Becoming a millionaire

(500x12)x50 = £300 000 :rofl:

If you want to be a millionaire. Start a company or become a city worker. If your company is successful you become rich. If it goes big fast the IPO sale will make you even richer. With city workers you either earn the million in a life time or in a short time. I read in a newspaper about a woman who earnt £900,000 before she had mental problems and had to leave her job. I also read that some of them earn about £1.2 million over a life time of working.

Reply 42

Tibia

(500x12)x50 = £300 000 :rofl:

If you want to be a millionaire. Start a company or become a city worker. If your company is successful you become rich. If it goes big fast the IPO sale will make you even richer. With city workers you either earn the million in a life time or in a short time. I read in a newspaper about a woman who earnt £900,000 before she had mental problems and had to leave her job. I also read that some of them earn about £1.2 million over a life time of working.

Do you understand the concept of compound interest?

Reply 43

unknownFluency

11

x.narb.x

Do you understand the concept of compound interest?

LOL.. MAYBE Tibia was talking about a simple savings account.

Reply 44

A simple savings account gives you interest...

Reply 45

Patek77

dineshmodi

LOL.. MAYBE Tibia was talking about a simple savings account.

I think you mean "Current account".

And even with a current account you receive interest, although at most banks only at 0.5%.

Reply 46

Stubo

Patek77

I think you mean "Current account".

And even with a current account you receive interest, although at most banks only at 0.5%.

Thus, in a current account you wont receive £700000 interest.

Reply 47

I don't know a lot about intrest because i don't use them. But i doubt that it will give you 700k.

Reply 48

Why are you arguing about something you don't have a clue about then?

Reply 49

Howard

5

Tibia

(500x12)x50 = £300 000 :rofl:

If you want to be a millionaire. Start a company or become a city worker. If your company is successful you become rich. If it goes big fast the IPO sale will make you even richer. With city workers you either earn the million in a life time or in a short time. I read in a newspaper about a woman who earnt £900,000 before she had mental problems and had to leave her job. I also read that some of them earn about £1.2 million over a life time of working.

Well, if we arbitrarily assume that a life time of working is 30 years that works out to £40,000 a year. Nobody ever became a millionaire earning that sort of money.

Reply 50

Howard

5

x.narb.x

Save £500 a month for 50 years and you'll be a millionaire.

You could indeed. If you saved £500 a month for 50 years (providing you could secure 4.15% interest) you'd have $999,496.63 Not sure what you actually buy for a million in 50 years time though. A moped perhaps?

Reply 51

Haha, exactly!

Though obviously if you get a higher return(say investing in the FTSE) and invest more than it'll take alot less.

Reply 52

Dimez

2

Invest in Dimez and be guaranteed 0% returns over a period of 3 years, notwithstanding the interest you'd be paying Dimez for looking after your money. :wink:

Reply 53

ilovemyself

stick to the addictions - sell drugs, cigarettes, alcohol and gambling odds.

Reply 54

Alan Smithee

Howard

You could indeed. If you saved £500 a month for 50 years (providing you could secure 4.15% interest) you'd have $999,496.63 Not sure what you actually buy for a million in 50 years time though. A moped perhaps?

Lol.

Reply 55

x.narb.x

Why are you arguing about something you don't have a clue about then?

I wasn't in an argument. :rolleyes:

Reply 56

ChiquitaBanana

Invent a bloody religion :biggrin:

Reply 57

Howard

5

ilovemyself

stick to the addictions - sell drugs, cigarettes, alcohol and gambling odds.

Yes. You could start a small casino - keep it simple at first - maybe just half a dozen blackjack tables, a few poker tables, and a couple of roulette wheels. Not sure what hurdles you'd need to jump through to open a gaming establishment - probably rather significant - but having said that - have you ever met a poor casino owner?

Reply 58