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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 3
    • tinktay84
    • By tinktay84 17th May 11, 5:28 PM
    • 298 Posts
    • 948 Thanks
    tinktay84
    again I am in awe at the responses to this thread. What started as a 'throw away' idea a few months ago is now becoming more and more like an achievable goal!

    I love the doubling your money for 30 days and agree that at first it should be fairly easy but would I be brave enough to risk 500000??hmmm

    Ok so after getting a couple of 'free 1 hr advice' sessions from accountants and financial advisors I have gleamed a little advice that I might use...

    Firstly dont pay all your money onto debts first ??!! was my reaction. If you have £50 spare, pay £25 off a high interest debt and put £25 into savings. althoguh savings achieve littel interest at the moment once you have a suitable amount you can use savings to buy low risk low return stocks/bonds. A slow burner yes but it will add to your net worth and less likely to dip into it than a normal savings account

    Patman99, I am very fortunate with regards to the contract as I worked at the place in a different role and knew that work was needed before the Manager mentioned it. As he knew I was training up at college he asked me about rates and originally wanted me to just patch up here and there.Another manager asked me to put a proposal together to try and convince the big boss that patch up just wasnt feasible compared to what I could do as a refurb.....I should know in about a week or so...

    Also I have been absolutely chocka workwise as I have made sure prices are reasonable(but not cheap) and that work is of high standard. I also find that the (unfair) advantage of being female means work isnt short when it comes to lone females or vulnerable people.
    I have worked hard and am still at college making sure I am the best i can be and I think people are cottoning on to 'painters' (not everyone before anyone shouts)that have just decided to turn their hand to it. I know im going to sound a bit high horse ish here but decorating is a craft and as im sure many of you know it always turns into a bigger job than first thought with awkward corners and cutting in and second coats etc.
    I have just started doing marble effect painting which can command £1000s per day!!! Hopefully I will become VERY skilled in this but it means I will now be spending what free time I have practising.

    So todays steps to millionairedom are that I have signed up to save the change with my bank account where anytime I use my card they round it up to nearest £1 and put the difference in my savings. therefore £19.45 diesel will mean 55p for my savings and so on.

    I have also made a few calls regarding work I have on in the next week or so (just confirming dates etc) and have secured another £600ish of work

    I have set up a business acount and am now going through all my direct debits etc to make sure everything is split business/personal and that any silly DDs are cancelled

    My college tutor has said that as I have now finished all my work requuired for my course I am welcome to practice anything that I think I need to improve on and has suggested taking in some small pieces of plywood and creating different decorative effects so that I can show potential clients the range of things I cover as he knows the money is in the high end specialised effects (marble effect etc). It will also count towards a higher qualification and the added bonus is im saving my paints, electric, tools etc
    trainee millionaire (aka not there yet!)
    • tinktay84
    • By tinktay84 17th May 11, 6:33 PM
    • 298 Posts
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    tinktay84
    Just rang the bank to see where I stand with my mortgage as I used to overpay and when we had a bad year last year I took a payment holiday before starting paying a litle extra each month again (approx £12 a month is all)

    After verifying my details the customer service agent told me my balance (no shock there as I check online) the shock came when I said can you just check that I am still up to date with payments as I often pay a few days late due to lack of memory!!

    Imagine my surprise when he said...oh yes youre around £1000 in credit!!!!
    trainee millionaire (aka not there yet!)
  • rictus123
    Im away to work out my net worth now...just going to do my SOA as that tells you. Iv along way to go for my goals, im going to set some short term ones and go from there...Id like to shoot for £100k by 25...realistic?? We shall see
    Work in progress...Update coming July 2012.
    • patman99
    • By patman99 17th May 11, 7:45 PM
    • 7,928 Posts
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    patman99
    By doubling a 1p, you would reach £1.2m on day 28.

    I remember a few years ago me and a mate invested £45 each in a 'business guide' aimed at making a profit from selling computers. We put-it to work and in just 2 days we turned £400 with just one add.
    Our best bargain was 2 pallets of 17" CRT monitors which cost us the grand sum of £12.75.
    I stuck an advert in my local paper which read " 17 inch monitor, made by ollivetti. No tilt/swivel stand hence only £35.". Within 7 days I shifted 6 of them (making-sure to allow time for each customer to arrive, pay and leave without bumping into the next one. One monitor was duff so went to the tip, My mate had (in fact still has) one, and the last 3 sold within 10 minutes at a computer fair.

