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      You are the 0ne spinning fairy stories OGR , hardly attended school but you were both Dux, couldn’t go back to school later because you were both blocked, sold into contracts against your will, qualifications not recognised, what a fairy story and you expect people to believe all this, I don’t think so and at least Malcolm Turnbull’s story is documented, where is yours so we can check?.

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      I would not expect an ignoramus like you, Misty, to have any idea what life was like for abused orphans in the 40s and 60s, Misty. You are too consumed with your idiotic fancies about rich heroes to recognize what went on. Paid no attention to the Royal Commission into Sex Abuse of children, nor to apologies to stolen children and forgotten Australians. (None of which were instigated or even supported by Turnbull and his ilk!) Probably too uncomfortable for a fantasiser to deal with those realities.

      Yes, we did top our classes for the few years we attended, and we later proved our intelligence and skill by what we achieved in adulthood, despite unbelievable challenges. But sadly we weren’t permitted to go far enough to even try for a scholarship – not that it would do any good even if we’d won one. And yes adult education was extremely hard for poor people to access in the 70s and 80s. And yes, state wards were sold into work contracts against their will, because the state was legally responsible for them until they were adult but didn’t want to support them financially. And their wages were stolen by the state. Qualifications obtained through non-conventional channels were not recognised – and still often are not. There are at least 100,000 who can tell stories like ours, but you would call them all liars and carry on about how hard it was to raise children with good jobs and no sign of the C-PTSD that crippled those abused and deprived kids for life. Oh, that’s right – you had low incomes. Teacher’s aid? Uh-uh. Damned good job. I’d have given my eye teeth for a chance like that.

      Sorry you are so ignorant and arrogant that you can’t pay attention to historical fact unless it supports your fairy-tale ideals. I don’t care what ignorant arrogant people like you choose to believe. And I don’t intend to expose my story at this time. Rich folk can get publicity for any story they want to tell. Battlers struggle to have their story heard anywhere. It will be exposed in due course though, when certain legal actions are completed. But in the meantime, try reading some of the stories of forgotten Australians and stolen children and sexually abused children and you just might learn something.

      Sad that there are people like you out there. It was your kind who let it happen and shunned the victims, blaming them and condemning them for their hardship and telling yourselves and your children how superior you were. I’ll bet you were among those who told your children not to mix with those ”dirty urchins” and to blame the orphans and accuse them of stealing when they lost their pens and pencils. Did you also take gifts of fruit and fresh cream from nuns who wouldn’t give the food to the orphans it was intended for? Did they give your kids the clothing that was donated while they dressed the orphans in rags? Lots of families benefited from the generosity of those nuns while orphans almost starved. But you would know all about that, wouldn’t you? Because you know everything. Just like all the other self-righteous abusers who stood about smirking and condemning the victims of hideous social injustice and abuse. and now are nasty and insulting, calling the victims liars.

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      I really feel sorry g OGR you seem to have such a bitter twisted outlook on life, accusing me of knowing everything, well I am not like you thank goodness, with your mightier then thou attitude.

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      Don’t feel sorry for me, Misty. I have a great life. The advantage of a rotten childhood is that everything is so much better when you finally have control of your own destiny, no matter what the challenges. I am not bitter at all. I have overcome huge disadvantage to achieve a great deal, grow a large circle of good friends, develop a lifestyle I enjoy greatly. I have nothing to be bitter about. Angry that people suffered such hideous injustice. Angry that ignorant, arrogant destroyers of social harmony deny it happened instead of supporting demands that society clean up its mess. Determined to do what I can to make society better and put an end to hideous injustices. But NEVER bitter. In fact, grateful that life experiences shaped a conscience and a desire to work for good, instead of making me ignorant and uncaring.

      Keep believing fairy tales. It’s you who is assuming a ‘mightier than thou’ attitude, pretending to know more about me than I do and relying crap on Google to assume you know all about someone you know nothing about. Didn’t anyone ever tell you Google is notoriously UNRELIABLE? There ARE more reliable sources of knowledge – but when it comes to history, everything is someone’s interpretation or what someone wants us to believe. NOTHING is entirely reliable. People who live though major events will often tell you the history books are lies and the Google reports are garbage. And the rich and powerful have the power to tell stories any way they want. They pay ‘cleaners’ to remove stuff from the web that gives them away. The poor just have to live with whatever BS the rich choose to have written.

