Are there any millionaires who contribute to MSE?

Hoenir

schiff said:

And do any of them attribute any of their achievement to the advice and guidance given and available on here?

If you are referring to "hot tips" then you are in the wrong place. As my late father lectured me as a teenager. To make money you need to get on the lift on the ground floor. By the time you are reading it in the mainstream media. The best money has already been made. 

GeoffTF

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

"The vast majority of middle aged people" do not come close. HMRC has recently reduced its threshold for being "wealthy" from £10 million to £2 million (or income over £200K p.a.). That is the top 2% of tax payers according to the NAO:

https://www.nao.org.uk/reports/collecting-the-right-tax-from-wealthy-individuals/

That includes property, but I expect that about 1% of the population have investments (excluding property) of £1 million+. That is about 700,000 tax payers. That is not a particularly exclusive club.

Albermarle

zagfles said:

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. 

As we know it is very difficult to be definitive with these types of figures. Some quote by person, some by household etc. You could add in the state pension which is probably worth about £250K.
Another point is that only 67% are owner occupiers ( in the South East) so not everybody will have an expensive home with a small/no mortgage, although I presume that % is significantly higher amongst the older population.

subjecttocontract

Well in answer to the OPs question.....I'm very grateful to the MSE web site & it's contributors for surprising & delighting me on many, many occasions by informing me of otherwise unknown opportunities to add to my wealth. As a well known supermarket chain says.......every little helps.

GeoffTF

Albermarle said:

You could add in the state pension which is probably worth about £250K.

Not everyone receives a full state pension. The old state pension is paid at a lower rate. The actuarial value of the pension will also depend on your age, and will not be very much if you only have a few years to live. There is also the issue of whether the state pension will be paid in full, if at all. The triple lock is unaffordable in the long term, and the state pension could be means tested.

Defined benefit pensions are strictly speaking income, and do not count as wealth. Defined contribution pensions are in principle wealth, provided that you have full control over how to use the money. Nonetheless, the full value cannot be counted there, because of the tax charge, unless the money is being donated to charity.

mebu60

OAP1952 said:

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

There's many a thread on here endeavouring to find ways and means of making ourselves try to do that! 

GeoffTF

mebu60 said:

OAP1952 said:

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

There's many a thread on here endeavouring to find ways and means of making ourselves try to do that! 

Spending money is not a virtue. Give to charity.

Bridlington1

The_Green_Hornet said:

This time next year....

https://youtu.be/OxLrsn9ZsiQ?si=LrE3ukBLjLafIaYR

And if it all goes according to plan, this time next year you can say this:
https://www.youtube.com/watch?v=MB5wq3jCia8

MarkFromCornwall

schiff said:

Are there any millionaires who contribute to MSE?

And do any of them attribute any of their achievement to the advice and guidance given and available on here?

Scroll to the top of any page on this site.  There's a photo of a chap in a blue shirt who meets your requirements!

Section62

GeoffTF said:

mebu60 said:

OAP1952 said:

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

There's many a thread on here endeavouring to find ways and means of making ourselves try to do that! 

Spending money is not a virtue. Give to charity.

Depends how and where you spend your money.  Supporting local facilities (shops/post offices/pubs/cafes/farm shops etc) possibly has a lot more social value than some charity donations will achieve.