Rich people all around me

@SlothOnARope

I can see you don’t like criminality (agree) or finance (mostly disagree).

But celebrity is one of the most justifiable ways to get rich, surely?

A celebrity’s value is basically derived from how much enjoyment they give people (or interest at least), is fully voluntary (in the sense that no one has to like a celebrity or buy their stuff, etc.), and usually derived from a very big fan base paying pretty little each.

That’s a big chip and a monumental slice of ignorance. Maybe educate yourself before you post.

Basically you find ways to....

• scale a lot
• corner a market
• get lucky

Most rich people I know either....

I. Sell something that's highly valued and hard to copy (including deep expertise/qualifications)
II. Spotted a trend early and went all-in on it
III. Developed a niche that others overlook (maybe because it's unglamorous, but there's money in it)
IV. Took a lot of risk
V. Became a senior executive/partner in a large organisation.

Mostly, but not always, it's by working for yourself not as an employee.

I'd suggest first working out what your attitude to risk is, what success means to you, and what keeps you motivated. Then what things you are top 5% at (including things like: ability to stick at X when others give up).

One good one now would be to work out how AI will affect something you understand really well. Then get top 1% knowledgeable/skilled in the practical implications. Then either sell that expertise, set up a business, or trade based on your insights.

Good luck!

OP you are living in a place that is a tax haven. The money has not been made there, it has been made elsewhere (or inherited, or, frequently, a combination of both) and relocated there for tax reasons.

If you want to make that kind of money you are likely to have to move.

A specialist who works in the private sector could be making pretty nice money but that’s not the norm. Most consultants do a mix of NHS and private and would be earning c£200 at a guess. It doesn’t involve much swanning around though.

Building a successful business and selling it is the way most of my wealthiest friends or acquaintances have made serious money. Also long term work in finance.

Lawyers and bankers definitely do. But not from the Algarve. You’d need to be in London/New York/Hong Kong etc

Going from zero to self-made in one generation is extremely difficult. What you see is usually inherited wealth passed down and multiplied over several generations. For woman, marrying into wealth is arguably the easiest option because the steps required for that are easily accessible (grooming, appearance, dating, etc). The wealthiest friend I know met a old-money heir over a dating app and they're now happily married with kids. She wasn't a gold-digger either, just a normal woman who clicked with this man.

There's also a class of "medium" wealthy which is fairly attainable though the right education. Think doctors, lawyers, business consultants etc. Takes many years of work to get there but most are earning high six figures or over a million per year in their 40s. That's not enough to buy yachts and private jets but it gets you at least a few homes and all the designer clothing, gadgets and luxury holidays you want. The majority of what people think are "rich" people probably belong in that category. They're decked out in designer clothing, luxury watches and bags but they don't actually own yachts and stuff.

Fair enough, I guess it just depends on what you consider wealthy. I assumed op was talking about the multi-million level of wealth where you don't even have to work anymore

Self made millionaires usually start investing very early or as early as possible. Read books about it. Usually you start by living below your means and invest or save smart. Depends on where you live you can achieve it or not. Some countries do not let you as they taxed so much there is nothing left to create wealth. Property is a good way the so called flipping houses but you need to be educated on how to do it.

No one has ever got rich by asking other people on mumsnet how to get rich either 😀 if you're having to ask on here, I reckon you're not going to make it

Plus , many people make a vey good living by working for other people.

i live in a little rural but naice village, and it’s property here. Nothing more than luck of people who bought before the area became popular. It was until recently one of the cheapest places in the uk. Prices have gone up by a crazy amount since it’s become a tourist destination. Eg friend paid £350k for a house in 2017 now worth over a million. It’s sickening.

By far the fastest way for you to access what you’re seeing there is to marry into it.

I live on a road where all the houses are £1m+ and this is what some of us do (I haven’t got to know everyone)

1. Own multiple businesses (us)
2. female comedian and blogger / influencer
3. author who had books made into Netflix
4. works away doing something big in engineering
5. older retired couple
6. multi generational family
7. widow

I thought when we moved here it would be all stay at home women with husbands with big jobs but it’s not like that at all.

This .

The very rich I've met along the way have all been self employed .

@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.

I'm willing to share...😂

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.

Maybe address why you feel envious of them?. I also live abroad in a wealthy area surrounded by yachts etc. I've never once felt envious. I feel the luckiest person to be able to be here. Despite having serious health issues etc

That's just not true.
The richest people I know are incredibly bright but (crucially) are fantastic communicators. They have been promoted throughout their careers and now senior management / partners earning well over £250k plus bonus, have fantastic pensions and sensible investments.
They started off their careers doing their aca (accounting) and gone on from there.
Most of the people I know who own their own businesses don't earn nearly as much (obviously there are exceptions). But then only make their money if they have a viable business to sell. But even if you sell a business for a few million - it's not the same level of sustained and secure wealth that those working in finance make throughout their (usually) long careers.

"Pointless wealth"? So you don't like money, and probably people who have or talk about money. Some people do like money, though, and are striving towards it.

The other way to millionaire-dom is to spend less. If you saved 200 a month from the age of 18 for 50 years, and invested it in a global tracker using the ISA allowance, assuming an interest rate of 8% which is pretty representative of the last 30 years you would have over 1.5m by official retirement of 68. You could then live off the interest of that forever and spend 60k a year if you skimmed of 4% . Adding state pension of 11k and assuming no housing costs you would have 71k a year which is extremely wealthy. Plus you'd still have 1.5m to pass on to children. The average person doesn't do that nor do they have any emergency savings and are instead in debt spending money on unnecessary things to impress people they don't know or even like because of Social media influencers.

Multi millionaires also do even go bankrupt and lose everything. I've seen it multiple times happen to friends I went to school with.

I think if it was that easy. You post on Mumsnet and voila you're a millionaire then we would all have a yatch!

My old school friend that's a multimillionaire was hopeless at school but he started a business. He is driven and has multiple homes globally, private jet etc. He did employ some of his school mates and one or two are also very wealthy now.

You don't just need an idea you need a range of factors to work in your benefit and the fact that you are having to ask here points to me you don't posses the required skill set!