Do You Want To Be Rich? What Does That Even Mean In 2024?

29-05-24 08:23 AM - Comment(s) - By Joean

In the 80s, it was all about being ‘a millionaire’. If you lived in a capital city in Australia, owned your own (preferably 2-storey) home with an in-ground swimming pool’, you were considered rich.

I remember playing the game ‘what would you do if you won a million dollars?’ at school and with my brother. One whole million dollars was the thing that game shows and genies in bottles were made of.

I also distinctly remember the time someone responded with, a million, I’d need at least a billion! This was in 1996 and granted, it was a comment made by a successful restaurateur of the latest cool and expensive ‘it-restaurant’ in Sydney who lived in a 2-storey restored double-fronted Edwardian Tce in Potts Point that had been photographed in Vogue Living. But it did get me thinking. And while I couldn’t fathom $1 Billion, I did understand that $1M wouldn’t cut it anymore. Especially, if you lived in Sydney.

Read the attached "How to tell if you're rich in Australia '24"

How to tell if you are rich in Australia in 2024

So in 2024, what does it mean? The article is very insightful, with the key take-aways being that in order to be considered ‘wealthy’ in Australia now, particularly a HNW (high net worth) individual, you needed to be in the top percent of workers based on salary as well as earning income from investments. According to the ATO, the top earners (indexed to inflation) earn around $450K p/a, and have net invested assets of $9 million. Of course, your home is not considered an investment as it doesn’t earn you money.

After high incomes, usually as business execs, engineers, doctors, accountants, IT specialists and financial advisers, HNW people typically derive their wealth from investment returns, investment property, business profits, and inheritances. More than half will have an SMSF.

It starts by choosing a team who supports their clients with a high-performance team, including the right mortgage brokers and accountants to help with structure and advice, as well as an internal team to support you, the client. A company who invests heavily in research to consistently identify the right property, in the right location, at the right time, in line with your budget, structure, and specific wealth creation goals. And by choosing a company who is innovative and whose product offerings can meet a range of different strategic goals. An award-winning team like Calla Property.

HNW individuals also have another key attribute in common – they don’t embark upon ‘get-rich quick’ schemes. They understand that created wealth is a long and deliberate game and work with specialists, like Calla Property, who have a specialist network to support their clients, to formulate a well thought-out, educated, long-term plan.

Our motto is Building Your Dreams, and we work hard to create that for you.

It starts with just one phone call.

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Calla Property Investment Specialists:

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