Retired - then you made a million?

bigfreddiel

Has anyone here retired and then freed from your day to day money earning activities gone on to earn a million?

How did you do it?

fj

SailorSam

Bought a lottery ticket.

kidmugsy

Premium Bonds

bendix

bigfreddiel wrote: »

Has anyone here retired and then freed from your day to day money earning activities gone on to earn a million?

How did you do it?

fj

Is this the most ridiculous question ever asked on MSE?

DavidHayton

bendix wrote: »

Is this the most ridiculous question ever asked on MSE?

Please don't be so harsh on the OP:)

Reading through some of the threads on these boards, two features leap out to me
(a) folks who claim to be able to double their money every year (or similar)
(b) folks who claim to be able to make a living out of daytrading (remember Smeagold?)
I can't do either of these so I have to graft out an honest living.:(

But to the inexperienced investor or speculator who can use a calculator, it seems that doubling your money every year would turn £1k into £1million within 10 years.

So all you need is a pension pot of, say £21k ... £20k yields an income of £20k per year (100% return) whilst the other £1k grows to a million within 10 years.

Reasonable question then ... has anyone managed it?

David

gadgetmind

I intend to have an active retirement doing something 100% different to what I do now. I'll probably do some writing (the odd novel), fix people's computers, take on some bicycle repair, and generally have a good time. If I earn a million, so be it, but it needs to be accidental rather than deliberate.

bendix

DavidHayton wrote: »

Please don't be so harsh on the OP:)

Reading through some of the threads on these boards, two features leap out to me
(a) folks who claim to be able to double their money every year (or similar)
(b) folks who claim to be able to make a living out of daytrading (remember Smeagold?)
I can't do either of these so I have to graft out an honest living.:(

But to the inexperienced investor or speculator who can use a calculator, it seems that doubling your money every year would turn £1k into £1million within 10 years.

So all you need is a pension pot of, say £21k ... £20k yields an income of £20k per year (100% return) whilst the other £1k grows to a million within 10 years.

Reasonable question then ... has anyone managed it?

David

Point of order. Smeagold didnt make a living out of daytrading. Firstly he wasn't daytrading but was in fact gambling on spreadbetting. Secondly, even by his own admission he was making no more than a few hundred quid a month, up to £1000 in good months. Of course, he never referenced the down months.

Lest we forget, he was being supported by his wife who had to go out and get a real job.

crisp

married it

liam8282

DavidHayton wrote: »

So all you need is a pension pot of, say £21k ... £20k yields an income of £20k per year (100% return) whilst the other £1k grows to a million within 10 years.

Reasonable question then ... has anyone managed it?

David

If it was as easy as that everyone would be a millionaire.

Just to get started, as soon as you get over a certain level of income there will be tax implications and staffing if you are operating a business. This list will be numerous and will grow as the business grows.

If there is any risk free way to invest cash with a 100% return, I am sure that it would be very popular!

bendix

liam8282 wrote: »

If there is any risk free way to invest cash with a 100% return, I am sure that it would be very popular!

And, by being popular, would be used by everyone, would - logically - lead to 100% or greater inflation and thus be totally worthless.

Why are we even discussing such nonsense?

liam8282

I have heard that if you are really lucky a nigerian ambassador may contact you, using their yahoo hotmail account, and offer to transfer millions to your bank, for a small fee or just your bank details of course.