Anyone can become a multi-millionaire

BananaRepublic

Broken_Biscuits wrote: »

Live for a long time, spend next to nothing and Invest in buy and hold strategies. =Die rich.

Confusing story. Leaves all his money to charity, didn't enjoy his wealth at all, would not buy himself anything. His family were surprised he had wealth which suggests he was not a generous man to those he knew.

You would think nearly anyone else would do things with the money that would change their lives and those around them.

Wasted opportunities.

So he was a miserable old get who stayed up late at night in his tatty underpants and string vest counting his sheckels and cackling to himself. Sounds like something to aspire to.

Pincher

BananaRepublic wrote: »

So he was a miserable old get who stayed up late at night in his tatty underpants and string vest counting his sheckels and cackling to himself. Sounds like something to aspire to.

Making money is addictive.

What's the point of racking up a high score on a pinball machine?

It's a buzz, but you need a higher and higher number to get the same buzz, like heroine.

My goal is to build a pyramid spaceship house, like the ones from Stargate SG-1. I hope £10million will do it, if I use cheap stones. As usual, it's the labour, not the materials.

lesta1980

Pincher wrote: »

Making money is addictive.

What's the point of racking up a high score on a pinball machine?

It's a buzz, but you need a higher and higher number to get the same buzz, like heroine.

My goal is to build a pyramid spaceship house, like the ones from Stargate SG-1. I hope £10million will do it, if I use cheap stones. As usual, it's the labour, not the materials.

Always wanted a house with snooker room and full size table. A pool and yacht are other goals as well :beer:

Malthusian

Pincher wrote: »

What's the point of racking up a high score on a pinball machine?

To get that magic moment when the high score table starts flashing and you can record your name for posterity and for every kid to admire every time they pass by the pinball table. So long as your parents gave you a name with only three letters.

And this is the reason miserliness is a crap game as opposed to pinball, because you don't get to write your name in the highscore table. Someone else does that for you.

Incidentally, there was a question over whether Read was a DIY investor or had professional advice. There's very little information in the various articles about him, but as no-one is taking credit for their genius management we can certainly call him a DIY investor. However, the lawyer who managed his estate (Laurie Rowell) clearly knew him extremely well and is quoted in virtually every article talking about his investments in detail. She is described in one as his "longtime" lawyer and seems to be the only person who knew how much money he owned (even his stepson didn't). Given that IFAs aren't really a thing in Canada and the degree of knowledge she had about his investments, it's not a stretch to assume that she advised him to some degree. So we're not talking about someone who refused professional advice and imagined experts were all crooks.

*edit* Apparently a few hundred thousand dollars were professionally managed by Wells Fargo and the rest of his millions he managed himself, largely in certificated shares.

This is actually quite an old story - he died in 2014 and his fortune was reported at the time. I guess that one of his bequests has been invested by the hospital or something which has brought it back into the newspapers. Maybe it's a slow news day in Canada. (tee hee)

kingrulzuk

The problem is we have different types of tax in this country and more than half of the income goes in paying that.
So how can we save or invest?
Is there any loophole to avoid paying tax?

adonis10

kingrulzuk wrote: »

The problem is we have different types of tax in this country and more than half of the income goes in paying that.
So how can we save or invest?
Is there any loophole to avoid paying tax?

For Starbucks, Vodafone, Apple etc. etc., yes there is.


For the ordinary man who needs to be kept in his place, no there isn't, not really.

Eco_Miser

kingrulzuk wrote: »

The problem is we have different types of tax in this country and more than half of the income goes in paying that.

Really? I must be doing something wrong then.

kingrulzuk wrote: »

So how can we save or invest?
Is there any loophole to avoid paying tax?

ISA, Pension, maximise use of allowances.
The only tax I pay directly is Council Tax. Obviously VAT is included in some of my purchases.

The other way to avoid tax is to be so poor everything is within your personal allowance.

kingrulzuk

Eco_Miser wrote: »

Really? I must be doing something wrong then.
ISA, Pension, maximise use of allowances.
The only tax I pay directly is Council Tax. Obviously VAT is included in some of my purchases.

The other way to avoid tax is to be so poor everything is within your personal allowance.

So how can I avoid paying tax? I don't have ISA or any pension which I don't want but half of my income goes paying income tax, NI and Council tax how can I avoid that?

Eco_Miser

kingrulzuk wrote: »

So how can I avoid paying tax? I don't have ISA or any pension which I don't want but half of my income goes paying income tax, NI and Council tax how can I avoid that?

Stop earning so much.
Put the maximum allowed into a pension.
Use your ISA allowance.
There are other government schemes which allow rich people to get tax relief on risky investments, I'm too poor to be interested in them.

shaun_from_Africa

lippy1923 wrote: »

How did you make your first mill? Any tips for a millionaire wannabe?

By buying one of these:



If you really want to splash out, you can get a $100,000,000,000,000 note ($100 trillion)