The ‘ordinary’ millionaire

Sept 1995

Jan Somers insists she is just "an ordinary housewife." Among other things, she is a millionaire.

But she describes herself as an average sort of person, of humble background.

She has a degree in zoology - and her animal instincts have helped her accumulate enough wealth to retire at the age of 35. That was eleven years ago.

Ms Somers now spends her time telling others just how easy it is to live in comfort.

A former biology teacher, Ms Somers, with a little help from her husband, Ian, began dabbling in real estate, 29 years ago.

They bought their first house - "a dump" - in suburban Brisbane for $13,500. It is now valued at $110,000. They still own it.

They also own many other properties. Just how many, the mother of three isn’t saying. "I never tell", says Ms Somers. "But if you count all your fingers and toes you would run out."

"The key to investment is to keep everything you buy. Most people buy a property, tart it up, and sell to make a few dollars. But they lose most of it to the taxman."

"If you keep the property it just grows. People have this perception that there is always greener grass somewhere else."

"You don’t need wealth to start. You can build up on what you have to get where you want to go."

Ms Somers says she has never lived beyond her means. "I have never been in debt. Except for property. I am up to my eyeballs in debt on property. But it’s structured debt."

Forget superannuation. "It’s not a redeemable asset. Property is."

And she says, you don’t have to move to Queensland for a good real estate investment. It can be done anywhere.