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Jim Rohn said, it's not what you earn it'svwhat you DO with what you earn!

All money received by our kids from birth have been put aside, as they grew older split is 50%, once started working and studying and living at home then 30% for private 70% for investment. In addition like you we have been buying coins, stamps, prints, some collectibles, etc... Personally we...

That's just it, an earned income is not secured for life, is it? What if you had a car accident, what if you were fired unable to generate earned income? What if you became terminally ill so income is not secured for life, but passive income can be generated for life. Obviously my analogy or...

If you invest it right? As pointed out when income stops how do you acquire assets? If assets grow generating income then you have income for life. I think what I meant is like an analogy to an apple tree. You can plant an apple tree and then reap the apples as they grow, or you can just keep...

Ok I apologise for being so general, I meant assets, obviously that generate income so you can spend on what you want!

I read somewhere the true wealthy concentrate on increasing their assets not income. But I suppose again it is up to us to decide what we want in life?

So how would you classify John McGrath in Real-estate, is he a business owner or investor? Basically, you can be in both categories, I do not understand why people just wish to place in one or the other? The whole discussion is puzzling me?:confused: In fact most that made huge money created the...

I agree with his concept of what he said, I do not know him nor his experience, I am often open-minded, so I try not to judge that. We may have similar mindsets that's all. I do not understand why a discussion suddenly becomes someone's personal experience? When we read a book we can take...

Because we are only human, perhaps what we thought we wanted to do wasn't in our heart? I for one have left the profession I qualified for, so I am sure there are many others that change what they do in life, right? The illustration was just general in nature it can apply to any profession...

Disagree, it is not just having properties.... Imagine spouse and I travel for 12 months overseas, yet the business generates income for us to live off, or even increases the income upon our return, and all the proceeds are from investments into residential properties??? If you can afford or...

Spot on, RK communicated this to me. Some confuse self-employed with business. I often use this example with my friends. Lets say you are a doctor, so as RK said you could be in 4 quadrants. 1. Employee - Registrar at the hospital, you need to turn up to work, to have contact with patients...