So developers must be used to ‘What goes up, must come down’.
It probably also explains their aversion to the word ‘Crash’
Actually this is real tabloid-style hype.
Most developers are ultra low-key and frown upon buying new cars (whatever about helicopters). Being used to buying appreciating assets, it kills them to spend large amounts of money on something which loses 20% of its value the moment you sign for it.
Out of the many millionaire clients I have, only one owns a helicopter.
He is the least experienced out of them all, having made all his money in the past 8 years. The really big guys, the ones who have been in the business for 30 - 40 years and made seriously large amounts of money, all own old cars.
One in particular, a billionaire, drives a 4 year old toyota corolla.
Incidently, the most exposed to the irish residential market is the helicopter guy. All the others bailed out some time ago.
Says it all, I suppose.
Not true, I know a fella in Cork who worked for 2 large developers. They both had helicopters.
Unless he inherited his billion, or won it on the Lotto - I would see this as a sign of mental illness more than anything else.
The man has more money than a rational person would require for a thousand lifetimes, but he is too mean to spend it.
Is there a copy of Silas Marner in his 4 year old Toyota Corolla?
Presumably they’re used to soft landings too.
I thought I read somewhere that is Liam Carroll.
Hes a Farmer who sold a large chunk of his land 40 years ago and used it to make some very good property and currency speculative bets.
He doesnt spend it on flash cars or helicopters, but continues to invest it in various projects. To him investing is spending.
When you get to that stage of wealth, it becomes more about the game of winning, not the money.
Its also useful to remember that the ‘mental illness’ of being so frugal, is precisely what made him so rich in the first instance.
To me, the guy with millions in the bank and driving a 4 year old Corolla is the bigger waster of money…Only way you can waste money is to not spend it.
In the immortal words of George Best… ‘I spent 90% of my money on booze, birds and cars, the other 10% I wasted’
Good on them buying helicopters and flash cars…at least they’re spreading the wealth around
All this thing about helicpters and the bubble reminds me of the famous picture of the guy that lost everything in the 1929 stock market crash trying to sell his car on the street with a sign “For sale 100$ or nearest offer lost everything in the crash”.
Could we see one of these guys standing on the street in 2009 with their helicopter and a sign “For sale 10K or nearest offer lost everything in the crash”
Money is a means to an end. It is not an end in itself.
40% of Irish wealth is owned by 5% of the population. I hope your farmer friend is enjoying the game.
Nope, he had to drop it back to the public library last week
You can be sure of it.
I am always a bit skeptical of these stats. I heard a Leitrim lady once saying that “After a gatherer comes a scatterer”.
60% of the Sunday Times top 20 is “new money”. My own experience in observing people is that it is far more difficult to hold onto it then it is to make it. This is the real beauty of the Capitalist System. I guess that once you have it, you are a target. There is any amount of professionally educated advisers with master degrees to help you invest it wisely. It seems to be twice as easy to rip off the people of a suddenly rich country whose leaders are ignorant as to the mechanics of the Bs i.e. the bears, the balloons, the bulls, the birds and the bees!
Then you dont understand the mentality it takes to accumulate money. This kind of thrift is common in the self made super-rich. 3rd richest in the world Warren Buffet is known for his modest lifestyle. He still lives in the first house he ever bought. Shows he doesnt believe too much in the “property ladder”.
He’s in favour of raising capital gains tax to be more in line with income tax
He’s in favour of inheritance tax
He refused to buy into the dot com bubble, even though he was derided for it and called a dinosaur at the time
He gave $30 billion dollars to charity in 2006
He plans to give away all his money
He’s stated that people like himself are disproportionately rewarded by capitalism versus people like nurses and teachers. But while he calls attention to this, he does not feel that it is his job to change the system. People elect governments/politicians to do that.
Warren’s ok in my book.