Millionaires... how?

Mr_Costcutter

Pincher wrote: »

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.

Pincher there was nothing stopping you from jumping on the gravy train or anyone else who continually criticise civil servants. I hasten to add that I was never one of them.

Malthusian

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

They will raid private pensions, not the gold-plated final salary ones. It will take a total collapse in government finances a la Argentina or Greece, one requiring a bail-out by foreign states, before government pensions take haircuts.

TH1878

I know hundreds of millionaires. 80-90% of them are business owners but all of them know the importance of saving.

Pincher

Mr_Costcutter wrote: »

Pincher there was nothing stopping you from jumping on the gravy train or anyone else who continually criticise civil servants. I hasten to add that I was never one of them.

I did apply, Capita said no. It was a Fast Path application, so they were picky.

You seem to think I am knocking civil servants.
I am just presenting another path in the "how did you get there?" thread.

pinpin

SailorSam wrote: »

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.

Not sure I follow.

edit: You mean 'help' as in just giving me lots of money? Or you mean they should 'create' a well paid job for me? (like my retired dad could give me 1k per week for cleaning his cars for example? )

devilivus

pinpin wrote: »

Not sure I follow.

Maybe he thinks your footballer friend can get you a job playing for the same team :rotfl:

Muhren

devilivus wrote: »

Maybe he thinks your footballer friend can get you a job playing for the same team :rotfl:

He would probably get a game at either Chelsea or Man Utd at the moment.

ossie48

Should make the parameters clear as to what as millionaire actually is...a minimum of £1 million disposable in the bank should suffice, not all of this mumbo jumbo including pensions and property value...

If that was the case I'd be worth £1.5 million and trust me I dont class myself as a millionaire...

talexuser

ossie48 wrote: »

a minimum of £1 million disposable in the bank should suffice, not all of this mumbo jumbo including pensions and property value...

If that was the case I'd be worth £1.5 million and trust me I dont class myself as a millionaire...

You are. The only way of defining is total owned wealth. Otherwise someone with nothing else but a million in the bank, is the same millionaire as someone with a million in the bank and a billion in companies, investments, pensions, properties, ships and aircraft.

BananaRepublic

I've worked for many millionaires. Two founded a company based on hard work, cleverness and knowing the industry. Nice people. Two set up a company when they saw an opportunity. They had huge luck, a nasty pair those two. Numerous people I did a PhD with went to the city and are hedge fund managers etc. They are stinking rich. We were at Clever Clogs University, but I was stupid and stayed on for five more years. So I own a house with no mortgage and £250,000 in investments, but I'm not rich. Mind you I've only worked in industry twenty years. I made a lot of money working as a freelance in IT, but I'm too exhausted to do that now. Excess money went into investment funds and grew lots.

Property was good, but now the higher rate tax credit is going, it might not be so good.