Do Rich People from Sydney's Eastern Suburbs Use OzB?

ej888 on 12/04/2018 - 16:03
Last edited 14/04/2018 - 11:11 by 2 other users

Hi OzB'ers

Just curious to know if there are Rich, very high net worth individuals from the Eastern Suburbs who actually use this OzB or do they hire someone to surf the web to find best deals?

My definition of "Rich":

  1. You live and OWN a huge water front home by the harbour (Vaucluse, Rose Bay, Darling Point, Dover Heights, Double Bay, Point Piper, Woollahra, Edgecliff, Woolloomooloo, Watsons Bay, Potts Point, Rushcutters Bay, Elizabeth Bay, Bellevue Hill, Bondi Junction, Bondi, Bronte, Tamarama etc…..
  2. $$$ Million+ net income
  3. Own things the rest of us can't comfortably afford e.g. Yachts, high roller friends etc…

Looking forward to the responses

Home & Garden

Comments

        • MathNerd on 14/04/2018 - 17:33

          Within the deep recesses of your orifices?

    • scotty on 28/04/2018 - 10:26

      One day I hope to live next door to Scotty.

      I literally live next door to public housing (sharing a wall in a semi-detached). "Living next door to scotty" is definitely not how you define wealthy.

      • Scab on 28/04/2018 - 10:31

        I'd be willing to sacrifice lifestyle to be near you, Scotty.

        BTW, some public housing is pretty upmarket, mate has a nice flat in Balmain.

        Short stroll to the harbour and reserves.

        Must be worth a few million, he only pays $350 a week.

        • MathNerd on 28/04/2018 - 11:35

          Thanks for letting us know.

      • Wystri Warrick on 28/04/2018 - 22:35

        I literally live next door to public housing (sharing a wall in a semi-detached). "Living next door to scotty" is definitely not how you define wealthy.

        "Jumps on to Google and searches for public housing Sydney…. starts browsing Google Earth…"

  • supervigilante on 13/04/2018 - 19:22
    +8

    My master said he doesn't use OzB. OK I have to get back to waxing his yacht now.

  • Brendoo on 14/04/2018 - 00:55
    +6

    I don't think so. I haven't seen many Ferrari, AMG Merc, helicopter or private jet deals lately, so not much for them to go for.

    Btw, I live smack bang in that area and am surrounded by those people. I'm not in the "$$$ Million+ net income " category, so I'm therefore not one of them by your definition, but many of my immediate neighbours and life long friends are in this category. I can tell you they do not look at web sites like this.

    They would browse a Sotheby's auction catalog to see if they can get a deal on a Brett Whitely painting in their $200,000 price range though (and things similar to this). Getting a good deal on an investment is much more in line with what they look for. They love increasing their assets with something nice and with the bonus that it will appreciate well over the years too. Or they are looking for good property deals, business deals etc.
    The concept is the same as OzBargain, it's just on a whole other level.

  • sleet on 14/04/2018 - 11:45
    +1

    I'm sure if they don't use ozbargain, they are still savvy with money. At work, I've come across the very poor and the very affluent in Sydney's east, including celebrities.

    Some of the wealthy don't care about big name brands for example and opt for the cheaper alternative if it does the same job.

    Some of the poorer people care about the brand and spend more money, what little they have of it.

    It's a mixed bag of course.

  • bad hombre on 14/04/2018 - 13:36
    +3

    Not everyone that's rich lives in Sydney or only the eastern suburbs though. In addition, just because you can afford mortgage repayments in those suburbs or buy luxury items on credit doesn't make you rich.

    I would say:
    1. Live in a house mortgage free in a desirable area.
    2. Have other sources of income besides your main income.
    3. Are able to choose how you live rather than having to budget for everything.

    • JTTheMan on 16/04/2018 - 15:40
      +1

      Those three points would meet my definition of "living the dream"!

  • love2buy on 14/04/2018 - 14:05
    +2

    Good post. I sometimes reflect why I spend hours on ebay just to save a few dollars on things that aren't even necessary.

