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Any of you guys a millionaire Watch

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    (Original post by Sir Fox)
    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.
    Everyone has their own definition. Immediately liquidate-able assets sure. However, personally I and many investors wouldn't really keep a huge amount in cash. No more than 10% as cash is highly prone to inflation and exchange rate changes and barely provide a 1% return. Obviously more casual or highly risk averse investors would keep more in cash but I doubt many of these people would be self-made millionaires, else they wouldn't have got there in the first place. So for me, it's about equity. The accountant could move from London to Bristol / Spain, etc and downgrade to a £400,000 home and have a million left in cash from the sale of his London property.
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    Millionaires aren't on TSR
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    (Original post by Crijjkal)
    Millionaires aren't on TSR
    Why not?

    This site probably has one of the highest concentrations of educated people on the net, most go to/went to very good universities, getting good grades and go after well very well paying careers.

    There's a lot very good information about how to do well in said careers on this site which helps a lot of people.
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    (Original post by Crijjkal)
    Millionaires aren't on TSR
    You've undoubtedly walked the same streets and shops as many millionaires without realizing. They don't exclusively just fine dine every meal and only do elite activities.
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    yea of course, I'm rolling in it.
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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?
    earlier this year I was technically (including assets) but most of it wasn't my money
    but it took a lot of marketing and expert skill in a solid field
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    Ok, I've paused a bit before coming out on this.

    No, you don't have to be a banker, entrepreneur, accountant, doctor or dentist. It's a lot easier if the following circumstances are aligned:

    You are partnered with someone who genuinely shares your work ethic and your outlook on life.
    You both are in paid graduate employment, - ideally having experienced unemployment, so that you are motivated not to go there again.
    You are scrupulous about saving and investing, when all of your peer group and colleagues are spending their growing income on consumer goods and holidays.
    Either one of you, and preferably both, gets to the top of their profession by the age of 35. And I really mean the top.
    My partner and I did all of that, which gave us a good start. But what really made the difference was a set of circumstances that we couldn't influence, but we could respond to those circumstances in a savvy way.
    We got there initially through property deals, from 1996-2008, from scratch and without parental contributions. It was a bumpy ride, and the really unfair part of it is that when it all starts to accumulate, it gets much easier to invest in new opportunities. I've never been a landlord btw, we just got lucky with the way the market fluctuated, and seized every opportunity that we identified. It also took a lot of research into identifying upcoming areas before they were recognised as such, and buying property in London locations when our friends thought we were mad. They don't think that any more.
    I've an interest in TSR as our kids are at university, and I spent the early part of my career in academia, before transferring to the commercial sector.

    So the bottom line is: work hard and identify a market that you can operate within, whilst recognising that success (or failure) may come from factors outside of your control.
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    It's important to note that few if any people will make a million from their salary and most people are too unadventurous or organised to do so by other means.

    Personally i'd like £2m but i'm under no illusion that it is even probable. In the short to medium term i have a financial goals..

    1) Earn more than £19k so that i maintain my current living standards and start accumulating money for savings and investments (should be easy enough within the next 2 years - we don't all get on grad schemes sadly).

    2) Save about £60k so that i can purchase my parents council house outright via the right to buy (technically they'd be purchasing it). If i were to also improve the home for say another £40k then i'd have a ~£150k asset. I hope to do this over the next decade.

    3) Purchase my own home or city center apartment (depends if i'm married when that happens). This will have to be on a mortgage ideally over 10 years so requires a large deposit. My net worth afterward would be around £300,000 and i'd at least have true financial security in owning 2 homes.

    From that point i really have two goals..

    1) I'd quite like to self build (not literally myself but you get what i mean) my home. With enough land it may also be possible to produce fruit and veg to take to local stores and markets.

    2) Once i have what i deem financial security (multiple homes and an above average salary) this is when i'd really tear into an investment portfolio dealing in equities, commodities and the like.

    So not the most exciting plan and i will be getting on by the time i achieve all however i may end up getting to the million mark eventually which won't be bad considering that statistically i'll have risen from the lowest 10% of households to get inside the top third or so.
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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've got a wife and daughter who love me. So I am a millionaire a million fold!
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    (Original post by Jesus Biggs)
    Being a millionaire for social reasons is dangerous. Being a millionaire as a side effect of success is fine IMO

    In life you do not need copious amounts of cash, this is an illusion portrayed by the media. A misdirection to guide us away from what is important, which is loving and caring. Wish to be fertile, so u can have your own kids, wish to be blessed with the personality a woman wishes to have in her life.



