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...

Pumperthepumper
I found a lost Harrison watch and sold it at Sotheby’s for 6.2 million. It was in my garage.

I am only just old enough to get this reference at 34… wonder where the cut off is!

I'm rich with friends, much better than any amount of money.
Who am I kidding 🤣🤣🤣🤣🤣
Better to cry in your limousine than on the back of a public bus

@NicLondon1

Please can I ask a stupid question - how did people learn financial literacy and how to invest? Is there a good book to read about the basics?! Cheers

Meaningful money handbook / YouTube channel

How does the current incumbent of PM and the previous two do it?

Watch "The Spider's Web: Britain's Second Empire" Documentary on youtube. It tells everything you need to know.

For those who really struggled from the bottom up, I really do salute you. For those who just had it handed to them, do you really know real struggle in the real world? I have often said I would like to see every single conservative MP, go through a month on Universal Credit and see how they could survive. Could they do it? What is it that some others are doing wrong if they could. That would make for good tv viewing as well.

RussianSpy, is it a good thing to give your dc the best of everything? I'm of the camp that kids shouldn't be given too much even if you can afford it.

I'm well off but for example dc still get about £75 for Christmas and birthdays. It's plenty.
No designer clothes - if dc want them they can save and pay the extra amount, although they have no interest.

[quote Bearoo22]Save a penny a day and you can become a millionaire. Article below.

www.compoundingpennies.com/save-a-penny-a-day/

Business and investing is the way to make millions. It’s not being a worker bee. Invests in assets that will increase your money, then compound interest. Think long term.

Start saving in stocks and shares. If you don’t know how, sign up to a companies like plum who you can’t open a stocks and shares ISA with and invest in different funds.

You can also set up an app called Plum up to link to your bank account and it will automatically round up your spending to the nearest pound and put it in a saving account for you, or you can split it across your stocks and shares funds. You can also set it up to do intelligent spending so if works out an amount every month to take and save for you, so you won’t even notice it out your spending account.

Pennies make pounds. Think long term investments. Plum link below.

friends.withplum.com/r/HkyiBS

The best first read is ‘Rich Dad Poor Dad” by Robert Kiyosaki and Sharon Lechter. Can get on Amazon.

You won’t become a millionaire over night unless you win the lottery, but having a long term goal and making the right choices, investing in assets that will grow in value like stocks and property..

If you don’t have your own property yet, and if your under the age of 40 you should open a government Lifetime ISA account. The government will give you 25% of your savings up to £1000 each tax year. If you need your money out though you won’t get your bonus, so keep it in until pension age, or help yourself get on the property ladder as it van go towards your first home.

Read more on the government website.
www.gov.uk/lifetime-isa[/quote]
@Bearoo22o Thank you. Great post and links. Very kind of you. I wish you continued abundance!

Save a penny a day and you can become a millionaire.

That's not what the article says, because that wouldn't work.
It says save a penny on day one, then two on day two, then 4 on day 3, so you keep doubling it. You'll reach an unrealistic amount of cash you'll need to save very very quickly.

Or, they also say to save 1 penny on day one, 2 on day two, 3 on day 3 etc. This gets you nowhere near a million quid.

The book The Millionaire Next Door is also very good.

Here's a bit of background on MVIS, a stock mentioned by a pp.

www.marketwatch.com/story/newest-reddit-sensation-microvision-is-living-both-sides-of-that-meme-stock-life-11619558716?mod=mw_quote_news

@Pumperthepumper

I found a lost Harrison watch and sold it at Sotheby’s for 6.2 million. It was in my garage.

I bet you kept telling your tale but much younger brother with 2 GCEs that “this time next year” you would be millionaires

@Newbabynewhouse

I'm a single mum earning just less than £10,000 a year. I struggle to put food on the table and so no, I have no spare cash to put towards a deposit.

