Is it impossible to become a millionaire with a degree?

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Do you mean millionaire in the sense of being an asset millionaire? That is not particularly rare, there are plenty of people who own a nice house worth a million.

But if you're talking about having £25 million or something like that, then it is fairly rare. You need to be more than just a professional like a doctor or lawyer. You need to plug yourself into deals that earn you money.

For example, my aunt (who is now generally retired, but sits on the boards of pension funds and so on) was a very good lawyer, she was the general counsel for one of the top banks in Australia. But that in itself wouldn't have made her extremely rich, it was by plugging into the connections she made, by being invited and getting plugged into land developments and property deals that she made the big bucks.

A salary by itself won't make you rich (unless you make it to the very top), what's required is having a sufficient amount of capital and the connections to allow your money to work for you

What do you mean by connections? How do connections give you more money?

What do you mean land development and property deals?

So to become rich, you should be an estate agent?

My dad comes under the heading "millionaire" and all he's done is work his arse off

Maybe you should do the same

I should have thought that's pretty obvious. Rich people, connected people, get access to deals and investment opportunities that have returns far in excess of what the man on the street has access to.

If you're an average person with some money to invest (leaving aside property), you might be able to get a few percentage points. The returns are often below inflation. If you have connections and can get plugged into good deals, you can often be looking at 15% returns.



It's pretty self-explanatory. Say you have a condemned site in central London that has been acquired, and they are looking for investors to turn it into luxury apartments, and the returns will be at the level of 30%-50% over a few years. Do you think they just put out an ad on TV and ask Joe Blow if he wants to put a couple of thousand pounds in?

Of course not. They go to other wealthy people who are plugged into those circles and ask them to invest. And this is reciprocal, the investor might see a good deal next time and invite the person who got them in on this deal to come in on the next one.



I'm sorry, are you being deliberately obtuse? I'm talking about the fact that if you have millions of pounds to invest in property, the returns are absolutely immense. And if you have the kind of connections that open up the really good deals, where you can get in on the ground floor of new developments, then you are looking at returns of 15% year on year at current growth rates.

How many estate agents can afford to invest £10 million on a property deal? You actually need to have the money to invest in the first place, along with the connections to people who will invite you in on the really good deals, to make the big bucks.

Sorry, I don't know anything about this kind of stuff, but you explain it very clearly, so I am learning.

If I were to win a couple of million pounds on the lottery for example, should I plug this money into an investment and make 15% returns?

It's kind of like those people who buy a cheap house, do it up, then sell it for more money than they spent decorating it? So they make £10,000-£20,000 return on each house? Then they buy more expensive houses, and do the same, but this time, their profit is maybe £40-50,000?

If someone went to University, achieved a first class degree and got a job in a company, the average starting salary for a graduate is around £29,000.

How long would they wait for the £29,000 to increase and by how much would it increase by the time they are 30 for example?

Also, why is my sister's friend earning over £100,000 year at age 26 in a supermarket company like Tesco?

So it seems very difficult to become a millionaire by yourself in an ordinary job - it not impossible.

The only to become a millionaire is by winning the lottery or marrying a rich person?

that is what you need to be in order to be a millionaire.

What you need, in order to be a millionaire, is to have assets that exceed £1 million. No more, no less.

There are countless millionaires who inherited from their parents to become millionaires. And there are plenty of very hard-working, intelligent people who fail to become millionaires, despite their creditable efforts.

A more important factor than hard-work is probably luck.

Fair, but most people who become millionaires due to their parental wealth, don't actually become so until their parents die, at which point they are quite old

However presuming you're not rediculously intelligent

nor born into incredible wealth, the most likely way to become a millionaire before your parents die is by the way I described.

We are still supported financially by our parents in the meantime, and we have a certain level of comfort knowing that no matter what, we won't die poor. We will be financially comfortable in our retirement and elder years (and before, in fact, given the support we receive)
Ridiculously, surely?
Merely saying "You require initiative" is as good as useless. What specific route to wealth do you prescribe?

If someone went to University, achieved a first class degree and got a job in a company, the average starting salary for a graduate is around £29,000.

How long would they wait for the £29,000 to increase and by how much would it increase by the time they are 30 for example?

Also, why is my sister's friend earning over £100,000 year at age 26 in a supermarket company like Tesco?

So it seems very difficult to become a millionaire by yourself in an ordinary job - it not impossible.

The only to become a millionaire is by winning the lottery or marrying a rich person?