Money and millions, business and happiness
Discussion
A very good friend of mine has a wealthy brother, who in has in recent months (on top of usual massive earnings) negotiated two deals worth a 7 figures each 
The costs involved are labour, maybe 100k tops for both, so its a pure profit affair 
I desperately wish I ready today, to start making this sort of money. Lets not debate the ethics of "does money make you happy" - my view is that if I choose to work 9-5 (or 9-8 as I often do) then its also my choice to use my time to make a lot of dough, or spend my days working for minimum wage.
Id love to ask the members of the rich list what inspired them, and facilitated them becoming what they knew they could become. Asking for advice and encouragement in further developing my own humble business plans, but if I did I wouldnt get to hear the ruminations of the PH crew
Anyone else have a burning desire from a young age to create something unique, special, and succeed in a big way. Im nearly 30, and the desire only grows stronger, becomes more clear, and I must admit I enjoy business and work more each passing year.
The costs involved are labour, maybe 100k tops for both, so its a pure profit affair I desperately wish I ready today, to start making this sort of money. Lets not debate the ethics of "does money make you happy" - my view is that if I choose to work 9-5 (or 9-8 as I often do) then its also my choice to use my time to make a lot of dough, or spend my days working for minimum wage.
Id love to ask the members of the rich list what inspired them, and facilitated them becoming what they knew they could become. Asking for advice and encouragement in further developing my own humble business plans, but if I did I wouldnt get to hear the ruminations of the PH crew
Anyone else have a burning desire from a young age to create something unique, special, and succeed in a big way. Im nearly 30, and the desire only grows stronger, becomes more clear, and I must admit I enjoy business and work more each passing year.
You'll get over it!
Yes, I've ached to "make it", but never quite got there so far. First it was "by the time I'm 30", then 35, 40 ... I haven't given up, but time may get the better of me yet!
edited to add: PS I think the trick is to work less, not more, with each passing year, and to get your money working for you instead. Or someone else.
>> Edited by victormeldrew on Wednesday 27th April 18:25
Yes, I've ached to "make it", but never quite got there so far. First it was "by the time I'm 30", then 35, 40 ... I haven't given up, but time may get the better of me yet!
edited to add: PS I think the trick is to work less, not more, with each passing year, and to get your money working for you instead. Or someone else.
>> Edited by victormeldrew on Wednesday 27th April 18:25
victormeldrew said:Ive been afriad of people like you since I was 20
You'll get over it!
Yes, I've ached to "make it", but never quite got there so far. First it was "by the time I'm 30", then 35, 40 ... I haven't given up, but time may get the better of me yet!
Go on man, dig deep, find the passion, and get started 
I suppose the trick is to look for value for money in everything. All the seriously rich people I've spoken to are always out for a bargain, quality over quantity and careful, strategic use of their wealth.
Look into it - feeling good about your assets is not all about the money, surely. Use it the way you like it and it'll surely feel better than merely having more, mathematically, than the next bloke.
Look into it - feeling good about your assets is not all about the money, surely. Use it the way you like it and it'll surely feel better than merely having more, mathematically, than the next bloke.
Twincam16 said:Its not so much the final destination as the journey getting there to look forward to and enjoy. But the journey is so much more exciting when you have bigger goals, and you'll also have what you achieved when you do finally get there. So no, its not just about money. I enjoy work every day, I just want to do more, better, bigger
I suppose the trick is to look for value for money in everything. All the seriously rich people I've spoken to are always out for a bargain, quality over quantity and careful, strategic use of their wealth.
Look into it - feeling good about your assets is not all about the money, surely. Use it the way you like it and it'll surely feel better than merely having more, mathematically, than the next bloke.
Then I can buy pistonheads from Ted, and we can look at pics of girls all day, ay chaps (Joking ladies! 
)
nice, bob
Ever wondered why pop stars, film stars and the like often have personal demons (drink, drugs, etc.) It's because they've achieved huge wealth - but it's not what they expected and there is an emptiness in their life which their trying to fill.
It has to be said that money's a great resource but if you let it become your God, then you're ultimately doomed!!
