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  • FIRST POST
    • tinktay84
    • By tinktay84 10th May 11, 10:25 PM
    • 298Posts
    • 947Thanks
    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 169
    • Bmth100
    • By Bmth100 16th Sep 16, 9:42 AM
    • 998 Posts
    • 2,561 Thanks
    Bmth100
    Henry Ford said "nothing is particularly hard if you break it down into smaller tasks" or something to that effect, I'm doing the same but to £100,000.

    mostly I've been going on ebay, filtering by within 10 miles & collection only on car bits, buying them and then selling them on relevant forums or just relisting and posting them. Only just started but it's going well.

    I'd recommend that, so long as you don't live anywhere near me
    Originally posted by Connor1234
    Interesting .. I like it. Why is this successful - are people posting things cheaply on eBay to get rid, and you're just being more patient and pricing it up?
    • Bmth100
    • By Bmth100 20th Sep 16, 11:33 PM
    • 998 Posts
    • 2,561 Thanks
    Bmth100
    I have decided that I'm going to squirrel any "extra" money that I make into an ISA so that it doesn't get sucked into our daily account and feel meaningless. Then see how it stacks up in 6-12 months.

    This week I've made:
    $5 on Spare5
    €16.25 on TextBroker
    $30 on Upwork (just formed an ongoing client relationship for many more of these!)
    • Kayalana99
    • By Kayalana99 21st Sep 16, 5:49 PM
    • 3,059 Posts
    • 5,482 Thanks
    Kayalana99
    Evening guys, so quiet on here lately.

    Great idea Bmth, I've been thinking of doing something similar as all my savings goes into the same pot that gets used for car insurance and hoildays etc...thinking a side pot where I just put a little bit here and their that would be for investing later on down line and not dip in money so to speak...doesn't really feel like savings when it's getting spent...just on bigger stuff.

    Me and Hubbie have come up with a business idea that we're both really keen on, no more online crap it would be based in a trailer and would cost less then 5k to set up. I reckon we'd need about 8k though as the plan would be to have at least 3 months bills covered so if it didn't work out we could pack up and Hubbie could go back full-time.

    Would be great though as hours would be 7-2, would get busy around 9-1pm which would work around school hours with me helping out and he'd be able to pick kids up everyday and spend the afternoon/evening with us.

    Unf youngest isn't full time till Sept 2018, prob won't look to be opening until Sept 2017 due to funds and time but if we can make this work....plus the idea is to move into bricks and mortar if it takes off and then work our way up to something bigger...the dream of owning a pub by the beach somewhere.

    It's a bit scary but the profit margins are so good, the business is really viable idea. Without doing all the proper costing, I've estimated it to be around 2/3 of the selling price would be profit compared to the 20% I make now on my eBay....

    Unf it's a bit of a pipe dream ATM due to time and money, but I really do think this is where we want to be going and now that the idea has happened we just need to focus on pulling everything together to make it work.
    People don't know what they want until you show them.
    • Muhren
    • By Muhren 21st Sep 16, 7:29 PM
    • 1,494 Posts
    • 2,894 Thanks
    Muhren
    I haven't posted for a while but I have been reading. Everyone seems to be doing well, despite some challenging times.

    I will have around 9k in savings when I get paid this week, although I am planning on going away somewhere in November time so they will get depleted a little.

    I checked my pensions today and I have close to 43k over the two pots, so my NAV, as it stands is 145k. I am therefore 1/7th of the way to magic million!
    LBM: Dec 2012 - Debt £38,180/ Now £0.
    DFD - 17/04/2016

    Gambling: The sure way of getting nothing from something.

    Roadkill Rebel #6 - September - 2p
    • Connor1234
    • By Connor1234 22nd Sep 16, 8:14 PM
    • 16 Posts
    • 14 Thanks
    Connor1234
    Interesting .. I like it. Why is this successful - are people posting things cheaply on eBay to get rid, and you're just being more patient and pricing it up?
    Originally posted by Bmth100
    just realised I never replied!

    Generally car bits are too big and heavy to post easily, so when they're collection only they're in a smaller pool of potential buyers and if no one around owns that car/needs that part you can pick it up for £0.99.

    there are plenty of groups like "mk3 golf buying and selling" on facebook where you can shift that mk3 gti rear door you got for £2.50 to someone who needs it for £20
    • MikeEvans
    • By MikeEvans 23rd Sep 16, 11:55 AM
    • 6 Posts
    • 4 Thanks
    MikeEvans
    Love the challenge. No point setting low goals. At least if you don't achieve the million, you may get close.

    I'm new to MSE but have been reading for years. I finally decided to join as learned so much and thought I'd try give back where I can. I've learned quite a few good tricks for both saving money as well as earning money online. I'm now almost at the point of giving up my day job. Next goal will be to reach 1 million.

    Good luck everyone
    Mike
    • Bmth100
    • By Bmth100 23rd Sep 16, 10:53 PM
    • 998 Posts
    • 2,561 Thanks
    Bmth100
    Welcome to the new joiners

    Over the moon this morning! A freelance site I used to use isn't quite as good as it used to be; plenty of work, but always about €5 for 3-400 words. However, I managed to swoop in and grab a rare article: €105 for 6000 words. I know what I'm doing this weekend!
    Last edited by Bmth100; 24-09-2016 at 11:55 AM.
    • guavokane
    • By guavokane 24th Sep 16, 12:12 PM
    • 7 Posts
    • 0 Thanks
    guavokane
    Hey, I just read here what you write. Opening a bank account can only help to save your earning from month to month. But this will not help you to be millionaire.
    • lessonlearned
    • By lessonlearned 25th Sep 16, 12:37 PM
    • 8,214 Posts
    • 46,305 Thanks
    lessonlearned
    Good morning fellow millionaires in waiting.

