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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 184
    • Chesapeake
    • By Chesapeake 25th Aug 17, 1:37 PM
    • 45 Posts
    • 181 Thanks
    Chesapeake
    Glad to see that everyone is making progress with their plans.

    I've had another payrise so I'm now earning enough to put away £500+ per month if I'm careful, unfortunately I also hit a colleagues car a couple of weeks ago so that will cost me nearly £400 to fix!

    Am working hard on business plans and costings for various money making ideas but most things are a few years away yet.

    @lessonslearned I am effectively a part time carer for my fianc!, she is still unable to work but has also been denied disability benefits! Still no resolution to that so she is trying to find some way of earning money that doesn't mind when she can't work for 1-2wks because of her illness.

    Keep up the good work everyone!
    • Chesapeake
    • By Chesapeake 25th Aug 17, 1:37 PM
    • 45 Posts
    • 181 Thanks
    Chesapeake
    Oh we've also booked a wedding venue... £1000 deposit to pay next week! Ouch!
    • minxy-x
    • By minxy-x 26th Aug 17, 12:39 AM
    • 131 Posts
    • 480 Thanks
    minxy-x
    Well done on the pay rise Chesapeake

    Things like the car accident always happen at a similar time to things like a pay rise to me, I'm convinced its life always reminding me- just watch it things can change back...
    • lessonlearned
    • By lessonlearned 26th Aug 17, 6:43 PM
    • 9,984 Posts
    • 55,956 Thanks
    lessonlearned
    Great news Caz. It's all happening. Innit.

    Chesapeake. Good stuff about the pay rise, but Ouch on the car accident. At least You weren't hurt, that's the main thing. And how exciting for the wedding plans...when is the happy day.

    Well I've not got a lot of news. My new lady came to help me this week. She is definitely a keeper....I should have got help ages ago. She is so quick and does such a fabulous job. Everyone has their skill set and although I am "good enough" at cleaning I can see that she is a real "professional". Worth every penny.

    I will save time and energy that I can put to better use. And I get to do the nice jobs.....

    Kay....hope the house sale is going through ok.

    Glorious weather here....long may it last.

    Even my social life is picking up at last. Quite the social whirl these days. Wahoo.
    • margaretclare
    • By margaretclare 27th Aug 17, 4:16 PM
    • 10,255 Posts
    • 17,048 Thanks
    margaretclare
    Well done.

    The first step is always to open a basic savings account and progress from there.

    My first step of that kind was waaaay back in time, the Battle of Britain was still raging, and I started at the village school where there was a savings bank run by the school for one of the banks. The rest, as they say, is history.
    Ær ic wisdom funde, ær wearð ic eald.
    Before I found wisdom, I became old.
    • lessonlearned
    • By lessonlearned 28th Aug 17, 11:28 AM
    • 9,984 Posts
    • 55,956 Thanks
    lessonlearned
    Hi everyone......what glorious weather......sunshine on a bank holiday weekend too. Who would have thunk it.

    Just a quickie........something that I thought would give you all a smile and maybe a bit of encouragement.

    Went to lunch with a friend yesterday. She was telling me about her friends son who is 17 and currently doing art A levels with a view to studying art and design at university.

    Apparently he wandered into a junk shop, spotted a filthy painting with a damaged frame and snapped it up for £5. He then sold it, in its current state, to a dealer for £42k.

    The deals are out there folks........we just have to keep looking.

    This time next year, Rodders.......

    Anyway I'm off out to enjoy the sun.
    • Chesapeake
    • By Chesapeake 28th Aug 17, 8:59 PM
    • 45 Posts
    • 181 Thanks
    Chesapeake
    The happy day is almost exactly 12 months away, 25th August 2018. We're pretty well along with planning etc but everything has a cost and now all spending is on hold until end of October.

    We have started repainting our flat this weekend, a nearly-white-with-a-subtle-hint-of-yellow kind of colour, it has really brightened the place up. It is also a good excuse to clean behind sofas etc and get rid of a load of junk.
    • mikep22
    • By mikep22 29th Aug 17, 9:00 AM
    • 188 Posts
    • 429 Thanks
    mikep22
    Hi All,

    Sorry to butt in - I need to get to work quickly so dont have time to read everything previously.