    • Wystri Warrick on 28/04/2018 - 22:37

      Hello love2buy I'm Wystri, I love too :).

  • djmm on 14/04/2018 - 15:10
    +3

    I'm rich and good looking and I still use OzBargain.

    • gimme on 14/04/2018 - 17:39
      +3

      I'm better looking, mortgage free, good income, cushy job, awesome (and gorgeous) wife and I use ozb all the time. Thrill of the hunt!!

      • djmm on 14/04/2018 - 17:55
        +1

        I'm also taller than you.

    • Wystri Warrick on 28/04/2018 - 22:38

      You haven't answered the important question, are you single?

  • chrisd262 on 14/04/2018 - 18:53

    I believed many contributors here are Schoolies? I think I can tell when its school holidays.

  • UncleMurphy on 14/04/2018 - 19:09
    +4

    I'm a home owner in Double Bay, but originally from the South West (Cabramatta) - I still live frugally and make my way each week to buy groceries in Cabramatta. There are always two types of "rich" people - those who worked for it and still live frugally, and those who just flaunt it and still end up in mountains of debt.

    • smuggler on 14/04/2018 - 20:16
      +3

      Are you look for an adopted son or student, senpai?

      Teach me how one goes from Cabramatta to Double Bay. ;O

      • gimme on 14/04/2018 - 21:03
        +2

        Drugs

    • tighttighttight1 on 15/04/2018 - 00:56
      +1

      You can take the boy out the hood , but you can't take the hood out the homeboy

    • nomoneynoproblems on 15/04/2018 - 06:45
      +1

      No that's what you think. Then there's people that are actually rich, those that are so busy making money they value their time more. They're the ones that would have people cooking for them or would eat out. This is what the OP is talking about.

  • Badboy888 on 14/04/2018 - 19:11
    +4

    The joy and thrill of hunting for a bargain fulfills me. Today i spent 10min trying to get a bargain via maccas app to save $2. I would continue to ozb even when I become wealthy.

    Ps: I work in finance and every dollar I save will be re-invested to make multiple of my money.

  • HangryCakeStore on 14/04/2018 - 19:27
    +1

    Going to get negged but anyone ever notice these "Rich People from Sydney's Eastern Suburbs" are all mainly Europeans/White, little to no diversity. Just something to wonder about as rarely no one thinks of this

    • smuggler on 14/04/2018 - 20:17
      -6

      Going to get negged but anyone ever notice these "Rich People from Sydney's Eastern Suburbs" are all mainly Europeans/White, little to no diversity. Just something to wonder about as rarely no one thinks of this

      Ever think that Europeans and whites have been living here for 250 years? Are you seriously blaming them for wanting to live on the coast? If you want diversity, maybe those immigrants who want to live there should get a job that pays well.

      When the Viets all group in south-west sydney or when the Asians invade the inner-west, it's bloody okay, but somehow white people get flack for living on the most desirable real-estate in Australia with little will to change their old communities.
      Diversity is totally overrated. I wish more people would speak English in Sydney.

      • HangryCakeStore on 15/04/2018 - 00:10
        +9

        Everyone’s an immigrant, just to remind you and your white supremacy mindset that u probably have.. but since you’re going full on with the term invade and all like how One Nation likes to puts it, dont think 'immigrants' pushed anyone out like how the whites used racist violence during the cronulla Riots to rid of any middle easterns (I bet there still tension to this day).
        not to mention of the go back to where u came slogan originated from

        Also pretty sure the inner-west are not just 'Asians' if anything more Diversity than any coasts, and are you seriously blaming ‘Viets’ for purchasing real estate in south-west.. no ones stopping you buying a house there, or maybe its just U not being comfortable around them if that’s why your targeting them in particular. In fact its pretty evident as I have seen on media where groups of white protesting around random asians around auctions(chinese or not, don’t think they were foreign) but I don’t think that’s invading, if its legal.

