Millionaire Challenge

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  • Kayalana99
    Kayalana99 Posts: 3,626 Forumite
    First Anniversary First Post Combo Breaker I've been Money Tipped!
    edited 23 June 2017 at 2:10PM
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    I caved and e-mailed and the woman that hired me had left!! (Auto response) I had no point of contact apart from this woman...the help desk was an abroad one that didn't even know what human resources was...

    My friend knew someone at the company and lo and behold he works in HR, knew my name but was on holiday. Assuming my background check all comes through I should be starting early July :D
    People don't know what they want until you show them.
  • millmill
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    Is it too late for me to join this forum? I'm also 27 and keen to become a millionaire in the next 10 years! I work in a really volatile industry that is shrinking. While I am paid well, redundancies are happening almost every day at my company right now.. It's a horrible environment to work in. My main motivation for joining this challenge is getting to the point where I have enough money saved up that I don't have to worry in the event of this ever happening!

    Right now I'm at around 1/10th of a million. I think that's not bad given my age, but hardly anything is invested, don't own a house etc.
    I am hoping to super charge my savings rate.. Throw all of my savings into investments every year... And have them compound to the 1 million mark by the time I am 37.. Some of that might be in the form of a deposit on a pricey London flat... :)
  • droopsnoot
    droopsnoot Posts: 1,759 Forumite
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    It's never too late to start. Hopefully.
  • useitorloseit
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    Hi all, great great great thread! so much motivation here. I have only started browsing this forum a few days ago, but have now decided to join and so glad I cam across this thread. I am 24 now, but from a teenager I have always made it one of my goals to become a Millionaire. This thread has motivated me even more.

    I have read quite a lot of this thread from the begining, some pages in the middle and the end. (Minxy-x, great story and I can honestly say I have taken so much inspiration from your post, thank you.

    I also noticed people have mentioned a number of books on here. I definitely agree with Think and Grow Rich, also i saw Richest man in Babylon mentioned (great book). I would like to add and recommend The Science of Getting Rich, has anyone read this ?
    I am reading Start With Why, by Simon Sinek now, so far so good also.

    Anyway, my current aim is to continuing researching/learning investing, how to invest, platforms to use and how to the 'right' investments.

    Looking forward to reading more from people on this thread and contributing also :)
  • droopsnoot
    droopsnoot Posts: 1,759 Forumite
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    I would like to add and recommend The Science of Getting Rich, has anyone read this ?

    I remember downloading it and starting to go through it, but I wouldn't like to say I've properly read it. If I am thinking of the same book, it did come across as a bit hippy, a bit "think positive thoughts and you'll get rich" rather than advice on picking investment opportunities. But then (again, if I'm thinking of the correct one) it's quite an old book, so it would have to be more general.
  • useitorloseit
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    droopsnoot wrote: »
    I remember downloading it and starting to go through it, but I wouldn't like to say I've properly read it. If I am thinking of the same book, it did come across as a bit hippy, a bit "think positive thoughts and you'll get rich" rather than advice on picking investment opportunities. But then (again, if I'm thinking of the correct one) it's quite an old book, so it would have to be more general.

    It may well be the same book as it is quite old. It's not about investment opportunities (although this is my next goal - To create a portfolio), more about overcoming barriers we may have and doing things in 'a certain way'.
  • droopsnoot
    droopsnoot Posts: 1,759 Forumite
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    That sounds like it. I guess what I really need is a book on techniques on how to actually look at the information I've got, rather than just continually gathering more and doing nothing with it.
  • Broken_Biscuits
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    droopsnoot wrote: »
    That sounds like it. I guess what I really need is a book on techniques on how to actually look at the information I've got, rather than just continually gathering more and doing nothing with it.

    Tim Hales smarter investing, should be enough to get you started. You most likely will be able to get it free from your library. That's where I started.
  • ani*fan
    ani*fan Posts: 1,554 Forumite
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    Hi there. :wave: What a positive and inspiring thread. Can I join please?

    I want to reach this goal by the time I retire. I have no plans for early retirement as I love my job (not the place where I do it though) so I have some time.

    My pension at retirement will be £170k.

    My half share of the flat OH and I just bought will be £100k.

    At the moment I have some savings for our wedding (3k-ish). I'm not counting this as it's needed.

    I have some debt (6.5k-ish), and some equity in the flat from the deposit and first 2 mortgage payments (my half share is 4.1k), total -£2,400. This makes my starting point £270k - £2,400.

    So only £732,400 to find! :D

    At the moment we're renovating our flat as cheaply as we can, preparing for the wedding and hoping for a couple of children. :)

    I have loved the process of flat hunting and buying. OH has long had a dream of buying to let and I'd like to go down that road too. We live near a university, which is hopeful for becoming a landlady, but I'm waiting to hear Martin's revised advice about the new changes.

    I also loved the idea of taking a penny and doubling it a step at a time. This is how I plan to save for a btl deposit.

    I haven't been able to read all of this thread but I look forward to meeting you all. :D
    If you know you have enough, you're rich. ;)
  • lessonlearned
    lessonlearned Posts: 13,337 Forumite
    Combo Breaker First Post I've been Money Tipped!
    edited 9 July 2017 at 1:43PM
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    Good Morning Everyone

    What glorious weather.......well I did order the sun especially for my birthday. I was 66 on Thursday.

    And I'm loving it.......total FI is truly wonderful.

    And I'm having the most fabulous birthday weekend of treats and outings, being spoilt rotten by my sons. :D

    Of course there's always a downside......

    As Bette Davis said "getting old ain't for cissies". :rotfl:

    My knee injury will require surgery at some point But with my consultants advice I am postponing it for now, using a more conservative less invasive approach, exercise Physio, massage, leg brace, diet, vitamins and supplements. The pain is well managed and my knee is getting stronger, so fingers crossed I can beat this without surgery for sometime yet.

    BB thanks for the book recommendation. It arrived yesterday so will make a start reading it next week. After the birthday weekend. ;)

    Well now, it's all change here. I have decided to buy DS2s house. He has moved In with his girlfriend, they will sell hers too and then buy together.

    It gives him a quick easy sale and we both save shedloads of money on fees and moving costs. I shall finish the last few bits and pieces here, go on my big trip in January and then look at putting this on the market next year. Sorted!!!

    Actually it should shake down ok. There's still growth here and room for profit. I am buying below market value, saving money on costs and as this an "up and coming area" I shall easily cover my costs with a nice little profit at the end.

    I still have a nice little nest egg to play with so the investing book should come in handy.

    Welcome ani*fan and useitorloseit - good to have you aboard.

    Not read the Science of Getting Rich.

    I agree some of the books can seem a bit "Airy Fairy" but I do think there is a place for motivational books, videos, seminars whatever especially if you are not one of life's natural optimists and struggle to stay motivated.

    I have always been a motivated self starter and come from a sales background. Over the years my various employers would regularly send us on sales training courses, motivational trips, seminars etc. And of course I am lucky in that I guess I was just born a natural optimist. There is one valuable life lesson I took from all of those books, courses, stories. It's this.

    "Persistence Pays Off".

    There will be set backs and failures. However, what really matters is not how often you stumble and fall but how often you get back up again.

    Work on your positivity. Stay focussed, keep your eyes on the prize and you will reach your goals. Just show up every day and give it your best shot. If you fall by the wayside - and you will - then just pick yourself up and start again. Back at square one if you have to, but don't just throw in the towel.

    As Churchill said "Never surrender, never give up"

    So......every day, exercise, eat well, dress well and show up. Step up to the plate and make those dreams come true.
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