Millionaires... how?

chucknorris

ChesterDog wrote: »

That's very true. I would just add a couple of points though.

My tale was about survival really. We didn't set out to make a lot of money, just to do our best to be financially independent. We HAD to work really hard in business to make it work. For years we were right up against it, but we are not the type to throw in the towel. The things we did to survive ultimately meant that - because we carried on doing them - we prospered, but the scenario was almost forced upon us by circumstance.

Secondly, these posts are naturally very finance-orientated. Those are the aspects discussed and on this partucular thread the question was a very specific one. It would be wrong to form the impression that the nature of some replies mean those people have missed out on the good bits of life in pursuit of wealth. For example, catch me on some other forum on some other topic - or indeed in real life - and you would have a completely different impression.

Both are very good points, I graduated in 1990, just after the start of a bad economic downturn and as a graduate surveyor I was seeing chartered surveyors made redundant every month and concerned about their future. After seeing that, I was determined to become financially independent, and that is what set me on my path of financial independence.

My very close friends obviously know that I am wealthy (they are aware that we own London investment properties), but other (not so close friends) from the bowls, chess club and work don't have much of an idea, there wouldn't be many clues for them as I live the same sort of lives they do. My main hobbies are looking after my dog, running, cycling, swimming, bowls and chess, I tend to buy an almost new car (not that expensive) and keep it until it becomes unreliable (usually about 10 years old), so half the time I am driving an older car. We are about to buy a touring caravan, not because we like cheap holidays, but because we want to be near, lakes, beaches and the countryside for lots of short breaks. We don't have expensive foreign holidays because my dog goes where I go, seeing him happy is important to me. So I would never leave him in a kennel to go on holiday, a holiday wouldn't be any fun without him. He is why I am posting this at 3.30 am, I came downstairs to find him in the kitchen barking at a fox in the garden. He does it every now and again, I usually sit with him until he falls back asleep, he's just started snoring a few mins ago so I'm going back to bed now.

Broken_Biscuits

I know 2. One in their early 40s and one in their 60s. Both very clever people and have educated themselves above degree level.
Both bought their principal home young and have seen considerable increases in value. Both have had decent career progression that comes with salary and pension perks. The younger one has taken a lot of risks, a number of interest only mortgages, pulling equity out of property to reinvest.. The older one is more a case of right time and time on their side. Slow and steady progression

BucksLady

My husband is a Partner in a small GP Practice and each one of them is a millionaire. They have achieved this by firstly having a high income and secondly by investing in property (London). Apart from my husband, none seem to be invoved in the stock market. So, for some people, achieving the title 'millionaire' isn't particularly difficult.
For other people it will be impossible. Good health plays an important part in the equation and for those who do not have it, life is often a constant struggle. Thank your lucky stars if you aren't in the latter group and if you're in the first group always remember that money should never 'define' you, or set you apart from those less fortunate That's my opinion anyway

SailorSam

pinpin wrote: »

In my life:

My dad used to earn an obscene amount of money as a business analyst and programmer for a large oil company earning hundreds of pounds per hour back in the late 80's and his wage steadily grew from then, as well as doing some investing to the point where he retired fairly young as a millionnaire.

Another relative started a construction business when they were fairly young and is now a millionnaire in his 50's.

Another friend is a multi-millionnaire who plays football in the premier league

Can't think of any more real life examples at the moment

You're having trouble finding a well paid job that you like ?
And all those millionaires in the family, you'd think one would help.

ManofLeisure_2

Each journey will be different - if only there was a formula

Pincher

ManofLeisure wrote: »

Each journey will be different - if only there was a formula

The right kindergarten, school, university and then a career in the city.


Sadly, I must be doing it wrong. Can't read the recipe right. Maybe I got the cook book upside down.

bigfreddiel

In my case, my net worth is well over £1m.

Unlike others I've never worked hard, just had normal jobs in various industries, usually it related, ended up in the public sector, and never earned more than £28k per year.

How did this happen, well I use a payg phone, £20/yr, drive a car that cost £1,000 and is now 21 yrs old, no sky TVs, live in a holiday county in the southwest, so no holidays to fund, own my own house, sice the 1980's and invest in the msrket via ISA's, so I pay little income tax, but still earn roughly £20k per annum.

It's all very easy, no hard work involved, just common sense

fj

SailorSam

JayF23 wrote: »

Hi Guys
How do I edit my post?

Jay

Which post do you want to edit, you've only made two. And in each one you're asking how to edit.

mike88

JayF23 wrote: »

Hi Architectural Bald.

How do I edit my post ?

Jay

Click on the post you want to edit and click the "Edit" icon.

BucksLady

Pincher wrote: »

The right kindergarten, school, university and then a career in the city.

I'm sure Lord Sugar, Richard Branson, Peter Jones (the list goes on ) wouldn't agree