    How nice to see some new faces - no disrespect to our long timers of course.

    Well I have not done much recently but I do seem to have been very busy, but mainly on "hidden" stuff where you don't see immediate results.

    Both insurance claims i.e. Car accident and burglary now settled, the money is now sat safely in our bank accounts. DS2 will gradually replace his photography equipment as and when but as he collects vintage lenses he js prepared to take his time. He's not bother d about replacing his iPad, he managed to fix my old lap top and we still have the desk top in the study, plus I stilll have my iPad so we are making do.

    All our tech stuff Is getting a bit long in the tooth and isn't exactl state of the art now but it all works ok we don't actually need to upgrade at this stage. No point wasting money on new gizmos,

    I have still not spent my car money, I am managing to go car free. DS2 and I car share quite happily, for the rest I just get the odd taxi .........one of these days I might even venture onto a bus.

    TBH the reason I haven't is that I still haven't fully recovered from my injuries, especially my neck and I don't want to risk being jolted too much. I had a very rough taxi driver the other day. He threw me about and managed to hit every single pot hole or speed bump.....that car journey was agony.

    I have cancelled the 4 weeks in Cyprus for February - I decided I would be bored out of my skull stuck in one place for 4 weeks. The travel company very kindly let me switch what I had paid onto another holiday, so that will be a cruise round the med next October, taking in Cannes, Rome, and Florence......again all my "must see" destinations.

    As you can see I am working on my bucket list.

    Still househunting. Still haven't found the one, I am not sure whether to up my budget and go for a bigger project. I have some investments maturing in November so I'll wait and see what kind of figures I'm looking at.

    I am also off to Barcelona in November so although I am regularly scouring Right Move I might just keep my powder dry until after I get back.

    Given that some of the investment rates are going down in October on some of my accounts I also need to rejig all my finances again.

    Other than that not much news here. I've had a nice summer off - apart from the traumas of the burglary and the car crash. I am ready to get cracking again - albeit between travelling and having adventures.......

    This week I shall be finalising the planting in DS2s garden and then I need to get a joiner in to do a few little outstanding bits and pieces and then my work here is done.

    I reckon we have added about £50k to the value of this house, less the renovation budget of £25k so roughly £25k profit. not too bad for the first one but we need to get quicker if I'm to make that magic £1m.

    Hope you are all keeping well and are on track........
    Last edited by lessonlearned; 25-09-2016 at 12:43 PM.
    • Kayalana99
    • By Kayalana99 29th Sep 16, 8:54 PM
    • 3,059 Posts
    • 5,482 Thanks
    Kayalana99
    I never thought if he had stolen anything, I assumed you spooked him and that was that! Hope the insurance claim worked out in your favour.

    Great news on the cruise, I do understand where you're coming from 4 weeks feels like you'd be living their rather then a hoilday, I'm actually starting to see the benefit in long weekends rather then a week away as it means we can afford to go different places....but then it can be quite limiting in other ways as you tend to do the simple stuff rather then the big things due to time restraints.

    I know I come out with quite a few ideas but Hubbie and me are really focused on this, I have a few worries but we just need a few grand behind us and will be ready to rumble, unf time is getting the better of me ATM and I'm really struggling with the weddings to edit, brides wanting pre-wedding attention, my best friend has asked me to be MOH which comes with it's own set of time requirments & now booked in for dress shopping and venue sight seeing lol...and my degree is putting presure on me now tutorials are opening up/tutor wants to call me and also got a parents evening and 'homework' being as eldest is being seen my the speech thepist now they've given the school lots of extra games and things to do which he brings home with him... lol (oo yes and don't forget our faithful income from eBay and Royal mail on my back about opening a business account...can't wait as it will save sooo much money over Xmas!)

    As you can see, I have a lot on...but never fear, I work well under pressure lol. I'm still managing to watch Netflix whilst working so I'm happy

    En route to book my first £400 wedding and a second one in the pipe line who I'm 99% sure they are booking with me but awaiting them to get paid to pay the booking fee, the first one is in process of everything going through so fingers crossed...raising prices to £600 in the new year for 2018 onwards. Had a few enquiries for 2018 already but I've quoted them on the new pricing and not heard anything back - which is fine as I'm sure I'll still get bookings nearer the time, my work has really come on but I need the professional business feel to back it up. Not even got the website set up anymore.

    Also, not really money related but weight loss has started and is going well for now, must have lost a few pounds as jeans are annoying me as they are falling down. Really fed up of being 'frumpy' and I just want to get this weight lost...being as I'm so busy it really helps.

    4/4 weddings shot, 3/4 edited, starting my next one tomorrow. Think I've got two full weekends off till my next one now. Done my first draft for my two essays due at end of Oct to, so going to crack on.

    Onwards and upwards.

    (P.s for the amount of work I seem to do, why aren't I earning a full time wage yet?! lol)
    People don't know what they want until you show them.
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