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

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

Comments

  • +55 votes

    The rich always find ways to be money savvy.
    Why else you think they’re rich?

    • +3 votes

      He likes to share office's to exchange financial tips with other great leaders.

      There's also also the savvy way.

      Or "make" a high yield investment.

      :P

    • +6 votes

      Some inherit wealth. Many work hard, save their money. A family member of mine, I guess is rich. We never ask what he's $$ in his bank account, but he had enough to self-fund retire in his early 40's.
      He has always been very careful with spending $$. Even now, he does some things that seem funny, to save a few $$. Eg. Drove 7 hours, to move a $200 item, when he could have just sent the $200 and had them buy new one themselves. Seems funny when his wage was probably >$200/hr .

      • +10 votes

        Someone who doesn’t value his time is not exactly rich

        If you are high earner then your time is more valuable

        • +6 votes

          Depends on the individual really. And depends on the task which takes up time. I guess rich person might earn > $200/hr, yet spending several hours of effort to save money, money which they dont need, could likely be a more enjoyable task than their job for $200/hr.
          I beleive my family member thats fairly well off, left his job in Australia in part, because he was bored and no longer challenged. Went from managing day to day operations of 500mill mining op, to managing 40 engineers throughout the 'Americas' and other countries, to returning to Aus to run operations here, but on much smaller scale.
          So sure, he could do a boring job he dislikes, and get paid lots of money, yet would enjoy saving a few dollars still, spending many hours on something he enjoys. Like making something, to save some $$, he probably put 10 hours into making boat cover, to save $500, but Im sure he enjoyed it, more than he would earning a few thousand in his job for that 10hours.
          Many of us here are happy to spend 20 minutes to save a few dollars. It doesn't mean we dont value our time, but work is work, bargain hunting and saving $$ is fun/leisure :)

        •  

          @ozzpete: $200 is not rich…a truely rich person will earn $5-10k a day!

        • +1 vote

          @sydsm: ifh3 8sin chatge of a $500M company he is rich.

        • +1 vote

          I know a few people like this. They get into saving habits and eventually become obsessive about max $ in min $ out. It's like money OCD. I have to catch myself sometimes, but I've seen some people make their lives genuinely miserable in order to save a few $$.

        • +1 vote

          @locknuts: Your sir/madam get my upvote, Money can cause a lot of misery too!

    •  

      Good answer

    •  

      I work for people who would be in the top end of the market being talked about, the reason they are generally in the position they are in (talking about 1st gen wealth) is they focus their effort on making more money as opposed to saving a few $$$ here or there, sure some still have their lunch money from primary school, but that generally has a pretty minimal impact on their bottom line in comparison to their current income. You don't get really rich from saving, even on a well above average income, you get rich from making copious amounts of money.

  • +9 votes

    Your criteria of people don’t seem to be the kind to look for $50 off a PS4 deal or a cheap mid-range Android phone deal or $10 off internet connection deal…

    But then again, sometimes a deal's a deal.

    • +9 votes

      The rich stay rich by not spending their money. They would be more likely looking for a free PS4 thrown in with thier new SUV they bargained down til the seller nearly cried.

      • +15 votes

        That's a stupid myth people propogate for no reason. Rich people do spend money and quite extravagantly. However, the majority know their limits and how to counter it with investments/businesses/income generating assets etc. That's why so many lottery winners end up broke again, they don't know how to manage their money.

        • +4 votes

          Not a myth in my opinion. While the super-rich mostly inherited their money, or increased it by being from a well-connected family and going to the right schools, moving in the right circles etc, and some super-rich like Zuckerberg made it by being well-placed in a booming industry and had a great idea as well, this doesn't apply to most "wealthy" people.

          Most people we'd consider wealthy aren't super-wealthy (i.e. have never needed to work in their life). People who own a small chain of restaurants, own their own business in a niche field, or are senior executives in a corporate environment. These people stay rich by making their money work for them, and not wasting it frivolously on purchases that bring them short-term happiness. People who buy $80k investment vehicles etc aren't the people who end up wealthy. Maybe they look rich from our perspective, but they're not - they're indebted.

          I don't think it's a myth that wealthy people are sensible with their money, and invest in things like properties, shares and other assets that they believe will increase in value with time.

          The poor do stay poor by pissing their money away rather than squirrelling it away. I know because I've come from a working class family and continue to do well for myself by working hard and being sensible with my money, and if I want to buy a frivolous toy I'll buy a 50c toy from Zapals rather than buying a $25k BMW motorbike on loan.

        • +11 votes

          These people stay rich by making their money work for them, and not wasting it frivolously on purchases that bring them short-term happiness.

