I have no savings or property of significant value, my salary is average and is not going to supply me with the funds I seek, no matter how hard I save or how wisely I invest. £1m is not excessive in today's money - it just means I could retire on approx £50k a year based on 5% interest. How do I do it?
2007-01-15 02:29:29 · 21 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Great question.
I am in EXACTLY the same boat, but I'm shooting for 10 years.
We have the same goals.
You can try to start a business, small then build it up. Risky.
Selling widgets is a long hard road to success - if it ever comes.
You can also try getting involved in real estate investing but it is risky. Many have made millions - an equal amount have lost their shirts.
After thinking about it for YEARS, I'm convinced that the best avenue is through intellectual property.
A book, movie, song, patent or computer program is easily duplicable and pays for years and years.
Bill Gates can attest to that.
Pick the area where you feel you can succeed, and have a good idea and get to work!
2007-01-15 02:32:11 · answer #1 · answered by Salami and Orange Juice 5 · 0⤊ 1⤋
To earn way above average you have to do things that the average person does not do.
In 5 years there is little you can do that is not somehow based on your past. Rarely will a salary pay enough to reach the goal unless you already well established.
The practical answers (leaving luck out of the equation for now) will be some sort of business (leveraging the time of others) or investing (leveraging money). To really leverage money you need an investment that you can borrower against and which will produce current income. More or less that will narrow down to real estate.
The process will not be linear. When starting expect slow going as you are building skills, knowledge and contacts. There is no way you could be on a run rate to reach 1 million now given the question. Hence you will have a learning curve, etc that will mean the 1st year might produce very meager results.
Note that you have to have a passion for the endeavor or you will not stick with it through the rough going.
2007-01-15 03:12:14 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Do you remember the student that opened the Million Dollar website to pay off his loan? He sold blocks of 200 x 200 pixels for ads and made over a million.
He's about to launch a new site where visitors get entered into a draw to win a million dollars. Theres an article in this weeks Webuser mag.
If you can come up with an internet idea like that you could do it too.
2007-01-15 02:41:34 · answer #3 · answered by sarah c 7 · 0⤊ 1⤋
Borrow against the equity in your home at a rate not above 9.5% and use that to purchase a home sightly below the average value in the city in which you live. Use the rental fees from the leasing of that home to pay its mortgage and utilities and pay off your house at the same time. In 2 years, buy a third with the equity in the recently purchased house and do the same. By year 5 buy your third revenue house and live in your own. The money being made from the 3 revenue homes will be more than enough to pay all the bills for them, and for you to have 50,000 a year every year of your retirement.
2007-01-15 02:34:47 · answer #4 · answered by Anonymous · 1⤊ 2⤋
It's called auto suggestion
You can find Lot's of books on the subject here are some
Think and Grow Rich by Napoleon Hill
As A Man Thinketh by James Allen
Worlds Greatest Salesman by Og Mandino
This will get you started in the development of your Idea
But the most important factor in achievement is PRAYER and FASTING learn about it and apply the knowledge
2007-01-15 02:42:50 · answer #5 · answered by mmmkay_us 5 · 0⤊ 1⤋
Two ways: Sales - become a sales professional and sell a lot of high end merchadise. This would include working for a company that sells software and services to other companies.
Real Estate - take the money you've earned in your sales job and invest in real estate.
2007-01-15 02:33:43 · answer #6 · answered by VirtualElvis 4 · 0⤊ 1⤋
Real Estate flipping. Buy real estate, update it/renovate it and sell it for profit/capital gains. You'll for sure, manage to make 1 million of whatever currency you want.
The beauty of real estate is you don't have to have money to make money. All you have to do is know how to pick a good property and the bank will finance it 100% if they realize you've picked a great deal.
You could then "flip" it and sell it for profit, without even spending a cent of your own money. I, personally, prefer cashflow to capital gains.
2007-01-15 02:37:12 · answer #7 · answered by Muga Wa Kabbz 5 · 0⤊ 1⤋
While your question poses a significantly curious side, I tend to believe that if I could respond with any purpose and truth - I would not be sitting here at this computer providing you with the information - I'd be somewhere in Hawaii, parasailing over the Pacific Ocean. I tell you what - when YOU find out how, please let the rest of us know.
2007-01-15 02:35:09 · answer #8 · answered by THE SINGER 7 · 1⤊ 1⤋
Save !75,000pa at 5% for 5 years.
See you at the millionaires club.
2007-01-15 07:20:47 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Take over a bar (accomodation is included- so sell your house!), then enough money made, open your own bar, then my friend if done good, you will be a very rich man indeed and be able to have an early retirement too
2007-01-15 02:33:43 · answer #10 · answered by wragster 3 · 0⤊ 1⤋