They must be, right?
How else is it possible to win £9.7m in 2002 and in 2019 be earning £10 an hour cutting firewood (apparently)?
Or win £1.8m in 2003 and in 2019 be reportedly earning £12,000 a year as a carer, living in a £500-a-month rented home.
Admittedly these were young winners, the first was Michael Carroll who scooped almost ten million pounds aged 19.
The second was Callie Rogers, the youngest lottery millionaire aged 16.
These stories were in the I newspaper over the weekend, and on the opposite page was news of Katie Price (Jordan to us 90s FHM readers), who has been declared bankrupt. She was once said to be worth an estimated £40m.
Those are some big numbers, but none of it matters if you don’t know the difference between an income producing asset, and a money bleeding liability.
Both Michael and Callie admitted to burning through their money, I would probably have done something similar at their age.
But imagine if they’d just put a small proportion aside and say built up a property portfolio, or acquired a positively cashflowing business, or traded forex and commodities for twenty minutes a day, or invested in dividend producing shares alongside calls and puts.
At such a young starting age, they could have made a few investing mistakes and still have enough income from assets to have a better standard of living than whatever £10 an hour gets you these days.
I’m very wary of anything that even remotely smells like a liability, as it’s only income from assets that will allow me to continue spending as much time as I want raising my kids and working more or less when I want.
Forex trading and executing calls and puts might not appear like they’re assets, but if it’s something you can teach your kids or there’s software you’ve invested in they don’t smell very much like liabilities to me.
And I’ll be able to knock up a very simple spreadsheet to monitor the progress.
The GITogether event, to be held in Portugal in April, will be announced fully in the next few days – and spaces are limited to twelve.
It will be very strictly first come, first served.
All the best,
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