Millionaire Challenge

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  • lessonlearned
    lessonlearned Posts: 13,337 Forumite
    Combo Breaker First Post I've been Money Tipped!
    Well done Cazmanian :j:j. Fantastic progress. You are well on your way now. :D

    Lucky Stepho. Hope you are feeling better now and on your road to recovery.

    Re the BTL. The standard advice is to always to take a long view and hold on to property. But I think the property market is both more volatile and fractured now so I think you have to look at each case separately and individually and maybe take a more pragmatic and flexible approach.

    Prices in some areas of the country are still stagnant and haven't really recovered from the crash so I guess you need to factor that in your calculations. So, If a rental is costing you money and shows little prospect of gain within a reasonable time frame then it might be better to sell, release your capital, clear your debts and start again.

    Kay. Well done the weight loss.:D any news yet with hubbies job. Sounds exciting.

    BB. Yes I agree up to a point. I do think the class system is still very much a stumbling block for many people but I do agree that it needn't be. You can "change your stars". Like you say you can leap the class barrier if you put your mind to it.

    Well......all my gains this month will be wiped out with dental work and new glasses. Hey ho. No worries I'm doing ok. At least I have the money to pay for it. I have a "war chest" for the unexpected.

    Given the high cost of medical and dental insurance for someone my age I now self insure. So far it's working out cheaper. All the more reason to do all I can to stay fit and healthy.

    Having a nice restful weekend, pottering about, decluttering, spending time with family. Weather a bit disappointing but then it's Easter in the UK so I never really expect anything else. :rotfl:

    Anyway...... "Happy Easter" to you all - Have Fun!!!
  • Kayalana99
    Kayalana99 Posts: 3,626 Forumite
    First Anniversary First Post Combo Breaker I've been Money Tipped!
    No not yet. I don't know if company policy or legally but they have to advertise the job for 2 weeks and it's not even been posted yet. Nothing goes to plan does it!

    Just having a step back ATM. I changed my degree to Business + ICT but it meant I had to drop the module I'm working on, I have one big essay due in June and with no eBay I don't really have a lot on, but the kids are off atm and it's my birthday tomorrow so just going to enjoy the next week before back to reality of 'work'

    Weight has gone a bit to pot over last few days with hen party and now my birthday but I will be back on it on Tuesday :)
    People don't know what they want until you show them.
  • Chesapeake
    Chesapeake Posts: 71 Forumite
    Has anyone here dealt in land rather than property? My longterm plan is to establish a smallholding, I want to go the Field To farm route which means buying relatively cheap land and building from scratch, which should raise the value by 5x or more.
    I have been looking and as with everything there are huge discounts for buying in bulk. You can buy 30-50 acres for the same amount as 10-15 acres. I'm wondering whether it could be nicely profitable to buy a much larger parcel of land, partition the good bits for me and sell the rest in smaller plots at a premium. Do you pay stamp duty etc on agricultural land?
  • cazmanian_minx
    cazmanian_minx Posts: 4,048 Forumite
    First Anniversary First Post Debt-free and Proud!
    I've got croft land, which is a bit different thanks to crofting legislation, but similar enough - currently have 15 acres and if we manage to buy this house will get another 18.

    Your main issues will (a) be getting planning permission on agricultural land, (b) if you do get planning permission, convincing the council not to slap an agricultural residency restriction on it, which will devalue what you build immensely, (c) antagonising people living in the area of the land who don't want it built on.

    You will pay stamp duty on it - stamp duty's full name is Stamp Duty Land Tax (or Land and Buildings Transaction Tax if you're in Scotland) and should you be successful in what you're intending to do, factor in capital gains tax as well.

    It can be done, but most of the profitable sites for it got snapped up by developers a long time ago.
  • Luckystepho
    Luckystepho Posts: 353 Forumite
    First Post First Anniversary Combo Breaker
    Happy birthday Kayla! :beer:
  • lessonlearned
    lessonlearned Posts: 13,337 Forumite
    Combo Breaker First Post I've been Money Tipped!
    Happy birthday Kay.
  • lessonlearned
    lessonlearned Posts: 13,337 Forumite
    Combo Breaker First Post I've been Money Tipped!
    edited 17 April 2017 at 1:13PM
    Caz is right.

    Land is subject to taxes too. (Unfortunately) :rotfl:

    .......and yes, you need to be sure you can get permission for a residential dwelling as well as agricultural buildings.

    It's not always a given.
  • try_harder
    try_harder Posts: 1,527 Forumite
    First Anniversary First Post Combo Breaker
    I would like to join in with the millionaire challenge .I am currently climbing the ladder on the double your money to a million in 14 steps .You would actually end up with 1. million if you start with a hundred and double it 14 times ,i am finding it great fun .I am between step 2 and 3 with £600 and 3 items to sell .I buy something and then sell it for double the money ,it takes time but doesnt feel so daunting when you think of it in 14 steps although it will get harder as i climb the steps .Sorry it should have said you would have 1.6 million after 14 steps
  • elephantrosie
    elephantrosie Posts: 467 Forumite
    try_harder wrote: »
    I would like to join in with the millionaire challenge .I am currently climbing the ladder on the double your money to a million in 14 steps .You would actually end up with 1. million if you start with a hundred and double it 14 times ,i am finding it great fun .I am between step 2 and 3 with £600 and 3 items to sell .I buy something and then sell it for double the money ,it takes time but doesnt feel so daunting when you think of it in 14 steps although it will get harder as i climb the steps .Sorry it should have said you would have 1.6 million after 14 steps

    please elaborate on this double money to a mil in 14 steps.
    Another night of thankfulness.
  • try_harder
    try_harder Posts: 1,527 Forumite
    First Anniversary First Post Combo Breaker
    I started with £100 .With that £100 you can buy one thing or as many as you like but you must double your money on each item so that £100 will become £200 .You need a good thick notebook to write down all your purchases and sales and because i buy several items instead of one it certainly becomes more complicated
    This is how it doubles
    £100=£200
    £200=£400
    $00=£800
    £800=£1600
    £1600=£3200
    £3200=£6400
    £6400=£12800
    £12800£25600
    £25600=£51200
    £51200-£102400
    £102400=£204800
    £204800=£409600
    £409600=£819200
    £819200=1.6 million
    Obviously unless you buy only one item and double it which is easiest in the easrly steps you are going to end up with a lot of items and a full time job selling them and possibly needing a spare room ,shed or warehouse to store them all in but i am doing it alongside saving and trying to overpay my mortgage ,im sure i will be totally confused as i climb the steps with the sheer volume of items i will have to buy and sell but it is fun at the moment .
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