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Any of you guys a millionaire Watch

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    Odds of actually finding anyone who has experience being a millionaire on TSR is pretty low. This is predominantly a student forum after all. However that doesn't mean there aren't people with like minded motivation like myself. Not a millionaire but aiming in the same direction.

    The main problem is that it's pretty difficult to teach someone to be a millionaire and even harder for them to follow through with it. Sure there are easy ways such earn X amount, save Y amount and by Z age you'll be a millionaire. But who wants to be a millionaire at 50 or 60?

    One of the main ways to becoming a millionaire is getting a millionaire mindset. Personally I've read loads of books on making money, self improvement and so on. Although unless you actually act on them you won't go anywhere. My personal favourite is The 4 Hour Work Week but there are hundreds of books that people would recommend (Secrets of the Millionaire Mind, Think and Grow Rich and so on).

    There's also a lot you'd need to consider. What sort of business model will you use to get rich? Is it sustaining? Can it grow? Simply wanting to get rich and having a little success is not enough. You need to be serious about it if you want to succeed.

    And that in itself is the biggest downfall I see in people trying to do this. They want to succeed and be rich but that motivation lasts a few weeks before disappearing. They simply aren't serious about it.

    Then of course there's all the usual pitfalls. You will fail at some point. You will be working a lot at firs,t maybe even 100+ hour weeks. People will tell you you'll fail, especially being so young.

    My recommendation is to get off TSR right now and get started. If you're serious that is. Get some books, learn about people who have done what you want to do, contact people as well and ask them to mentor or share advice and so on. Making £1000 on eBay isn't difficult but it's also more than what a lot of 15 year olds do. You're 1/1000th of the way there already. And if you're serious this is where the hard work begins.
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    I'm saying this out of what i've learnt from other people, not sure if it's actually the case. I would also say there's much more to becoming a millionaire than what your told, if you could just read loads of investment, finance books, brian tracy etc. Many people would become millionaires, in theory they say what should work, but think about how many people also followed their advice, yet aren't rich at all.

    You will probably never become a millionaire just by doing a job, even the top jobs won't pay that much after tax, you have outgoings like your house bills etc, but you have to learn how to cut expenses (this is the easy part) right down so that your nearly spending nothing, most can't actually do this as they lack discipline, most would still waste their money on crap, which is only the first part of becoming rich.

    Learn how to invest, if you have good stocks/bonds, you compound the interest that you save, so for example a 9% interest rate would double your money in 8 years (72/9 = 8 - rule of 72), I think before you learn how to analyze a company properly you would need to run a business first. I for now am learning how to invest, have read Benjamin Graham's "The Intelligent Investor", and other books, i'm getting my head around it, but need to actually put in practice what i've learnt. It's not such a great way of making money when you don't have much as money makes money, but once you have a good amount, you will get bigger returns, think about time, spending years learning to invest just to put down a few grand is pointless, when your young you learn the principles before you get older to actually deal with big amounts, consider time.

    You don't become rich fast, complete load of rubbish, it takes years to accumulate, think from now you were to put in £20,000 into an investment with a 9% return, 30 years later you would have £280,000 if that's calculated right. So more money you have to begin with, the more money you can make.

    But I would say that you do actually need to be born somewhat rich to actually get rich, you could get a good job without being in a good position (like me), but after a few years of saving and learning how to invest, you have a bit of money to put down, then go for it, the rich don't put their money in 2% ISA accounts, they know what to do with their money properly, they do extensive research into investment, most that invest will only get an average return, it takes time to learn this stuff in depth.

    I think it's much harder than what you are thinking, I used to think like that at a young age. People are very optimistic about being rich, then slowly the reality starts to hit them, but that's not to say you will never become rich, because you probably could if you really wanted to, it will be harder than you think though, and you have to realize many people think like this, many people even take millionaire's advice, but never become rich, you might learn someone elses path, but that doesn't mean their path will be open for you, it depends on many factors, it's delusional to think that it's solely down to you.