        Also evident with the recent April fulls joke - nobody knows where to draw the line and think its okay to make continuous racist fun of china or the like thinking its ok to keep going. Just shows the amount of hate

        Sadly for your kind is why they're always the 1st start these issues, why do you think you these almost "kkk" like discriminatory groups always forming whenever a Mosque is about to be built? maybe thats why they get the 'flack'.. you can see the true colours of white supremacy in usa
        I could keep going but ignorance is bliss right :) just let the richest become richer Lol.

        • smuggler on 15/04/2018 - 17:18
          -7

          Everyone’s an immigrant,

          No. They're not. If you're born here, you're not an immigrant. Get that through your head.

          Also pretty sure the inner-west are not just 'Asians' if anything more Diversity than any coasts, and are you seriously blaming ‘Viets’ for purchasing real estate in south-west.

          No problem with that. You were the one to complain about the eastern suburbs. Why the hell should there be diversity in a place where English/Europeans have been living for hundreds of years?
          Why isn't there any diversity in Beijing. Oh wait, let's not forget about China's racist immigration policy. Can't even open a bank account there without sacrificing a huge chunk of your money.

        • ACTdealchaser on 15/04/2018 - 23:30

          @smuggler:

          I know- maybe you can buy the all the eartern suborbs and then you can decide who can live there. Pls North Syd as well.

          There are foreigners living in BJ- hard to believe so perhaps go there to have a look ?

          Try to be proud there are net immigration- otherwise Aus is a place people are running away from. Of course this opinion could be wrong, many aboriginal people made this sort of mistake

    • echelon6 on 15/04/2018 - 05:24
      +7

      I can afford to live in the east. Don't want to. Am asian. Neighbours will be white. Whitey neighbours will smile at me and say hi, but deep down they harbour resentment, like "this guy is young and yellow and doesn't look like us, doesn't follow sports, didn't do rowing in school, etc". Why would I pay so much just to feel like an outsider at home? Rather live with the greeks / italians / lebos / dirty vietnamese / chinese etc and put savings towards a bigger portfolio. This is something I've pondered for a long while and this is the conclusion I've reached. I think I'm not the only one to think like this, so you can't assume only whites are rich - the ethnic rich just don't want to shove into the same spots.

      • djmm on 15/04/2018 - 17:54
        +1

        Why the vietnamese has the word dirty in front but no other races you mentioned

        • JoJoker on 15/04/2018 - 18:58

          And "lebo"

        • djmm on 15/04/2018 - 20:36
          +1

          @JoJoker: I think he meant lesbos

        • echelon6 on 15/04/2018 - 21:09
          +1

          lol

      • Gauntlet on 16/04/2018 - 22:39
        +1

        Sounds like you are the one harbouring resentment. Go and meet some people, geez.

        • echelon6 on 17/04/2018 - 09:14

          Maybe you're right. But whenever I walk past an old white fella, or see an aussie flag on someone's front yard, I think 'racist'.

        • smuggler on 17/04/2018 - 18:40

          @echelon6:

          You're racist, mang. Did I use 'mang' correctly? IT's what all the asian kids are saying these days

        • echelon6 on 18/04/2018 - 11:30
          -1

          @smuggler: Yeah I'm racist myself. Doesn't mean I like hanging around other racists. I like to surround myself with positive, nice, tolerant people, mang.

  • Munki on 14/04/2018 - 21:56
    +4

    Yes.

    Sent from his 2 million dollar Eastern suburbs property

    • smuggler on 17/04/2018 - 18:41

      Must be a really small property.

      • Munki on 17/04/2018 - 19:50

        It's not the size that matters. It's how you use the space.

        • smuggler on 17/04/2018 - 19:57
          -1

          When you say property, I think house. I doubt there are any houses for $2 million in the eastern suburbs.

        • Munki on 17/04/2018 - 22:00

          @smuggler: So you don't even know. Good one mate.

        • smuggler on 17/04/2018 - 22:01

          @Munki:

          $2 million is the price of a 3 bedroom house in the inner-west.

