Millionaires only, saved £100k now what?
- Thread starter Iamadam
- Start date
- Original Poster
- #90
Why is it so hard to believe a 24 year old started a business at 18 and has now saved £100k? You do realise 16 year olds sell apps for multi millions these days. £100k saved from 6 years of business isn’t a lot. Prove I’m genuine, prove your genuine mr jet setter hahaha this forum is odd.
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People don't believe you because you come across as an idiot when you post.
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N
Nord20
Ok, I'll attempt a serious answer.
What to do with your 100K? Buy time.
One of the transitions that happens when you begin to be successful is you realise your time becomes more and more valuable. It's very easy to wake up, work, eat (maybe), work, sleep. Repeat. Delegation becomes a mandatory skill.
Read something recently that really hit home - a very successful businessman was asked what it's like to be successfully and he said (paraphrasing) "the downside is, I can't afford to do the things I used to do, like mow my own lawn".
If you can make £1000 an hour working on/in your business, it makes no sense to take an hour to mow the lawn, when you can pay someone to do it for £50.
What to do with your 100K? Buy time.
One of the transitions that happens when you begin to be successful is you realise your time becomes more and more valuable. It's very easy to wake up, work, eat (maybe), work, sleep. Repeat. Delegation becomes a mandatory skill.
Read something recently that really hit home - a very successful businessman was asked what it's like to be successfully and he said (paraphrasing) "the downside is, I can't afford to do the things I used to do, like mow my own lawn".
If you can make £1000 an hour working on/in your business, it makes no sense to take an hour to mow the lawn, when you can pay someone to do it for £50.
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Nord20
Lemme check. Today....yes, I am
This may change by tomorrow though!
But as many have said before, what's a millionaire mean? A million in the bank? A million revenue a year? A million locked away in my house? A million inherited?
Some of the wealthiest people I know are pig-ignorant when it comes to making money, because they didn't make it themselves. Others might literally be a millionaire one minute and penniless the next - start a business, do well, start another, it fails, back to square one but better informed, start another business, do even better, and so on.
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I was always told 'you can consider yourself rich if you are living off the interest of the interest on your original pile of dosh'Lemme check. Today....yes, I am
This may change by tomorrow though!
But as many have said before, what's a millionaire mean? A million in the bank? A million revenue a year? A million locked away in my house? A million inherited?
Some of the wealthiest people I know are pig-ignorant when it comes to making money, because they didn't make it themselves. Others might literally be a millionaire one minute and penniless the next - start a business, do well, start another, it fails, back to square one but better informed, start another business, do even better, and so on.
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Well if you have managed to save this amount at such a young age I am guessing you are good at marketing. The direct path to create more wealth for you, as you are still young and hungry and have time to make mistakes, is to aquire a business that is crap at marketing, improve it, we both know the difference that can make to turnover, sell it. Rinse and repeat.
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Just read this thread, the question could be, "when you've made it, how do you secure it?" Over-confidence is a biggie to guard against. One you become successful you lose all fear, and think you are invincible. The wake-up call may be long in coming, but it will come. Things change.
I thought my first business would carry on doing well 'forever'. It never occurred to me it could stop being a cash cow. It was doing so well, I was able to set up a reasonable property business, accumulating houses in London. Lucky I spent a few years putting the cash into houses (which of course went up and up as well).
Less sensibly, I bought a derelict castle in Wales and blew far too much on renovating it, but at the time the first business was doing so well, it made sense to offset the profits against the renovation of what was initially a bit of a vanity project - think 'Escape to the Country' but on a bigger scale. Eventually, over a period of years, the first business dropped to zero profit. And the Castle was eating up £300k a year in renovation costs. Things for a while looked a bit iffy.
In the end I and a good team of staff jointly made a go of the Castle, which hovers between losing £100k in a year, or making £50k in a goodish year, a very finely balanced business. If people stop getting married it would be a bit disappointing and with maybe £2m left to spend on it, it is not sellable. It has been and continues to be great fun though, very 'interesting', as the Chinese would say.
The answer therefore when you do have cash is to be boring and put it into secure things like houses you can rent out, or gold. Gold I have found is always handy for recessions and times when you actually need cash as it seems to go up in recessions - just when you need it. Always have something in gold - £50k to £100k for a rainy day. Then when the bank recalls the overdraft (as has happened to me) you can still survive.
Property is good, people always need somewhere to live, and rents tend to go up with inflation (rent controls and whatever future nonsense the Govt comes up with aside). For personal pleasure, buy a caravan or motorhome and go touring, Most businesses, once delegated to staff, just need an eye kept on the marketing side. I at one point was able to go touring for 110 days a year but now am more tied due to children schooling and family etc. I love the idea of Tiny Houses and living in the countryside, so if I had some spare cash now, instead of Castles I would buy a place with land, buy a few Tiny Houses and rent them out as holiday lets in the summer. That would be novel and great fun.
I thought my first business would carry on doing well 'forever'. It never occurred to me it could stop being a cash cow. It was doing so well, I was able to set up a reasonable property business, accumulating houses in London. Lucky I spent a few years putting the cash into houses (which of course went up and up as well).
Less sensibly, I bought a derelict castle in Wales and blew far too much on renovating it, but at the time the first business was doing so well, it made sense to offset the profits against the renovation of what was initially a bit of a vanity project - think 'Escape to the Country' but on a bigger scale. Eventually, over a period of years, the first business dropped to zero profit. And the Castle was eating up £300k a year in renovation costs. Things for a while looked a bit iffy.
In the end I and a good team of staff jointly made a go of the Castle, which hovers between losing £100k in a year, or making £50k in a goodish year, a very finely balanced business. If people stop getting married it would be a bit disappointing and with maybe £2m left to spend on it, it is not sellable. It has been and continues to be great fun though, very 'interesting', as the Chinese would say.
The answer therefore when you do have cash is to be boring and put it into secure things like houses you can rent out, or gold. Gold I have found is always handy for recessions and times when you actually need cash as it seems to go up in recessions - just when you need it. Always have something in gold - £50k to £100k for a rainy day. Then when the bank recalls the overdraft (as has happened to me) you can still survive.
Property is good, people always need somewhere to live, and rents tend to go up with inflation (rent controls and whatever future nonsense the Govt comes up with aside). For personal pleasure, buy a caravan or motorhome and go touring, Most businesses, once delegated to staff, just need an eye kept on the marketing side. I at one point was able to go touring for 110 days a year but now am more tied due to children schooling and family etc. I love the idea of Tiny Houses and living in the countryside, so if I had some spare cash now, instead of Castles I would buy a place with land, buy a few Tiny Houses and rent them out as holiday lets in the summer. That would be novel and great fun.
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