Wow to make a million pounds from nothing you’re serious about becoming a millionaire in your lifetime, there is no shortage of advice on how to do so. Canny investors might have backed small companies that have gone on to become global players, family fortunes could have passed down through generations or you may simply be lucky enough to win the lottery.
However, the most realistic way to hit a million is to save and invest consistently over a number of years. A quick look at the investment calculators online shows that if you can afford to invest PS1000 a month, with a good return on your investments, you’ll reach a million in around 28 years. If you’re able to increase your monthly contributions with pay rises, bonuses or windfalls, it should be possible to get there much quicker.
ero to Hero: A Practical Guide on How to Make a Million Pounds from Scratch
Many people will also be able to make a million pounds by running their own businesses rather than working for someone else. This is a great route for those who have a particular passion, can find a niche market or are particularly talented at a certain skill, such as web development or poker. Setting up a limited company will bring you closer to financial freedom than being an employee, and you can set your own hours and work your way towards a target income.
Of course, it will take a lot of hard work and patience to reach that goal, but with careful planning and determination, it is possible. In the Telegraph Money series, we have looked at how some of Britain’s ‘ordinary’ millionaires have made their fortune – from property flippers and party planners to brewers and hosiery makers.