          This is absolutely not true and the two are not mutually exclusive. It's asinine to think wealthy people do not spend money.

        • +1 vote

          The rich spend money on things that make them look good to their rich friends and on things they will benefit from directly or indirectly.

        • +6 votes

          Truely wealthy people don't care about image or what others think. That's why multibillionares are seen in simple plain clothing and non-showy understated luxury cars etc.

          The 'wannabe' rich people like most millenials nowadays are the ones that care about brands and clothing labels and an Apple logo on their laptop trying to 'look' rich in front of others.

        •  

          @Hybroid: Haha So True

      • +9 votes

        Depends on the individual. Claiming 'the rich stay rich by not spending their money' is just as ridiculous as saying 'the poor stay poor because they spend their money'

        I know a few people who are stupidly wealthy. One asian kid who's dad is a billionaire. At 18 he had an Lambo Aventador, a Porche 911 and several other cars. Drove it round with red P plates. Would get fined, and wouldnt give a (profanity).

        These are the kinds of people OP is referring to: million+ net income, owns things like yatchs etc. Not someone who is 'well off' on a 100k income. These people aren't looking to find the cheapest place they can get a PS4 from or holding out for the next deal from gearbest for a Xiaomi powerbank.

        A lot of 'well off' people are definitely modest with their money, but there are just as many that like to spurge out as well. But those who are clearly in the upper echelon of the definition of 'being rich' aren't exactly scrounging for pennies.

        •  

          I don't think the 18 yo was the one pulling in million+ income and even if he did it was not because of his "hard" work.

        • +3 votes

          … but the poor are poor because they let go of their money first and fastest.

        •  

          @kingmw:

          Obviously. But why does that make a difference? His billionaire dad is the one spending the money.

        •  

          Isn't being rich more about how much assets and disposable income you have rather than how many liabilities you have?
          His dad may be a billionaire, but if he is spending $999,999,999 a year on all these liabilities, then is he really that rich?

        • +1 vote

          @ILikeBargenz: It does because I want to know if the dad is on ozbargain and not whether the son is or not (probably is not since it's not his money anyway).

        • +2 votes

          @kingmw:

          The dad is buying his son supercars… and paying fines he'd rack up from driving them.

          Are you seriously that naive to think that his billionaire dad would even think of shopping around for bargains to save $50 on a PS4 if his son wanted one?

        •  

          From what I heard he opened a chauffeur business and could drive the cars under the "for work use" exemption with the high powered vehicle restrictions. Can't let a law get in the way of work/tax paying! The lambo was vinyl wrapped gold and one of his porsches had number plates reading "URPOOR".

        •  

          @kingmw: the answer to this question is simply what was he like growing up? I can all but gaurantee that the kid doesnt care about saving money, but if the dad started off poor he is just used to doing that.

      •  

        Very true.

      • +1 vote

        I'd be rich if it weren't for the price of Avocado.

  • +25 votes

    Own things the rest of us can't comfortably afford e.g. Yachts, high roller friends

    That's a bit odd to own your friends?

  • +8 votes

    I think you'd be surprised - generally people are rich because they have spent their pennies wisely.

    I'd personally rather live like a bum in a large house in the east than live like the Queen of Shiba in the west.

  • +3 votes

    Only to buy coke…..

  • +5 votes

    Bill Gates and Warren Buffet are self confessed tight asses right? Surely they can't pass up a good deal?

  • +28 votes

    No. I know a few people, and no, they don't. They're simply not aware of it, and even if they were aware of it, they wouldn't use it.

    Here's why:

    • Rich people are generally very busy/occupied. They don't have time or really care about a website like this. It's a forgettable thing to them.

    Most rich people are obsessive with certain things in their lives, often work (how they got rich), but other times hobbies, passions, sports, etc.

    That's one BIG thing I've noticed when you meet rich people, they're very busy and always doing something. They always give the impression they don't have time for shit that they aren't already interested in.

    • +11 votes

      I suspect the time required to find $x off something they want would end up costing way more than it's worth. Just buy what they want without thinking and spend the rest of the time making $1k per hour (at $10mil a year).

    • +2 votes

      I think this is partly because they don't want to be bothered by people that want their money. They are still human and a large portion of them inherited their wealth or generate wealth through business + minimising their tax rather than working.

      https://www.businessinsider.com.au/the-ato-revealed-a-stunni...

  • +5 votes

    Yes I do

  • +2 votes

    Do RICH People from the Eastern Suburbs use Ozb?

    I DON'T know.

  • +16 votes

    yes.. to sell to you.

