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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 181
    • lessonlearned
    • By lessonlearned 3rd Jun 17, 10:44 AM
    • 9,715 Posts
    • 54,571 Thanks
    lessonlearned
    Good Morning Everyone

    KAya.....congratulations on the job. well done you, but then you deserve it.

    Hi BB well done on becoming a PAW.

    Interesting what you say about wages........

    According to most descriptors then my low income puts me below the poverty line and yet.......I don't feel poor. I think I live well. I lack for nothing, and within reason, I can buy pretty much what I want.

    Maybe I just lack imagination but I am genuinely happy with my level of spending and low levels of consumption. In the words of Mr. MOneymoustache I am not a "sucka consumer".

    I think reading the Millionaire Next Door was probably quite a turning point for me in my financial education. A pity I didn't read books like that decades ago. I would be a millionaire several times over by now.

    But for you guys who are younger...if you follow the advice in that book, and blogs like Mr Moneymoustache then you will reach either millionairedom or your FIRE day with ease.

    And I can tell you nothing feels better than being FI - Financial Independence Day is a life changer.

    I have just finished reading "Your Money or Your Life" the author talks about reaching the magic "crossover point" - the time when your unearned income surpasses you earned income and meets your outgoings and "then some".

    Well my pension income may be modest but it is almost double my outgoings so I'm happy. This is my own personal definition of, if not wealth, then certainly ease and comfort. I may not be rich beyond the dreams of avarice but I am truly happy with the current state of play.

    My recent baby steps into the shark infested waters of investing have been very successful so far. A 9 per cent growth in just over 4 months. Wahoo.

    I know I have to be careful and won't get carried away and risk all my capital but I think I'm ready to up my game and increase my investing. As long as I monitor things carefully and don't risk too much I should be ok.

    I Will increase my outlay to around 5 percent of my capital for now. I figure It roughly equates to a world cruise..... so if the worst happens Then all I have lost is a fancy holiday.

    But realistically even if the markets dipped dramatically as long as I monitor things closely then, barring an overnight crash (unlikely but not impossible), then I would probably have time to liquidate and move most of my money to a safe haven.

    The safe guaranteed option i.e. Banks, building society's etc are showing such pitiful returns I think I need to be a little bit braver.

    I am naturally cautious but low interest rates are really not helping much. Great for borrowing but not much use for long term savings.
    • Broken Biscuits
    • By Broken Biscuits 4th Jun 17, 12:53 PM
    • 326 Posts
    • 627 Thanks
    Broken Biscuits
    LL - your pension that covers your living costs will have been gained from being invested in a mostly rising market for many years. So although it feels like you are just starting out, you have always been in the market. It's just now it's less automated than your pension contributions. The only difference now is You are more in control. Just be careful how you use that control, you talk about selling and moving when markets crash. Your pension would have just bought more every payday. So when drops occurred you bought more stock at a better price. This added to your returns when it went back up again. So instead of selling when prices drop, you should be thinking where can i find more change to top up or at least carry on as normal with whatever plan you had before the crash.

    I've played around with a few FIRE calculators and compound interest calculators too and 2030 should be the year I can pack in work for good. Much sooner if a combination of things like getting higher than average returns/low inflation/payrises/inheritance/finding a side hussle/accepting part time instead of fully quitting.

    Being able to live on a low spend lifestyle but still being happy and wanting for nothing is the key.
    Last edited by Broken Biscuits; 04-06-2017 at 12:59 PM.
    • lessonlearned
    • By lessonlearned 4th Jun 17, 1:51 PM
    • 9,715 Posts
    • 54,571 Thanks
    lessonlearned
    Thanks for that BB. Very helpful.

    I would only "cash in" on a falling market if I was really desperate and needed the money. Otherwise I would just let it ride.

    You are quite right it's better to ride out the dips and, as you say, use them as an opportunity to increase holdings if possible.

    2030. Well it's not that far away really. I'm sure you'll do it.

    As you say being able to enjoy a simple lifestyle, without going short and doing without is the key to both happiness and financial well being.

    My income is modest but it is still roughly double my outgoings so plenty of wriggle room and the "then some" that we are advised to consider.