    Is the challenge to have earnt £1m - or to have £1m in the bank so to speak?

    I am thinking about giving it a go, but it will be much earn it then otherwise I fear.
    Debt: May 15: £17335 Jul 16: £13874 Jan 17: £11,606
    • droopsnoot
    • By droopsnoot 29th Aug 17, 12:05 PM
    • 1,058 Posts
    • 666 Thanks
    droopsnoot
    I would say it's whatever you want it to be. I read it as more about ways to take opportunities and make the most of things than specifically about trying to reach a specific target.


    In any case, what's a million these days?
    • Chesapeake
    • By Chesapeake 29th Aug 17, 3:24 PM
    • 45 Posts
    • 181 Thanks
    Chesapeake
    Personally I'm counting it as personal wealth, if I can value what I own as over £1m I'd be bloody ecstatic!
    • minxy-x
    • By minxy-x 29th Aug 17, 8:38 PM
    • 131 Posts
    • 480 Thanks
    minxy-x
    Wow LL did he have an idea what he had found when he bought it? I am assuming yes, if studying art? That's amazing, well done to him- hope he spends it wisely.
    Glad your new helper is working out well for you.

    Mike I would agree with droopsnoot its your journey, chose which ever you want. Cant wait to see your progress.

    Personally I count up our net worth, don't bother with cars (they are not worth much anyway, or pension pot as the few pence would throw out my nice round figures).
    I add equity in our home and BTL, money in bank, any business net worth.
    Then I go , then I think well house prices could crash, business interests value can change , take it with a pinch of salt and keep working

    Oh a similar theme, I had to have words with Mr Minxy the other day. We were talking about where we were, where we are and where we want to go.
    Him- I will be happy when we have 2 million in the bank
    Me- 2 Million? I didn't think we planned to keep lots in the bank, I thought we were going to invest?
    Him- Yes, that's on top of the investments/businesses.
    Me- I'm only on the millionaire challenge on MSE not the multi millionaire


    So looks like he has set us a new personal challenge...
    • lessonlearned
    • By lessonlearned 30th Aug 17, 3:18 AM
    • 9,984 Posts
    • 55,956 Thanks
    lessonlearned
    Go for it Minxy.... reach for the moon and you just might catch a star and all that.

    Oh yes that young man knew exactly what he'd got with that painting.

    Personally I am not sure I think there is such a thing as "pure luck" or indeed the concept of "accidents". I genuinely think everything has a reason or a rational explanation even if we are not aware of them at the time and that, more often than not, "luck" is the result of work.

    Yes, that boy was fortunate to be in the right place at the right time but without his knowledge then he would have walked right past that artwork. He has been trawling junk shops for a few years and had already collected one or two bits to sell on so it's not really such a fluke when you think about it. He put in the hours of study and the necessary leg work and was rewarded. Good for him.

    Did I tell you about my lucky find.......picked up a little brooch for £0.50p. Half the stones were missing and it's very dirty but I knew it was an original Victorian "mourning" brooch. THe stones that are left are diamonds, admittedly very tiny ones so not worth a fortune but diamonds none the less. Not sure what I am going to do with it yet. Even in its current state it is very pretty and quite unusual. I might try and see if I can get it restored to its original glory and keep it. I have quite a pile of old jewellery, some broken, some just plain ugly. Some I shall sell, some I can have restored and some can be remodelled. Just need to get my head round it.

    Those lucky funds are out there ......we just need to keep our eyes peeled. still waiting for the "Old Master in the Attic". All we ever get is other people's tatty junk and rubbish that they are too lazy to dispose of or to mean to pay to have removed. The cellar and the attic in this house were full of their cr&p they left behind. Took several trips to the tip to dispose of it. Lazy tight fisted so and so's.