  •  

    I'm not rich or from the east so not sure

  •  

    everyone from every economic background uses ozbargain

  • +55 votes

    Unlike myself, I do know quite a few people who don't waste their time and are extremely well off. As the people above have said, these people prioritise their time very highly.
    In fact, they tend to prioritise efficiency to the point that spending time with their family often comes as a luxury they don't often enjoy. For example, these people will:
    * Pay $20 tolls to get to the airport a little early
    * Pay for long haul business tickets through the airline's official site
    * Buy new phones as opposed to repairing a broken one
    * Buy the best of everything so they/their family has the best, but usually no one (except the kids [if they have kids]) gets to actually use these things, and of course the list goes on

    Actually, a lot of their expenditures arise from simply replacing things instead of repairing them (appliances, cars, furniture, etc.) because of the associated downtime. Likewise for things like gardening, ironing clothes, cleaning the house/car, etc.

    I was actually telling one of these friends about how I got the $200 JB Hi-Fi gift card and then swapped to get the Pixel and sell it for $800, which ultimately got me a $49 Telstra plan for about $18/month and his first response was "Wow, I can't imagine how must time you wasted running around for that" (admittedly, he did appreciate the effort).

    TL;DR:

    The point I'm trying to make is that a lot of the deals on this site either require more effort than simply entering a coupon, and those that do tend to be for products that aren't needed on a day-to-day basis (more of a "I don't really need it, but it'd be handy to have that one time I want to learn German"). For us, it's the thrill of saving money and fun piecing together a puzzle to save a few bucks, for them it's a menial task with a low ROI (with time being the investment, not money).

    • +30 votes

      Good comment I read the whole thing

      • -15 votes

        Really? I got bored into the last para, far too long winded.

        • +1 vote

          Thanks for the feedback. I figured I should elaborate a little bit on some areas because not everyone has spent time around high net worth individuals, but I'll try and be more succinct in the future :)

    • +4 votes

      But the OzBargain life is both a lifestyle and a mentality. I know of a rather successful investment banker friend who browses religiously for bargains when he can and sends his children out to acquire good deals with his charge card. Of course he won’t spend his own time to save a few dollars here and there, but he probably would if he could.

    • +2 votes

      With serial toll avoiders, I have always wondered if they are factoring in the cost of the extra fuel they use to avoid the toll?

      • -2 votes

        Off the subject

      • +1 vote

        Im a serial toll avoider & drive a straight 6 guzzler. Trust me the tolls are far more expensive than the fuel

      • +1 vote

        It depends on the toll road and how often you use it. For example, I travel regularly between Holsworthy and the Central Coast in NSW. The easiest way to travel would be going along the M7, M2 through to Pennant Hills Road and then onto the M1 but going this way would result in $11.66 in tolls. In instead choose to go east on the M5 and get off at either Fairford Road or King Georges Road and wind through Sydney to get to the M1. Yes, I do end up paying the M5 toll but after cashback it works out to be $0.49 each way. Given this way is 30km shorter than going along the M7/M2 but takes roughly the same amount of time, I've decided in terms of fuel efficiency it actually would work out about even.

    • +7 votes

      Username checks out.

    • +6 votes

      Agree, although my ex-boss who's on a $1mil a year salary does use ozbargain. He uses it for the thrill of it I think. e.g. he has a cleaner, a gardener, changes cars every 2 years, flies business etc but then gets excited about getting a bargain that saves him $20. He also uses fuel discount voucher to save that extra $2 when he fills up his 911. He doesn't go chasing after the more difficult, time consuming bargains though, only the relatively simple ones…

    •  

      Spot on, one of my friends from high school is in the super rich category, talking owning at least 10 buildings at 30% LVR, receiving rent off maybe 100 apartments, cafes, gym etc…

      He wouldn't be on ozbargains looking for deals but has weird rules and definitions of what is a bargain, or what is valuable to him.
      He has 3 Audis that all have less than 20,000kms on them, randomly dropped 100k on the 3rd to do a favour for his struggling dealer friend.
      However will always fly economy. Uses his AMEX points for flights or spends hours trying to find a cheap deal, even with long layovers (will fly 14hrs vs 7 if it saves $200).
      Uses AMEX to pay for everything despite fees, his brother and family who are overseas use it as well as their daily card, adding crazy currency fees on everything. Yet he will fight to lower transaction costs for his businesses down to saving $100s.

  •  

    Do RICH People from the Eastern Suburbs

    You really need to take a drive through Mount Vernon (South West Sydney) or Dural (North West Sydney).

  • +10 votes

    None of the people I know in the category you suggested use OzB, but most of them aren't people who use computers at all except for business.
    They can check the news, or the ASX with a computer, bash out an email and read a spreadsheet, and do basic tasks. Maybe a bit of Facebook to watch the grandkids or share a few lame jokes.
    They are busy, and have many, wonderful things to do with their time when they aren't working, and don't really spend a lot of time online.

