BOSS: Ronnie's Millionaire Masterclass
Lesson 13 of 13 in our free Build Wealth the Boring Way guide: a 5-minute money game with the key points below.
Shown for England. Some rules here are different in Scotland, Wales and Northern Ireland: the lesson shows your nation's version.
This lesson is in the full version.
Free with a code from your uni, college, council, landlord or employer (worth £600/year). Lesson 1 of Build Wealth the Boring Way is free for everyone.
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Questions you'll answer
Ronnie claims '£1,000 to £1 million'. At his own 15% a month, roughly how many months would that take?
Final move. What does Mo do with Ronnie's DM?
Quick facts
- Myth: “Ronnie: 'Saving is pointless because inflation eats it.'” — Inflation is a real risk to cash, but a buffer still stops one bad month becoming debt. Compare rates; don't hand it to a stranger.
- Fact: “Clearing a 25% APR card is worth more than most savings rates pay.” — Protecting is making: it removes a 25% cost with no risk.
- Myth: “Ronnie: 'Fees don't matter when returns are this big.'” — Fees compound every year, and the 'big returns' are fiction.
- Fact: “Starting regular saving early gives compounding more years to work.” — £100 a month from 22 vs 32 at 5% was about £181,873 vs £100,959 at 65 (illustration).
- Red flag: “Your spot in VIP closes at midnight” — A deadline invented to rush you.
- Red flag: “and returns are 100% certain, I promise.” — No legitimate investment can promise returns.
- Red flag: “Not on the FCA register? We're too new and innovative for that.” — Firms offering investments in the UK generally need FCA authorisation. 'Too innovative' is an excuse.
- Red flag: “Move your emergency savings across to unlock the top tier.” — Emergency money should never be at risk, least of all with a stranger.
- 15% a month, compounded, no risk → Ronnie's plan. About 435% a year. Impossible: scam.
- Priority bills, buffer, clear expensive debt, then long-term saving → The boring plan. The boring order of operations.
- Pay a fee and recruit friends to get it back → Ronnie's plan. Ponzi and pyramid pattern.
- Low-cost, spread-out, long-term, with regular amounts → The boring plan. Low fees, diversification and time do the work.
- Move emergency savings into the 'VIP tier' → Ronnie's plan. Never risk emergency money.
- Check anyone offering investments on the FCA register → The boring plan. Use the contact details from the register, not theirs.