£10,000 to £1,000,000 in 6 years - Journey of a Chronic Income booster

motorguy

Also, i dont get the "i want to have £1 million" as a goal.

Money doesnt make you happy. I've had times where i've had no money and been happy, and times when i've had a lot of money and unhappy.

"I want to be the best in my field"
"I want to run my own successful business"
"I want to be in a position to retire at 60"

Those, to me, are goals. If achieving those happens to put £1 million into your pocket, then thats a nice side effect.

I dont think the likes of Alan Sugar or Richard Branson ever set out to be millionaires. It happens to be a side effect of them being successful in their fields.

motorguy

adindas wrote: »

In my opinion if you have money for deposit, investing in property will gave more return & less risky.

The people who bought their house about 3-5 years ago, have seen their property values have increased by at least 25. Some people even have 50%. especially the one living in London.

Is there any investment you know ever match this return??

+1

Particularly when the O/P is living at home.

Using his £20K as a deposit on a rental property for five years whilst hes still got a cheap roof over his head would make a lot of sense.

chronicsaver

motorguy wrote: »

Also, i dont get the "i want to have £1 million" as a goal.

Money doesnt make you happy. I've had times where i've had no money and been happy, and times when i've had a lot of money and unhappy.

"I want to be the best in my field"
"I want to run my own successful business"
"I want to be in a position to retire at 60"

Those, to me, are goals. If achieving those happens to put £1 million into your pocket, then thats a nice side effect.

I dont think the likes of Alan Sugar or Richard Branson ever set out to be millionaires. It happens to be a side effect of them being successful in their fields.

You're taking this way too seriously. Chill out.

I already know money doesn't make you happy. But money buys freedom (if you use it wisely) and that freedom can ultimately make you "happier" depending on how you spend it.

Edit: at the end of the day, this is a goal that I have. A lot of stuff I'm doing in the background which i don't document on here. As I keep saying, i don't need to justify myself on the internet.

chronicsaver

adindas wrote: »

In my opinion if you have money for deposit, investing in property will gave more return & less risky.

The people who bought their house about 3-5 years ago, have seen their property values have increased by at least 25. Some people even have 50%. especially the one living in London.

Is there any investment you know ever match this return??

Loads of assumptions here. I live in London no way am I buying a house here. I've started looking at places in the North. Should be a very good investment in the years to come. Having a 90% mortgage is absolutely daft imho. My plan was to wait until next year when I should have saved much more - would leave me with some cash on the side too.

adindas

chronicsaver wrote: »

Loads of assumptions here. I live in London no way am I buying a house here. I've started looking at places in the North. Should be a very good investment in the years to come. Having a 90% mortgage is absolutely daft imho. My plan was to wait until next year when I should have saved much more - would leave me with some cash on the side too.

You have not owned your own property, you are still young, not a pensioner, so this should be your first priority.
Steeping in the property ladder is a much better plan to make you rich faster. It likes driving an Aston Martin, Lamborghini Ferrari rather than an old Opel, VW, Ford. More importantly it is less risky and tax free if you live in. After the first stage then sell the old one and buy a higher value property to avoid the capital gain tax.

Investing in shares, funds is good if you already have port folios of properties as a mean for diversification.

You are creeping like a tortoise with the way you describe to make £1,0000,000 by relying mostly on share with insignificant amount of money to invest. Unless of course you are investing on your own business not relying on share you buy.

motorguy

chronicsaver wrote: »

You're taking this way too seriously. Chill out.

I already know money doesn't make you happy. But money buys freedom (if you use it wisely) and that freedom can ultimately make you "happier" depending on how you spend it.

Edit: at the end of the day, this is a goal that I have. A lot of stuff I'm doing in the background which i don't document on here. As I keep saying, i don't need to justify myself on the internet.

Trust me - i'm chilled out. :cool:

You're genuinely going about it the wrong way round.

You have an unrealistic goal, and no viable plan as to how to get there.

You're right - you dont have to justify yourself on the internet, but then why post this at all? If you dont want criticism and feedback to help you (contructive or otherwise) why start the thread?

I have a son 4 years younger than you. I would consider it a failing as a parent if i had raised him with the belief that money should be your primary goal in life. You seem to have that as your goal.

By unrealistic targets and no plan you've just been setting yourself up to fail.

You're also giving yourself a false positive on how well you are doing in life because you're still living at home. Fending for yourself in the real world will take that £1,000 a month you're currently able to save.