    I have not added my investment income into my pensions income. I treat that separately. I don't want to become reliant on that until I'm really old.
    Last edited by lessonlearned; 04-06-2017 at 1:54 PM.
    • Muhren
    • By Muhren 4th Jun 17, 4:12 PM
    • 1,509 Posts
    • 2,918 Thanks
    Muhren
    Thanks for that BB, I have just been on and taken the test and got a score of 60. So I still have a bit of work to do, the main thing for me is to increase my salary, as I have everything else stripped back pretty much to the bone.
    Last edited by Muhren; 04-06-2017 at 8:19 PM.
    LBM: Dec 2012 - Debt £38,180/ Now £0.
    DFD - 17/04/2016

    Gambling: The sure way of getting nothing from something.


    • PoorGuyNextDoor
    • By PoorGuyNextDoor 7th Jun 17, 2:28 PM
    • 131 Posts
    • 343 Thanks
    PoorGuyNextDoor
    Hi guys how are you all? Not been on too much recently, been absolutely flat out working. Fine to get the afternoon off today to put my feet up ready to go again tomorrow. Im away to order myself a book, probably go for millionaire next door. Love reading stuff like that. Any of you "flipped" property? Buy it, do it up and sell it on(hopefully for profit!) My plan once debt free is to get into developing.
    Come and join me on my 5 year plan - over in the debt free diaries
    • cazmanian_minx
    • By cazmanian_minx 7th Jun 17, 4:45 PM
    • 4,004 Posts
    • 18,419 Thanks
    cazmanian_minx
    I'd flip if I lived somewhere with that kind of property market. As I don't (average time taken for a house to sell here is about 2 years), I do renovate-to-let instead.
    Home: 06/08: £145,145.00 Currently: £114,428.66 Offset: £51,337.84 Amount paid off: £30,716.34 (21.2%) Paying interest on: £63,090.82
    Holiday let:
    02/17: £177,416.86 (Family loan: £129,146.86 + 0% cards £48,270.00) Currently: £169,936.86 Amount paid off: £7,480.00 (4.22%)
    Sugar days 2017: 15/26 Debt-free: 17/02/2017
    • PoorGuyNextDoor
    • By PoorGuyNextDoor 7th Jun 17, 9:32 PM
    • 131 Posts
    • 343 Thanks
    PoorGuyNextDoor
    Renovate to let is also an option, just depends on the property in question and my finances at the time. This is just an idea for an extra stream of income, one of many i plan to have by age 40. 14 years and i want to have at least 4 different ones with the 3 that are not my main job making at least half what my main job brings in.
    Come and join me on my 5 year plan - over in the debt free diaries
    • Kayalana99
    • By Kayalana99 8th Jun 17, 7:18 AM
    • 3,259 Posts
    • 5,905 Thanks
    Kayalana99
    Renovate to let is also an option, just depends on the property in question and my finances at the time. This is just an idea for an extra stream of income, one of many i plan to have by age 40. 14 years and i want to have at least 4 different ones with the 3 that are not my main job making at least half what my main job brings in.
    Originally posted by PoorGuyNextDoor
    See I'm all for B2L's (as I keep mentioning them) but as that property book pointed out a B2L keeps a substantial amount of your capital tied up that could be re-invested.

    I think my plan is to get 1 B2L first, and if I have time I'll start flipping properties or carrying on with the B2L. I guess it depends what else I am doing as property development takes time and money.

    I'm really racking my brains how to make money right now, I guess with this job inline and the increase in income it's really made me see how much we aren't coping. Yes we get through the month with food on the table and a bit of extra spending money, but the prospect of having this extra income has made me see all the work that needs doing to the house, lack of things we need or need replacing...etc. I don't know if I said but it's 20+ hours a week and really well paid so it really will turn us around financially whilst still giving me 9-3 to study.

    They told me I have it but most likely I won't be starting till July so I am worried it may fall through still....

    But by the by....I don't want to just 'get by' I want to live comfortably and be able to take expensive holidays. People keep trying to put me down on my 'dreams' and they do feel so far away

    You'd not believe the negativity about this job, people say they are happy for us but they also make sly comments and try and make it out to not be a big deal to us financially or start comparing what they do in the evenings with their 'free time' I now won't have as I'll be working M-F late evenings which is great as no childcare costs and we'll have more money for weekend and holidays..will be an adjustment but it's 100 times better then working 9-5 and missing out in the children's lives like my Husband, I'll be putting them to bed and going to work so I'll miss out on time with Hubbie in evening but if we can have more money to spend on things we want to do or invest in our future and improving the quality of life for my children then so be it.