    I know you can get a solicitor to force sellers to clear the premises but as she was a widow roughly my age with an elderly mother I didn't push it. She did take advantage though. Perhaps karma will reward me when I come to sell and I'll get a Nice easy sale and make a handsome profit.

    My son must be reading this thread because tonight he asked did I count cars as assets. Personally I don't. Unless you have a real collectors item, then even the premium cars are still a depreciating asset. Yes you can sell them if you need cash but generally you never get what they are really "worth".

    Mike. Welcome, look forward to sharing your journey. Usually to arrive at a figure for your net worth you add up the value of your assets and then subtract your liabilities. The figure you are left with is your net wealth. This can include fixed assets such as your primary residence, it doesn't have to be cash in the bank but of course as Droopsnout says, its entirely up to you what you want to include in your figures.

    Signed contracts today on the house, aiming for legal completion 7th September.

    Renovations are going well. Just a few final flourishes now. Nearly finished spending so I can now get down to the serious business of filling those coffers again, ready for the next stage of the journey.
    Last edited by lessonlearned; 30-08-2017 at 3:54 AM.
    • mikep22
    • By mikep22 4th Sep 17, 2:24 PM
    • 188 Posts
    • 429 Thanks
    mikep22
    Thanks guys, I will get on it when I get back from work and start totalling!!
    Debt: May 15: £17335 Jul 16: £13874 Jan 17: £11,606
    • Kayalana99
    • By Kayalana99 5th Sep 17, 1:34 PM
    • 3,318 Posts
    • 5,950 Thanks
    Kayalana99
    Well all moved in

    I don't know if I said but we nearly backed out of this property because we found a 3 bed (After we had paid the estate agent fees too...) and we drove an hour up to see it and back again on the evening spur of the moment, and she had another appt for 5pm and us at 4:40, well the message was never passed on so we ended up going in around 4:55pm with this other couple, decided to take it and rang the office and it closed at 5pm so we said we'd take it on message.

    Rang back in the morning and the woman said is was available for an application to be put in (I asked as I was worried about the other couple) then I said oh great I was worried the other couple might have had it - then she said Oh yes let me just check with the EA....didn't ring back for 90min and she said oh they already transfered the money over I'm afraid.

    Given we are a young couple with two young kids and the other was a mature woman in her 40's I'm assuming they basically choose the 'better option' but got a call from her yesterday saying it was back on the market and I said sorry we've already moved in and rented somewhere so it serves them right

    Sorry...rambling lmao. To be honest we are really happy here, it's smaller then our old place but it was falling apart tbh and it's just small things like having 10 sockets in the kitchen and the water in the bath goes down really quickly...lol plus overall it should be cheaper to run (bar the rent to mortgage payments >.<) . We've still got some stuff to bring but everything fits in nicely too, managed to get my desk and treadmill in front room so I'm happy. The other property was bigger, but it was falling apart a bit as well so I think we ended up with better option. Only issue is garden isn't really great for kids but I do have a car now so can take them out to park and things more.

    Just editing up my last two weddings and will be selling all of my equipment, I've been to and froing about it but going to buy back some cheaper basic ones I can use and figure I can always upgrade later if I need to but if I keep the expensive stuff then I might not ever end up using it.

    Degree books for one of my modules is due any day now too so exciting times

    Roll on the house selling and everything being sorted bill wise...
    People don't know what they want until you show them.
    • Lingua
    • By Lingua 11th Sep 17, 1:50 PM
    • 176 Posts
    • 185 Thanks
    Lingua
    Hi all!

    Been very inactive since my first post or two, though I have been nosying in to read through the posts. Amazing the progress people are making!

    Kayalana99 - congrats on the new house! Shame about the 3-bed, but as long as you're happy that's the main thing! Hopefully the house sale moves forward soon as well.

    I'm at uni and about to begin my third year, which is studied abroad. I leave in a few weeks, and will be teaching English in schools. It's a paid role, so will be receiving that plus my student finance - more to put in savings if rent isn't too high!

    While I'm away, I've also decided to do some English tutoring on the side to increase my income. I'm still set on having around £25k saved by next September, so it's going to be a big push.

