Millionaire Challenge

Thanks for the vote of confidence re day trading. Whatever happens We won't over extend ourselves and I won't have my son make himself ill with stress.

Two virtual trades today.

Small amounts - 500$ For each stake. One made over 20%, the other 50%. So profit was just over 360$ on a total 1k$ stake. Not too shabby.

Just need to do it for real......we will keep practising a while longer before we go live. I'm not going to push my son until he feels ready. He needs to keep a cool head and a steady nerve. It's not something you can do if you are anxious or stressed, which I believe can easily happen if you over commit yourself. That's when people start chasing losses.

Trading requires focus and clarity. I've seen traders make themselves ill, ending up with stomach ulcers or burning out because they tried to run too fast. I don't want that for either of us. Slow but steady.

Evening The day trading sounds like it could be quite fun if you treat it right, I have to admit it's not my cup of tea. Once we've got ourselves back on an even keel and stashed away enough for the wedding then I'm going to have to make some serious decisions about money.

I have been wondering what the most effective way to save the wedding money is, we have a budget of £10k with £1k already spent on the venue deposit. I don't really fancy keeping money in a standard savings account as the interest rate is almost zero but we need it somewhere we can access it quickly and without penalties. What do you guys suggest?

lessonlearned wrote: »

Good luck with the driving test. Sounds like it's all coming together. When do you expect to move. Very exciting.

Passed! Now to wait 4 weeks for my licence to come through ...

I've been here a few days now, and got accommodation + banking sorted. Just need to find any work opportunities in the city. It's all getting a bit exciting!

LessonLearned - congrats on the S&S profit. I haven't checked my S&S ISA for a while as it's a long-term investment, and if I check on it regularly I'll get nervous at all the swings!

Lingua wrote: »

I haven't checked my S&S ISA for a while as it's a long-term investment, and if I check on it regularly I'll get nervous at all the swings!

I only check once a month, there's no real point doing any more than that.

Decisions decisions, I did make a post but deleted it for my own reasons before I went to view lol. I went to see a property with view to turn it into a B2L but it had more issues then I thought. It has some water damage to the walls upstairs, I'm thinking this would be solved with some roof work and then there is a small extension at the back that has a massive crack inbetween the wall it was built in...essentially it's coming away...and then the other side of the wall again has some water damage.

The problem is I'm still sort of considering it because the house is so big, it's a 2 bed that could be turned into a 3 bed and once all kitted out I reckon would be worth around 25k more....the extension even if it needed to be pulled out and re done could still be worked into the cost as it's only a small one (as it contains the extra bathroom, so to turn into a 3 bed you need the bathroom downstairs)

Also the interest only mortgage would cost less then £150 a month...so yes it has damage that needs to be sorted but the lowest it would rent for is £425, and even with the extension issue it wouldn't have to be sorted now + when it was all fixed up pontentially could be looking around £550+ a month ....plus it's just such a cheap property that any dip in house prices would still mean you were laughing to the bank.

I'm really unsure what to do here, I'm leaning towards yes, but then there is also the 'cost' of not having that money in our hands because we could be looking for a nice property to own and live in ourselves...although we are happy here.