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Millionaires only, saved £100k now what?
- Thread starter Iamadam
- Start date
D
Deleted member 59730
Its not difficult getting to have assets of over a million. You don't need a million. What you need is something a lot more valuable.
Buy a ticket on the cross-channel ferry and start waving your thumb. Travel around Europe and then travel around the world. Visit poor countries and travel on buses and trains. Don't even think about coming back until you have spent all your savings. Starting again with new experiences behind you will be much more rewarding than reading your bank statements every month.
I've done it twice.
Buy a ticket on the cross-channel ferry and start waving your thumb. Travel around Europe and then travel around the world. Visit poor countries and travel on buses and trains. Don't even think about coming back until you have spent all your savings. Starting again with new experiences behind you will be much more rewarding than reading your bank statements every month.
I've done it twice.
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i see your logic here but one 'millionaire' may advise you, and that advice may not be worth the paper its written on, many millionaires are rich not because of what they did, but who they are, the relationships they have formed in business and the decisions they have made on the road to success,
its not as simple as being told what to do and then doing it, thats a sure way to get broke
im a millionaire on paper, i own properties with over £1m equity, but have around 10k in my bank is that what you call millionaire? i will never have that £1m cash in the bank, it provides me a large passive income, so i will be retired by 40 (31 now) and wont have to lift a finger for the rest of my life if thats the way i choose to live, same goes for my kids,
you need to make your own path, if it was as easy as asking and copying there would be no world hunger, everyone would be a millionaire
its not as simple as being told what to do and then doing it, thats a sure way to get broke
im a millionaire on paper, i own properties with over £1m equity, but have around 10k in my bank is that what you call millionaire? i will never have that £1m cash in the bank, it provides me a large passive income, so i will be retired by 40 (31 now) and wont have to lift a finger for the rest of my life if thats the way i choose to live, same goes for my kids,
you need to make your own path, if it was as easy as asking and copying there would be no world hunger, everyone would be a millionaire
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- Original Poster
- #48
Hi mate,
Thank you for this, fair play. Yes you are a millionaire I would say.
Yes I totally understand, I am not going to listen to 1 person and do that, I am just looking to gain as much opinions as possible to benefit me going forward that’s all. I think people are taking what I said literal, it’s just a forum where I thought it would be interesting to hear millionaires opinions as I can’t exactly go down the road and find a millionaire, so thought I’d try a different approach.
I have made my own path and will continue to for sure, as I say have savings after investing in my own ventures and other businesses left where I thought I’d try and get people’s opinions who are much more successful than myself.
Thanks mate!
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there's millionaires out there from every industry, i have two failed businesses, one being e commerce (went from making 7k per week to insolvent due to the price of the $) and a property maintenance company that worked me to the bone and failed due to me just not wanting to turn up anymore
others have made their millions in the same industries that i have failed, learn from that
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Invest some in going out, having some fun and seeing a bit of the world. Honestly, a bit of travelling will give you a renewed drive and energy if nothing else.
I’ve got 10 years on you and had a similar amount in my bank account at your age, yet I was still living with my parents until I eventually moved out to live straight in with my girlfriend at the time.
In hindsight I should’ve moved out to a place of my own and invited lots of lovely young ladies round for tea and cake.
I’ve got 10 years on you and had a similar amount in my bank account at your age, yet I was still living with my parents until I eventually moved out to live straight in with my girlfriend at the time.
In hindsight I should’ve moved out to a place of my own and invited lots of lovely young ladies round for tea and cake.
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The problem of following your logic is that you would run the risk of listening to the millionaire Madoff telling you to invest in his funds but reject Larry Page's advice to invest instead in his soon to launch searching company.
Being successful has more to do with figuring out what will be successful tomorrow than copying what was successful yesterday.
Being successful has more to do with figuring out what will be successful tomorrow than copying what was successful yesterday.
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Everyone has their own version of success, when I was eighteen I wanted to be a millionaire before I was thirty, back in the days when a million was worth a million.
By the time I was 25, having made some money, bought my own house, married with two daughters, I redefined my version of success.
So now instead of physical wealth I work towards being happy and content, thankfully I am still comfortable. I am sure many on the forum have bigger banks accounts but few will be as wealthy as myself.
By the time I was 25, having made some money, bought my own house, married with two daughters, I redefined my version of success.
So now instead of physical wealth I work towards being happy and content, thankfully I am still comfortable. I am sure many on the forum have bigger banks accounts but few will be as wealthy as myself.
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This reminds me of those bonkers threads with DancesWithPoodles.
@lamadam adingdong - asking a millionaire isn't the answer. I know quite a few and none of them have any money in the bank. It's all tied up in business, property or stocks. Having 100K in the bank isn't good - if you want to pay off mortgages do that rather then look for investment opportunities.