    And also, what would you do when becoming a millionaire? Many people want money, then have no clue what to do with it when they get it, most of the super rich just spend their money on **** as they have no clue what they actually want with the money. Before you even become a millionaire you will think you have excessive amounts of money to even want any more.
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    (Original post by Anthony.c/2001)
    Hey guys, i know this might be a popular question but are any of you guys a millionaire!
    And if so how did u become a millionaire, the reason im asking is i want to be a millionaire!
    Im not a lazy 15 year old boy who sprnds all his money on videogames i have had an ebay shop which isnt much but it made me some money and i now have about £1000 saved.
    Yes im only 15 and yes i want to be a millionaire but i know thats not easy and i wont win the lottery or be given it! All the stuff i have ever got i have worked for it myseld not got it bought.
    So if ur a millionaire HOW?
    i'm a millionaire/10 if that helps?! *giggles*
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    Not a millionaire but just over half way there if that means anything to you. At the end of the day, millionaires' advice isn't going to work for everyone as it's down to the individual. However, mindset is very important which is something we all can learn.

    My advice? First of all, find your drive. You need the drive to be able to achieve goals that aren't immediately in sight, or even on the horizon. To use as an analogy, let's say our goal is to achieve a native level at a foreign language. It's unfathomable during the first week but you know if you keep going at it, you'll get there. But in order to do so, let's break it down. You need:

    1. Immersion. You need to talk with natives to get the know-how and how to speak like them. Theory alone only gets you so far with a language. Some people study for years but can barely put together a sentence.
    2. Regular practice. Speak the language, learn the grammar, join meetups to practice.
    3. Set milestones. Take on the level 1,2,3,4,5 exams.

    In the context of accumulating wealth, let's say for immersion, you talk to people in the industry, develop connections, talk to fellow entrepreneurs. For regular practice, you save money and eye further ways of increasing passive income. Whilst doing so, you study up on formulas, terminology, etc. How do I calculate rental yield? What percent of borrowing is considered high leverage? How do I know if this stock is in an overbought or oversold state? For milestones, let's say, for year 1 and 2, I will work hard in my day job and save capital for investment whilst studying the knowledge in my chosen investment area. Year 3/4 I will start with low risk investments to get some toes in the water. Perhaps letting someone manage a stocks portfolio for you, you study which and why. Or buying a cheap buy to let business that doesn't require much DIY to get onto the rental market and start earning a modest margin. Year 5/6. I will have made a modest amount of money and learned the ins and outs of the trade. I will choose my own investments and up the risk to a level I'm comfortable with, relative to my experience and understanding. (Perhaps choosing your own funds to invest in, taking on properties that need more work, etc).

    Just by doing this you start to develop yourself and naturally pick up the skills and experience needed to manage your investment portfolio.

    For me, it's all about increasing passive income whilst working my day job. I have the job security to pay the bills but with the mindset that I will earn more money and stash it into my savings for reinvestment. I've just turned 25 a few months ago and had my goals since 21. Since then I have a small property portfolio (monthly income + long term capital growth), trade forex in my spare time (short term) and some money in some low risk funds. As the saying goes, you need money to make money. So for most people, the first step will be to save enough capital to invest. You don't need to be a doctor or lawyer but you need to know how to save. A doctor saving 10k a year from living extravagantly is still saving less than someone living modestly and saving 12k. I'm a programmer myself and my younger cousin is a civil engineer. We both started from scratch but in our own ways, developed as entrepreneurs. We didn't start with a doctor's salary but we were saving a decent amount each month with sustained drive (he rents a cheap single bedroom with bills included). He's been constantly reading books on stocks and investing in companies and has already made a decent amount of money putting what he learned into practice (started with around 40k capital, saved from working day job). We share our expertise and knowledge with eachother and I recommend doing the same, to find an investment buddy to take the journey together.

    In terms of language learning, I'm currently studying 3 languages, one of which I've been studying since I was 18 and I am quite fluent in. I study everyday. I don't lose motivation. I don't have those days where I "can't be bothered" or need someone to set a schedule for me. No, you have to be the type who can set their own schedules. You are responsible for your own learning. I take this principle with learning how to invest. Not everyone is born purchasing goldmines of a property, winning trades 80% of the time and buying stocks at the right time. No, you have to start from scratch, maybe learn how a loss tastes. It's from there that you adjust as an individual, slowly minimizing losses and maximizing gains. Once you know how to make money, the rest is down to time. You can set a faster pace by being more active in investments but don't let it affect your life. There's more to life than money and you can easily lose what you already have and should be thankful for. This is why passive income is essential to getting to your goal. You have to let the money work for you. Not the other way around.
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    Millionaire's of TSR
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    rich people are unhappy

    :yep:*
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    most of them are actually millionairesses :dontknow:*
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    Lol
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    (Original post by Princepieman)
    The only careers where if you do well and rise up, you can make a decent amount of dosh are as follows:

    medicine (augmented by private practice, or alternatively moving to a country that pays medics well), dentistry (specialising in maxilo facial surgery or orthodontics), top end law, top end consulting, front office finance, top end of technology, the executive corporate ladder, actuarial profession, real estate, high end sales, a professional role within an oil and gas/mining company, innate talent/skill or entrepreneurship.

