Goals & Aspirations

[MAC]

Well there you go forum folk, if you’ve built your portfolio to NZ$970k, you are, apparently, officially now a one percenter.

http://www.nbr.co.nz/article/nearly-...xfam-ng-167589

Congratulations to all those, for what it’s intrinsically really worth to be a one percenter, I suppose it could be a measure of financial success in life, amongst life’s other more meaningful measures.

To those with aspirations, good investing and good fortune to you, now you have an official goal to work toward.

[dingoNZ]

So basically anyone in Auckland central suburbs who is mortgage free is a one percenter (HNI?)? Seems flawed given our housing situation. It should be based off 'liquid assets', IMO.

[Harvey Specter]

So basically anyone in Auckland central suburbs who is mortgage free is a one percenter (HNI?)? Seems flawed given our housing situation. It should be based off 'liquid assets', IMO.

It is a very flawed calculation. Any recent Uni graduate with a student loan (including doctors) are at the bottom of the heap as they have negative networth. However, the villager in Africa with no access to debt but does own a few cows has postive net worth. So obviously third world citizens should donate a goat to our poor graduate doctors.

[Beagle]

So basically anyone in Auckland central suburbs who is mortgage free is a one percenter (HNI?)? Seems flawed given our housing situation. It should be based off 'liquid assets', IMO.

Perhaps you're right but maybe Aucklanders who are debt free are out of touch with reality now with our new found status
The council tell me my debt free home is now worth $1.425m...I'm scared for my forthcoming rates bill

[Beagle]

You realise you could sell it, move to a small NZ town, buy a very nice house for $425k, and live off the annual earnings on the $1 million capital you have left? You would never need work again. Something I realised when living in Australia, its better to be rich in a small town then poor in a big city :-) Now I just visit the "poor" on holidays LOL

Its crossed my mind believe me...BUT I'd get really bored and I'd miss my kids...well mostly just one of them / grandkids / friends / acquaintances. Mrs and I are happy here. Yesterday we wandered down to our local beach...two minute walk away, had a nice swim, had dinner up the road later at one of the best local cafe's, (two minute drive away) e.t.c. I might already have the thick end of the sum you mentioned and enjoy working it to form a significant part of my income as well as enjoying being a professional on a semi-retired basis Retiring early as many have mentioned is a goal, the odd person I know who's managed to achieve this inevitably seems to succumb to boredom. Maybe being semi retired and comfortable in one's fifties is a better goal ?
BTW what you've mentioned is definitely an emerging trend. I was talking to the GM of one of the major Australian owned real estate franchises late last year and he mentioned a lo0t of interest is coming from clients looking to downsize from expensive Auckland suburbs into nice properties in small towns / rural area's.

[skid]

You realise you could sell it, move to a small NZ town, buy a very nice house for $425k, and live off the annual earnings on the $1 million capital you have left? You would never need work again. Something I realised when living in Australia, its better to be rich in a small town then poor in a big city :-) Now I just visit the "poor" on holidays LOL

You could probably start a thread on which small town was ideal--Ive been meaning to go have a good look at Keri Keri up North (did I spell that right?)

[baller18]

So basically anyone in Auckland central suburbs who is mortgage free is a one percenter (HNI?)? Seems flawed given our housing situation. It should be based off 'liquid assets', IMO.

Lol, a property in auckland central can easily be a liquid asset. Even if the house prices suddenly drop by 30% (highly unlikely), homeowners of mount eden, epsom, herne bay, the houses would still easily sell for a million.
So is property not a liquid asset?

[dingoNZ]

Lol, a property in auckland central can easily be a liquid asset. Even if the house prices suddenly drop by 30% (highly unlikely), homeowners of mount eden, epsom, herne bay, the houses would still easily sell for a million.
So is property not a liquid asset?

So you're telling me you can sell a house within a day of it listing and have the money almost immedietly? Perhaps we have a different definition of liquid asset..

[baller18]

So you're telling me you can sell a house within a day of it listing and have the money almost immedietly? Perhaps we have a different definition of liquid asset..

I SHould have re-phrased it better.

Your statement, "So basically anyone in Auckland central suburbs who is mortgage free is a one percenter (HNI?)? Seems flawed given our housing situation. It should be based off 'liquid assets', IMO."

My point was, regardless you sell it in a week, in a month, you will get your million dollars, so at the end of the day regardless if it's a liquid asset or not, your net worth is essentially the same which therefore, takes you to that one percenter.

This easily qualifies someone to be associated in the 970k net worth club to be in the one percenter... Regardless if it's a liquid asset or not, makes no difference to someone's net worth at the end of the day.

[pierre]

Being a one per center never was a goal of mine but am well past it.
My goal for this year is to see PEB, DIL, BLT, HNZ and XRO get me to the top of the stock picking contest by year end - and take my portfolio higher too!