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Offline mhh

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There's a huge difference between increasing inherited wealth and starting from scratch.  The current generation of Packers and Murdochs have never really known the fear of losing everything.  In Palmer's case, I'd say he's a fair chance to end up back where he started.

Ash might be right.  Happiness comes from liking what you have and not having what you like.



Offline dodger

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I think you will find the likes of Packer and Murdoch still bet very, very big. Look at the losses in One.tel, something like $400 million?

If you read Killing Fairfax you'll see that Kerry rubbished James until he was clinically depressed, it was Tom Cruise that came to his rescue.
He dumped media and went for gambling, was on the edge for a while but is way ahead now, even at that level he could have gone broke, he paid $1B for the last Casino permit in Las Vegas........just the permit.



Offline tdc911


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It's one thing to inherit wealth; but another thing to hold on to it, and an entirely different thing again to build on it.


Completely agree with you. It is interesting to watch the fortunes of the new generation of moguls. The Packer fortune initially took a hammering when Kerry passed away and James was being butchered by the media. When Anthony Pratt took over from Richard's passing (I used to work for Richard), Anthony immediately went to number one on the Australian Rich List, something that Richard was unable to achieve...



Offline 360c

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If you're happy with what you've got you're a wealthy man.
.....to quote an optimist who didn't make it ...but it's true.

Absolutely, if that's what floats your boat more power to you.
There is a price to pay for being so focused and driven to create and build wealth. Have a look through the BRW top 200 and see how many have been divorced, often multiple times. Private life comes a distant second to work in many cases.



Offline mhh

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I saw an interesting doco on the plane home from Europe last week about Rupert Murdoch.  He and his second wife drifted apart because he was never home.  Sadly it seems the third marriage has failed too.  It makes you wonder what is really important.



Offline Fil-Ski


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Heres something to think about

When Frank Packer died in 1974 Kerry inherited a  media empire worth about $100 million.
Kerry Packerís estimated wealth  at the time of his death was $6.9 billion.
 
Now if $100 million had been invested in the Australian sharemarket in September 1974 it would be worth almost $11 billion.



Offline dodger

  • Tommy Gunna

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Absolutely, if that's what floats your boat more power to you.
There is a price to pay for being so focused and driven to create and build wealth. Have a look through the BRW top 200 and see how many have been divorced, often multiple times. Private life comes a distant second to work in many cases.

You have to wonder sometimes what drives a James Packer or Laughlin Murdoch to take huge risks, and they have, particularly James to maintain or increase wealth when they could retire many times over to the Bahamas on what they have, it must be ego or something instilled in them by their fathers, the fighting instinct.



Offline 360c

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There's a huge difference between increasing inherited wealth and starting from scratch.  The current generation of Packers and Murdochs have never really known the fear of losing everything.  In Palmer's case, I'd say he's a fair chance to end up back where he started.
Ash might be right.  Happiness comes from liking what you have and not having what you like.

Yes and no IMO. It takes the same characteristics and personality to do both. It generally takes a lot longer to start from scratch though.
I remember a wealthy self made man telling me long ago that the hardest thing was to make the first million. After that it was easy, money makes money. True; but only if you know what you are doing.



Offline dodger

  • Tommy Gunna

  • Joined: Dec 2009

  • Location: Melbourne
Heres something to think about

When Frank Packer died in 1974 Kerry inherited a  media empire worth about $100 million.
Kerry Packerís estimated wealth  at the time of his death was $6.9 billion.
 
Now if $100 million had been invested in the Australian sharemarket in September 1974 it would be worth almost $11 billion.

I don't think that would have been $100m cash but interesting all the same.........



Offline tdc911


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Heres something to think about

When Frank Packer died in 1974 Kerry inherited a  media empire worth about $100 million.
Kerry Packerís estimated wealth  at the time of his death was $6.9 billion.
 
Now if $100 million had been invested in the Australian sharemarket in September 1974 it would be worth almost $11 billion.

Something else to think about:



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