Rich people all around me

Dreamingoftheolddays · 2024-06-19T13:39:59+00:00

How can I get a peice of it? I live in a very wealthy area (abroad) Multimillion pound properties, beautiful cars, boats etc I see so much of it around me, what work/business can I do to access some of it? So sick of working my arse off in what used to be a very satisfying and worthwhile profession, but just isn’t anymore. I’m degree educated and have a fair amount of motivation

Triestre · 21/06/2024 04:54

In the US where people are encouraged I know quite a few first generation millionaires. Doctors included but see the health system over there. Also, some first generation in the U.K. started in a bank now in hedge funds. Very talented in what they do. With a plan from day one.

Triestre · 21/06/2024 04:50

FlaubertSyndrome · 20/06/2024 14:19

I know nothing about Marbella (though I believe a couple of key members of the Kinehans (major Irish organised crime gang) are or were based there), but I used to live in Dubai, and yes, absolutely. Partly a big upsurge because of big international policing operations pressured international criminal gangs out of their previous stomping grounds in parts of coastal Spain and the Netherlands, and partly because it's a good place to launder money and move it on from, for various reasons, and has traditionally not often extradited criminals to countries where they are wanted.

But now international police are working with Emirati police, and presumably they'll move on from Dubai too. The Kinehans are wanted in the US, too, so now the US is putting pressure on Dubai to freeze assets etc.

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Yes, there are many in Marbella.

Bishboshboom · 20/06/2024 23:58

I guess I don't want to as I am not a financial advisor, investments go up and down and you may get back less than what you put in, past performance is not an indicator of future performance...

Actual growth is maybe 10.5% / 11% so I've taken off inflation. I could say do you have a reason to say that it won't grow at this level? But you / no one does because the future can't be predicted. But would you say you can't assume any growth? Investments WILL go down and up but over 50 years the trend has been up. Do you have reason to think that they won't go up? Maybe not at the same level.

That's possible ISAs will be taxed but it's still a healthy income.

Gladanotthwrteamonesomething · 20/06/2024 22:43

Bishboshboom · 20/06/2024 21:36

The same opportunities still exist right now, this much I do know.

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You didn't answer the points made.

Bishboshboom · 20/06/2024 21:47

Einstein's observation.

The quote, "Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn't, pays it," is often attributed to Albert Einstein.

Bishboshboom · 20/06/2024 21:36

Gladanotthwrteamonesomething · 20/06/2024 06:59

You're using figures going back then projecting the same assumed growth forward for a tax free wrapping that didn't exist 50 years ago and may not exist going forward. Hence problematic.

Edited

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The same opportunities still exist right now, this much I do know.

DeathEcho · 20/06/2024 18:45

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Bumblebeeinatree · 20/06/2024 17:37

Marry someone rich. Or just work hard and watch for opportunities, you may have to take a leap of faith that you do or do not decide to do, which may or may not work out well.

Original poster

Dreamingoftheolddays · 20/06/2024 17:00

@Choochoo21 The problem is the other properties we’d have to purchase to move into would cost a fortune

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Choochoo21 · 20/06/2024 16:55

If you live in a wealthy area then your home would be worth a decent amount, so could you not sell your home and then use that money to help you?

Papyrophile · 20/06/2024 16:32

Savings for retirement are not taxed until you withdraw them to spend, as long as you use a regulated vehicle, like a SIPP, to save the money. You also benefit from some tax back from the Government @fao. Just make sure the management fees are low.

SuuzeeeQ · 20/06/2024 16:23

Concierge company
event planner
executive assistant
Personal stylist

you can earn a lot in these roles if you are good and work hard.

Original poster

Dreamingoftheolddays · 20/06/2024 16:15

I think it’s too late for me…oh well, back to dreaming!

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fao · 20/06/2024 16:09

LifeExperience · 20/06/2024 15:25

American here. $1500 invested in the S&P 500 in 1983 with dividend reinvestment is just about 1.2 million today. That's when I started investing in my tax-deferred retirement account, which I continued to do until I retired in 2019.

People who get rich quick are usually very smart or very talented AND very lucky. But almost anyone can become wealthy over time. You just have to delay gratification a little bit and START EARLY.

Is 35 too late? Does one have to pay tax on it every year?

