Goal 16: To be a millionaire
It is such a nice round number. Back when I was ten and day dreamed about having so much free cash, a million pounds would have been worth a lot more, but, back then, there was less to spend it on!
A post on Interactive Investors CAZA discussion board this evening sparked off a thought. If I have £1,000 to invest, it would only take ten trades where each trade doubled my money to reach £1,000,000.
I immediately saw a flaw in this wonderful scenario, once one gets to trading over £10K, it becomes harder to trade at the normal share price. One has to contact a stockbroker and place an order which the stockbroker will try and complete. The price is agreed with the stockbroker and depending on a lot of factors, will be higher than someone with only a few thousand pounds could automatically trade at.
Note that I didn't see this as just being a complete fantasy! I think it would be incredibly difficult to do, even though two of my trades have now more than doubled in the last year. If I was fortunate enough in trading to get to above £100K, it would be nerve wracking to risk all of that during each higher trade. Perhaps nerve wracking enough that someone would make a TV show about it, or has that already been done?
Still, I think this may be an interesting goal to pursue. I'm not going to raid my pension pot but if I can scrabble together a thousand pounds, I'll let you know how it goes.