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Original poster

How to make a million ...

27 replies

WhatToDoToMakeAMillion · 22/09/2019 22:22

Here's the dream ...

-Pay off debt
-Get an extension on the house and make the house nice and livable in
-Open and run a coffee shop (I would LOVE to do this and prepared to work very very hard at it - I have the perfect premises in mind (if ever they will sell! Reckon they could be tempted!!).

To do the above I reckon having between 700,000 and a million pounds would be just peachy! And set me up nicely!

How do I do that?

DH and I have been watching dragons den tonight and trying to figure out how to make our million! But so far we've come up with .... Nothing :)

Any tips?

(We both have 'good' ish jobs currently, but they literally enable us to cover our bills each month and stay ticking over. We have zero money to invest, and no idea how we'd create any spare cash)

(Light(ish)hearted)

OP posts:
Actaea · 22/09/2019 22:27

A job will never make you rich because you’re only profiting from your own labour, which is limited. To make money you need to profit from other people’s labour by hiring them. Which means you have to start a business.

Brot64 · 22/09/2019 22:27

The best way would be to find something that earns you money whilst you sleep. I would have suggested investments but you have said that's out. There many other things that can make your money work for you rather than you working for the money if that makes any sense.

Original poster
WhatToDoToMakeAMillion · 22/09/2019 22:31

Thanks both! Brot64 - what are some of those things? Or where do we look to discover them? :)

OP posts:
Cookiedough123 · 22/09/2019 22:32

Is there a way to make money from small investments say £100 here or there every few months? I am interested in investment but wouldn't know where to start and expect you need 000's to get you started?

Brot64 · 22/09/2019 23:13

@Cookiedough123

You can start with £100 or even £20 each month. In fact it's advisable for beginner to start small but frequently. However, your return wouldn't be huge to begin with. High risk usually equates higher profits.

@WhatToDoToMakeAMillion

The first thing I would do is get rid of all unsecured debt (if this is possible). You could be saving a fortune from the interest you are paying on those.

Get a high yield savings account (savings aren't the best way to make funds at the moment but the right ones do pay off)

Passive income . Is there anything you can do that requires little to no funding that can make you money? Some people write books to self publish, others become silent partners (this requires funding and is risky but tech, food start up for example are great options.) is e invested in a then small tech start up and it was one of the nest decisions we made. You can then sell your shares after a while.

Stocks and shares (you would need to do some research here and it takes some patience) or you could just find a good fund (although would still advice the research part)

Trading. Probably the riskiest but also quickest way of you do it well and have the time. This can be done online but again requires research but is something you can definitely teach yourself.

Expect to either invest money or time into this. As you have limited funds, you would want something that allows you to invest time and very little money.

Do not limit your investments to U.K unless you are doing so for ethical reasons etc. There are many many startups that are legitimate all over Europe that have become very profitable. Seedrs could help with this.

You could also just start your coffee shop by crowd funding the capital but this would mean you would be the startup and others would be silent partners in your business. Look at sites like seedrs (which is regulated by the FCA ) for this.

Brot64 · 22/09/2019 23:15

Excuse the typos.

Original poster
WhatToDoToMakeAMillion · 22/09/2019 23:39

Thanks Brot64 👍thanks

OP posts:
Brot64 · 23/09/2019 00:02

@WhatToDoToMakeAMillion you're welcome. What you want to do is very realistic it just needs time, planning and a few tricks. Good luck. :) .

thecatinthetwat · 23/09/2019 00:53

Oh op, I want 2 million!

I’m interested in making a website that could earn money or self-publishing. Not 2 million obviously, but to get some funds together that could then be invested.

I would love to hear some success stories from anyone who has done that...

Bloke23 · 23/09/2019 06:41

Ive made around £11,000 in about 12 months doing matched betting, this will be my starting funds too move into somthing different, not quite sure what yet

Sparklesocks · 23/09/2019 07:14

Unfortunately if it was easy, everyone would do it!

Allthepinkunicorns · 23/09/2019 07:20

Basically you have to work your self to the ground to make a million or look into compound investing.

Marzipane · 23/09/2019 07:30

My friend (with her DH) worked long, long hours for years in not great jobs, saved like demons (no holidays, no haircuts, strict budgets for food, etc) for years to buy a property outright.

Then they ditched their dayjobs, and taught themselves how to rennovate/DIY, and they added loads of value to the house. Then they sold, bought another, did it again...and again, and made lots of profit.

5 years later they have three houses (no mortgages) - living in one while living off the rent of the other two.

They have a fantastic life, loads of holidays and are effectively retired...their houses must be worth around 1 million.

Actionhasmagic · 23/09/2019 07:32

You need an original idea. Be the person who has the idea and makes it happen. Eg pop stars who write their own songs get paid much much more than those who just sing songs written for them

Raindancer411 · 23/09/2019 07:39

Keep trying the lotto and savings bonds?!? 😆

CherryPavlova · 23/09/2019 07:41

Get rid of debt as first step. Reduce your spending and pay off as quickly as possible.
Forget extending for a good few years.
Save enough for a deposit and buy somewhere to let out as an investment. Somewhere ready to move in to. Rent above repayments and save profits so you can but a third property.
Alternatively, move into a caravan, do up your house yourselves. Sell it. Move into another run down place and do it up. Eventually you end up with money. You have to live on a tight budget in the meantime.

FloatingObject · 23/09/2019 08:06

Any other sites like Seedrs to help find new start ups?

AlexaShutUp · 23/09/2019 08:09

Good luck with it, OP!

AmIAWeed · 23/09/2019 08:13

Actually if you want to run a coffee shop can you start doing a pop up coffee shop at weekends?
In our village we use the church on the first Saturday of every month to run a coffee shop (rural, no facilities)
I know of lots of local businesses who have old horse trailers converted to offer drinks - could you do that and hire somewhere at the local market or events?
That way you can pick and choose work hours to suit you and around your current job and start building accounts. You learn what works, what doesn't, start to build a reputation and may then be able to get a business loan to start a small coffee shop - might not be in your desired location but it's building blocks to get there.
Also the money you make short term pays off the debt you have whilst you discover if a coffee shop really is for you

thecatinthetwat · 23/09/2019 11:19

Save enough for a deposit and buy somewhere to let out as an investment. Somewhere ready to move in to. Rent above repayments and save profits so you can but a third property.

Hmm
Brot64 · 23/09/2019 14:13

@FloatingObject there are a few other good sites. Key is to go with one that is regulated. Not all are.

User3468793 · 23/09/2019 17:54

Read The Millionaire Fastlane by MJ Demarco (not being paid to post this obviously). It doesn't give you any magic bullets but has the most comprehensive, logical and detailed breakdown of how self-made wealth is created. A lot of the principles can be applied to various business models so it's left open to you to come up with the actual idea.

user1480880826 · 23/09/2019 18:00

Unfortunately all of @Brot64 ideas require an initial investment which you say you don’t have. Aside from investing £20-100 per month which really wont make you much (any) money and will take years.

You need to free up some of the equity in your home. Unless you have money to invest in a business or other investment option then you won’t make any money. Downsize or move to a cheaper area.

LadyMcLokington · 23/09/2019 20:06

Check out The Pop-Up Business School for exec advice (and workshops) on how to start a business for free/as cheap as possible. They have a YouTube channel as well. I’ve just started my craft-related business with their info and inspiration

Gileadisreal · 23/09/2019 20:37

Being really naive and clueless here, is there not much chance then that you could invest say £100 in a Seedrs company that took off and made you £££££'s? Or is that very unlikely in the extreme?