    All-in-all, we turned £12 into £315 within a week. When I was tidying-up the other day I found the guide again. It brought back some good (and some not so good) memories from a time between 2001 and 2003 when we ran a stall a computer fair.
    Never Knowingly Understood.

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  • rictus123
    Patman what kind of 4X4 you going for? I was thinking of starting a slow saving fund for exactly that...a motor in a fair few years, when insurance is down and i can keep van for work and car for personal and not getting stung a mint on insurance. Really cant wait to get rid of my car thats on finance in 3 months. Handing it back and its a lesson learned!
    Work in progress...Update coming July 2012.
  • rictus123
    SOA reads im at -£6,450...thats being as realistic as i can! However getting rid of card debt and smallest loan(which im on course to do by end of July) plus handing car back will lose £2,650 debt + £5700 on car. Will lose £4,500 car value though so will come down £3,850 to £2,600.....so looks like il be positive come end of year! Great if you ask me, thought it would have been worse!
    Work in progress...Update coming July 2012.
    • lvm
    • By lvm 17th May 11, 9:57 PM
    • 1,501 Posts
    • 1,763 Thanks
    lvm
    WOW...1p could become £1.2m in 28 days!!! I would soooo love to find someone who has done this (or be able to do this myself then tell everyone about it!)...sounds so easy if it wasn't for HOW to do it.

    I love this thread - it makes me feel so optimistic and that even high goals can be achievable!

    Good luck everyone with your own goals! x
    DEBT - £10,176.11 (Jan 2011) ---> £0.00 (Sept 2014)
    SAVINGS - £0 (Jan 2011) ---> £35688.08 (Jan 2014)
    MORTGAGES:
    Home @ 3.99% - £65,000 (Jan 2011) ---> £62, 092.86 (June 2015)
    BTL 1 @ 4.49% - £69, 750 (Sept 2014) ---> £68, 610.49 (June 2015)
    BTL 2 @ 3.99% - £123, 750 (June 2015) ---> £123, 750 (June 2015)
    • tinktay84
    • By tinktay84 17th May 11, 10:06 PM
    • 298 Posts
    • 948 Thanks
    tinktay84
    love the story of computer sales Patman thats a great result!

    Rictus, having a dumb moment.... SOA?

    I agree on the car return front, yes you mmay lose equity but you also lose debt...cars rarely appreciate in value soo as you say, lesson learned.
    We have been trying to pick up a car for some time as I have had 10 in 7 years!I tend to buy cheap ones and just use until they give, total cost of 10 cars £4300 and a 32inch tv (yes we swapped a tv for a car) average cost of cars £430 and one of them was a 55 plate astra!
    I have been outbid last minute on several on ebay and am at the end of my tether. I have toyed several times with getting one on finance (£4000 ish) but begredge paying so much. Its a bit of a pain though as we have 2 x 2 seater vans and a family of 4.Not tooo bad until you add to the fact we live at the top of a very large hill and a walk to the shop takes 1 hr (which I do maybe 2 times a week at most)
    trainee millionaire (aka not there yet!)
  • rictus123
    Statement of affairs, found in one of the stickies threads on debt free wannabe boards. I want to move out and buy my own house asap...considering a cheaper flat than house just so i can move out sooner!!
    Work in progress...Update coming July 2012.
    • MikeR71
    • By MikeR71 18th May 11, 9:21 AM
    • 3,706 Posts
    • 4,366 Thanks
    MikeR71
    Turning 1p into £1m may not be as difficult as the timescale. It is possible to do it eventually, but in 30 days? That's the hardest part.

    I still think the best way to multiply your money is to trade. Find out what it is that people want and pay for. Find out where you can get it cheap and go after it. You can turn 5000 into 10000 this way but as I say, the problem is doing it in 30 days.
    • Jacka87
    • By Jacka87 18th May 11, 12:58 PM
    • 366 Posts
    • 152 Thanks
    Jacka87
    Turning 1p into £1m may not be as difficult as the timescale. It is possible to do it eventually, but in 30 days? That's the hardest part.