@lamadam adingdong - asking a millionaire isn't the answer. I know quite a few and none of them have any money in the bank. It's all tied up in business, property or stocks. Having 100K in the bank isn't good - if you want to pay off mortgages do that rather then look for investment opportunities.
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That isn't always the best solution though. I have a substantial sum in the bank but it's in the company's bank account and not my personal account. I don't draw out more than necessary as the interest rate on my mortgage is far smaller than the income tax at 40% I would have to pay if I drew it out
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We sometimes require net worth statement from customers it is quite amusing to see how they build them.
Many are genuine, quiet millionaires, quite a few are ‘top sliced’, meaning that f there is the slightest wobble they will be wiped out, whilst others simply invent valuations (£100k for the shares in my bedroom-based business, which I want a £10k Loan to ‘develop’)
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It's a good question nevertheless.
I think you would do worse than to keep your money in cash for the time being as all signs point to a massive recession on the horizon.
Most people have made their money over time just by buying a house and staying there or trading up.
If you haven't already bought a property then I would do that when the prices have fallen lower. They are already 20% down in parts of London and still sinking. Buy the best you can afford at the bottom of the market.
I think you would do worse than to keep your money in cash for the time being as all signs point to a massive recession on the horizon.
Most people have made their money over time just by buying a house and staying there or trading up.
If you haven't already bought a property then I would do that when the prices have fallen lower. They are already 20% down in parts of London and still sinking. Buy the best you can afford at the bottom of the market.
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I forgot to mention that I inherited the lot and haven't worked a day in my life, let alone run a business, but I found a quid left in a Tesco trolley this morning so I'm now officially a real, "proven" millionaire and I am ready to impart the wisdom that only us millionaires have on the OP.
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You mean 40 years. Guess you can't add either!
For 30 years I spent it as fast as I made it. I'd work for 6 months or so, then I'd take off on an adventure for a year or two, until the money ran out... Then back to work for 6 months.
Then I fell ill, just after returning from one of those adventures. I was out of work for over 4 years, and went back to work a little too soon. I had to, or we'd have lost our home.
From then on I had an incentive to actually accumulate some wealth and financial security - wifey made me do it!
Basically all my wealth has come in the last 6-8 years. Though I've had the knowledge of how to for some 40 odd years.
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Or just for a laugh.
If things get really bad, 'fess up and you'll get free accommodation and food for life
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Nor I, because its me who has the insurance....
I fear for my life often because I once told my good lady how much she would be in for if I kicked it.
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Hi Adam,
Where do you live/work? When you say “marketing company”, can you be a bit more specific? I’m not asking for your secrets
Assuming you believe your business will continue to be as successful as it has been, I would be looking to get my money into property. Either one property, as my home, or a couple, with one as my home, and one to rent out.
I know that the past is no predictor of the future but, if you had bought a little terrace for about £13k in 1987, it would be worth about £175k today.
If things repeat in a similar way, if you bought the same terrace today for £175k, it would be worth about £2.3 million when you are 56. Even if it only performs half as well, it will be worth about £1.15 million.
and if you bought two.........
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Two thoughts on this Richard. Firstly your projections don't take inflation into account, making them a little bit meaningless.
Secondly, the guy who asked the question doesn't have £100,000. I don't think he even has £100.
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This sounds like a fake post, if you are so smart that at the age of 24 you managed to earn and save £100k then you should be smart enough to know what to do with it too?
Prove me wrong and I will give you my advice ....finance professionals are all the same everywhere in the world...their job is to make you lose money so they can earn from your losses.
Oh and the real rich do not talk about their status on a public forum...get it? If you want my advice then send me a private message....and prove that you are genuine you can start by telling me about this company you ran for six years.
Prove me wrong and I will give you my advice ....finance professionals are all the same everywhere in the world...their job is to make you lose money so they can earn from your losses.
Oh and the real rich do not talk about their status on a public forum...get it? If you want my advice then send me a private message....and prove that you are genuine you can start by telling me about this company you ran for six years.
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Hi Adam,
Where do you live/work? When you say “marketing company”, can you be a bit more specific? I’m not asking for your secrets
Assuming you believe your business will continue to be as successful as it has been, I would be looking to get my money into property. Either one property, as my home, or a couple, with one as my home, and one to rent out.
I know that the past is no predictor of the future but, if you had bought a little terrace for about £13k in 1987, it would be worth about £175k today.
If things repeat in a similar way, if you bought the same terrace today for £175k, it would be worth about £2.3 million when you are 56. Even if it only performs half as well, it will be worth about £1.15 million.
and if you bought two.........
You also presume house prices will continue to go up over time.
They may.
Or they may not. Is there some point where house prices are such they are beyond capacity to buy? And therefore fall?
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