Retired - then you made a million?

property.advert

My thoughts are that people who retire and cast off the shackles of having to go to work to provide for the family can perhaps take a bit of a risk and start their own business, which they didn't feel able to do from a risk perspective when they had a young family to take care of. I suspect some of these make quite a successful transition to owning their own business versus working for someone else and clearly some will have made much more than a million and more still will have businesses which could be worth more than a million were it to be sold.

I know someone who liquidated his family home and bought around 30 flats. Now he receives a modest income after paying down the remaining mortgage but in a few years he will be debt free with a few million of assets at his disposal.

liam8282

For as many people that have retired and then gone on to be successful, I bet there is a greater proportion that go on to either do nothing or fail in their attempts to be successful.

There will be some success stories, but they will be the exception to the rule.

Just watch dragons den for the number of people that have had successful jobs and giving up everything for some crazy idea that is rejected within a couple of minutes.

SailorSam

StevieJ wrote: »

I bet some of those ex footballer commentators (and managers) have only become rich after retirement, after all soccer wages were not that great back in the day.

When i first started going the match at the end of a footballers career he'd be given a testimonial match and then he could afford to buy either a pub or a shop.
Can you see Wayne Rooney behind the counter selling sweets and the morning paper.

property.advert

SailorSam wrote: »

When i first started going the match at the end of a footballers career he'd be given a testimonial match and then he could afford to buy either a pub or a shop.
Can you see Wayne Rooney behind the counter selling sweets and the morning paper.

At the other end you have multi millionaire money grabbing folk like Ryan Giggs who, not satisfied with mega million salaries and endorsements for decades still put his hand out for a benefit season some years ago to garner most lucre tax free. Disgraceful.

Honkycat

StevieJ wrote: »

I bet some of those ex footballer commentators (and managers) have only become rich after retirement, after all soccer wages were not that great back in the day.

Francis Lee?

StevieJ

property.advert wrote: »

At the other end you have multi millionaire money grabbing folk like Ryan Giggs who, not satisfied with mega million salaries and endorsements for decades still put his hand out for a benefit season some years ago to garner most lucre tax free. Disgraceful.

I don't know about Giggs but the proceeds from the Gary Neville testimonial will all be benefiting the community.

Neville has pledged to use the proceeds to support sustainable projects within the community, an issue close to his heart, and also has plans for supporter initiatives home and abroad.

SailorSam

StevieJ wrote: »

I don't know about Giggs but the proceeds from the Gary Neville testimonial will all be benefiting the community.

Jamie Carragher gave his testimonial money to local charities, and when Rafa left with a £6million pay off i think it was Alder Hey Hospital that received a chunk, so you can't call them all.

liam8282

I know Ryan Giggs definitely kept the lot of his testimonial.

This story is interesting:

http://www.dailymail.co.uk/news/article-114528/Footballer-Quinn-makes-stand-charity.html

Marine_life

I think there is actually a sensible answer to this.

Historically people have made big money by finding a gap in the market that didn't exist. Today one might argue that all the big gaps have been plugged and future gaps are either likely to be niches (and therefore very difficult to make huge money) or technology driven in which case you most likely need some specific skills.

Of course there are exceptions (e.g. novelists).

One would also have to argue that making a million generally involves an element of hard work and therefore by definition NOT retired so it is somewhat of a mott question.

However - I intend to make a million in retirement by:

1. Have a big enough wodge of cash that I will earn lots of interest (you didn't say over what period the million had to be earned!).

2. Playing poker.

3. Inheritance.

StevieJ

liam8282 wrote: »

I know Ryan Giggs definitely kept the lot of his testimonial.

This story is interesting:

http://www.dailymail.co.uk/news/article-114528/Footballer-Quinn-makes-stand-charity.html

There is more than one way to skin a cat.

’ Certain players will talk about it, but then that’ll be it, not because it didn’t have an impact but because they’re not comfortable in the limelight. And then certain players will go, ‘Right. I want to do something.’”

Giggs is of the latter variety. When his extraordinary one-club career (most appearances for Man Utd, most Premier League goals for Man Utd, most league titles of any British footballer ever) is finally over, he wants to do more work with Unicef. “I can’t just play golf for the next 40 years,” he says. “I’m not an extrovert, but I’ve always felt relatively comfortable doing this stuff and talking to the press. Ever since I’ve been in the first team I’ve done stuff for local charities. Bryan Robson got me involved raising money for a scanner, and 15 years on, I tried to raise money for the scanner replacing his scanner

http://www.timesonline.co.uk/tol/life_and_style/men/article6928152.ece