Creating wealth disscusion - ideas!

thewinkshow

Hi All

I am looking for some advice/ideas on creating wealth over the long term.
Hopefully you lot can throw many ideas around and any tips in general on this subject, basically any sensible plans or ideas you know about for creating wealth
by almost any means possible, from investments,property,savings,shares,bonds,art,wine,e.c.t- A nice long discussion from like minded people would be great touching on all sorts of money issues.
I normally find there is not many people you can discuss these type of issues with, either they have little interest in wealth, or know very little, I must confess to being a amatuer myself - just starting out on the road, hoping for any real life experiences from already wealthy members, or stories of people you know who have managed to create wealth.

Wealth can mean different things to different people - for me the goal is to create wealth in order to be Financially independent, for me this means my investments and wealth allow me to not work, but live off these instead for as long as I wish.

Now the hard part is drawing up a plan to attain this goal.

the kind of things I am looking at are as follows: any advice, good or bad, or x vs x investments is appreciated

Stock Market - long term investments in the stock markets, as its currently quite low, I have been looking at the banks, mainly Lloyds Tsb
any ideas on the best dividends for income?

Property - mainly buy to let, how is the RIGHT way to do this? is it worth it as a long term investment?

Land - does it make a good investment? or does it tend to stay at a static price?

lifestyle choices, from living frugal, to keeping tight budgets.any personal tips
from bank accounts, offshore, saving Tax.best pension plans, are they worth it vs investing your own money instead of using the pension.

Capital Gains Tax -how to avoid or reduce it, is it possible to invest gains in shares into property and avoid capital gains tax?

House building vs buying a pre-built house, is there a big saving to be made?

Investment types - comparing mutual funds to bonds e.c.t - is there a clear winner

Plans - anyone got any long term plans in place for them to be financially independent by a certain age - for example 50, would love to hear them

My plan is to retire between 45-50 years - anyone got decent calculations of the savings,money needed e.c.t based on their lifestyles.Any tips on this like saving 25% of your income for 25 years to reach a set amount or goal.

Anyone got a goal to be a millionaire, plans, amounts needed per year to hit a set target?

Anyone know anything about setting up a simple holding company, that could house every investment,deal or purchase I make, does this have benefits,or is it very complex. i have seen the quick company set up schemes online, would they allow this?

Any books you would recommend?

Hope this post gets received as intended, warmly - let the brain storming begin.please post anything relevant, hopefully we can all end up with a massive pool of great ideas that can improve wealth for all of us.

Thank you

exil

Perhaps creating wealth by working for an employer or starting your own business making things or providing a service might be worth considering.

G_M

I made my first £4m from a lottery ticket. After that I found the wealth just kept coming.

:rotfl::rotfl::rotfl::rotfl::rotfl:

amcluesent

Compound interest always comes through but...

The real wealth creation is in China and India
Anyone now working in the West is coming in at the tail-end of a Ponzi scheme.
Post peak-oil, the West will collapse due to run-away debt and the ageing population
Europe will be under Shariah Law in the lifetime of anyone under 20

http://www.howitends.co.uk/

CluelessJock

exil wrote: »

Perhaps creating wealth by working for an employer or starting your own business making things or providing a service might be worth considering.

You may well mock, exil, however the basic principle that one does not accumulate serious wealth from an employer is correct.

thewinkshow, (interesting name) have a look at Rich Dad Poor Dad, the first book is worth reading, the others are, IMHO, exploitation.

C_Mababejive

Why not approach it from another angle..? Create more wealth by limiting/sharing expenditure.

Im talking communal living and i dont mean living with a load of quorn nibblers and a houseful of yaks..!

What would you rather have? A whole share (of debt) in a small terraced house..

Or a 50% stake and use of a big detached house with shared expenses and all the help that communal living entails?

Say for example,if two member of the same family,bought a big detached house amongst them and shared its use,they would all prosper rather than setting up separate homes with double the expense and double the debt.

Its a weired concept in the UK but it seems like a no brainer to me.

thewinkshow

Cluelessjock - I will check out the book recommendation thank you.

Mabajive - a concept ive never heard really given much thought,financial it would make sense and save money, but in practice, maybe there would be trouble if you didnt get along and had to split the house e.c.t

Clueless jock - I agree, its very rare to become financial indipendant just from your employer, you would have to be one of the better paid people in your profession, most people who attain wealth i find do something a bit different, or take care of their financies themselves via investments,property e.c.t - not just a wage

Suppose it goes back to the point i touched on in my post, few people have a real active interest in seriously generating wealth, they may claim they do, but if you were to ask them how much they have invested in the last 5 years, how much they have saved, how many books they had read on the subject to gain knowledge, you nearly always find its very little..........or you get the latter where they actually know very little on the subject and as such are unable to give a opinion actually worth taking on board.

Thanks

thewinkshow

I have done a bit of research into the author of Rich Dad poor dad, found a site that basically claims hes a fake, and his advise is poor, and he cannot really back up

I have posted the link below

http://www.johntreed.com/Kiyosaki.html

Leviathan2009

Give your money to the British Government - it apparently knows things about the economy we don't know - so they will maybe make you exceedingly wealthy or at least make you as deluded as they are about wealth.

RayWolfe

CluelessJock wrote: »

You may well mock, exil, however the basic principle that one does not accumulate serious wealth from an employer is correct.

Try telling a banker that!

thewinkshow

I would argue that only the top 3% of bankers actually earn enough to be financially independent or considered seriously wealthy- the vast majority will earn a standard wage/living, just like most jobs really not just banking
of course there is always the top 3% in any profession in any sector you choose to work.just think a bank like RBS has some 3000 branches and x amount of staff, not many of them are high rollers, just the guys at the top.even good business advisors only earn 40-50k at that bank, hardly the kind of money to allow you to create a fortune after living expenses e.c.t

I strongly believe that very few people get rich, create wealth or become financially ind pendant via their monthly pay packet - think about a employer is always only going to pay you the minimum they can get away with for your role
most rich people do something outside the rat race box - from property, to setting up a business, or getting lucky an inheriting some money, or investing e.c.t.