  • ozzpete on 15/04/2018 - 01:10
    +6

    No.
    Sent on behalf of James Packer, by his personal assistant in charge of bargain acquisition

  • bad hombre on 15/04/2018 - 08:15
    +2

    To put some context behind this. The top 10% of income earners earn $94k per annum and the top 1% earn $237k. As for household wealth (assets, property, super, etc. less debts), the top 10% have a net worth of $1.8m and the top 1% have a net worth of $8.5m. If you are a person or household in your 30s you may have a high income but relatively low net worth due to big mortgage, school fees, A200 AMG, yacht, private jet, etc.

    There is an article in the paper about Steve Smith and David Warner and their property empires. I cannot understand that these guys are on millions of dollars per year and fund their life and investments through debt, earning what they earn it is totally unnecessary. I guess they are looking at 100x returns in a short period of time instead of maintaining capital + passive positive cashflow of up to a million or so per year!

    To answer you question. I am pretty sure most people upto the top 10% probably spend time seeking out bargains but as your earnings and weather increase you probably value time. Most ozbarginning is online so probably a time saver.

    • Munki on 16/04/2018 - 11:56
      +1

      But my net worth along with my social standing should increase if I make high yielding investment purchases such as European cars. I'm going to have to consult my Westpac graduate placement about this.

  • Aceboy884 on 15/04/2018 - 09:23

    I won’t consider myself rich but I’m not poor either

    I’ve always wanted (not need) a fancy car but have spent 4 years thinking about

    However when it comes to investment I can easily make a decision within hours on $100k purchases

    Maybe it’s because my parents were genuinely poor and it’s ingrained in me not to spend more than one needs

    But then again, other small items, I won’t fuss too much about trying save $50 on a $1000 purchase

    • echelon6 on 17/04/2018 - 09:16

      Yeah I'm like that.

      The reason is simple - with a 80k car, you've basically consumed the entirely of the 80k in one go. With a 100k investment, you're merely turning value from one form into another. So I would take a long pause before buying the car, and most likely end up buying something nice but second hand for 20k instead.

      • Aceboy884 on 17/04/2018 - 10:38
        +2

        I always set myself milestone for big purchases

        But whenever I reach it I just don’t see the point of buying it.

        The anticipation of buying is the joy

        Rather than the purchase itself

        • echelon6 on 18/04/2018 - 11:28

          So that sounds like the financial equivalent of edging. Do you enjoy edging?

        • Aceboy884 on 18/04/2018 - 14:42

          @echelon6:

          I don’t know what edging is

          But I like money, lots of it

  • [Deactivated] on 15/04/2018 - 10:37

    It’s so easy.
    Just get a good job that pays good money.
    If you have a good job and pays good money and you have security in relation to that uh, that job, then you can go to the bank and you can borrow money. If housing were unaffordable in Sydney then no one would be buying it.

    • Munki on 16/04/2018 - 11:57
      +2

      This is the Joe Hockey approach. I'm surprised not many people listen to his sage advice. People just need higher paying jobs. Don't know what the fuss is all about.

  • sauce2k on 15/04/2018 - 14:00

    I’m not rich I live in easter suburb haha.. tbh OZB is great but I’ve also bought stuff I don’t really need in the past before haha.. I check on OZB before I make any purchase nowadays

  • bargainjargon on 15/04/2018 - 14:54
    +1

    I live in Eastern Suburbs and for a long time I've been conditioned to think I'm poor although I've been reversing that as of late since we're close to paying off our home. I used to spend so much more time on OzB trying to be as frugal as possible but spending much less time on it now since I don't need to penny pinch as much. I'd still probably check in every now and again even if I was rich since it helps me keep track of what the price of things are and what new and possibly useful stuff are out there. And also for the entertainment value.

  • Davo1111 on 15/04/2018 - 14:55

    Yes they do. Source: friend in rose bay

  • Ti-au on 15/04/2018 - 18:10

    There is a BIG difference between retired, rich and UHNW.

    Retired = you have enough income to cover your expenses.

