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I wish I was rich, where did I go wrong?


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Looking back at my life I wish I was rich,

So you may wonder where did i go wrong, please feel free to express your opinions on where YOU went wrong, so we can all compare information so that we can all grow.

1. Access to capital, very difficult to get business finance.

2. Not having the right friends, in other words friends that can help me progress (network)

3. Role models, most people played the alpha/beta game or chased hot totty

4. Wasting times on religious nonsense, which is unproductive 

5. Lack of vision (like the northerners on this site)

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I really wish i had £15M, i do not need more than that,

 

But my life choices and environment screwed me up

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15M is impossible simply via employed work and investments. You either inherit it (a very small number of people individually inherit of that size), or nick it.The only way is a very succesfull business where you have maintained ownership and control through its rapid growth. Even then your wealth will likely be tied up in financial business capital/assets rather than cash in your bank account.

Edited by desertorchid
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Is there some subtle anti Jewish sentiment going on here? talking about 15m should be enough, profile picture talk of ‘religious nonsense’

are you trolling?

  

So i am not allowed to think or express an opinion. 

4-shirts-4.png

Edited by shlomo
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15M is impossible simply via work and investments. You either inherit is (a very small number of people individually inherit of that size), or nick it.The only way is a very succesful business where you have maintained ownership and control through its rapid growth. Even then your wealth will likely be tied up in financial business capital/assets rather than cash in your bank account.

What? You only need to save seven thousand pounds per week for forty years and you'd have almost fifteen million. Enough to buy something like this, in fact.

https://www.rightmove.co.uk/properties/93867653#/

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Looking back at my life I wish I was rich,

So you may wonder where did i go wrong, please feel free to express your opinions on where YOU went wrong, so we can all compare information so that we can all grow.

1. Access to capital, very difficult to get business finance.

2. Not having the right friends, in other words friends that can help me progress (network)

3. Role models, most people played the alpha/beta game or chased hot totty

4. Wasting times on religious nonsense, which is unproductive 

5. Lack of vision (like the northerners on this site)

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I really wish i had £15M, i do not need more than that,

 

But my life choices and environment screwed me up

I don't believe you.;)

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Looking back at my life I wish I was rich,

So you may wonder where did i go wrong, please feel free to express your opinions on where YOU went wrong, so we can all compare information so that we can all grow.

1. Access to capital, very difficult to get business finance.

2. Not having the right friends, in other words friends that can help me progress (network)

3. Role models, most people played the alpha/beta game or chased hot totty

4. Wasting times on religious nonsense, which is unproductive 

5. Lack of vision (like the northerners on this site)

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I really wish i had £15M, i do not need more than that,

 

But my life choices and environment screwed me up

I could let you know where I went right but would just be a Mumsnet brag. 

Having the right friends and being the right friend is a key one. That includes role modelling. 

I don’t think Religion is a waste of time for some. Each to their own. 

A lot of unproductive leisure time can a waste of time,....my leisure time was playing football (health), DIY (wealth), family holidays (brownie points and mental well being) etc. Beer drinking evenings and talking nonsense (net working and unwinding). 

Going shopping to relax....never got that. I buy things because I need them and try to part with as little money as I can. Some people actually like to spend money. It’s like giving up your time being at work for 2 days of the week to enjoy a 15 minute fix on shopping. Like a crack habit. 

I think the key to being wealthy for me was vision (unlike the worker drone soft southerners 😉

And joking apart it’s ability, opportunity, role models and a bit of good luck. 

Edited by Pop321
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I could let you know where I went right but would just be a Mumsnet brag. 

Having the right friends and being the right friend is a key one. That includes role modelling. 

I don’t think Religion is a waste of time for some. Each to their own. 

A lot of unproductive leisure time can a waste of time,....my leisure time was playing football (health), DIY (wealth), family holidays (brownie points and mental well being) etc. Beer drinking evenings and talking nonsense (net working and unwinding). 

Going shopping to relax....never got that. I buy things because I need them and try to part with as little money as I can. Some people actually like to spend money. It’s like giving up your time being at work for 2 days of the week to enjoy a 15 minute fix on shopping. Like a crack habit. 

I think the key to being wealthy for me was vision (unlike the worker drone soft southerners 😉

And joking apart it’s ability, opportunity, role models and a bit of good luck. 

The luck part is very important, being in the right place at the right time, the elevator pitch.

But success must have a more definable  route.

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My wife and I are mid 30s and while we have reasonably well paid jobs now, we both could have been a bit more assertive in getting where we are a lot earlier. Whilst we had our first two properties, our wages were very low so we had to save to carry out even basic improvements. Low wages are incredibly crippling.

The other clear and obvious reason for not being wealthier is property. We’ve bought the wrong types of properties at the wrong times. We have many friends that have 50-100k of equity arising purely from house price increase. Well we don’t, we have possibly as little as a net 20k equity from price fluctuations over 12 years.

Oh and finally, inheritance. Our wider families aren’t wealthy and that’s meant when grandparents have passed away we’ve not inherited money in the same way other friends have. Ie. Small nest egg for a deposit on a house when younger etc. Or being able to buy relatives properties at a good price.

I don’t have many regrets about any of the above though. I’m just mindful that I now know where we are likely to be financially when we retire. 
 

