Who is a millionaire within this forum?
- Thread starter Stephen Storey
- Start date
I got the freehold of a property worth 2.5 million. Cost me £1.99. My advice is to stop chasing the money and focus on enjoying life.
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Interestingly you asked this forum a few years back.
Also, I noted to the wife recently that we are, in fact millionaires.
We live in a a very ordinary semi, with a single BTL property and a fee other bits - with teeny debt, so frankly the value makes no difference
You might be asking who has pocketed a million from their business- which is different
Also, I noted to the wife recently that we are, in fact millionaires.
We live in a a very ordinary semi, with a single BTL property and a fee other bits - with teeny debt, so frankly the value makes no difference
You might be asking who has pocketed a million from their business- which is different
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You should buy a business. That's the quickest way to becoming a millionaire and, the interesting bit is, you don't even need any money or experience to take ownership of a business (if you know how).
There are several courses around to teach you how to do this. You can find them using this Google search.
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I'd imagine most millionaires don't look at themselves as millionaires, and would have to think about it to realise yeah they are.
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I remember when the magic million was still a big deal.
Amusingly, looking at personal worth statements it's still a bit of a target.
Some hit it easily, others take a liberal approach to valuations (pretty much all are optimistic, some absurdly so)
The funniest is when they bulk it up with their own valuation of their business,. Funny, because the sub-text of the statement is to see what's left if the business fails.
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I think you'll find it's easier to buy lots of properties and rent them out.
I'm taking bookings for my March course now
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That's alway been the strategy
I would never look to buy any of the other courier companies I just wait for them to go bust then get on the phone to their customers.
When they start moving into bigger sites on new industrial estates and thinking big that's when the clock starts ticking down to drowning
Completely enforcing your point that most businesses are worth peanuts
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I meet a few people each year worth between £1-2.5m.
They typically have big mortgages, they typically have car finance on high end cars, they typically have childcare costs.
They are no different to people I meet with a household income of say £50k and a £200k mortgage. A nicer house, nicer car, but ultimately still living to their means.
I think £5m is probably more like the old £1m.
On a side note, there is a lot in the government about taxing the rich. When you see what these people pay in tax, income tax, council tax, stamp duty etc - its impossible to say they do not pay tax. I did a mortgage last year and the couple paid £60k in stamp duty. Thats more tax than in one transaction than I think most people will pay in 5-10 years.
They typically have big mortgages, they typically have car finance on high end cars, they typically have childcare costs.
They are no different to people I meet with a household income of say £50k and a £200k mortgage. A nicer house, nicer car, but ultimately still living to their means.
I think £5m is probably more like the old £1m.
On a side note, there is a lot in the government about taxing the rich. When you see what these people pay in tax, income tax, council tax, stamp duty etc - its impossible to say they do not pay tax. I did a mortgage last year and the couple paid £60k in stamp duty. Thats more tax than in one transaction than I think most people will pay in 5-10 years.
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Hmm, there are plenty of £1 Charlies in the property game as well.
And like the "Buy A Business for £1" Charlie, Jonathan Jay, sued me for defamation in the London High Court, using Carter Ruck, a "Become Rich in Property" £1 charlie, Samual Leeds, sued Vanessa Warwick (and others) for defamation in the same court using Miscon de Reya.
I acted as a Litigant in Person and won my case and then advised Vanessa and the others, and they won as well, but that hasn't stopped the £1 Charlies. In both the property and the business sectors, £1 Charlies are thriving and there are dozens and dozens of courses around, more springing up every day by all kinds of guruturds.
But at least the £1 Charlie term that I coined is now making itself into M&A dictionaries all over the world and Google's AI responses quote me, almost word for word, if you do any £1 Charlie related search
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It would be interesting to see what Musk's real worth is if he liquidated his assets and paid off the borrowing he has on the back of his assets. Very rich I'm sure, but would he still be the richest person on the planet I'm not so sure.
As @tony84 says, a lot of people's perceived wealth these days is borrowed money.
[edit] Just asked ChatGPT the question and obviously in hindsight it could not give an accurate answer but it did say;
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The biggest PNW red flag by far is 'top slice millionaires ' - heavily leveraged BTL portfolios reliant on stable interest rates and rising markets.