    Long-term, the plan is to get into teaching (a risky business if ever there was one!) and buy a reasonably-priced property in the area with extra bedrooms to be rented out for extra income. It's all just a waiting game at the moment as I can't really do any long-term planning without getting through the degree first!!

    Hope all is going well for the rest of you millionaire hopefuls,

    Lingua
    Long-Term Goal: £14'000 / £40'000 mortgage downpayment (2020)
    • Chesapeake
    • By Chesapeake 12th Sep 17, 3:33 PM
    • 45 Posts
    • 181 Thanks
    Chesapeake
    Well my journey has been set back by £1000 as my car blew up last week Cam belt broke and it trashed the engine Luckily there are plenty of cars around under £1k but it's going to be a struggle to buy food once I've bought one. Hope the new one lasts more than 6 months!
    • Broken Biscuits
    • By Broken Biscuits 13th Sep 17, 10:16 AM
    • 328 Posts
    • 629 Thanks
    Broken Biscuits
    Hello all,

    I was digging around in old posts of mine as I couldn't remember where I had set the bar for this year. Found my challenge to myself from December 2016 (below) where I set the target at £162k net worth or a 20k increase in a year.

    Last count up was August 2017 and I was at £158.75k, so definitely achievable. I've noticed a difference in my attitude towards money this year to be honest. I'm still pretty frugal and know the value of a pound but I find it easier to spend than I used to. I find it much easier to not just say yes to the meal out with friends but also to just order the dish I want even if I would be almost as happy with a different option at a fiver or so less. Don't get me wrong I've never lived the life of squalor but I feel a lot more comfortable to spend now than ever. Saving rate is still decent but unlikely to be near the 60% it did hit at one point.

    I think, although I'm still a few years away from the financial independence I seek, it's the safety net of the money I've accumulated so far that allows me to relax a little. It's nice to know that if we hit a recession any time in the near future I could just go back to my old spending habits and hopefully coast through the bad times to a stronger position again. Work doesn't stress me out knowing that I'm not relying on next pay day to feed me anymore.

    Debt and money troubles can cause so much stress and worry in people. As a family, growing up, we were poor. It's nice to be at the other end of the scale now and to have a clear mind.


    Hey, hope everyone is winning at both life and personal finance.

    2016 is almost over and around this time of year I do a count up of my networth to track progress. I know most like to do this in April. But I find by doing my count up middle December I can have a couple of weeks where I forget about budgets and just enjoy family time / Christmas and pick up the slack in the new year.

    So, i've only been keeping track for a few years and here's the little data I have:

    Dec 2013 NW 68k
    Dec 2014 NW 82.5k
    Dec 2015 NW 110k

    I set a target to have 125k by Dec 2016 but then revised that up to 135k middle of the year when I realised I was having a much better year than expected.

    2016 has brought with it lots of buying opportunities with the crazy political results this year. China devaluing their currency, Brexit and the drop in value of the gbp. Trump and then India's demonetisation efforts. Currently I'm taking advantage of the drop in India's markets and have topped up by about a quarter in the last month. With India having a quarter of the world's under 25 year olds it feels like a winning long-term bet with all those would be consumers of the future.

    So I've just worked out my networth to be a few quid over 142k. Much better than expected!
    I'm now within touching distance of being 1/7th of a millionaire and have increased my totals of money out of pensions and property up another 4% of my total holdings. Networth is one thing, but early retirement is only possible if the money is accessible.

    New table looks like this

    Dec 2013 NW 68k
    Dec 2014 NW 82.5k
    Dec 2015 NW 110k
    Dec 2016 NW 142k
    Dec 2017 NW 162k estimated.

    Doubled in 3 years from 2013 to 2016!

    My biggest rise yet this year and an increase in excess of my take home salary again as per 2015..

    Assuming 6% returns on all investments, 4% increase in value of property and a savings rate of somewhere above 40% I should be on track for another 20k increase. Here's hoping i've underestimated again for next year.

