How did you become a millionaire

[sugaraddictwithapinchoffluff]

Go on, make me extremely jealous of how you became a millionaire, what it's really like and is it what it's cracked up to be? What sort of luxury do you indulge in that people like me can simple not afford ...

Take it away...

I worked ft for 20k a year in London while supporting my husband who was sitting at home dicking about on a computer not doing his masters. But that dicking about tuned into a brilliant app - we've now co-built an international business and paid off the mortgage and have investments (also we moved out of the city to the SW so our children could have a better quality of life). I've just started an MBA - I always wanted to but it was far too expensive. It cost more than my old yearly London salary, which is obscene. But I'll be able to run the business better after and we employ a lot of people so I owe it to them to do that.

I've swapped money stress for work stress, but I don't mind.

I converted my savings into Japanese yen.

(Didn't rtft. Someone may have suggested this already)

@Nannamia

I invented Post-it notes

Well in that case would you like to try one of my double quick fast smoking cigarettes Romy , Michele ?

@dahliaaa

Lots of people have mentioned investments. Do you mean property ? Or ISAs ?

In our case it’s ISA’s - but not savings account ones. When DH and I got together, we both held ISA’s worth a few tens of thousands, he had consulted an IFA, I just bought into a stocks and shares ISA which my bank offered. After we married, we decided we ought to rationalise our pension arrangements, as we both had multiple pots in different places.

So we found an IFA we trusted, and asked him to sort that out. Then we asked him to look at our savings. The result was that, over a period of 12 years or so, he would periodically say “move to there” or “this fund has lower charges” or “ make a lump-sum payment into your pensions.”

When DH inherited from his parents, our IFA put us in touch with an investment manager, with whom we now have a bespoke managed portfolio. That means, he reviews all the investments periodically and moves them around to get a good return. He has also moved that money into an ISA for each of us, using the maximum amount each year. We took some of the capital out last year to add to the value of our previous house to buy our retirement home. Now everything that is left is in ISA’s, or our personal pension pots. Over the ten years he’s managed our money, it had grown by 149% excluding what we withdrew.

We did let a property, but only because we already owned a house when we changed to a career which came with accommodation. We used a bit of the rent to upgrade our holidays compared to what we would otherwise have afforded, but otherwise lived within what we were earning. So some of the rent got added to our savings.

Selling mlm like Tropic surely? 😉

I had a member of staff phone me to say she wasn't coming back to work because she had won the lottery, just over £2m, from being poor to multimillionaire overnight! Way to go 😃

In my dreams

@follygirl

We have a lot of money on paper due to our house. We are on our 4th house now. Our first house was a 2 bed and we both saved 15k so that we could put a 10% deposit down. We were on 25k and 20k at the time (appreciate thats around the national average) but anyway it involved spending little and saving a lot. This was before kids which makes it easier. We made money on that house so upgraded each time and now we have a fairly big house. However the house prices are insane and we think it's worth nearly double what we paid in the 8 years we have had it.

Appreciate that it's not true wealth as we'd have to buy something else should we need or want to downsize.

My husband was also very lucky to start doing a job nearly 18 years ago that has become very sought after. He's now known as an 'expert' at what he does and he is paid a lot of money to do it. That was pure luck. He's not a genius at all just lucky that he stumbled into a career which has been interesting and which pays very well.

We both realise the unfairness of what he earns compared to teachers, doctors, nurses, firemen etc but he does pay a lot of money in tax. I am involved in a lot of charities and volunteer for a local food bank. I'm not saying that because I think I need a medal I'm saying that just because we have money doesn't mean my family parade around in designer gear and are a bunch of knobs.

I like you. You sound cool.

I come from a poor background but am now worth about £2m jointly with my husband. We did it by working very hard for several decades in well paid jobs, we bought 2 properties, saved and invested plus we’ve avoided any non-mortgage debt. We don’t drink, smoke or fritter, but we have nice holidays and good clothes. We have a VW Golf and I drive a second hand FIAT 500. I certainly don’t feel rich, the opposite, most people we know either are or seem to be much better off than we are! It’s odd. Maybe they have a lot of debt or maybe they inherited.
I’m acutely aware we are wealthier than my birth family so we play it down. I enjoy the feeling of security having money brings though because of my background I don’t think I’ll ever feel totally secure. I also enjoy the sense of achievement that we have done this both of us from poor backgrounds. It’s nice to be able to treat people like my mum and take her on holidays and spas, and I give a good bit to charity, plus we can afford private health which has been handy in the aftermath of my husband having cancer - he was treated on the NHS but last week when his GP wouldn’t see him we could pay a private GP. I envy people who were born into money as they always have that invisible cushion and don’t have to work so hard, go through stress, or feel any rift with their roots.
I slightly envy a friend who’s just about to marry a multimillionaire too! But I love my work and hope to carry on with it even though I’m nearly 60 now, so feelings like that are fleeting. We don’t really live much differently than 30 years ago staring out - I wouldn’t feel comfortable swanking.

