Sammie Ellard-King
I’m Sammie, a money expert and business owner passionate about helping you take control of your wallet. My mission with Up the Gains is to create a safe space to help improve your finances, cut your costs and make you feel good while doing it.
In this article, we are discussing how to become a millionaire UK style!
For some people they will inherit a lot of wealth, yet for others they earn it themselves. The majority of millionaires found in the UK have worked hard to get where they are today.
They have commonly found success in a highly paid profession or business. While some millionaires have made their money due to investing in stocks, shares and property.
They avoid things like high-interest debt but they will use good debt like low-interest loans or capital investments to propel their portfolios.
There is no guaranteed way to become a millionaire, instead, there are some basic steps to follow that may help you reach that goal.
Table of Contents
How Long Does It Take To Become A Millionaire?
Becoming a millionaire isn’t going to happen overnight, in fact it takes a lot of time, effort and patience for it to happen. In adaptation to that, for some people it never happens, even if they do everything right.
On average, it said it can take a person around 19 years to become a millionaire and reach financial freedom. Yet even then, there is only a 50% chance of that person actually becoming a millionaire.
Although, if you consider yourself a bit of an investor, then you could become a millionaire much faster than just utilising a savings account.
If you’re looking to speed things up then having a great investment strategy and a solid understanding of personal finance could see yourself becoming a millionaire a lot faster, but it all depends on a lot of different factors.
These factors include:
- How much money you have to invest
- Where and what you invest in
- How aggressive you are with risk
- What personal advice are you receiving
- What are your financial goalsÂ
- How much knowledge you have on the subject
- How willing you are to change your money mindset
Even when an investment looks like nice shiny object and everything is going perfectly it still can come down the wrong way.Â
Why? Well, simply put some people make terrible investments. We hear it all the time, ‘we got done over by a dodgy builder’ or ‘the stocks we bought just plummeted and never bounced back’.Â
Usually this falls into one category. Bad advice. If you want to be a millionaire you need great advice, personal knowledge and little bit of luck on the way.
How to become a millionaire UK?
As mentioned above, you cannot guarantee you will become a millionaire, but here are some basic tips to get you going.
According to recent research by Statista, around 2.5 million people in the UK are considered to be millionaires even fewer are considered ISA millionaires which are only around 1900.
However, becoming a million anywhere in the world, including the UK, takes a lot of luck, hard work and talent.
It is important to note that nothing is going to happen unless you are dedicated to making this dream happen.
You need to put the effort and time in to see results. Remember it will not happen overnight.Â
Below we list 4 things you can do to help you.
Invest In Yourself
It all starts with you.Â
By putting some time into yourself to expand your knowledge in things like property, business and the stock market you can start to invest your money with more confidence.
Equally you could look at starting your own business and take on the world with your new idea. Or combine them both and really go for it.
Either way you need knowledge to get you there, and these days with the internet, it’s so easy to start learning.Â
Really there’s no excuse, if you’re not big on reading, then hit up YouTube or listen to podcasts. You have a wealth of knowledge at your finger tips so use it.
If you have some capital to invest then also consider buying a business that’s already running. This way you can skip the start up phase and get right into it from the moment you purchase it.
Investing in the stock market
It is important that you start investing in the stock market as soon as you can and continue investing as much as possible along the way.
Businesses are growing everyday and if you own a piece of those businesses you can grow with them earning handsomely whilst you do it.
The stock market is a big old beast and there’s lots of different investment strategies out there so if you’re confused about what to do then take some professional advice.
There are however some super simple strategies that you can get started with right away. For example, you can utilise companies like Wealthify and Nutmeg.Â
Or you can invest in low cost index funds through more traditional brokers or beginner investing apps.
Both these businesses take care of things for you and tailor your investments based on you as an individual.Â
Check out these resources we have for you or read onto find more ways to become a millionaire.Â
Invest in Property
Property is an excellent way to invest your money but it has its challenges too!Â
For one, if you’re buying a property you’ll need a sizeable amount to put down as a deposit.Â
There are other ways you can invest in property with little or no money but mostly you’ll some cash to put in.Â
Property investing could be done in the form of buy-to-let. You buy it and then rent it out for more than mortgage costs to create monthly income.
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Start A Business
Starting your own business will be a lot of work, time and effort.
Although, it can also be extremely rewarding, especially if your company begins to do well and makes profits.
However, sometimes starting a new business can be a risk, as it may not always work.Â
It comes down to multiple factors like:
- Is your idea any good?
- What does it cost to create?
- Is there a market for what you’re selling?
- Did you execute the business plan correctly?
- Do people like it?
- Is it profitable?
This is why you need to be prepared to put in a lot of time and be really dedicated to the business for it to do well.
Quick Ways To Become A Millionaire
Even if none of the above is for you then fear not there is not still some chance of becoming a millionaire.Â
Really though there’s only two. You win it or someone gives you it.
Win The Lottery
The chances are small, but people do win it all the time.
The interest off a million should give you a sizeable sum if invested corectly. This way you will be set for life and can continue to have that millionaire status.
Inheriting Property Or Money
The easiest and fastest way to become a millionaire is by inheriting property or money from a deceased relative.
However, it is important to note that there is a limit on the amount of inheritance that you can inherit.
FAQs
What is the secret to becoming a millionaire?
There is no one secret to becoming a millionaire, as it typically involves a combination of factors such as consistent hard work, smart investments, financial discipline, and a bit of luck.
However, some common traits of successful millionaires include a strong work ethic, a willingness to take calculated risks, a focus on creating multiple streams of income, and a long-term mindset when it comes to managing their finances.
What job makes you a millionaire the fastest?
There is no one job that guarantees becoming a millionaire the fastest, as it depends on a variety of factors such as the industry, location, level of education, skills, and experience.
However, careers in high-paying fields such as finance, technology, entrepreneurship, medicine, and law often have the potential to lead to millionaire status quicker than other professions.
It’s worth noting that becoming a millionaire usually requires much more than just a high-paying job, as it typically involves smart financial decisions and investments over time.
Will saving make you rich?
Saving alone may not make you rich, but it is an important component of building wealth over time.
While saving helps to build a foundation for financial security, becoming rich typically requires more than just saving money. It often involves creating multiple streams of income, investing wisely, and making smart financial decisions.
However, saving can help to provide a cushion for unexpected expenses and emergencies, while also enabling you to make strategic investments that can help grow your wealth over time.
How old is the average millionaire UK?
The average age of a millionaire in the UK is around 58 years old.
However, this age can vary depending on the industry, with entrepreneurs and business owners often achieving millionaire status at a younger age than those in other professions.
It’s worth noting that becoming a millionaire at any age requires a long-term mindset, financial discipline, and smart investments over time, rather than relying on short-term gains or luck.
Final Thoughts
Everyone has dreamed about becoming a millionaire at some point in their life.
However, it is possible to become a millionaire in the UK, following the steps and tips we have mentioned throughout this article.
Becoming a millionaire is never guaranteed, but as long as you work hard and are dedicated, you have a high a chance of achieving that dream.
We hope you have found this article insightful. Now you should have a better understanding on how to become a millionaire in the UK.
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Disclaimer: Content on this page is for informational purposes and does not constitute financial advice. Always do your own research before making a financially related decision.
