Anyone can become a multi-millionaire

Voyager2002

lippy1923 wrote: »

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

Take ten thousand pounds to India and exchange for rupees. Job done.

BananaRepublic

eskbanker wrote: »

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?

That was not the point being made, assuming I understood it. You go to an IFA if you want independent advice from someone you hope is well informed. In which case they should advise you of the pros and cons of various asset classes including property and shares. The other poster was suggesting that a IFA would usually favour shares (via collective investments) over property. I do not know if they are right, or wrong.

bigfreddiel

adindas wrote: »

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

Thanks

What makes you think it's a video? Very strange! It was on the MSN news app a few days ago. Is that okay?

Good luck finding it, fj

Ray_Singh-Blue

I suspect the answer to adindas's good question is that people who have hammers, become adept at spotting nails. So it would not surprise me to find that financial advisers mainly recommend financial investments (rather than say, small business or property deals). Please prove me wrong.

What I find more intriguing is the question of HOW and WHY a low earner would amass a fortune of $6M. Of course I don't know the full story. He may have won $5.9M on the lottery the day before he died. His family might have owned a patch of scrub on which oil was discovered. I dunno. It would be nice to think he achieved it through thrifty living and shrewd investment though.

As to WHY- maybe the same reason some folk climb Everest, and some collect toby jugs. Maybe something more Freudian- such as a child seeing financial insecurity in their parents, and then overcompensating in their own adult behaviour. Whatever, at $6M it seems unlikely that delaying consumption was the sole motivation.

jimjames

bigfreddiel wrote: »

What makes you think it's a video? Very strange! It was on the MSN news app a few days ago. Is that okay?

Good luck finding it, fj

There was a clue when I read the article:

"I'm sure if he earned $50 in a week, he probably invested $40 of it,"

If others had the same mindset they could probably be millionaires too. Miserable millionaires maybe but with that money sitting there.

Pincher

Ray_Singh-Blue wrote: »

What I find more intriguing is the question of HOW and WHY a low earner would amass a fortune of $6M. Of course I don't know the full story. He may have won $5.9M on the lottery the day before he died. His family might have owned a patch of scrub on which oil was discovered. I dunno. It would be nice to think he achieved it through thrifty living and shrewd investment though.

This 90+ guy tells me he had a really rough childhood in the East End, ecking out a living. Eventually got himself some engineering qualifications, and got a trade. Started on the property game in the 1960s, and is now sitting on a pile a lot more than £6million.
Made it mainly in commercial, rather than home rental property, though.

He really doesn't spend money. No Cunard cruises. Even his car is bought second hand, a bit like Warren Buffett.

I strive to be not like him, but all these last minute ski deals like 50% off in Courchevelle really doesn't make a dent. I was mortified to hear a pair of physiotherapy girls from Sheffield actually paid full price by booking early bird months beforehand. I could afford full price, but I paid last minute peanut price, for the same chalet. Poor girls, they really saved up for it. Hmm, maybe I should have told them about MSE. Wasting money on full price holidays, really not millionaire material.

joe134

To become a millionaire these days, you need to be a Billionaire to start with.:)

adindas

I just read the article from Yahoo Finance ...

"The man who accurately predicted 5 market crashes has 3 more dates we need to worry about"
https://uk.finance.yahoo.com/news/man-accurately-predicted-5-market-064500977.html

IS it good to notice his warning in the next three more dates ??

Malthusian

Pincher wrote: »

I strive to be not like him, but all these last minute ski deals like 50% off in Courchevelle really doesn't make a dent. I was mortified to hear a pair of physiotherapy girls from Sheffield actually paid full price by booking early bird months beforehand. I could afford full price, but I paid last minute peanut price, for the same chalet. Poor girls, they really saved up for it. Hmm, maybe I should have told them about MSE. Wasting money on full price holidays, really not millionaire material.

Physiotherapists can't take a week off work on short notice to go skiing and take advantage of a last minute deal. Next you'll be wondering why parents with families don't just book holidays in term time when it's cheaper.

Ray-Singh_Blue wrote:

I suspect the answer to adindas's good question is that people who have hammers, become adept at spotting nails. So it would not surprise me to find that financial advisers mainly recommend financial investments (rather than say, small business or property deals). Please prove me wrong.

A property investment is a financial investment. If IFAs thought individual properties were a good investment compared to the stockmarket they'd recommend them. Making money out of the advice would hardly be a problem - look at all the money that is already made off BTL investors in letting agent fees, estate agent fees, mortgage arrangement etc.

The reason they don't is because property compared to a stockmarket portfolio involves a lot more hassle, there are more risks (bad tenant, void risk etc on top of the existing yield risk and investment risk) it is much more difficult to diverisfy (and takes a larger sum), it frequently involves gearing which is only suitable for very adventurous investors, and there is no evidence that after deducting the above costs and adding a premium for the extra risk and work involved it can be expected to deliver higher returns than equities.

Most people who approach an IFA already have most of their wealth tied up in property. Partly because of the desirability of owning your own home, and partly because of the obsession with property as an investment. No responsible IFA is going to suggest they concentrate an already under-diversified portfolio by adding more property.

If you are dealing with someone who has a full toolbox, it should not surprise you that whenever they see a nail they produce a hammer. The fact that they don't pull out a screwdriver every so often and attempt to hammer in a nail with it doesn't mean they've got an irrational prejudice against screws.

adindas wrote:

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 ??

Why would an IFA tell you to invest in either shares or property when putting your money on the correct colour at roulette will make more gain?

adindas

I think it might better to subscribe in belief and faith that people could reincarnate.

Reincarnate 10 times then become a multi millonaire is more likely ...

joe134 wrote: »

To become a millionaire these days, you need to be a Billionaire to start with.:)