    And I know it sounds really bad, but I don't even want to compare myselfs to them as they aren't living lifes I want to live. I guess maybe I am slightly crazy but I want the high standard of living where I can spend 10k+ on a really nice holiday...and I don't know how I'm going to get there yet or if I even will but I'm not going to give up....

    I'm going to tie up loose ends with my wedding photography and just focus on my degree, I'm not sure what will happen photography wise but as much as I love it, I want income that will be passive or able to travel with. One career move I can take with my degree is software development which I can do on the move from anywhere in the world with a laptop, I can work for someone but it would also allow me to design my own software/apps so perhaps I can make money through it that way. I could also learn the website design side and another thing to do on move - then maybe the passive income might all be B2L's but at least it's an idea...

    I'm hoping that one day all this will make sense and all these different things I tried will fit together, photography in itself is a great skill and something that seems to come in useful for all my business ideas...

    I guess the bottom line is something needs to change as I'm just not willing to keep scraping the barrel.
    People don't know what they want until you show them.
    • Zosa
    • By Zosa 8th Jun 17, 9:18 AM
    • 6 Posts
    • 146 Thanks
    Zosa
    This thread is very refreshing to read both for motivation and ideas but also reading the comments about how sometimes things get you down or you lose the motivation as things do not always fit into place.

    I think that is the current head space I'm currently in, for the last few months especially I have been reading so many forums and websites on how to boost income or create a better life but as of yet I have not found that spark.

    I'm 32 and worry that I do not have much of a financial backing as well as wanting to live a better life but without a great deal of money I worry that to make money you need money but I'm determined to work hard and find that way!
    • lessonlearned
    • By lessonlearned 8th Jun 17, 3:30 PM
    • 9,715 Posts
    • 54,571 Thanks
    lessonlearned
    Hi Kay.....sending you a virtual hug. Sounds like you need one.

    First of all do not let other people drag you down. Avoid the haters, the doubters, the negative nellies like the plague. You don't need them. Stay friends by all means but just keep it light.....they don't need to know your business, your plans and dreams, your aspirations. Just Play it cool and keep your dreams, ideas and plans to yourself.

    Just come on here or maybe other websites where you will be heard with genuine affection, positivity, enthusiasm and support.

    Ok it's A bit harder to avoid family, but just grit your teeth and smile sweetly. When pressed for reasons why you are trying to make changes just say you want to build a good future for your kids......most people get that. You don't have to go into detail. Just change the subject. Get them to talk about themselves......that's all they are really interested in.

    I have a theory here........most of the haters and doubting Thomases see you making strides and feel affronted - how dare she!! What makes her so special!!! Who does she think she is!! She thinks she is better than us......etc and so on.

    I think it's a combination of fear - they darent step out of their comfort zone and inertia. Sorry to say it but some people are just not prepared to make the effort or the sacrifices that you or I and all the good people on this thread are making.

    You won't change people like that........it's their loss, not yours. My advice is don't say too much, play your cards close to your chest. Adopt an air of mystery. Just be fabulous and let them think you glide through life.

    You will never win them over (well you might, they might be intrigued when they see you being successful). They might decide they like what they see and copy you but I wouldn't go seeking their approval.

    Remember.........if you don't give them any bullets to fire at you, then they can't shoot you down. Don't give them any amunition to hurt you.

    Continue to Come on here and we will do all we can to support you, advise if we can, and give you a virtual hug when you are feeling fed up.

    Re finding the right niche. Don't worry it will slap you in the face when you least expect it. You are trying lots of different things, some will stick, some will be more successful than others.

    Just keep trying and never, never, never give up.

    Remember all the time you are gaining experience and learning new skills. Knowledge is never wasted, it is powerful and valuable.

    If the job doesn't work out quite as you had hoped or if you find it impacts on family life too much well at least you've tried. Give it a few months and see how you go. Even If If it just gives you a fabulous worry fee Christmas and a nice little holiday somewhere then it will have served its purpose. If it's too much For you then you can just jack it in and find something else.