    Outwith those fields, most people will never see their incomes grow past a specific plateau. That is just the plain truth, and something I've done a lot of digging into. 90% of jobs out there fall into the category of starting low and reaching a moderate salary level.

    Being brutally honest, there's no point chasing money - just do the career you're good at, have an interest in and want to succeed in. That, or take a risk and start something.

    Posted from TSR Mobile
    You missed out accounting, engineering, middle office finance, back office finance, politics
    There are loads of careers where you can make decent dosh. I'd say around half of grad jobs would have decent pay but I guess it depends on what you define as decent.
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    (Original post by Trapz99)
    You missed out accounting, engineering, middle office finance, back office finance, politics
    There are loads of careers where you can make decent dosh. I'd say around half of grad jobs would have decent pay but I guess it depends on what you define as decent.
    Accounting - partnership route, only at a top firm or exec management track sure

    Engineering - no, it's pretty hard to earn £100k+ in a non-management, non-oil and gas/mining/(insert some other high profit industry). Most senior engineers cap out at £50-70k

    Back office finance - very very few people will ever have the chance of breaking VP level, once you're looking at MDs and EDs/Directors you're talking 1 in 500-1000+.

    Politics - MPs are capped at ~£70k, only way to earn more is via entrepreneurial endeavours like books, speaking arrangements, consulting engagements

    MIddle office finance - fair, there are opportunities

    My list was more an example of careers where by taking the opportunities, being slightly lucky and working hard as hell, you could see your pay grow exponentially. Not necessarily just nice pay.
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    (Original post by Princepieman)
    Accounting - partnership route, only at a top firm or exec management track sure

    Engineering - no, it's pretty hard to earn £100k+ in a non-management, non-oil and gas/mining/(insert some other high profit industry). Most senior engineers cap out at £50-70k

    Back office finance - very very few people will ever have the chance of breaking VP level, once you're looking at MDs and EDs/Directors you're talking 1 in 500-1000+.

    Politics - MPs are capped at ~£70k, only way to earn more is via entrepreneurial endeavours like books, speaking arrangements, consulting engagements

    MIddle office finance - fair, there are opportunities

    My list was more an example of careers where by taking the opportunities, being slightly lucky and working hard as hell, you could see your pay grow exponentially. Not necessarily just nice pay.
    Ah I see. I interpreted 'decent dosh' as around £65k+
    After all, that is very decent imo
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    (Original post by Princepieman)
    Accounting - partnership route, only at a top firm or exec management track sure
    Don't those that go into industry earn a fair bit after a few years of experience though?

    you hear of people leaving big 4 after getting their ACA and going straight onto 65k+.
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    I'm seeing a lot of people still arguing which jobs that they speculate could make you a million.

    I'd just like to iterate that it's very difficult to make a million from salary earnings alone (not counting bank bonuses). To make a million within a reasonable amount of time, generally you would have to invest in some way or form or run a successful business. In my case, even if I saved a respectable 30K a year from job earnings after tax and living costs it would only make up 24% of my current wealth over 4 years. The other 76% is coming from my investments. Imagine how long it'd take if I relied on day job earnings alone. Plus things happen in your 20s and early 30s. Generally you want to splash a little bit to enjoy life whilst you're still young. Holidays, a nice car, buying a house, saving for wedding, having children, feeding a family, etc.

    The only person I know who is a "millionaire" from working a normal job alone is a highly esteemed and retired accountant who slowly paid his mortgage over his working career to afford his 3 bedroom home. It just so happens that London house prices have pushed his home to those kind of levels. At the end of the day, yes, he has a million in equity but at the same time, it's his home. He can't just sell it to live the millionaire lifestyle you guys make it out to be.

