Are there any millionaires who contribute to MSE?

prowla

"Millionaires" = bad

GeoffTF

prowla said:

"Millionaires" = bad

It may not make you rich nowadays, but it is a start.

chiang_mai

I have low to mid 8 figures in liquid assets, sadly most is in Thai Baht!

I retired 24 years ago at age 51, there was no inheritance involved, just the downsizing of my UK home and earnings from work globally, much of which was tax free.  The secret sauce for me was to develop separate and distinct income streams, each originating from different countries. Today I receive my UK State pension, My US Social Security  retirement income, my UK investment income and the income from the family business here in Asia. If one stream dries up, the remainder can easily support us. Getting out of the rat race whilst you can still enjoy life has much to be said for it, but you have to do it with a plan and pick the right time because you may not be able to go back.

talexuser

If you started saving max in Peps and ISAs since the early 1990s, and had good fund selections it is totally possible to be a liquid millionare. No MSE in those days, just the financial pages of Times and Telegraph, and the brochures from intermediaries with best buy lists from top of the table results etc. However you can learn an awful lot from MSE posters who are pretty expert in their areas. I have.

nottsphil

GeoffTF said:

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.

Bit of a contradiction in terms there, Geoff 😁
But the advice is what I followed myself, although the motivation for buying my first property (which cost me a frugal life in my 20s) was the avoidance of a (lesser) amount on rent, not capital appreciation in real terms. Also had a bit of easy money with privatization share issues and building society demutualizations, but never dabbled seriously in stocks and shares.
I guess your advice is similar to planting a tree, i.e. best done a generation ago.

GeoffTF

nottsphil said:

GeoffTF said:

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.

Bit of a contradiction in terms there, Geoff 😁
But the advice is what I followed myself, although the motivation for buying my first property (which cost me a frugal life in my 20s) was the avoidance of a (lesser) amount on rent, not capital appreciation in real terms. Also had a bit of easy money with privatization share issues and building society demutualizations, but never dabbled seriously in stocks and shares.
I guess your advice is similar to planting a tree, i.e. best done a generation ago.

The stock market did have setbacks, but they were reversed fairly quickly. That might not have happened. Time in the market matters, but it also matters whether that time is favourable or not. The last 50 years was good, but the next 50 years may not be. It is now harder for people to save with ordinary middle class jobs, but there are business opportunities that did not exist when I was young.