      Believe what you want about Turnbull, but it boggles the mind that you choose to believe a story that declares you a useless failure in life!

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      There is no story that declares Malcolm Turnbull a useless failure in life.

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      It isn’t only Google that has these facts OGR, Wickipedia, as well as numerous other sites, tell the same story, so are they all telling porkies?, also schools and universities do keep records, as do the taxation dept, so are they telling lies too?.

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      There it is again, Misty. NO COMPREHENSION. I never said anything about MT being a useless failure. I said you were declaring YOURSELF a useless failure, since you obviously believe a poor man can become a mega-millionaire. What’s wrong with you then? Can’t even get to be a self-funded retiree? You must be a useless failure. At least I rose from poor to self-funded retiree. I guess I’m much smarter than you then. (I was being kind, declaring that it’s near impossible for the poor to get wealthy – which excuses you – but you chose to argue!!!!)

      The tax office has never exposed MT’s father’s tax files, and never would. And
      Wikipedia is accessed via Google and tells the story submitted by any credible person – so will certainly accept MT’s version of the facts. In fact, Wikipedia will NOT publish anything written by anyone with no academic credentials, which means that much of its content is biased and incorrect. It rejects eye witness accounts.

      Yes there are other sources of information on MT, including his unauthorised biography – which I have read (I’ll bet you haven’t!) and they confirm that he inherited wealth. And common sense declares that he must have, because anyone who genuinely started poor knows that you simply can’t do what he did without inherited wealth or a windfall AND substantial privilege.

      Of course definitions of wealth and privilege vary according to experience and perception. I know a man who inherited $1.5 million at 30 and thinks he has always been poor. OG thinks he was disadvantaged, yet he had a university education and his parents were in business. It’s all relative. I don’t doubt MT THOUGHT he had a tough time. Never having experienced far greater hardship, he probably has difficulty understanding his fortune. And I can see why someone with well over $100 million would think his father’s millions were insignificant.

      Anyway, rave on. You are just confirming that you are gullible and lacking both comprehension and logic.

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    I find it quite difficult to get accurate or even vague estimates of Malcom’s previous financial situation,- of course if you are ridiculous rich, history can be re-written, but maybe his father’s dedication to him was the primal factor, – my Thai wife, a peasant farmer in Lombok, dedicated her life to educating her daughter, udergoing extreme hardships but her daughter eventually graduated with top honours and was presented to the King, (and quickly accepted for Oz citizenship, which is why I know her Mum) – so those stories can be true, but the meat of this discussiom is how to get rich, etc, and I think one important “quality” given the progression towards destruction our society has taken due to the release of too much carbon in the atmosphere, leading to Global Warming, is that to get rich you must not care about the consequences of your actions, – if you work to dig up coal or invest in harvesting in oil, which will almost certainly destroy your descendants and probably the whole human race, you would not care about that destruction that you are a part of, indeed you would cut off from your feelings, deny that it could happen etc.
    Indeed this could be the rule number 8, Sacrifice Everything for your Money, put your greed in number one position in your mind/soul/whatever.
    Of course huge amounts of money give huge amounts of Power, – yet a more corrupting element, so the followers of rule number 8, – and there are many, can view with equanimity the grevious suffering of their cute grandchildren as Runaway Global Warming slowly develops, answering only with the the Platitude, “the earth is always changing.”
    “A platitude is a trite, meaningless, or prosaic statement, often used as a thought-terminating cliché, aimed at quelling social, emotional, or cognitive unease.[1]

    Platitudes have been criticized as giving a false impression of wisdom, making it easy to accept falsehoods:

    A platitude is even worse than a cliché. It’s a sanctimonious cliché, a statement that is not only old and overused but often moralistic and imperious. … Platitudes have an aphoristic quality, they seem like timeless moral lessons. They therefore shape our view of the world, and can lull us into accepting things that are actually false and foolish.[1]

    Platitudes often take the form of tautologies, e.g., “it is what it is”, making them appear vacuously true. But the phrase is used to mean “there is no way of changing it”, which is no longer a tautology: “Structuring the sentiment as a tautology allows it to appear inescapable.”[1] (Wikipedia, Platitudes)