    Rich people get their usually through frugality/saving (or hard work through company) and then using buying asset (up to $15M).

    UHNW (+$15M) value time and experiences - more of these now tend to inherit their wealth. Their children do not surf the bargain sites.

    Of course some common sense applies - its not worth it to Bill Gates to pick up any money he drops, but he still does.

  • aurotaro on 15/04/2018 - 20:29

    There's only 2 major type of people on Ozb.

    1) The rich ones (120k+ income) usually in managerial positions who make the middle class work and spend quite a bit of their day browsing through Ozbargain and other forums.

    2) The poor, who buy things they don't really need although at bargain prices and remain poor.

    • djmm on 15/04/2018 - 20:38
      -3

      $120k income is not rich people. It's lower middle class.

      • aurotaro on 15/04/2018 - 22:02
        +2

        Depends on what you do with the money. Plus for a solo income, according to the stats at least it falls in the top 10%

      • BusMan247 on 15/04/2018 - 22:22
        +3

        Take it easy big baller. Top tax bracket is 180. 120 isn't exactly LOW anything. It's almost double the average wage.

      • smuggler on 17/04/2018 - 18:42
        -1

        Are your parents rich Chinese government workers?

  • Grish on 15/04/2018 - 21:23
    +2

    Most wealthy people wouldn't have heard of this website, they have better things to be doing than "mimmick retail therapy"

    The middle and lower classes are addicted to buying things to make themselves feel a little less depressed at how poor they really are and to allow them to have a break from worrying about how they are going to get through life after they retire on a few hundred thousand K super.

    Most of the rich dont need retail therapy, and the ones that do suffer from depression, they just make themselves feel better by buying expensive toys, far from the sorts of toys we see here.

  • devking on 15/04/2018 - 22:11
    +2

    I'm rich. Still I'll visit OZB daily.

    • 42 yr old
    • Own a house without a mortgage (7km to Mel CBD)
    • Still working from Mon to Fri
    • Always search for bargains.
    • llllllllllllll on 16/04/2018 - 13:13

      I take it you work in IT dev king?

  • BusMan247 on 15/04/2018 - 22:19
    +1

    My dad and mum are definitely not super rich. Maybe we'll off. But they would never use a website like this trying to save 25% or similar on anything really. Unless it was a house or something similar, they would have zero interest in saving a few hundred or even more $.

    The clients that I have that are filthy rich, {$30mil+ house, supercar) actually would drive across the city for a better rate on their investments. It gives them something to do.

  • Warehouse on 15/04/2018 - 23:22

    I will avoid all in person shopping if I can and will rather browse online for what I want - it is such a waste of time these days to physically be present to purchase an item. I will however make an effort to atleast peak at what deals may be out there and decide accordingly depending on how long it takes. Will not bother though for low cost items.

  • cashless on 15/04/2018 - 23:48
    +2

    I was in the market for new transport and did use OzBargain as it was recommended by my private broker. Gave up with it when I found it only appeals to the middle & lower income groups.
    Sacked my broker and employed a consultant to buy my 200ft yacht

  • Hypergeometry on 16/04/2018 - 00:57
    +1

    Yes? And no.

    A rich Jewish (imagine my shock) businessman made a pathway in China out of red wood, but he doesn't even let his wife pick up his calls. It's like 3 consecutive calls mean "I'm coming home" and etc. It might be some sort of legend, but it does make sense. This isn't some sort of stereotype joke, and stereotypes are truisms by default. I just call this being smart with money. My entire family is on one dataplan, and uses my phone to make calls. Saves probably $10 or so a month. We run a home business anyway.

    Most of the rich people I know are sabby with money and pick up deals all the time. My family is well off but not "waterfront harbour view" sort of rich, and we are very very fiscally conservative. People don't get rich without being smart with money… or inheriting it obviously in which if they are dumb, the wealth doesn't pass on.

