Millionaires... how?

Thrugelmir

BucksLady wrote: »

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

Richard Branson was educated at Stowe School ! :eek:

BucksLady

Thrugelmir wrote: »

Richard Branson was educated at Stowe School ! :eek:

Maybe, but I believe he struggled in the academic sense because of dyslexia. He certainly wasn't a whizz at uni or in the city

Mr_Costcutter

Thrugelmir wrote: »

Richard Branson was educated at Stowe School ! :eek:

So was a chap I worked with - doesn't mean a thing

darkidoe

chucknorris wrote: »

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.

Sounds like a good and simple life. From all the stories I have followed, I guess on the journey to financial independence, take up investments is a must.

Futuristic

Pincher wrote: »

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.

You can be a !!!! sportsman and earn millions without a education or in a lot of cases, have some motivation behind your life to go out and do something for yourself. Eg. Mike Tyson who was brought up in a awful surrounding/lifestyle.

I use to spend a lot on "lavish" clothing/gadgets etc but have completely stopped and i'm saving over 20k a year along with filling up my S&S ISA and 10% of my salary into a SIPP and I'm still in my very early 20s. I look to exceed a "million" net worth (within next <10 years) incl a large property for myself (within next <5 years)

jimjames

darkidoe wrote: »

Sounds like a good and simple life. From all the stories I have followed, I guess on the journey to financial independence, take up investments is a must.

Yes if there is a secret to achieving secure financial freedom then investment is certainly part of it. If I'd kept cash I'd be in a far worse situation. I think it also helps physiologically because the money is less instantly available so you don't have the same tendency to spend that you might do with cash.

catoutthebag

bigfreddiel wrote: »

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

Sounds suspicious.

Are you single?
Do you have kids?
Do you have a social life?
Have you been abroad?
Are you at least 60?
Do you have any hobbies?

Because all the above pound to NO (apart from the age one), which means you missed out on that thing called life in the pursuit of the 7 figure

Pincher

The Greek formula was to get a cushy Civil Service job.


More than 30 years ago, I had some Greek Cypriot friends who were inexplicably hot on getting into the UK Civil Service. About 15 years ago, a university I was at had a large Greek student population, who couldn't get into a Greek university, so their parents were willing to pay where they could get a degree. All so they can get into the Greek Civil Service.


As we now know, if you managed to get into the Greek civil service, you had a job for life, with a golden pension at the end of it. All fallen apart now, sadly. But the one I know in the UK Civil Service is certainly sitting pretty, and an index linked pension awaits.

darkidoe

It will not be long before they start raiding pensions given the deficit.

http://www.telegraph.co.uk/finance/personalfinance/pensions/12044500/The-public-sector-workers-on-track-for-a-55pc-pay-rise-when-they-retire.html

Things don't look so rosy on the pensions end.

Pincher

I seem to remember an index linked annuity starting at £25k a year is about £1m to buy. Does that count towards the net worth? In which case , a lot of civil servants are also millionaires.