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  • FIRST POST
    • tinktay84
    • By tinktay84 10th May 11, 10:25 PM
    • 298Posts
    • 948Thanks
    tinktay84
    Millionaire Challenge
    • #1
    • 10th May 11, 10:25 PM
    Millionaire Challenge 10th May 11 at 10:25 PM
    I sat pondering on what ive achieved in my 27 years and realised that anything ive ever said I wanted to do or wanted to have I have managed to achieve.

    Last year after 10 years in catering I completely changed career and last week I achieved a distinction in painting and decorating. This got me thinking that since I always achieve goals I set myself what could I do next....

    Thus the Millionaire challenge!

    So phase 1 is opening a savings account and getting money building up...

    I work for myself so have a bit of control over my earnings, we have 1 property that we rent out and my husband has a decent (secure) job.

    My aim is to get to the million mark by the age of 40 (im 27 now)

    So how many of you think im mad and its impossible and how many of you think i'll do it and have ideas to help me
Page 180
    • Luckystepho
    • By Luckystepho 25th Apr 17, 9:26 PM
    • 330 Posts
    • 632 Thanks
    Luckystepho
    I agree that the doubling and managing businesses are not for everybody, that's the fun part of this journey, there are so many ways to make a million!

    I think I would prefer to be a passive investor in someone else's business- investing a chunk of money in the expectation of a return within two to three years. I believe that there are companies who will match investors up with companies looking to raise capital to expand etc.

    There's also peer to peer lending etc

    • try harder
    • By try harder 28th Apr 17, 4:11 PM
    • 374 Posts
    • 1,136 Thanks
    try harder
    I have now completed step 3 and have doubled £400 and made £800 .I have put £600 into my ISA into its own stocks and shares fund so i know exactly how its doing and will now set about doubling up the other £200 to make £400 but very pleased to be on step 4 of taking £800 and making £1600 ,i may leave 3/4 of every £800 i make and just keep doubling the £200 that way i am investing at the same time .
    • Bmth100
    • By Bmth100 29th Apr 17, 5:50 AM
    • 1,018 Posts
    • 2,599 Thanks
    Bmth100
    Enjoying reading through all of the discussions about investing and compound interest.

    Even though I am saving for a mortgage, something in January just clicked and I decided to start putting away something small each week into a S&S ISA. I decided to ditch my usual morning coffees, and put the ~£10 I would normally spend into the Moneybox app. I now have £195 in the ISA, which I otherwise would've blown on coffee. Once I've bought a home, I plan on significantly ramping up the contributions.

    In other news, a good week! I recently passed probation at my new role, and I just bought a £5 scratch card on a whim even though I wouldn't normally touch them; won £1,000! Put it sensibly into our mortgage pot.
    • try harder
    • By try harder 29th Apr 17, 7:26 AM
    • 374 Posts
    • 1,136 Thanks
    try harder
    Wow £1000 what a great win ,well done Bmth100.
    • lessonlearned
    • By lessonlearned 29th Apr 17, 1:46 PM
    • 9,385 Posts
    • 52,886 Thanks
    lessonlearned
    I have now completed step 3 and have doubled £400 and made £800 .I have put £600 into my ISA into its own stocks and shares fund so i know exactly how its doing and will now set about doubling up the other £200 to make £400 but very pleased to be on step 4 of taking £800 and making £1600 ,i may leave 3/4 of every £800 i make and just keep doubling the £200 that way i am investing at the same time .
    Originally posted by try harder
    Excellent. Well done you.

    Bmth. Congrats on the Win. Fab.

    Booked viewings for a couple of fixer uppers next week. Other than that not much happening here. Hurt my back so having a quiet one today.

    Go on holiday on 8th May. Wahoo.
    • try harder
    • By try harder 29th Apr 17, 5:26 PM
    • 374 Posts
    • 1,136 Thanks
    try harder
    Thank you lessonlearned ,i still have three things to sell and hopefully double up then on to buying the next lot .
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