Re Musk, I think outside the world of share trading, market cap is seen a bit like turnover- ie meaningless without a load more context
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Anyone who lives in his part of the country is probably chilled out every day .......... all those jam sconesAlright Elon, calm it down
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Agreed and when my son's told me the amount they were borrowing it makes the eyes pop out your head quite unbelievable really
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Accountant says current net worth is in excess of £120million. I have £45 in my wallet, £3.80 in my pocket. My mum said I'm priceless but the missus says I'm worthless. I still don't know how it happened but I earned a fantastic amount in my late teens, when I 'bumped' into a school mate who wanted to set up his own garage type business. So I bought a garage type premises & became his landlord & business partner. We took that business to 5x locations with a £1million+ turnover in 3yrs. He bought me out in 2000 & I moved over to property investment/developement full time till I retired at 50, when the wife promptly divorced me.
I was a work-a-holic, I still am. I was absent for most of my families lives for which most of them still won't forgive me. Apparently it's nice to buy your daughter a pony but what she really wanted was daddy to watch her riding it ! Time spent with your family is never wasted, a mistake I don't make with the grandkids.
If you want to make £millions then look at how other people made their's. Find something that lights a fire in you & try to recreate it. So long as you put the energy in & don't make too many mistakes then maybe one day it will all just 'happen'. James Sinclair on YooToob re-lights my embers !
But . . . If I had my time again, I'd probably just take all my clothes off on OnlyFans
I was a work-a-holic, I still am. I was absent for most of my families lives for which most of them still won't forgive me. Apparently it's nice to buy your daughter a pony but what she really wanted was daddy to watch her riding it ! Time spent with your family is never wasted, a mistake I don't make with the grandkids.
If you want to make £millions then look at how other people made their's. Find something that lights a fire in you & try to recreate it. So long as you put the energy in & don't make too many mistakes then maybe one day it will all just 'happen'. James Sinclair on YooToob re-lights my embers !
But . . . If I had my time again, I'd probably just take all my clothes off on OnlyFans
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I tried that, mate. It didn't make me a penny.But . . . If I had my time again, I'd probably just take all my clothes off on OnlyFans
In fact, it got me into a lot of trouble. Before recording that first video I should have checked there wasn't a primary school nearby.
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Or, another quick way to become a millionaire used be, as a billionaire, buy a sports club! Money pits.
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Not sure if it works the same here, but I read that he (and many others) doesn't take a wage but does take loans out on his assets/shares, as it is cheaper to pay interest on that loan than pay tax....!
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How does he pay the interest though. Surely hes taking an income to pay it.
Not saying hes skint but hes not worth anything like what is stated in the press.
Most of his wealth is in the stock he owns.. If he were to sell that stock what would happen to the price of it... Can see the headline now
Musk dumps TESLA, Stock plummets 95%.....BUY THE DIP!!!
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From the loan?
If you take a million with shares as collateral, it is a loan, not earnings, so no tax. If the interest is 10k/month (or whatever), he has 1m to pay it with!
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U
Why get a loan just to pay off the interest with the loan. At some point there will be a short fall.
Pretty sure every loan I've ever had I've had to pay back more than the original loan amount.
So I borrow 1,000,000 interest is say 10k per month. I get 100 months of payments. Then what.. I still owe the million and I've not spent any of the money I borrowed apart from to pay the interest on a loan I cant spend.
Do we then default on the loan so they take the shares?
I'm still not getting how or more importantly why?
Why get a loan just to pay off the interest with the loan. At some point there will be a short fall.
Pretty sure every loan I've ever had I've had to pay back more than the original loan amount.
So I borrow 1,000,000 interest is say 10k per month. I get 100 months of payments. Then what.. I still owe the million and I've not spent any of the money I borrowed apart from to pay the interest on a loan I cant spend.
Do we then default on the loan so they take the shares?
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If you sell shares, you will attract tax at whatever the rate is in the US - 40/50%?
Maybe the loan was given based on share face value. You give the bank the shares and they realise the value?
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