Starting out!

Having a largish house in London. By the time we put an extension in next year it'll be worth over a million judging by neighbouring ones.

If DH and I died, DS would inherit a lot. Two lots of death in service benefit, pension funds/savings and a house. He'd definitely be a millionaire though some would be tied up in the house and of course some would go in inheritance tax but so it should.

One does not simply share these secrets with anyone, OP.

[strokes moustache]

[okay, I don't have a moustache. Strokes sideburns].

The ones I have met appear to have done it by being very tight at tipping me. 😁

Husband made £200k in five years on his first apartment back in the 90s. (bought for £135k, sold for £330k) At the same time I signed a professional contract with a large up front lump payment of £200k. Husband and I used combined lump sums to buy a flat for £625k with a £225k mortgage. Ten years later the guy upstairs put his flat on the market which we bought for £715k. I'd just signed another big contract so had £250k in cash and increased our mortgage to £680k. The two apartments, turned back into a house in an area where houses are at a premium, was now worth around £2m. Ten years on it's worth £3.5m. Thanks to professional success I've also been able to pay off the mortgage in full. Last year was my best ever year and I earned enough to buy a holiday property with cash. So I am a property millionaire, but don't currently have millions (or even a million) (or even close to a million) in the bank.

@janice511

I had a member of staff phone me to say she wasn't coming back to work because she had won the lottery, just over £2m, from being poor to multimillionaire overnight! Way to go 😃

And then she bought a medium sized house in London and it was all gone…

My Grandparents are millionaires on paper. They own a very nice 5 bedroom house (they downsized about 10 years ago) in a very expensive area. Plus a 2 bedroom flat which they rent out.
It's their second marriage albeit (45 years married) both had children when they met. 5 between them.
They started off by building their own house, my Grandad did nearly everything himself. Self taught as it's not his trade. They then brought and sold houses as they went along. They aren't flash or shop designer. The most expensive thing they purchase is food, my Nan is a M&S/Waitrose snob
We have a large family, 12 grandchildren, 4 great children at the moment and Christmas is special as my Nan loves cooking and spoiling everyone. That's probably their biggest outlay. They are early 80s now and live a comfortable but modest life.
My Grandad is a penny pincher, will spend hours checking out deals and prices before any big purchase. It was a different time back then..

what it's really like and is it what it's cracked up to be? What sort of luxury do you indulge in that people like me can simple not afford ...

Being worth £1m doesn't really mean a life of unbridled luxury any more, does it? In London you probably live in a modest terrace house. And in many parts of the country it would accommodate you in comfort, but not breathtaking opulence, and you wouldn't be able to stop work unless you wanted to live pretty frugally. It would be your income rather than your assets that would matter.

Investing in dh’s company, me giving up my career so he could work all hours God sends and it paid off. Also made wise choices on the property ladder, just sold our last house for 1.2 million. It’s in the bank, with the rest of our money until we find the ‘forever house’ to spend it on, then we’ll be back to having a lot less in there!
We have no debt, but still have worries about the kids being ok and happy at school/health worries and family drama so money definitely doesn’t buy you happiness. But I have a great handbag collection, nice clothes and cars and lovely holidays. I know I’m lucky but we’ve worked our socks off for every penny.

This is best time to sell house, but then how would you buy next one, I am ready to sell to make profit but then I will need a place to live?

@CatRatSplat

🤣🤣🤣🤣 so how did your sims become millionaires? Was it legit... or the good ol' rosebud 😉

Not that I’m not happy. Just don’t have a life of no worries or stress because we’re comfortable financially.

DH bought Apple and Amazon stock in our retirement account in 2009, when stocks were in the loo due to the great recession. We would have been close even without that, but those two stock positions together are worth about a million now.

He's always been a smart investor. We paid cash for our house in 2003 and have been steadily investing since then as well.

Have an aunt and uncle on either side who are. Both self made, one is very niche scientific/tech field, doctor, and being meanly frugal. (Have mills in bank) other side of family started own business, probably worth £10 mill in business, & properties.

Yeah just bought a house for 106mil .. we have a cleaner, chef and live in nanny... we have a boat which we take to Abersoch to our holiday home where we live from april to september... it really is what its made out to be! We did it by selling gold that we found in the lakes in north wales and then investing it into crypto currency.. we are only 30 now and both retired for life.. i have a personal trainer so am fighting fit! Living the dream!!!

...😂 jokes!!! But sounds good doesnt it