    I still think the best way to multiply your money is to trade. Find out what it is that people want and pay for. Find out where you can get it cheap and go after it. You can turn 5000 into 10000 this way but as I say, the problem is doing it in 30 days.
    Originally posted by MikeR71

    what you talking about, its well easy, after all just spin a rolette wheel 28 times and your there!

    I dont actually gamble but a guy I play footy with was betting on Barcelona and Real Madrid pretty much every week, and said he won basically every week (he wasnt using his total winnings for teh next bet tho as this doubling up would require). Obviouslly avoided betting on any particularly tough games but basically they where odds on to win most matches and those where the ones he bet on. When you consider how many games are in a season, one season of betting (correctly of course) and you could have your million!

    Sounds easy doesnt it? Suppose thats why so many people get sucked into gambling.
    Last edited by Jacka87; 18-05-2011 at 1:02 PM. Reason: Added last line
    Here to help and be helped!

    New to MB, running profit, £16 from MB, £30 cashback!
    • Jacka87
    • By Jacka87 18th May 11, 1:26 PM
    • 366 Posts
    • 152 Thanks
    Jacka87
    Just did an SOA, from the link in the debt free wannabe, I am at work so cant get exact figure for everything but put as close as I could (normally the nearest thousand and was conservative).

    Apparently I am in a good position to start this challenge! I have a net worth of £38,000!!! Shocked me I can tell you!!!

    I do have some concerns tho, the SOA asks for monthly expenditure and incomes and includes partners incomes. Although this is useful to help work out if you are likely to go up or down in net worth, I assume it doesnt affect the exisiting calculation as its only assets and debts that we are concerned with right?

    Most of my asset value comes through my flat, so my £38k isnt very liquid, and not much use to me in terms of uping it unless we have a hpusing bubble again!

    well now lets see what I can do with my small sum of liquid assets!
    Here to help and be helped!

    New to MB, running profit, £16 from MB, £30 cashback!
  • ladyinneed
    Brilliant thread.

    Good luck everyone.

    I have a net worth of -£12+k, I am ashamed to admit that I thought it was nearer to £10k. I have set myself a yearly challenge of £100k in one year though if this goes will then hopefull the £1m before I'm 40 will be doable. (yikes 9 years).

    Working full time and raising two children is expensive! Sadly I can't add the mortgage to my list although I pay half, the other half owns the house and I'm not on the paperwork, my choice. (Full of hopes but hopefully that will change when I'm in a better financial place)

    Good luck again all. x
  • rictus123
    Changed up my plan a bit....aiming to clear 2 cards and smallest loan this year while also filling isa. Then start of next year, save for spends for Florida in May first 2 months then fill ISA again...then clear other 2 loans. Will be alot easier as no car payments to worry about.

    SO right now im -£6.5k...end of year id like break even, by my 21st, June next year, +£12k. Then £20k end of next year.
    Work in progress...Update coming July 2012.
    • tinktay84
    • By tinktay84 18th May 11, 8:02 PM
    • 298 Posts
    • 948 Thanks
    tinktay84
    Jacka87, the fact that the money is in your property probably makes it better really as it means youre less likely to 'spend it' so yes, it may not go up much anytime soon but i doubt it will go down much(if any) now as we have basically hit the bottom....

    off to look at this SoA now.....

    Oh and today millionaire challenge: managed to get a hash brownn barm and brew for 85p: normally £1.80 (saving 95p)
    got pasty and drink for £1 by going halves at the pound bakery with a friend as its 2 pastys £1 and 2 drinks £1 : buying seperate £1.40 (saving 40p)
    Another friend bought me a brew and a cake normally £1 (saving £1) OH has bought flour 84p and made 2 loaves of bread normally £1ish a loaf (saving 1.16ish)
    total saving £3.51 so have transferred this amount to my savings account.

    Also I would normally have got £10 out the cash machine to pay for lunch as I only had £2 on me which I never got out so that is also going into my savings.