    Some of this is the demographic who own waterfront realty nd have $m+ incomes is generally much older than average.
    Their kids do use the internet a lot more, but they have much more modest assets at this stage.

    If you have a mansion and a yacht, you likely have an assistant who books your flights, makes your dinner reservations and sorts it out when your TV goes on the fritz.

    All that said, I remember a friend's father who fit this description who loved ebay, because it allowed him to add to his pottery collection from all over the world and he liked the competitive bidding and getting a bargain. And a lot of the things he was buying were under $100, so I am sure there are some very wealthy people who use OzB just for the bragging rights that they got a holiday somewhere at a knockout price etc.

  • +10 votes

    I have my head butler, Peepers, read to me the most amusing deals. The rejected ones are shared between the other servants like Garfield (providing he isn't making the brown water again) and Blanche.

  • +1 vote

    How do you think we got rich?

  •  

    Of course I do :)

  • +5 votes

    Of course they do… haven’t you seen the $3,000 pram deals that get posted from time to time?

  • +3 votes

    To tell you the truth, OzB is the last place I search for a bargain on an item I want, I generally just browse for those cant afford to miss deals, which have been in short supply for a while (I do love my half price Sony Bravia, my record low Dyson and the dirt cheap Olympus camera I got a few years back in the good old days). This place is just a lobster tank for a few affiliate marketers now. The forums are interesting though. (disclaimer: am not a money rich person)

  • +6 votes

    I just texted my girlfriend who is a Mosmanite. She doesn't know what ozbargain is. She told me to go to sleep (I have work tomorrow).

    My gf parents are always busy. No time to surf the web and they're not very computer literate. When they're at home, they usually spend it as a family, because time together is a luxury for them.

    I look at ozbargain because I like those 20% ebay deals. I am always in need of SSDs/HDDs, sd cards, peripherals etc.

    •  

      I look at ozbargain because I like those 20% ebay deals. I am always in need of SSDs/HDDs, sd cards, peripherals etc.

      These components and peripherals are what i live for!

  • +1 vote

    I am poor but grew up and live in mentioned area, still living with parents. Growing up there were always a few wealthy people around but recently it has tenfold and just stuck up snobs in their high yield AMGs everywhere.

  • +8 votes

    I'm not rich by your definition, and don't live in the eastern suburbs, but I'm comfortable. I don't need to save $1 every time i buy a USB cable or use xiaomi products
    Think of it this way. Some people go hunting for endangered animals with guns. I enjoy hunting for bargains the same way. It's safer, more environment responsible and doesn't hurt anyone and still brings the thrill of the hunt and feeling of success when you find a great bargain.
    Saving money also makes it easier to be generous. I've got a friend who keeps track of his OzBargain savings and donates them to charity on top of his regular giving and donations budget.

  •  

    Still looking out for that sweet yacht deal.

  • -2 votes

    they use frugaldistinguishedgentleman.com.au to get 20% off yachts and discounts on private island sales. also has good deals on slaves and black market body parts for when they need a transplant. if you try and access the site but can't it's because you're using the poor people's internet

  • +3 votes

    I live in the Eastern Suburbs but am the poorest person here, so I use OzBargain.

  • +3 votes

    Most people living in Sydney's Eastern Suburbs are hocked to the hilt. So they are not rich at all.
    Everything they own is on borrowed money and credit cards.
    Take away the borrowed money and not much left.
    Alternatively they are paying such high rents and sending kids to expensive private schools that there is not much disposable income left.
    These people are merely mortals that have managed better borrowing power than most and they live for today.
    And so also more likely to love a bargain

    But then again if you limit your catchment area to the harbourside mansions and suburbs thats a different story. Sorry but that is not your typical Sydney Eastern Suburbs. And less likely to be an OzB subscriber.

    Classic Sydney Eastern Suburbs are attached to Sydney's Eastern beachs and surrounding suburbs such as Bondi, Bronte, Clovelly, Coogee, Maroubra, Malabar, Little Bay, Yarra Bay, Matraville, Randwick and Waverley. These people do not fit your "rich" profile. They also support the Sydney Roosters and South Sydney rabbitos which is very much a working class profile.

  • +3 votes

    I used to be poor but became rich from Ozbargain.

    One day I hope to live next door to Scotty.

  1. tuzii on 12/04/2018 - 16:04
  2. TimeWaster on 12/04/2018 - 17:14
  3. elgrande on 14/04/2018 - 11:54
  4. tuzii on 12/04/2018 - 17:50
  5. thord on 12/04/2018 - 16:32