It has to be said that money's a great resource but if you let it become your God, then you're ultimately doomed!!
srebbe64 said:I agree totally, but realistically scaled down a little, there are millions of people worldwide who after a lot of hard work, take home hundreds of thousands a year, and live very happy lives. Im inspired to succeed yes, make work or money my god no. Wheres the PH spirit
Ever wondered why pop stars, film stars and the like often have personal demons (drink, drugs, etc.) It's because they've achieved huge wealth - but it's not what they expected and there is an emptiness in their life which their trying to fill.
It has to be said that money's a great resource but if you let it become your God, then you're ultimately doomed!!
Hey nervous, didnt see you there for a minute UKbob said:
I suppose the trick is to look for value for money in everything. All the seriously rich people I've spoken to are always out for a bargain, quality over quantity and careful, strategic use of their wealth.
Look into it - feeling good about your assets is not all about the money, surely. Use it the way you like it and it'll surely feel better than merely having more, mathematically, than the next bloke.
Its not so much the final destination as the journey getting there to look forward to and enjoy. But the journey is so much more exciting when you have bigger goals, and you'll also have what you achieved when you do finally get there. So no, its not just about money. I enjoy work every day, I just want to do more, better, bigger
I like to be realistic without being miserable, so I made myself some rules:
-Never buy a new car, unless it's on a waiting list and you sell it before driving it it's financial madness.
-Make a list of all the cars you like, split into price ranges. Once you're in a price range, swap them about a bit whilst you save up for the next 'level'.
-Don't rush out to buy a house a.s.a.p. I know loads of fellow graduates who are hell-bent on getting on the property ladder and they just don't seem to realise that they'll never really get to know what disposable income is.
-Anything from the bank other than a statement is bad news. Replace 'credit' with 'debt' and you realise that borrowing now means you'll pay more later. In short, don't spend money you haven't got.
-This year's model is last years in a different dress.
-A cheap holiday every year is an indulgent holiday every other year - which one would you rather have?
Twincam16 said:Wise words indeed
Twincam16 said:
I suppose the trick is to look for value for money in everything. All the seriously rich people I've spoken to are always out for a bargain, quality over quantity and careful, strategic use of their wealth.
Look into it - feeling good about your assets is not all about the money, surely. Use it the way you like it and it'll surely feel better than merely having more, mathematically, than the next bloke.
Its not so much the final destination as the journey getting there to look forward to and enjoy. But the journey is so much more exciting when you have bigger goals, and you'll also have what you achieved when you do finally get there. So no, its not just about money. I enjoy work every day, I just want to do more, better, bigger
I like to be realistic without being miserable, so I made myself some rules:
-Never buy a new car, unless it's on a waiting list and you sell it before driving it it's financial madness.
-Make a list of all the cars you like, split into price ranges. Once you're in a price range, swap them about a bit whilst you save up for the next 'level'.
-Don't rush out to buy a house a.s.a.p. I know loads of fellow graduates who are hell-bent on getting on the property ladder and they just don't seem to realise that they'll never really get to know what disposable income is.
-Anything from the bank other than a statement is bad news. Replace 'credit' with 'debt' and you realise that borrowing now means you'll pay more later. In short, don't spend money you haven't got.
-This year's model is last years in a different dress.
-A cheap holiday every year is an indulgent holiday every other year - which one would you rather have?
I reckon people who EARN millions have generally achieved an aim and being that way orientated are materialistic by nature and that makes them happy, having lots of stuff. People who have it thrust on them are the ones who prove that happiness is elusive.
When I was depressed, I watched my mates ticking all the boxes I yearned to tick. I had a think about it and realised that I had considerably more freedom and surroundings than they did, that my life was actually brilliant. Happiness is being content with your lot and it is elusive for a lot of people, most people in fact. My personal recipe for happiness is to go without as much material crap as possible, that way I can work less and enjoy my time more doing stuff that I like doing. If someone has lots of time on their hands and isn't happy, I question their whole ontology. People who sell too much time for the wonga have a good reason to be miserable (assuming they don't appreciate the fruits of their labour).
With these sorts of threads, the sorts of people who vehemously assert their position/stuff/etc are usually unsure about their position, sure, I'm unsure about mine but I'm enjoying my time on planet earth a lot.
