A million pounds probably isn’t enough for you to retire on right now, but it is still an impressive looking figure when it’s in your bank account. So, how do you get a million?

Inherit a million

This will depend on how rich your relatives and friends are. If someone is rich and they are intending to leave you a million, it is important that they plan their cash wisely so that you inherit the most amount of money possible. Remember that gold-diggers are not liked, so do not push the issue too hard! With house prices on the increase, and the average house in the south east now being over £250,000, in a few years time, inheriting a million may not be so far-fetched as you might imagine.

Make your house worth a million

With house prices increasing, there are more and more property millionaires. There are two ways of becoming a property millionaire – buying a string of properties and sitting on your portfolio. If house prices continue to rise, you will eventually be sitting on a substantial property portfolio. Otherwise, research the market for up and coming places who’s house prices are likely to rise. Buy and sell at a frantic rate, always upsizing and making a profit until you meet that magic million mark.

Win a million

This is probabaly one of the least likely options. You could take a chance with the national lottery (14 million to one chance of winning the jackpot) or premium bonds (68 million to one chance, but you never lose your stake). Or you could try your luck at a casino – wager a pound, and you might win some more.

Marry a million

There aren’t enough rich men to go around and quite frankly, you should really be marrying for love, not money! It is normally easier for women to marry money than it is for men as currently, there are more wealthy men than women. If you do want to go down this route, start frequenting known nightclubs and places where rich men are seen regularly – premiership football grounds are always a good start!

Earn a million

The median wage in April 2005 was £22,900. Saving every penny for the next 44 years would make you a millionaire. Of course, this probably isn’t very feasible! The best option is to try and work your way up the corporate ladder, increasing your salary as you go. The higher the salary, the more you can put away and soon, you should hit the million mark. Or you could setup a company and be it’s CEO and hope that you turn over a million a year. In 2004, the median money packet for CEOs was £1.7 million – that’s £636,000 as a salary, £395,000 as a bonus and £683,000 from extras such as shares and options.

Invest a million

Make a million through the stockmarket. If you choose the right stocks and ride the bubble, you could end up as a millionaire. Timing is crucial – you want to sell at the peak of the share price and not when they start to fall!

If you aren’t really a risk taker, look for decent savings accounts. Some of these pay up to 4.5% a year – always invest in an ISA first as these offer tax free interest. If you put away just over £1800 a year into a savings account, and you were paid 4.5% annually, you would have your million in 25 years time!

Inflation millionaires

A million pounds is not what it used to be – as inflations rises, the actual value of a pound decreases (think about how much £1 would have bought 20 years ago compared to today), so as time passes, the number of millionaires tends to increase. In fact, a million today is worth about £43,579 was in 1950.

Depending on your age, you may become a millionaire by the time you retire. However you won’t be as rich as millionaires-gone-by!

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