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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 2
  • lauzpauz
    fantastic idea and very thought provoking! I love all of your inspiration and get go, and good on you for not listening to those people that try to pull you down to their level, getting a million, be it in cash or assets is not easy by all means but it is definitely possible at even a young age as I have seen people do it!

    Anyway, enough rambling, I wish you every success on your journey, good look to everyone and remember to stay motivated
    • lincroft1710
    • By lincroft1710 13th May 11, 4:02 PM
    • 9,185 Posts
    • 7,033 Thanks
    lincroft1710
    Remember the mantra :

    "This time next year, Rodney, we'll be millionaires"
  • rictus123
    We need to keep this thread going. As we are all wanting the same thing...to get wealthy. Right now my net worth must be negative. Itl probably break even in August then il be £4k or so up by end of year. End of next year i want at least £15k net worth. At 20 thats not bad. By 30 id like £250k.
    Work in progress...Update coming July 2012.
    • tinktay84
    • By tinktay84 15th May 11, 8:14 PM
    • 298 Posts
    • 948 Thanks
    tinktay84
    Well epic fail on the millionaire road last night having had to pay £50 for a taxi home!!!I would have walked but with it being 20 miles and 3am!

    On the plus side I am putting a proposal together for a contract worth around £14000 so if I pull that off I will be set for work for the next 3 months!
    • lvm
    • By lvm 15th May 11, 8:30 PM
    • 1,501 Posts
    • 1,763 Thanks
    lvm
    Good luck for the contract! Hope you get it! x
    • gingerandrubarb
    • By gingerandrubarb 16th May 11, 1:01 AM
    • 421 Posts
    • 3,552 Thanks
    gingerandrubarb
    Another 27 year old
    Hi
    I also am 27 years old and married with 3 boys under 6 years old. As long as i have been alive i suppose my dream has to be rich and own my own business, not so much a business that makes alot of money, more so one that helps others ...anyway getting off track here
    I would love to be a part of this challenge, Is this particular thread 'THE' challenge page? Or are guidlines going to be set
    I don't have any real debt (probably less than £500) i don't own any houses or any type of property. I have plenty of ideas but a chronic illness that hinders me from just getting there quickly.
    I will say i'd be happy if i was a millionaire (lottery included, not that i play) by the age of 40-50.
    Whats everyones ideas for starting? x
    The best thing a woman can ever wear is her confidence!
    • MikeR71
    • By MikeR71 16th May 11, 11:34 AM
    • 3,706 Posts
    • 4,366 Thanks
    MikeR71
    I think trading is the best. Buying cheap and selling at a higher price. You have to identify the right product and the market and work at it though.
    I wish I knew what the next hot thing was going to be that everyone wants.
  • rictus123
    Yeh i think we could throw together some guidelines...also not just cash rich its increasing net worth as each day goes by then one day itl get to a stage you will stop and think "christ im rich"

    Im going to work out my net worth now and set up an aim for what i want to get it too in a years time.
    Work in progress...Update coming July 2012.
    • tinktay84
    • By tinktay84 16th May 11, 8:08 PM
    • 298 Posts
    • 948 Thanks
    tinktay84
    ok so guidelines...think the first one will be that it doesnt have to be "1m in a bank account but will take into account property, shares,savings etc.

    As a rough guide at the moment I have: 18800 debt, 46000 mortgage: TOTAL 64000 debt

    : 20000 equity in house, 101 savings,

    :Current net worth : -43800

    so I need to accumulate £1043800 by April 2024 to achieve millionaire status by 40
    Looks huge when I put it like that but to me its all just numbers and I know I can get a good way to being into positive in the next 12 months which is the first hurdle.

    As a previous poster said its not about getting the full million as eventually interest will start to build up which will help.

    I have already made huge progress since first toying with this idea paying £1000 off debts which will reduce interest charges.

    I am going to get a plan together in the next few weeks to make sure I am saving/making as much money as possible and aim to really get going on 1st June.

    Anybody know of any good free blogging sites as I really want to start a blog as I know then I will be more determined
    • tinktay84
    • By tinktay84 16th May 11, 8:12 PM
    • 298 Posts
    • 948 Thanks
    tinktay84
    MikeR71... I read a book on holiday called one red paperclip
    It was this book that set me off. Basically a guy decided that he wanted to trade himself up from one red paper clip to eventually get to a house. He managed it by trading for something a bit better everytime (paperclip, door handle, fish pen and so on)
    I figured thats kind of the motto here....trade up from being in 10s of thousands of debt to 1000s, to 100s and so on using whatever methods you can... trade driving to college for cycling: saving £3.00 per day...over the course of the year : £200+
  • Vixzta
    Love this thread! I'm currently working through 'The Science of Getting Rich' based on Napolean Hill's book. If a million is your plan, I would highly recommend looking into this programme as it has so far been invaluable to me! You can get some of the lessons for free on the website. Good on you for having a plan, I think knowing exactly what you want is 50% of the challenge! Too many people do not know what they want, and then when they do, they come up with reasons why it is not achievable! 2 months ago, I had no idea what I wanted, now I have a whole list of business ideas, and have set up weekly meetings with a friend I am hoping to work with so that we can start putting these ideas into action! Onwards and upwards I say! x
    • patman99
    • By patman99 16th May 11, 10:32 PM
    • 7,823 Posts
    • 9,213 Thanks
    patman99
    Good luck. You will need to earn £930,000 p/a after tax to achieve your goal. You will need something besides your decorating job to achieve your target. £14k for a 3 month contract (assuming this is without materials) = just over £1100 per week. Take-out Tax and NI and you are well on your way.

    You can lend on Zopa to generate even more cash, or buy and rent-out more properties.