    It all depends on the value of time. Some rich people will deem using 2 hours to save $100 "not worth it" as "I make a lot more in 2 hours", some will totally do that, and consider it "I have spare time to use, this is the money I spared using my spare time which I would have wasted anyway".

    My mum's side of the family is very very rich:
    1. One of the first real estate entrepreneurs in China (they started a bicycle business when capitalising off price differences warrants a jail sentence)
    2. Owns multiple properties in Jiang Su
    And they are very conservative with money. Their fridge for instance is 25 years old! I refuse to eat at home when I visit them. I had to pull out multiple papers and stuff to convince them that the fridge is well beyond an upgrade, not worth risking health, and it is filled with all sorts of bad stuff. They said they will swap it out, not sure if they did though.

    • Gauntlet on 16/04/2018 - 22:37
      +1

      Hey! I love my 32 year old Westinghouse upside-down fridge! I'll replace the motor if it ever dies.

  • camtraband on 16/04/2018 - 01:01
    +1

    I don't have all that much to add to the conversation, except that I (and I think a lot of people here) use ozbargain to find new and exciting ways to most efficiently waste my money, not save it. I've rarely used it to buy something I needed or even knew I wanted until I saw it here. No regrets, I value a bargain I've savings any day!

  • RefusdClassification on 16/04/2018 - 06:36

    My definition of rich used to be people who can live entirely off passive income streams without having to work, but that would classify retirees living solely off superannuation as rich. Perhaps it is better to define them by the total value of property owned; just like in feudal societies where property equalled wealth and power.

    As others have mentioned, a lot of wealthy people are extremely niggardly and go out of the way to save small sums of money eg. go to sleep at 7PM to save money on electric lighting. Their income is reinvested rather than spent on luxuries like yachts, jewellry, rare collectors items, brand name clothes and sports cars.

  • djmm on 16/04/2018 - 10:58

    Is Penrith rich people area?

  • [Deactivated] on 16/04/2018 - 16:38

    This worth a read if you are interested in exploring the issue further.

    https://en.wikipedia.org/wiki/The_Millionaire_Next_Door

    The ozbargain forum is always interesting and amusing, but it's a prone to self selection and fuzziness of fact. The book I've linked to is a interesting survey of the spending and consumption habits of high net worth people in the US.

  • HotKgon on 16/04/2018 - 19:16
    +3

    OzBargain doesn't save you money. It just gives you a sense that you're saving money when you actually just end up buying stuff you don't really need. I have too many eneloops…

  • Splashtash on 16/04/2018 - 20:45
    +1

    "Think rich, think opportunities" So many people have great ideas, so few people act on those great ideas. I feel those that make wealth are those that see opportunities and decide to act and follow through. Ozbargain is a wealth of knowledge and an idea inspiring place. Ozbargain inspires people to save money. How can someone make a business by using minimal cost to make big profit. Rich minded people will scour for ideas all over.

  • djmm on 16/04/2018 - 21:48
    +2

    You guys are poor because you pay for smashed avocado sandwich.

  • SpaceNinja on 17/04/2018 - 00:05
    +1

    I have an uncle whose friend has a cousin whose ex-girlfriend's brother drives uber in eastern suburbs.

  • jno on 17/04/2018 - 07:02
    +1

    Its ozbargain not middleclasslowclassonlybargain.com
    Not sure why it bothers anyone

  • ozlab on 17/04/2018 - 10:25

    They are mostly likely renting and they might not be rich.

  • lnq on 17/04/2018 - 11:13

    Rich people buy time, poor people sell time. 

  • burns13 on 18/04/2018 - 01:19

    In my experience Rich people are hard to seperate from their money. It's like drawing blood from stone.

    Secondly, plenty in the Eastern Suburbs arent exactly rice, more like filled with household and credit debt!

  • icejester on 22/04/2018 - 02:32

    Million dollar net income????

    That's like 0.05% of the country
    The definition of that would be super filthy rich lol

    Your definition of rich is too restrictive I'd say
    If you earn over 200k before tax you're in the top 3% already

    There probably isn't a single person here earning 1mil+ net

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