    I have also cleared the back section of the garden and turned soil over ready to get some spuds and carrots on the go. Last year we grew our on strawberries,spuds,rhubarb,peas etc and where we live there is a lot of blackberrys and we get eggs off my mums chickens. Surely this should save us £5+ a week
    trainee millionaire (aka not there yet!)
    • tinktay84
    • By tinktay84 18th May 11, 8:34 PM
    • 298 Posts
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    tinktay84
    according to the SoA im only -4400 which is brilliant!
    trainee millionaire (aka not there yet!)
  • Wannabe01
    I don't think you are mad, as I have set myself a similar challenge. Good luck with it.
    Aiming to get Debt Free.
    • Amara
    • By Amara 18th May 11, 9:03 PM
    • 1,889 Posts
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    Amara
    This thread is interesting and depressing in the same time. Most people here are very young, I'm 34. I can't waste no more time. My assets net now: about £26000. Rented house. No pension, self-employed, on about £14000p.a. I'd like have my on house to live in for aprox . £250000 and I want my business doing £60000 net per year. Ambitious too. I can't afford for wasting time now.
    Tackle your debt, take a part in 1 debt vs 100 days challenge.
    1 debt vs 100 days challenge part 26
    £180/800
    Gaining assets
    • sharloid
    • By sharloid 18th May 11, 9:15 PM
    • 411 Posts
    • 1,015 Thanks
    sharloid
    I'm not sure whether I'm motivated or depressed by this thread! Of course, I'd love to have enough money to live comfortably without having to worry. I'd love to have a couple of £100,000's in the bank but unless you're really lucky I can't see it happening.

    I'm 20. I earn £14,000 before tax. The OH and I have a mortgage for approx £46k. Even if I was to save £500 every month for 10 years, I'd still only have £60,000 before any interest.

    I think I need serious help understanding how this is possible!
    • tinktay84
    • By tinktay84 18th May 11, 9:56 PM
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    • 948 Thanks
    tinktay84
    Its not about luck... what im about to write will come across in a bad way but be assured I am just being direct and have no intention of being rude.....

    I spent 10 yrs working in low pay/no thanks jobs.
    I have been in debt so badly I thought we may lose everything and have to live with one of our parents

    After assessing the situation I decided the only person that could change anything was me so I went back to college and learned a trade.
    I now work 7 days a week (long hours) self employed, my OH has a good job and gets paid good money (but that was after 2 years of barely scraping enough together as self employed to cover costs)
    we dont buy anything branded, we rarely go on nights out, we dont buy take aways, we buy fresh fruit and veg off the market rather than buying ready meals etc (the woman on the news that claimed she couldnt afford to feed her kids fresh veg as ready meals are cheaper needs a good shake!)

    We grow a lot of fruit/veg and do a lot of trading (I am papering my mums ceiling, she keeps us in fresh eggs and does occasional school runs for us, I get my hair cut free in exchange for my hubby doing odd jobs for the girl that does it ohh er mrs hehe)
    If we go on holiday we trawl the net for the cheapest deal (just been to kos for a week for £85 each half board and had a fabulous time on just £100 spends)
    I walk as much as possible and we constantly look for ways to save/make more money.
    I used to be too embarrassed to use vouchers or haggle but my Husband never accepts a price without trying to get a better deal. He goes to tesco at around6pm to get all the reduced items and nothing gets wasted
    Now as you read this you might think my god who does she think she is and theres no way I could live like that but its a choice we have made to try and provide a better life for ourselves and our kids long term.

    My sister is constantly 'skint' and rolls eyes and makes comments when we go on holiday but she constantly has take aways and drives even to her corner shop.She wouldnt go on the holidays that we do as she wouldnt consider booking cheap(irish airline) flights and taking a tent camping in spain like we have

    We often have people saying 'its alright for some' when we go on hols or when we have a new car but even our 'new cars' have all been less than £500 and we have literally just run them until they can run no more

    sorry ive gone off on one I just get annoyed
    on £14k a year with a £46k mortgage I would say you have an advantage on some other users here its just a case of making small changes.

    As I put at the top that probably sounds like a rant but please believe me its not its more trying to show people it can be done and that if I can do anyone can.

    Using the savings calculator and your suggestion of £500 a month for 10 yrs, if the interest rate was 2.25% you would end up with £65733.Not a huge increase granted but its nearly £6000.
    trainee millionaire (aka not there yet!)
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