Millionaire Challenge

lincroft1710

scotty1000 wrote: »

I see your point, but if you do it as a entrepreneur in a new market, you can create money.. how many millionaires were there 200 years ago? (even including inflation).. the world is getting richer!!

Finding the new market is the problem. For every Bill Gates, Richard Branson, James Dyson, Peter Jones and Duncan Bannatyne, Simon Cowell, there must be tens of thousands who have failed to get past the starting post.

This doesn't mean one shouldn't have ambition or shouldn't risk new ventures. BUT and it is a big BUT, there needs to be a reality check, not only of the venture proposed but the fact that like 5,000 applying for the X Factor, there is a 4,999 to 1 chance you will not succeed.

No, the world is not getting richer. 35 years ago, I had no problem in getting a mortgage to buy my first house. Today the person doing the job I was doing then, hasn't a hope in hell on the current salary to get a mortgage to buy that same house.

200 years ago most of the wealth in Britain was in the hands of the landed gentry, there was no Sunday Times "Rich List".

Little_Miss_Uni-Debt

According to several articles there are over 600,000 millionaires in the UK and it's increasing year upon year.

There's a BIG difference between being a millionaire (i.e 1 million) and being Richard Branson and James Dyson.

I think people aren't fussed what number is in their bank so long as they can enjoy their life and not be forced to spend their life doing something they hate.

The aim is to add life into your years not years onto your life. I don't want to have my retirement when I'm too old to do anything! I want to be out in the sunshine TODAY!

lincroft1710

But how do they class "a millionaire". If it is someone who has assets worth £1m, then there are plenty of houses worth £1m and large farms must be worth well in excess of that. If house prices had continued to rise at the rate they were between 1995 and 2007, by 2025 the average 3 bed semi would have cost about £1m and on that basis how many millionaires would there be?

However there must be some 59,400,000 who are not millionaires.

I'm all for people making money honestly and having a comfortable lifestyle. Entrepreneurs and inventors who bring worthwhile products to the market are to be applauded and deserve their rewards. Or anyone who makes money by sheer hard graft. And if you pick the right numbers for the lottery or football pools, well done, because OH and I can't do it. And if you find a £6m timepiece in an old saucepan in your lock up, even better!

But unfortunately we can't all do it, it is an economic impossibility. Someone on this thread will do it, but it will be more by luck than judgement, and I'll say well done now in case I'm not around when it happens.

Now all of you get out there, get thinking and start coming up with some really good money making ideas and put them into practice.

halight

Jacka87 wrote: »

Oh just a thought, anybody wanting to accept the millionaires challenge may wish to read "Think & grow Rich" I have unfortunatly never read the full book, as I just get so far through and end up getting distracted with busy life. However it gives a guide on the principles of succeeding in becoming rich or achieving big goals.

Also reading the "richest man in babylon" would be a good idea too. Infact I think everybody should read the book as its pretty short so their is no real excuses and gives some basic ideas on how to manage money and help yourself become financially better off and enjoy life as well.

Also the millionaire next door is also a very good book to read.

Seanymph

I've just read the entire thread. Thankyou.

I'm not sure our target will be a million. But we have recently bought a new house, I've stopped working, and OH would like to give up his job too. We are debt free, have a little in the bank (most of which we are spending on solar power and installing woodburners and things to be honest!) - and would like to drastically alter our lifestyle to work together, possibly from home, and have a better quality of life.

So, 'make a million?'. Probably not - but some good ideas and motivation here for big changes.

Still no idea what or how we will achieve it though - that's what started me reading, and I'm none the wiser, but I feel more positive about it anyway

bloss0m

:spam: post 339

angieamme

I came back to MSE to work out how to save as much money as possible and to make money from different income streams. Haing read this post from start to finish I figure what have I got to lose I may as well aim higher than that and go for the million.
I have recently become unemployed after working really hard for over 30 years 20 of which have been for the public sector.
I now want to develop several income streams rather than put all my eggs in one basket.
Would love to have a chat with LittleMiss Uni about some ideas that I have to get them more refined.

martinjs_2

Hi all

This thread seems to have slowed down of late, I have just read through it start to finish and it is very interesting and particulary motivating.

I am in a very fortunate position in terms of earnings and, having just downgraded my rental property and eradicated a costly commute, I should now be in a position to save and accumulate wealth, something I have struggled with in the past.

A run down on my situation:
26 years old.
Living with my partner, 4 children aged 7, 7, 5 and 3.
Earnings of approx £90k per year gross.
Partner does not work, full time housewife and mother (she wants to work once all children are at school full time but I do not want to be reliant on the extra income).
Debts: approx £4k outstanding on car loan (car worth £5k) and catalogue with about £2k on it (from furniture purchased after recent move, will soon be cleared).
Outgoings: rent £1300 pcm plus normal household bills.

My monthly take home pay varies, can be anything from £4k to £7k, but never less than £4k. Trouble is, I have no savings and never seem to have any money left at the end of the month! Hopefully this will change now as I am savig money on rent, domestic fuel and petrol and council tax. Even still, it baffles me how I am not better off!
I guess I need to scour these forums for advice on how to cut down my outgoings, I don't want to live frugally, I work hard and want to enjoy life but I also want to start to build up a comfortable amount of assets to secure my future.

In terms of the millionaire challenge, I'm going to start with clearing the small debts and then saving as much as I can, possibly investing along the way, to build up enough to buy a house (a house of the size we need in the school catchment we need would be at least £300,000 so a large deposit needed) and then push on from there...

lincroft1710

martinjs wrote: »

Even still, it baffles me how I am not better off!

It baffles me too at £90K pa, and you're only 26! Of course having 4 children must take some of your income. Must have been a shock at age 19 to be a father of twins.

I would suggest you have a look at the Debt Free Wannabe board and perhaps post a Statement of Accounts, there are some very experienced and helpful posters there who should be able offer advice.

martinjs_2

lincroft1710 wrote: »

It baffles me too at £90K pa, and you're only 26! Of course having 4 children must take some of your income. Must have been a shock at age 19 to be a father of twins.

I would suggest you have a look at the Debt Free Wannabe board and perhaps post a Statement of Accounts, there are some very experienced and helpful posters there who should be able offer advice.

Thanks for the response. The twins were certainly a shock but I've worked hard enough to have always been in a position to provide.
I've been earning similar money since the age of 22 and it now sickens me that I've not saved a thing.

Not too late to change though.