 

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My wife and I are mid 30s and while we have reasonably well paid jobs now, we both could have been a bit more assertive in getting where we are a lot earlier. Whilst we had our first two properties, our wages were very low so we had to save to carry out even basic improvements. Low wages are incredibly crippling.

The other clear and obvious reason for not being wealthier is property. We’ve bought the wrong types of properties at the wrong times. We have many friends that have 50-100k of equity arising purely from house price increase. Well we don’t, we have possibly as little as a net 20k equity from price fluctuations over 12 years.

Oh and finally, inheritance. Our wider families aren’t wealthy and that’s meant when grandparents have passed away we’ve not inherited money in the same way other friends have. Ie. Small nest egg for a deposit on a house when younger etc. Or being able to buy relatives properties at a good price.

I don’t have many regrets about any of the above though. I’m just mindful that I now know where we are likely to be financially when we retire. 
 

 

One thing I regret is not making use of a Financial Adviser, i have always thought i know best or i am careful with money, or nowadays i google things.

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 I grew up on a council estate in a family with no capital.  Worked in IT for 35 years, moved around a lot. Married a girl with a few thousand in equity.  If we'd moved from Cheltenham to Richmond-upon-Thames in 1990, when prices almost equalised like for like, it would have added £1M to our net wealth and almost doubled it.  But our sons wouldn't have grown up in Gloucestershire with proper countryside a walk away.

Anyway, as for most who've accumulated rather than inherited, its 90% tied up in pensions & property.

£15M in liquid assets from a standing start is impossible even if you make exactly the right financial decisions for 50 years. £5M maybe, but it would be damn hard work.

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We are pretty ruthless when it comes to spending disposable income. I think we’ve got a really good balance of buying sensibly, using gumtree/eBay for used items and then selling unwanted stuff on afterwards. 
 

My wife bought a job lot of a particular toy for £25 on gumtree last year and once the kids stopped playing with it, we sold it all on eBay for £80. Making money on a few toys instead of losing on all of them makes a big difference!

One of our best gumtree purchases was a solid oak nursery set of cot, drawers and wardrobe that we got for £250. We sold it for £700 2 years later. 

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We are pretty ruthless when it comes to spending disposable income. I think we’ve got a really good balance of buying sensibly, using gumtree/eBay for used items and then selling unwanted stuff on afterwards. 
 

My wife bought a job lot of a particular toy for £25 on gumtree last year and once the kids stopped playing with it, we sold it all on eBay for £80. Making money on a few toys instead of losing on all of them makes a big difference!

One of our best gumtree purchases was a solid oak nursery set of cot, drawers and wardrobe that we got for £250. We sold it for £700 2 years later. 

You seem to be very financially astute, you should both go far.

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I think you need to ask the question, what should or could you do now, I’d like to see more of that on here.  What are the plays that would work etc. 

I had a few family members do vey well and took some example from that but would not consider myself rich but am well off.  I think it’s very difficult for someone with no such role model as they probably think it’s “not for folk like us”.  
 

My advice is watch the pennies but be willing to spend especially on things that save time.  Get financial advice and if self employed get a good accountant.  Buy stuff that holds its values and use your pension allowance.  Make lists of what you need to do and get organized, this is much easier these days.  I think there is a real window of opportunity coming to purchase assets.  My feeling is they might not be worth much in the short term but in the long term it’s going to pay off.  
 

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WTF is alpha/beta game?

alpha male
 
noun
 
  1. the dominant male animal in a particular group.
    "two of them trotted over to greet the alpha male, a black wolf with a greying muzzle"
    • a man tending to assume a dominant or domineering role in social or professional situations.
      "two alpha males constantly competing to be the best"
       
      ------------------------
      An Alpha can only be dominant if other males become beta, you can crash an Alpha male by changing the game, make it about money instead of size.
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I think you need to ask the question, what should or could you do now, I’d like to see more of that on here.  What are the plays that would work etc. 

I had a few family members do vey well and took some example from that but would not consider myself rich but am well off.  I think it’s very difficult for someone with no such role model as they probably think it’s “not for folk like us”.  
 

My advice is watch the pennies but be willing to spend especially on things that save time.  Get financial advice and if self employed get a good accountant.  Buy stuff that holds its values and use your pension allowance.  Make lists of what you need to do and get organized, this is much easier these days.  I think there is a real window of opportunity coming to purchase assets.  My feeling is they might not be worth much in the short term but in the long term it’s going to pay off.  
 

Role models are important in the context of, you are putting a pattern into your behaviour that you got from a more successful person.

To progress we need to use what we have gained from "standing on the shoulders of giants" 

 

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Role models are important in the context of, you are putting a pattern into your behaviour that you got from a more successful person.

To progress we need to use what we have gained from "standing on the shoulders of giants" 

 

Can I ask, do you have a plan to get to where you want to be?  Are you trying some ideas to get there?

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15M is impossible simply via employed work and investments. You either inherit it (a very small number of people individually inherit of that size), or nick it.The only way is a very succesfull business where you have maintained ownership and control through its rapid growth. Even then your wealth will likely be tied up in financial business capital/assets rather than cash in your bank account.

Barack Obama apparently managed to save $15M from 8 years as POTUS.

https://www.thetimes.co.uk/article/obamas-find-their-15m-retreat-on-marthas-vineyard-ldw3b3hl6

 

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  • 433 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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