    Btw, good luck with the quote, you'll be quoting against others who will be happy to do the same job at NMW. I have an ex-workmate who started-up doing decorating. He is finding it harder to get work due to the influx of Eastern Europeans.
    Never Knowingly Understood.

    Member #1 of £1,000 challenge - £285/ £1000 (that's 61.7%)

    3-6 month EF £194/£3600

    Do you/your spouse earn less than £197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
  • Vixzta
    Oh, and something I heard recently which I found interesting: If you took just 1p, and multiplied it by 2 every day for 30 days...you'd have over a million pounds! Like the red paper clip story I guess, the idea is just start wherever you are and GO FOR IT! x
  • rictus123
    Yep small steps will eventually get you there! Since i have a massive head start on alot of you it should be easier for me....

    Debt free by 21 (13 months away) and £10k in savings is my first 2 goals. I have got quite a few goals together recently. One is learn to swim. Did get lessons as a kid but instructor let go in deep end, i sunk fast = panic panic panic and i never went back. Im fine in water aslong as feet can touch the bottom. Else i am stuck. Then theres onto getting onto pricework end of next month. Once on price i can make as much as i want really(withen reason obviously) But i dont see why i cant be on £1000 a week take home in the summer, £700 a week winter.

    Can really see me making a sucsess of the start of my journey, im making steps to being debt free and its fantastic, itl be so much better when its putting money to bank in savings and not to fight debt.

    I think buy to let will be my answer as i am a builder so can buy somewhere cheap, sort and rent out. I dont like the idea of savings accounts can only just match inflation, thats a joke. So you are gaining 3% of your balance a year...yet inflation means its worth 4% less than new total! Just dont get it but going to read into all aspects of finance and stuff like that, get myself clued up for the future. I can see a very wealthy future for myself, thats the plan anyway!
    Work in progress...Update coming July 2012.
    • MikeR71
    • By MikeR71 17th May 11, 8:53 AM
    • 3,706 Posts
    • 4,366 Thanks
    MikeR71
    Vixzta:

    The Science of Getting Rich. Are you sure this book is by Napoleon Hill?
    • Kiran
    • By Kiran 17th May 11, 10:42 AM
    • 1,073 Posts
    • 475 Thanks
    Kiran
    Oh, and something I heard recently which I found interesting: If you took just 1p, and multiplied it by 2 every day for 30 days...you'd have over a million pounds! Like the red paper clip story I guess, the idea is just start wherever you are and GO FOR IT! x
    Originally posted by Vixzta
    Should that not be £1 not 1p?

    I definitely like the sound of this challenge
    Some people don't exaggerate........... They just remember big!
    • Jacka87
    • By Jacka87 17th May 11, 1:04 PM
    • 366 Posts
    • 152 Thanks
    Jacka87
    Should that not be £1 not 1p?

    I definitely like the sound of this challenge
    Originally posted by Kiran

    £1,073,741,824.00

    The amount that you get if take £1 then double it 30 times. Or in other words double it every day for 30 days. A bit more than a million!

    £10,737,418.24is what you get if you double 1p 30 times.

    Now this has got me thinking!

    So if I take 1p and could find a way of doubling it I would have 2p. If I could simply do that 30 times I would have over 10 million quid. So basically what ideas do people have for doubling your money?

    I dont think 2-1 at the bookies will cut it tho!

    Btw if you start with;

    £10 you only need to double it 20 times to get £10m, sounds interesting!
    Here to help and be helped!

    New to MB, running profit, £16 from MB, £30 cashback!
  • J4mes
    Wow! I've read this website a few times, (for debt advice!) I've always found it the most informative and interesting. While sitting at work on my lunch break, feeling my usual frustrated self- having all these ideas in my head but no time to instigate them. I decide to come on here for the last 5 mins, I'm so glad I did now, this post has really got my moneymojoİ back up!!

    Thanks tinktay84 for starting this!

    I'll be back tonight when I get home with my vital statistics and goals!

    James.
    • Kiran
    • By Kiran 17th May 11, 3:43 PM
    • 1,073 Posts
    • 475 Thanks
    Kiran
    £1,073,741,824.00

    The amount that you get if take £1 then double it 30 times. Or in other words double it every day for 30 days. A bit more than a million!

    £10,737,418.24is what you get if you double 1p 30 times.

    Now this has got me thinking!

    So if I take 1p and could find a way of doubling it I would have 2p. If I could simply do that 30 times I would have over 10 million quid. So basically what ideas do people have for doubling your money?

    I dont think 2-1 at the bookies will cut it tho!

    Btw if you start with;

    £10 you only need to double it 20 times to get £10m, sounds interesting!
    Originally posted by Jacka87
    I stand corrected, having now done the maths I am in a bit of shock. Makes you think though, might be worth a gamble-
    Some people don't exaggerate........... They just remember big!
    • lincroft1710
    • By lincroft1710 17th May 11, 3:57 PM
    • 9,185 Posts
    • 7,033 Thanks
    lincroft1710
    Oh, and something I heard recently which I found interesting: If you took just 1p, and multiplied it by 2 every day for 30 days...you'd have over a million pounds! Like the red paper clip story I guess, the idea is just start wherever you are and GO FOR IT! x
    Originally posted by Vixzta
    For the first few days this is feasible even if it is £1 not 1p, turning £250K into £500K into £1m is the difficult bit. Of course it is relatively easy to turn £1 into several £1m, but I've never picked the right 6 numbers.

    The "One Red Paperclip" became a cause celebre and generated huge publicity and took place in Canada/US. A lot of the swappers seemed to just want to be part of it and some firms got good press from it. It might work a second time, but third, fourth, fifth, sixth etc?
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