    I've had 33 paid jobs, not counting extra part time jobs or the jobs I had when I was still at school, owned three businesses, been a company director, done various voluntary jobs, served on committees. I've been a full time mature student like you, I have been on numerous courses and seminars.

    Some might call me a butterfly, flitting from one idea or scheme to another but I think I have done more and learnt more in one lifetime than some people could learn in 3or 4 lifetimes.

    And I'm still learning, still trying new things, still hustling and still aiming high.

    Zosa.......welcome to the thread. Again don't worry about "finding the spark" or waiting for the big idea. Start small, start with lowering your expenses and setting some money aside in savings.

    Think of money as being a bit like rabbits. Just like rabbits it likes to breed and multiply. You only need a few £s to get you started.

    Start your money farm today. Even if it's just a few £s into a savings account. Watch those savings grow, then when you have a bit stashed away, start investing, whether in the markets, or property, or even just in yourself.

    Just be the best you can be at everything you do or try and the rest will follow. Give it your all.
    Last edited by lessonlearned; 08-06-2017 at 4:29 PM.
    • lessonlearned
    • By lessonlearned 8th Jun 17, 3:54 PM
    • 9,715 Posts
    • 54,571 Thanks
    lessonlearned
    Well I hear you asking what have I done.....

    Well I'm on my way, I have been viewing properties and arranging finance ready for my next project. Have finally wrapped up dads estate, just waiting for a transfer of funds into my account and then were done.

    Still have mums jewellery to deal with but I won't be selling it. I will have it remodelled into more modern pieces, the stones reused and the broken bits melted down and reworked.. She would be dead chuffed to know that I will be cherishing it and wearing it.

    However......I've had a bit of a hiccup......in the form of a knee injury.
    I have an appt with the orthopaedic surgeon next week to see what needs to be done.

    I have to say that my £55 a month PMI is going to be paying dividends.

    The GP was about to fob me off with painkillers till I said I wanted to "go private". Then she completely changed her tune, her bedside manner suddenly improved........ It was all "oh yes, we need to investigate this to avoid further long term damage". Quite sickening really.

    So if ever you need to ask yourselves why on earth am I working so hard to accumulate wealth, or if you ever feel you want to explain yourself to others.....well there you have it.

    It's not the money in itself which is important. It's just a tool. It's what it can do for you that counts. Money equals choice and freedom. For one thing it means buying medical treatment that is rationed on the NHS.

    Yes I know there will be those who think it's unfair and I agree. It isn't right that those with money get the treatment they need more quickly but it is the reality we live in. And I fear it's only going to get worse.

    There are many people who are denied the right medical treatment, who do not get the care and equipment they need, whose kids end up in sink schools and so on.

    So again Kay, and others on here, never feel bad about wanting to improve your situation in life. I don't think Theres anything to be ashamed of in wanting to improve our lives.

    So don't feel guilty about what you are up to, but maybe just go about it quietly and don't rub their noses in it.

    It's our little secret ..........let's keep it under our hats.
    Last edited by lessonlearned; 08-06-2017 at 4:04 PM.
    • Kayalana99
    • By Kayalana99 13th Jun 17, 3:52 AM
    • 3,259 Posts
    • 5,905 Thanks
    Kayalana99
    I keep starting to write a reply but I'm so tired lately lol..

    I'm totally with you on keeping ourselves to ourselves, to be honest most of the comments are through the grapevine as my overly chattie husband despite my protests insists on giving everyone my life story...

    I'm not seeking aproval, but I have a pet peeve about people who just aren't 'nice' as I'm the type of person who would go out of my way to help and I can't stand it when people try and put others down or ...well there is an endless list of things people do here lol.

    I'm getting pretty inpatience now but I've told myself to wait till Monday before I e-mail her, it would have been a little under 3 weeks by then.

    I still think I do have an idea worth pursuing, it's actually slightly annoying that I had it over 6 years ago (I didn't realise that till reading my blog a few months ago lol) however, writing this now I'm thinking things have progressed and actually might be a better time to start because other people have done similar things so I get to work off their experiences and it seems easier to get around on social media and get noticed....that said my idea is such a simple thing but as far as I'm aware people aren't doing my side of the idea.