    Linear income is good to raise capital but it's the investments that multiply the capital to the levels you need.
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    (Original post by BabyLadDarren)
    Don't those that go into industry earn a fair bit after a few years of experience though?

    you hear of people leaving big 4 after getting their ACA and going straight onto 65k+.
    Yeah, but even staff accountants in-house will hit a plateau unless they get tapped for upper level management.

    Moral is, most jobs won't have insane levels of pay - best bet at becoming a millionaire for most people is via investing and building a business.
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    Just passed the £100k mark.. 10% of the way there!
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    (Original post by Anthony.c/2001)
    Hey guys, i know this might be a popular question but are any of you guys a millionaire!
    And if so how did u become a millionaire, the reason im asking is i want to be a millionaire!
    Im not a lazy 15 year old boy who sprnds all his money on videogames i have had an ebay shop which isnt much but it made me some money and i now have about £1000 saved.
    Yes im only 15 and yes i want to be a millionaire but i know thats not easy and i wont win the lottery or be given it! All the stuff i have ever got i have worked for it myseld not got it bought.
    So if ur a millionaire HOW?

    Go to car boot sales, jumble sales with your parents. If you buy any cheap antiques they could be worth a lot of money and you can sell them at auctions
    Read up about buying antiques that are worth lots of money
    Type James Harries on You Tube and google, he started buying and selling antiques at 4 years old then he became famous for starting his own business opening a shop selling antiques at 11 or 13 years old. Watch all his videos on
    You Tube, especially the funny one about him and the comedian Russell Brand

    When you are 18 you can buy and sell houses or work for a posh estste agents that only sell to millionaires because then you can make thousands easily in commission doing practically nothing except just showing them around all the houses

    Contact Forex Trading 0207 751 8900
    www.freeforexseminar.co.uk
    www.learntotrade.co.uk
    Go to their free seminar on 20 September, a millionaire is going to be there giving a presentation on how he became successful doing it, if your too young to go ask your dad to go to it. If it's not in your area you can contact them to find out which seminar is closest to you.
    I was going to go to it with a friend but he was not sure if he could go because he has to work.
    Get your dad to book free tickets online to go
    The CEO and founder of the company is called Greg Secker, you can make
    £100,000 a year
    I'm just throwing out lots of different ways to make money, I don't know if it will actually work but most people have been successful doing all these things
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    1K is enough money to start a business. I'd recommend something like ebay/etsy/amazon/shpock to sell items on and I think the best way to start off is by buying items and selling them for more, simplest model of business. It really is so easy e.g. buy something from Argos when it's on sale and sell it for more. Obviously it won't make you a millionaire but you'll have a steady cash flow coming in. Try out a few different items (RESEARCH! do not go into a oversaturated market like iphone cases) and invest £500 of your 1K to make £750, then invest £600 into things that you see are making consistent sales (£150 is put into your pot of "savings") to make £900 etc. You're gonna have to do A LOT of research to see what sells and don't worry if you do lose a bit of money, you're 15 and its a learning experience, at the end of the day you live with your parents and you're gonna have a roof over your head and food on the table. Every entrepreneur starts from somewhere
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    Yah man hmu
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    (Original post by NX172)
    The only person I know who is a "millionaire" from working a normal job alone is a highly esteemed and retired accountant who slowly paid his mortgage over his working career to afford his 3 bedroom home. It just so happens that London house prices have pushed his home to those kind of levels. At the end of the day, yes, he has a million in equity but at the same time, it's his home. He can't just sell it to live the millionaire lifestyle you guys make it out to be.
    Then he's not a millionaire - your principle residence and lifestyle assets (cars etc.) are usually not included in such an evaluation. Otherwise real estate bubbles (like 2007) would make tons of middle- and upper-middle class people (temporary) millionaires.

    According to the most frequently used and relevant definition, a millionaire is someone who has a million currency units worth of 'net investable assets', i.e. e.g. at least a million pounds sterling lying around in a bank account, or in stocks that can be liquidated in a reasonable amount of time etc.
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    (Original post by the bear)
    rich people are unhappy

    :yep:*
    Nooot really. Life satisfaction usually goes up until you hit an income of about*£100,000 p.a., from there it's relatively stable. Money may not buy you happiness, but it helps evade/avert a lot of things that can make you unhappy. Rich people do not have to worry about making ends meet, they can afford the best medical treatment, they can go on vacation and explore the world etc. Sure, they might have a stressful job too, but on average rich people will be happier than poor ones.
 
 
 
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