Lux Investing

I want to make £1million over the next 5 years. How do I do it ? Legal and sensible answers only please!?

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?

Public Comments

1. If we all knew, we'd all be millionares.
2. 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!
3. ask a gypsie
4. lottery
5. 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.
6. 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
7. Stupid question..... Do you think we would waste our time on here if we knew how to make £1million in five years?
8. I recommend http://www.thesecret.tv or download a free copy of this amazing book http://www.scienceofgettingrich.net/gifts/abundant.html
9. 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.
10. get a pound, place it on a horse or a dog that is racing with odds of 10-1. place the winnings on another 10-1 race, and repeat 5 or 6 times. it probably will not work, but if we all did it, someone would win. good luck.
11. 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.
12. 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.
13. Invest £250, 000 in a managed stock market fund. Cheers.
14. Property is the best possible solutions to make money very fast. It may take long time but thats the only way you can make millions very quickly.
15. think rich two be rich , a book i studied and i am a rich man, you have to have motivation and you have to take risks, i mean big ones....good luck
16. 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.
17. If you only want sensible answers, ask only sensible questions.
18. Figure out a service that you dont mind doing do it better then ever one else.Or start a company and get a bunch of people working for you.
19. 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
20. 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.
21. Save !75,000pa at 5% for 5 years. See you at the millionaires club.