    Exciting times

    Here's to a prosperous 2017 for all.
    Originally posted by Broken Biscuits
    • lessonlearned
    • By lessonlearned 13th Sep 17, 1:32 PM
    • 9,984 Posts
    • 55,956 Thanks
    lessonlearned
    Good afternoon everyone.....

    Kay.....congrats on the house move. Glad it all went well. I'm sure being more settled will be a big help, certainly the "logistics" sound easier for you.

    Lingua.....good to hear from you. Just keep going, you'll get there. The tutoring sounds like an excellent idea.

    Chesapeake....what a blow about the car. Hope you get sorted soon. Again just keep going.

    BB - great post. And so glad to hear how happy you are with your progress and that you feel sufficiently on track to be able to relax the purse strings a bit now and actually enjoy the fruits of your hard work.

    It's true what you say - about how once you have a decent cushion then life is so much less stressful. I have found that too and just like you I have relaxed a bit on the spending and am buying a few things I want rather than just things I need. And I don't feel remotely guilty.

    Well I now own my sons house. We legally completed last week. I decided not to bother with a mortgage, I just paid cash. So I have depleted my capital but have no debts whatsoever. I still have around £55k left to play with.

    I am still undecided whether to use a chunk on a btl but tbh I don't really fancy the hassle of being a landlord at the moment. My stocks and shares are running at 11 percent so I am thinking I might just top those up, say using £30k and then keeping £20k in my Santander account for easy access. That currently pays 1.5 per cent. Shocking really when inflation has now reached 3 per cent. I am not really happy with that rate of return so I might rethink my strategy in the new year after my holiday.

    I have earmarked half of the final £5k to start day trading. Well not me personally, but letting my son have a go on my behalf.

    Yes I know it's risky.....but the risk is less than five percent of my available capital so I'm happy with that level. I think £2k to £3k is an acceptable risk.....it roughly equates to a decent cruise. So if I lose it all it's only the same as blowing it on a holiday. Lol.

    My son has been practising day trading with "virtual" funds for about a year now and he seems to have got the hang of it. So we will just start small and see how we go.

    Other than that, no real news this end. Have been busy decorating and furniture renovating. Have got a couple of projects on the go, enough to keep me going until Christmas and then in January I'm off on my travels.

    And then......well I have no idea. Lol. I'm sure inspiration will strike.

    In the meantime I'm happy just pootling along.

    Hope you are all well, having fun, and making lots of money.
    Last edited by lessonlearned; 13-09-2017 at 1:55 PM.
    • droopsnoot
    • By droopsnoot 14th Sep 17, 11:41 AM
    • 1,058 Posts
    • 666 Thanks
    droopsnoot
    I have earmarked half of the final £5k to start day trading. Well not me personally, but letting my son have a go on my behalf.
    Originally posted by lessonlearned
    It'll be interesting to hear how that goes if you feel inclined to update us. Most threads about any kind of trading tend to just involve those who are convinced it's an easy way to a fortune, and those who are equally convinced you may as well burn the money. There are too many blinged-up Lamborghini-driving sunglass-wearing "traders" around for many to look further.
    • Kayalana99
    • By Kayalana99 14th Sep 17, 1:26 PM
    • 3,318 Posts
    • 5,950 Thanks
    Kayalana99
    It'll be interesting to hear how that goes if you feel inclined to update us. Most threads about any kind of trading tend to just involve those who are convinced it's an easy way to a fortune, and those who are equally convinced you may as well burn the money. There are too many blinged-up Lamborghini-driving sunglass-wearing "traders" around for many to look further.
    Originally posted by droopsnoot
    I did some day trading once I was essentially hired to do exactly what this guy does (as the other guy couldn't sit their all day doing it but wanted to see if it was worth it) and buy and sell as he does, and he pretty much promised massive returns and posted his results. I found on actually doing it, that he was faking the results slightly as he tells you to sell, but then made out he sold it before or after etc (but made it look realistic by using real time figures)

    No news is good news over here.
    People don't know what they want until you show them.
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