Couple of basic links:

www.moneysavingexpert.com/savings/investment-beginners/

www.moneysavingexpert.com/savings/stocks-shares-isas/

I personally invest in Vanguard Life Strategy as its cheap and diversified - I'm not interested in spending time researching and buying/selling individual companies, I just want to benefit from long term market growth in a hands off way. Historically I make 10% a year.

www.vanguardinvestor.co.uk/investing-explained/investment-fund-types

Really interesting thread. I enjoy how most of the advice boils down to "don't spend it".

I honestly cba living like I'm poor when I've finally got a decent paying job..!

Lots to think about though

It depends on the context.
A lot of people are paper rich, but cash poor.
As in, the house they live in may be worth a million, but actual cash that they can lay their hands on at any given moment isn't available.

Is the question how did you become a cash millionaire in the bank or a million in assets? If the latter many people in London at least will be property millionaires. But they may have a mortgage so not able to say they are a net cash millionaire

I became a millionaire by putting hotels on Park Lane and Mayfair in monopoly. Does that count? 😁

I've been assuming that "millionaire" meant a million in investable assets.

It depends on how millionaire is defined. There will be a big difference between the lifestyle of someone generating millions versus someone with £500k in housing equity and £500k pension pot.

Sounds like we have the same cunt father.
Mine has married twice now so I inherit nothing.
Am I bitter, Exceedingly!
I hope his end is agonising for how he's treated me all of my life.

Old enough to have got on the property ladder in the mid 90's when interest rates were high but property was cheap. Bought our house in 2012 for £400k, now worth £700k. I have a professional qualification and now own half a business worth around £1.1m, so my share is £550k.

DH has a business (works in a very well paid industry) so has built up savings in his company of about £300k. We then also own DH's former home before we moved in together, which is worth about £250k.

We do have mortgages and loans totaling about £500k though, so it tips us (jointly) over £1m.

I can tell you though, it doesn't feel like we're millionaires that's for sure! Comfortable, yes, but ridiculously rich? No.

What do you mean by a millionaire? Are you including house value and pension pots or just cash / other investments. Do you mean on your own or jointly with your husband (so £500k each).

I'm a millionaire if you include house and pension (like many others) but I haven't got £1m quid sat in the bank. I'm not actually cash rich at all but do pay school fees so I guess that is where my disposable income goes!

I bought as early as I could (I was 22 and had to
take a lodger in to pay the mortgage), have always paid into a private pension and went for a relatively well paid profession (not loads of money though). I didn't have children until I established my career (for me that was 30 but I sped through, it will be older for some). The things I did with my money (investing and asset purchase) have been far more crucial to my wealth generation than my actual income though (but appreciate you need the money in the first place). Many of my peers had a much more decadent time 20 years ago and are not as well off now - but some of them stand to inherit a lot too so they probably don't view it in the same way as me (working class background).

We also took a massive risk on property buying something we couldn't really afford 10 years ago. I wish we had stretched ourselves even further now (as within months interest rates plummeted making what had been a risky overstretch comfortably within our income).

@vocksinsocks

Sorry to hear you are struggling being this generation though isnt the reason.. thats the statement i can never understand

That is the same as my grandparents. Never spent anything on themselves. Bought up student accommodation in Cambridge and cleaned/managed those which was worth over 500k in the 80s.

The term is outdated. It was coined in the 18th century and came into popular usage in the early 19th century. As a million in the 19th c was worth exponentially more than it is now, the term simply doesn’t mean what it used to - which was to denote fabulous wealth.

Also there are two interpretations:

1. Net assets of a million including property.

1. Net investable assets or working capital - ie you have a million to invest.

By definition 1. Half the people in London and the SE are millionaires.

So if it’s used to all I would use 2.

But what the term ‘millionaire’ means to me now would technically be a multi-millionaire.

If we sold our house and added it to our savings pot then it'd come to about a million.
Neither DH nor I have inherited a penny, so this was from paying £80,000 20 years ago for a derelict house and then doing it up, and starting our own business 7 years ago.
It's been hugely hard work and we've risked everything more than once, but it's paid off.
But blimey, it's been hard.

We became millionaires when lived in Latin America. Unfortunately we were million the local currency.