Anyone can become a multi-millionaire

jamesd

bigfreddiel wrote: »

Sadly he passed away aged 92, but it was then discovered he had amassed a fortune to the tune of £6,000,000!

£920 gross a month into a pension from age 20 to age 92 getting 4.5% plus inflation return would do it. A little high but not impossible for a lot of people. If you'd settle for only a single million it'd take £150 gross a month. Only 77% of that needed if not paying 0.5% in fund fees, something he was avoiding by using certificated shares for most of it.

Tougher to do it by say age 65, though, that takes paying in 6.4 times as much a month.

If you want more tax relief to help with the job, 30% every five years for VCTs can hep a bit but it's capped at the tax due in the year of purchase so you can only go so far with it.

jamesd

edinburgher wrote: »

jamesd, from memory kingrulzuk doesn't even have a pension, more conventional investments might be a better starting point for him.

Likely so, it's a way but not necessarily an appropriate one.

BananaRepublic

jamesd wrote: »

£920 gross a month into a pension from age 20 to age 92 getting 4.5% plus inflation return would do it. A little high but not impossible for a lot of people.

Not many people can spare that much, and I bet if you allow them to have a mortgage, almost none, not when young anyway. But the question to ask is why? Money represents a capacity to obtain an item or items. If you reach 92, and have a huge pile of money, what use is that? Do you get your Boy Scout saving badge sewn onto the shirt you are buried/cremated in?

enthusiasticsaver

I am not sure why anyone would want to amass that amount of money if they get no pleasure from spending it or gifting it to family and friends. I want enough money to be able to continue to do the things I enjoy, gift some to family to make their lives a little easier and have some security in old age. I want to enjoy myself a bit along the way though and on our income we would be living on bread and water to invest enough to make 6 million.

adindas

bigfreddiel wrote: »

On CNBC today was a story about Ronald Read, a janitor in Canada.

Sadly he passed away aged 92, but it was then discovered he had amassed a fortune to the tune of £6,000,000!

Goes to show you don't need to be an expert financier or the help of an advisor to become a multi-millionaire.

Easy innit!

Cheers fj

Would you please name the exact name of the program, serie, episode. I will try to search for that video.

Thanks

adindas

Pincher wrote: »

Property.

Have a look at David Buik's guest column in Money, page 3, Sunday Times 28th August 2016.

"What I should have done was to buy another property and rent it out."

And I can confirm a flat bought for £200k in 1998 is worth £840k, according to Zoopla. Don't forget the rent for the last 18 years.

I should have gone to Berlin, I hear it's gone up by a factor pf ten for similar time scale.

I am interested in buying property in Berlin.
Is there any website to look at for people selling property ??

What is the potential problem for non German citizen buying property in Berlin ??

Malthusian

adindas wrote: »

Would you please name the exact name of the program, serie, episode. I will try to search for that video.

Thanks

http://lmgtfy.com/?q=cnbc+ronald+read&l=1

I am interested in buying property in Berlin.
Is there any website to look at for people selling property ??

What is the potential problem for non German citizen buying property in Berlin ??

Wouldn't a German investor forum be a better place to ask that question?

If you don't speak enough German to use one, then that's one of the potential problems.

The others would be the same potential problems from buying any property (maintenance, servicing, void periods, bad tenants, lack of diversification) plus currency risk.

adindas

bigfreddiel wrote: »

You've all missed my point, probably my fault

The point is ANYONE can become a millionaire WITHOUT costly advice from an advisor. You just need to apply yourself because it isn't difficult. It's the 'experts' that make it sound difficult to put people off trying to learn a little and then get on with it, after all it's not exactly rocket science is it. Cheers fj

If you ask the IFAs they will keep telling you to buy share irrespective whether you are in the wrong cycle. I hardly hear any IFAs telling about buying multi properties as much as possible, only the first property to live in ??

Why is that,

If you could get property in the right price (the best is if you could get it cheap in the auction). For ordinary people with modest amount to invest (e.g discount all of fund managers and big name with a lof of fund such as Warren buffet, Jack Boggles, George Soros, Jim Cramer, John Paulson, etc), it will in many cases outweigh the gain they get from buying share / fund. Also evidence in daily live have shown that,

Why the IFA keep telling people to invest in share, fund if the property bought at the right price and right cycle will make more gain ?? Any explanation of this ??

eskbanker

adindas wrote: »

If you ask the IFA they will keep telling you to buy share irrespective whether you are in the wrong cycle. I hardly hear any IFAs telling about buying multi properties as much as possible, only the first property to live in ??

Why is that,

If you could get property in the right price (the best is if you could get it cheap in the auction). For ordinary people with modest amount to invest (e.g discount fund manager and big name such as Warren buffet), it will in many cases outweigh the gain they get from by share. Also evidence in daily have shown that,

Why the IFA keep telling people to invest in share, fund if the property bought at the right price and right cycle will make more gain ??

If you're so convinced that investing in property is so much better than the alternatives then why would you bother asking the question of a professional financial adviser anyway?

Pincher

adindas wrote: »

I am interested in buying property in Berlin.
Is there any website to look at for people selling property ??

What is the potential problem for non German citizen buying property in Berlin ??

Somehow Jonathan Harker and Count Dracula comes to mind.:)

At least these are in English.

http://www.zoopla.co.uk/overseas/property/germany/?category=residential&country_code=de&currency=gbp&new_homes=include&radius=0&results_sort=newest_listings&search_source=refine

http://www.rightmove.co.uk/overseas-property-for-sale/Berlin.html


Check out Oranienburger Straße:

http://www.bbc.co.uk/news/world-europe-19473806

Think Camden Town.