UsualChaos · 20/06/2024 15:27

SlothOnARope · 20/06/2024 00:34

Apart from the few that are actually self made industrialists or brain surgeons, a lot of the others will not have acquired all that pointless wealth through their own hard work.

Being a useless sleb in whatever field, hedge fund or asset management, running gambling websites, drug production or smuggling, making modern art for corporate money laundering. Property deals on the fringes of legality. Running an illegal non taxpaying business inside a legal one. Gentrified organised crime. Anything that takes from the world way more than it gives or exploits a human weakness.

I'm happy not to be one of those people, anyway the rising sea levels and tectonic plates don't care how big their mansions are.

👏🏻👏🏻👏🏻👏🏻👏🏻

LifeExperience · 20/06/2024 15:25

American here. $1500 invested in the S&P 500 in 1983 with dividend reinvestment is just about 1.2 million today. That's when I started investing in my tax-deferred retirement account, which I continued to do until I retired in 2019.

People who get rich quick are usually very smart or very talented AND very lucky. But almost anyone can become wealthy over time. You just have to delay gratification a little bit and START EARLY.

Overtheatlantic · 20/06/2024 14:56

Work for a high end estate agent. You will get commission and meet rich people.

SeriaMau · 20/06/2024 14:44

theeyeofdoe · 20/06/2024 07:21

@SlothOnARope do you understand how fund managers make their money? They have a small basic and then make the rest on commission, so a small percentage of the money that they make for other people on the stock market.

Or, to put it another way, they make their money by moving other peoples money around. And many VCs and HFMs will take a significant cut whether they are successful or not.

pandasorous · 20/06/2024 14:36

SlothOnARope · 20/06/2024 00:34

Apart from the few that are actually self made industrialists or brain surgeons, a lot of the others will not have acquired all that pointless wealth through their own hard work.

Being a useless sleb in whatever field, hedge fund or asset management, running gambling websites, drug production or smuggling, making modern art for corporate money laundering. Property deals on the fringes of legality. Running an illegal non taxpaying business inside a legal one. Gentrified organised crime. Anything that takes from the world way more than it gives or exploits a human weakness.

I'm happy not to be one of those people, anyway the rising sea levels and tectonic plates don't care how big their mansions are.

brain surgeons don't have a lot of money... at least not in the uk.

DistinguishedSocialCommentator · 20/06/2024 14:26

Motivation working 18 hours a day for the first year or so!!

Get property, do it up, sell it - loads of money!!

Gingerdancedbackwards · 20/06/2024 14:24

Dreamingoftheolddays · 20/06/2024 12:43

Do Drs earn near to a million in their 40’s??!!

Hahaha!
Maybe in America, unlikely here!
But love the optimism!

FlaubertSyndrome · 20/06/2024 14:19

fao · 20/06/2024 00:19

@Onand Does that mean Dubai and Marbella are full of criminals (and dangerous ones)?

I know nothing about Marbella (though I believe a couple of key members of the Kinehans (major Irish organised crime gang) are or were based there), but I used to live in Dubai, and yes, absolutely. Partly a big upsurge because of big international policing operations pressured international criminal gangs out of their previous stomping grounds in parts of coastal Spain and the Netherlands, and partly because it's a good place to launder money and move it on from, for various reasons, and has traditionally not often extradited criminals to countries where they are wanted.

But now international police are working with Emirati police, and presumably they'll move on from Dubai too. The Kinehans are wanted in the US, too, so now the US is putting pressure on Dubai to freeze assets etc.

Mercurial123 · 20/06/2024 14:19

Do you think Mumsnet is going to make you rich?!

trekking1 · 20/06/2024 14:11

Bishboshboom · 20/06/2024 00:42

Honestly? Move somewhere where you are already rich.

The more money you have, the more you suffer lifestyle inflation, so you need to earn more to support the living expenses and don't feel you have much left over.

By all means launch a business etc. but don't do it to buy all that crap. Do it to help people.

This only works if you have a remote job, as the well paying jobs are usually in more expensive cities and therefore moving to a cheaper city is pointless because you will then get a job that pays less.

Original poster

Dreamingoftheolddays · 20/06/2024 14:03

@SundayTulips Some lawyers and bankers most definitely would where I am…Drs no, unless own private practices and cosmetic surgery

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