    At the same time, some phrases that have become platitudes may provide useful moral guidance, such as “do unto others as you would have them do unto you”. Others, though widely trivialized, may be thought-provoking, such as “Be the change you wish to see in the world”.[1]

    So the Multi Rich use Platitudes as mind control propaganda, they have their Billions to invest in keeping control of the rest of us, so if anything you say you realise is a Platitude, – trash it immediately.
    Perhaps one can point out to these blinded by greed persons, the invevitable result of their following rule number 8, as an advert,- (it is the multi billionaires who are causing global warming and are so blinded by their greed they will destroy the earth to keep their snouts in the trough) . – “Have you ever considered a holiday to Venus? the first planet in our solar system to suffer the excitement of global warming called Runaway global warming, – unfortunately the inhabitants will not be able to meet and greet you because they are all dead, – I don’t know if it was the atmosphere being almost 100% carbon dioxide, or the pressure on the ground being 90 times ours, (heavy stuff C02) or the temperature being over 400 degrees, or what they did to the fools that caused it, but you will have to take your own water and oxygen, as there is none there. – you will be able to swim though, if you can find some lead, as it is molten there. – One thing you can learn from Venus is that the climate may change, but when it goes bad, it doesn’t change any more, – it just stays f’d up forever.

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      How many ” Self made Men” have achieved their fortunes by exploiting the poor, stealing ideas and assets from others and generally reaching the heights by straddling the backs of others. I observe that most successful people have promoted their success by building on what was left to them by previous generations. That is a legitimate and in most cases worthy way of building your future.
      Our son will have a bit of a boost from his parents, just as I was given a step up from mine, this how life should be.

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      I suspect it’s all but impossible to become or even to remain wealthy without exploiting the poor, stealing ideas and assets and straddling the backs of others, exPS.

      I didn’t get any boost from parents, but I hoped my children would. Both major parties seem determined to ensure that can’t happen. Both seem intent on impoverishing retirees.

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    Ex PS, It is perfectly human to want your children to have the benefit of whatever you can give them from your life, – eg your house etc. but we now live in a very Materialistic age, so it seems natural to give your children money, as that seems to be what every one wants,
    (acknowledging the posters above who have found happiness elsewhere), and this is a deep conundrum, – the rich are destroying the earth, but my kids want to be rich, I want to help them – .
    It seems to most that the fabric of society limits their choices, and certainly it has a lot of power, but I have found that, in several situations where I was living next to a very rich family, – that indulged their progeny, that these children were well on their way to be spoilt monsters, they expected, as had always been the case to always get their way, disrespected (overtly or covertly) their parents and everybody else in their environment and looked forward to the day that dear daddy would shuffle off this mortal coil and they could have all his money, do anything they wanted, and never have to work.
    These children are a sort of sickness, our society should not, – if it wants to survive, allow children to be brought up in such a diseased fashion, and I am sure you would not want your children to turn out to be such egotistic selfish demanding monsters, or even a shadow of such. – What a joke that America is led by such a one..
    So, what are the qualities that our children need to survive the undeniably hard times ahead? – somehow I feel that such qualities are not monetary, – what do you think?

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      Lookfar, I think the next generation will need the innovation and survival skills that past generations had but seem to have been lost. Even in our generation, they are rare (though there are those that still have them).

      Materialism is destroying the earth. That is a fact. I don’t agree with some of your statements – and certainly not with your politics – but I DO agree that materialism is causing pollution that is destroying the atmosphere. I have never contested that and it certainly concerns me. Where you and I disagree is on the political and commercial approach to resolving the problem.

      Going backwards is hard. We can’t just all stop driving cars and living in brick, tile and glass houses with carpet or tile floors. We can’t suddenly stop using electricity.

      I do agree that rich (and even middle class and upper working class) families often produce children who are absolute horrors and who, if they don’t inherit great wealth, are doomed to great unhappiness. I agree our society is sick. The only thing you and I disagree on, I think, is your proposed remedy. I believe the ALP and Greens are using the environment to achieve undesirable outcomes and are not genuine in their claimed concern. Of course the LNP is doing nothing for the environment. On that point you will get no argument from me. I just happen to know a lot about the Greens’ agenda (I used to be a member and I’m very close to officeholders and policy makers) and what I know is deeply disturbing. And the social re-engineering the Greens and ALP are pursuing is deeply disturbing to me.

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