money,finance
2006-11-21 07:48:06 · 21 answers · asked by gabrielheley 1 in Business & Finance ➔ Personal Finance
Winning the lottery or Euro Millions
2006-11-21 07:52:37 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If you have some money / equity than property I would think.
eg: assume a pessimistic 7% growth per annum. Assume you have £50,000 releaseable equity.
Well creative finaincing and back2back mortgages, you could easily get 10 buy-2-let mortgages - giving you perhaps around 1 million worth of assets and perhaps about £100,000 in equity if you bought right.
So, how long until your portfolio is now worth around 2 million?
About 10 years thanks to compound interest. Then if you release this by releasing equity it is tax free. (you don't pay interest on a debt - which is technically what you are doing with a mortgage)
If you pick an up and coming part of the country where growth of more than 12% is typical - Docklands, Liverpool re-development areas etc, then the a shade after 6 years.
If you managed to get better leverage OR have more money to invest, you can get there even faster.
The AVERAGE person in the UK will make about 750,000 or so in his/her LIFETIME. You can do better than this WITHOUT needing a huge starting pot by buying SENSIBLY with property.
Even ***ONE*** buy2let property will probably result in your making VASTLY more money in the next 30 years than if you work every hour of the day and night.
Sure, some folks might say "what if it all crashes" - well if that happens, you might need to wait and extra two or three years for things to catch back up again. **IF** however you bouht in the right part of the country and with at least 15% off the fair market value, it is hard to see how bad things would have to get beforeit made the investment "wrong".
2006-11-21 08:01:47 · answer #2 · answered by Mark T 6 · 0⤊ 1⤋
Being born to very rich parents is the single quickest legal way to become a millionaire.
Other than that there is no tried and true method that works for everyone (or else everyone would be a millionaire). Good luck in your quest.
2006-11-21 07:55:51 · answer #3 · answered by George the Flea 2 · 1⤊ 0⤋
Legal? Quick? Not easy, my friend. Only the lucky will win a million quid.
Forget these pipe dreams and start working hard. Preferably at your own business. You never make really big money working for someone else.
2006-11-21 07:56:21 · answer #4 · answered by Caroline 5 · 0⤊ 1⤋
There are very few millionaires because very few of us have the abilities needed to become rich. You aren't one of them either. If you were asking this question for fun, fine. But if you really wanted to find out how to become rich quick you are too stupid.
2006-11-21 22:07:13 · answer #5 · answered by Big R 6 · 0⤊ 1⤋
Marry a millionaire,good luck! lol
2006-11-21 07:57:33 · answer #6 · answered by The chandlers 2 · 1⤊ 0⤋
the quickest way to be a millionaire is to marry someone who has loads of money
2006-11-22 12:43:37 · answer #7 · answered by lover of Jehovah and Jesus 7 · 0⤊ 0⤋
Winning the lottery. Its quick because it happens in a second, its easy because all you have to do is spend £1 on your ticket and go down the corner shop and buy one.
2006-11-21 22:56:24 · answer #8 · answered by ? 6 · 0⤊ 1⤋
There is no quick way to be rich - it takes time and lots of research, there is no such thing as those get rich quick themse either, you need to work at something to get something
2006-11-21 07:51:52 · answer #9 · answered by slicpinoy 2 · 1⤊ 0⤋
owning a buisness that suddenly becomes big, being the imventor of the must have item this year
2006-11-21 07:51:02 · answer #10 · answered by Anonymous · 1⤊ 0⤋