Are there any millionaires who contribute to MSE?

GeoffTF

HHarry said:

Save
No debt apart from a Mortgage
Invest in yourself to better your earning potential
Be a Needer not a Wanter (buy stuff you need, not want)
Make your money work hard (find the best interest rates, invest sensibly)

Apart from the obvious one of earning lots of money, do not start from here. Start from a time when you can buy a house cheaply with mortgage tax relief, and when the stock market will rise relentlessly for the next 50 years, with only minor setbacks.

OAP1952

"I'm a millionaire!  And so is my wife!"

I'd echo the comments made earlier about the effects of inflation.  A few years ago, I came across a little bundle of supermarket receipts dating from when my partner & I were starting out together.  From the entries that were still legible, I calculated that the prices then were about one-tenth of the current level.  On that basis, in 1971, we wouldn't be millionaires and we'd still have some way to go.

The other question is about involvement in the MSE forum: I'd say that it has made little difference for us.  It's given us hints, suggestions and confirmation of our policies but the basis of our current prosperity was formed long ago - a willingness to save nutured in childhood!  Investments in regular savers, PEPs, TESSAs & free-standing pension plans came long before I started reading MSE.  About the only things I can recall that might have made a difference are:

- the value of deferring the State Pension pre-2016.  My wife has doubled the basic pension through nine years of deferment.

- "investing" in Class3A "Top-up" contributions now giving us both extra pension money (and boosted by my wife's years of deferment).

- paying £2880 into a SIPP every year to "earn" £720 from the HMRC contribution.

And the question I really want answered:  how do we change the life-long habits and spend the cash?!!!

Albermarle

As people have said, it depends how you define a Millionaire.
One definition is having a Million readily available to spend.
So that would definitely exclude your own home and pension money/savings/investments that you need to maintain a good standard of living in retirement, although any excess would count.
BTL etc might count, if you do not need the income, and were planning to sell. 

HedgehogRulez

with average house prices being ~ £265k, someone would only need ~ £735k in investments/pensions to reach the £1m (never mind any cash savings), so I'd expect the vast majority of middle aged people to be there, or there abouts. Go to the pensions board, there's millions on them

schiff

I suppose I could have been less 'general' in the definition. I was just intrigued. There are parts of current wealth that you haven't done anything personal to create, such as inheritance money, but money made from a personally created business would count and anything made out of using good judgement about government sponsored things eg about pensions. Personally I came from a no money family but grew up saving, had a reasonably decent job with an inflation proof pension. Always quite astute in money matters, discovered MSE soon after I got my first laptop and quickly realised that MSE fitted me like a glove. Lucky to be in at the birth of GIOL (matched betting), made a sizeable packet from it and carried on using the advice and pointers provided by the very knowledgeable posters. I've often said since then that what I have today is very owing to my MSE membership    Plus the tax free profit from my current home.

Tax_Slave

With house value and defined contribution pension pots , I guess I could say I’m a millionaire.
Have no mortgage or debts (well other than £2k on a 26 month interest free credit card that I will pay off when deal ends).
Now retired, but worked all my life in a typical IT job. 

First house cost £60,000 in 1988 with a £50k mortgage.
Paid mortgage off back in 2012 when endowments matured and missed target by £20k 😆.
But paid other chunk off with savings.
Last mortgage was a tracker plus .5%. So was paying 1% for last few years on it.
Paid 12% at one point in mortgage history.

Sea_Shell

Individually or as a couple (household)?😉

As a household we're hovering, depending on market variations.

I've been an MSE nearly all my life, before MSE was a thing.  Squirrelling pocket money and earning £ here and there, doing odd jobs for neighbours.

LeafGreen

HedgehogRulez said:

with average house prices being ~ £265k, someone would only need ~ £735k in investments/pensions to reach the £1m (never mind any cash savings), so I'd expect the vast majority of middle aged people to be there, or there abouts. Go to the pensions board, there's millions on them

I don't think the vast majority would.  Check out the ONS figures for average pensions wealth...

Age group	Average pension wealth
16-24	£5,500
25-34	£18,800
35-44	£39,500
45-54	£80,000
55-64	£137,800
65-74	£145,900
75+	£59,700

Mr.Generous

I suppose in terms of asset value I would be in the club, closer to £2m than 1, but nothing like it in liquid assets. Also remember the value in a pension pot is pre tax, so even if I had a million in the pot I couldn't draw it without paying a load of tax. I worked for years and saved, then got a decent redundancy payment so purchased run down property and renovated, sold a few and kept a few as I could afford it. I could post the value of property and assets owned but it feels very much like bragging, and despite working very hard for a number of years I have been very lucky with no bad buys or major disasters like fire, flood or theft or divorce. Like someone said earlier, a millionaire when I was a kid had loads of spare cash to do anything they wanted, I live in a normal house on a small estate and drive a normal(ish) car and have normal holidays. My income is only at the threshold for higher rate tax, it's asset rich and cash moderate for me. MSE has helped me save a few quid - council tax banding got me a few thousand, a few other tips have undoubtedly helped but hard work and a bit of luck got me to where I wanted to be.

zagfles

LeafGreen said:

HedgehogRulez said:

with average house prices being ~ £265k, someone would only need ~ £735k in investments/pensions to reach the £1m (never mind any cash savings), so I'd expect the vast majority of middle aged people to be there, or there abouts. Go to the pensions board, there's millions on them

I don't think the vast majority would.  Check out the ONS figures for average pensions wealth...

Age group	Average pension wealth
16-24	£5,500
25-34	£18,800
35-44	£39,500
45-54	£80,000
55-64	£137,800
65-74	£145,900
75+	£59,700

Does that include the value of a DB pension? A DB pension promising £40k pa index linked with spouse benefits is easily worth a million.