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    Nah I think I'll take the dosh m8
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    (Original post by Rakas21)
    It's important to note that few if any people will make a million from their salary and most people are too unadventurous or organised to do so by other means.

    Personally i'd like £2m but i'm under no illusion that it is even probable. In the short to medium term i have a financial goals..

    1) Earn more than £19k so that i maintain my current living standards and start accumulating money for savings and investments (should be easy enough within the next 2 years - we don't all get on grad schemes sadly).

    2) Save about £60k so that i can purchase my parents council house outright via the right to buy (technically they'd be purchasing it). If i were to also improve the home for say another £40k then i'd have a ~£150k asset. I hope to do this over the next decade.

    3) Purchase my own home or city center apartment (depends if i'm married when that happens). This will have to be on a mortgage ideally over 10 years so requires a large deposit. My net worth afterward would be around £300,000 and i'd at least have true financial security in owning 2 homes.

    From that point i really have two goals..

    1) I'd quite like to self build (not literally myself but you get what i mean) my home. With enough land it may also be possible to produce fruit and veg to take to local stores and markets.

    2) Once i have what i deem financial security (multiple homes and an above average salary) this is when i'd really tear into an investment portfolio dealing in equities, commodities and the like.

    So not the most exciting plan and i will be getting on by the time i achieve all however i may end up getting to the million mark eventually which won't be bad considering that statistically i'll have risen from the lowest 10% of households to get inside the top third or so.
    How will you save up £60k within a decade if you're not earning much more than £19k? And you won't really have 'true financial security in owning two homes', because as you said your parents would own it, not you.
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    (Original post by Abstract_Prism)
    How will you save up £60k within a decade if you're not earning much more than £19k? And you won't really have 'true financial security in owning two homes', because as you said your parents would own it, not you.
    Howling Wolf:
    Now looka here, I did not say I was a millionaireBut I said I have spent more money than a millionaire'Cause if I had've kept all my money that I'd already spentI would've been a millionaire a looong time ago ...that's me!
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    You missed your chance a couple of years ago when the price of bitcoins skyrocked to £1000 each. A few years before that, around 2009, they were only worth less than £1 so imagine buying 300 of them for £300 and make a profit of £30 mil years later. My advice is to wait for the next gold rush or maybe predict the next global financial crisis and bet against the market. It worked for Michael Burry.
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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?
    https://www.youtube.com/watch?v=s865qLWy8-g
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    (Original post by Abstract_Prism)
    How will you save up £60k within a decade if you're not earning much more than £19k? And you won't really have 'true financial security in owning two homes', because as you said your parents would own it, not you.
    Ha, i won't be earning so little for long. Once i'm promoted and have a year or two's experience i'll move to a firm with a proper management scheme. I'm fairly optimistic that i'll be on £30k+ in a decades time.

    Technically they would yes, but after 10 years (the time in which they'd have to hold it for it to be sold at market price should i wish) then ownership would be transferred back to me in a tax efficient manner.
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    (Original post by Rakas21)
    Ha, i won't be earning so little for long. Once i'm promoted and have a year or two's experience i'll move to a firm with a proper management scheme. I'm fairly optimistic that i'll be on £30k+ in a decades time.
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    I'm wondering what field of work you'll be doing...

    And still, that doesn't explain how you're going to be able to save up £60k (and you may need even more than that when the time comes) in a decade.
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    (Original post by Abstract_Prism)
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    I'm wondering what field of work you'll be doing...

    And still, that doesn't explain how you're going to be able to save up £60k (and you may need even more than that when the time comes) in a decade.
    I ended up in retail.

    Living up north i only need £1300 post tax per month to maintain a pretty good standard of living, anything above that is pure savings. Allowing for reaching management and moving to a higher paid firm i should achieve a good enough salary to make those savings.
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    (Original post by jamesthehustler)
    earlier this year I was technically (including assets) but most of it wasn't my money
    but it took a lot of marketing and expert skill in a solid field
    Interesting - I'm a millionaire too, if you include money that isn't mine.


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    (Original post by shaymarriott)
    Interesting - I'm a millionaire too, if you include money that isn't mine.


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    well it was commission from the gold deal so I had £900,000 in cash for a day as well as my standard cash and stock and the money I had it the market but only £27,000 was mine the rest went back to the customers who had sold
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    (Original post by jamesthehustler)
    well it was commission from the gold deal so I had £900,000 in cash for a day as well as my standard cash and stock and the money I had it the market but only £27,000 was mine the rest went back to the customers who had sold
    I don't believe this for one minute i'm afraid.
 
 
 
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