When I was depressed, I watched my mates ticking all the boxes I yearned to tick. I had a think about it and realised that I had considerably more freedom and surroundings than they did, that my life was actually brilliant. Happiness is being content with your lot and it is elusive for a lot of people, most people in fact. My personal recipe for happiness is to go without as much material crap as possible, that way I can work less and enjoy my time more doing stuff that I like doing. If someone has lots of time on their hands and isn't happy, I question their whole ontology. People who sell too much time for the wonga have a good reason to be miserable (assuming they don't appreciate the fruits of their labour).
With these sorts of threads, the sorts of people who vehemously assert their position/stuff/etc are usually unsure about their position, sure, I'm unsure about mine but I'm enjoying my time on planet earth a lot.
In my experience, the key to making decent money is by selling a product or service with high gross margins. If you can sell a product with, say, a 60% GP then it's all about turnover. Once your overheads are paid for, for every pound you turnover 60p goes on the bottom line. So the shape of the curve goes more vertical (if you double turnover you quadruple your operating profit, so to speak).
Also, if you've started a company that is making, say, £100k per annum profit, when you factor in Corp Tax, Income Tax, NI, employers NI, etc.. you actually have, in your back pocket, about £50k (thanks to the revenue). However, if you sell the company for, say, £500k (5 X EBIT) then you can get 75% tax relief on the CGT. 75% of 40 is 30, so you only pay 10% Tax. So from a sale of £500k you walk away with £450k in your back pocket - which is equvalent to working for nine years - and that presumes you were going to milk every penny of the company's money (which would be foolish). I've yet to see a more effective way of increasing wealth than the above.
Also, if you've started a company that is making, say, £100k per annum profit, when you factor in Corp Tax, Income Tax, NI, employers NI, etc.. you actually have, in your back pocket, about £50k (thanks to the revenue). However, if you sell the company for, say, £500k (5 X EBIT) then you can get 75% tax relief on the CGT. 75% of 40 is 30, so you only pay 10% Tax. So from a sale of £500k you walk away with £450k in your back pocket - which is equvalent to working for nine years - and that presumes you were going to milk every penny of the company's money (which would be foolish). I've yet to see a more effective way of increasing wealth than the above.
said:
UKbob said:
Twincam16 said:
I suppose the trick is to look for value for money in everything. All the seriously rich people I've spoken to are always out for a bargain, quality over quantity and careful, strategic use of their wealth.
Look into it - feeling good about your assets is not all about the money, surely. Use it the way you like it and it'll surely feel better than merely having more, mathematically, than the next bloke.
Its not so much the final destination as the journey getting there to look forward to and enjoy. But the journey is so much more exciting when you have bigger goals, and you'll also have what you achieved when you do finally get there. So no, its not just about money. I enjoy work every day, I just want to do more, better, bigger
I like to be realistic without being miserable, so I made myself some rules:
-Never buy a new car, unless it's on a waiting list and you sell it before driving it it's financial madness.
-Make a list of all the cars you like, split into price ranges. Once you're in a price range, swap them about a bit whilst you save up for the next 'level'.
-Don't rush out to buy a house a.s.a.p. I know loads of fellow graduates who are hell-bent on getting on the property ladder and they just don't seem to realise that they'll never really get to know what disposable income is.
-Anything from the bank other than a statement is bad news. Replace 'credit' with 'debt' and you realise that borrowing now means you'll pay more later. In short, don't spend money you haven't got.
-This year's model is last years in a different dress.
-A cheap holiday every year is an indulgent holiday every other year - which one would you rather have?
Wise words indeed
Thanks God
Rob_F said:
....Starting your own company.... I've yet to see a more effective way of increasing wealth than the above.
This certainly sounds like the way forward, it's what i've always wanted to do - but how do i get started?
Rob.
Find a market for something - which is profitable doesn't need much overheads. And don't worry about eating humble pie.
A friend of mine started an office cleaning company, whereby he knocked on a bunch of doors and got a few cleaning contracts. He himself was cleaning toilets and emptying bins for a year or two. Eventually, he employed one or two part-time ladies who worked for £6 an hour, but he was charging clients £10 an hour. The buiness gently grew and required minimal overheads. Over the years the business grew and it got to the point that the guy was making hundreds of thousands of pounds, 40% of which was profit.
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