    I have a habit of jumping in head first, so time permitting I think I'm going to get a plan together of what I actually want to achieve and make something in one go rather then starting small and building my way up. You risk the idea being stolen by the big guns but if I start big then it will be hard to then copy the idea as much as I'd hopefully already have a good foothold.

    Best part is, it's going to be a really time consuming job, but I reckon start-up is going to cost me know more then a few hundred and it would be passive income (essentially an information website/blog)

    At end day as you say, money makes money. I don't see this job not working out to be fair though as even if I hate it, I know I will be doing it for the right reasons and it's a stop gap before I get my degree that works for us.

    Hopefully your knee recovers, my Grandad had the same experience with his heart surgery...it's amazing what a bit of money can get you.
    People don't know what they want until you show them.
    • Kayalana99
    • By Kayalana99 16th Jun 17, 7:04 AM
    • 3,259 Posts
    • 5,905 Thanks
    Kayalana99
    I caved and e-mailed and the woman that hired me had left!! (Auto response) I had no point of contact apart from this woman...the help desk was an abroad one that didn't even know what human resources was...

    My friend knew someone at the company and lo and behold he works in HR, knew my name but was on holiday. Assuming my background check all comes through I should be starting early July
    Last edited by Kayalana99; 23-06-2017 at 2:10 PM.
    People don't know what they want until you show them.
    • millmill
    • By millmill 26th Jun 17, 5:09 AM
    • 1 Posts
    • 0 Thanks
    millmill
    Is it too late for me to join this forum? I'm also 27 and keen to become a millionaire in the next 10 years! I work in a really volatile industry that is shrinking. While I am paid well, redundancies are happening almost every day at my company right now.. It's a horrible environment to work in. My main motivation for joining this challenge is getting to the point where I have enough money saved up that I don't have to worry in the event of this ever happening!

    Right now I'm at around 1/10th of a million. I think that's not bad given my age, but hardly anything is invested, don't own a house etc.
    I am hoping to super charge my savings rate.. Throw all of my savings into investments every year... And have them compound to the 1 million mark by the time I am 37.. Some of that might be in the form of a deposit on a pricey London flat...
    • droopsnoot
    • By droopsnoot 26th Jun 17, 11:46 AM
    • 1,033 Posts
    • 650 Thanks
    droopsnoot
    It's never too late to start. Hopefully.
    • useitorloseit
    • By useitorloseit 26th Jun 17, 9:10 PM
    • 2 Posts
    • 0 Thanks
    useitorloseit
    Hi all, great great great thread! so much motivation here. I have only started browsing this forum a few days ago, but have now decided to join and so glad I cam across this thread. I am 24 now, but from a teenager I have always made it one of my goals to become a Millionaire. This thread has motivated me even more.

    I have read quite a lot of this thread from the begining, some pages in the middle and the end. (Minxy-x, great story and I can honestly say I have taken so much inspiration from your post, thank you.

    I also noticed people have mentioned a number of books on here. I definitely agree with Think and Grow Rich, also i saw Richest man in Babylon mentioned (great book). I would like to add and recommend The Science of Getting Rich, has anyone read this ?
    I am reading Start With Why, by Simon Sinek now, so far so good also.

    Anyway, my current aim is to continuing researching/learning investing, how to invest, platforms to use and how to the 'right' investments.

    Looking forward to reading more from people on this thread and contributing also
    • droopsnoot
    • By droopsnoot 27th Jun 17, 12:17 PM
    • 1,033 Posts
    • 650 Thanks
    droopsnoot
    I would like to add and recommend The Science of Getting Rich, has anyone read this ?
    Originally posted by useitorloseit
    I remember downloading it and starting to go through it, but I wouldn't like to say I've properly read it. If I am thinking of the same book, it did come across as a bit hippy, a bit "think positive thoughts and you'll get rich" rather than advice on picking investment opportunities. But then (again, if I'm thinking of the correct one) it's quite an old book, so it would have to be more general.
    • useitorloseit
    • By useitorloseit 27th Jun 17, 12:55 PM
    • 2 Posts
    • 0 Thanks
    useitorloseit
    I remember downloading it and starting to go through it, but I wouldn't like to say I've properly read it. If I am thinking of the same book, it did come across as a bit hippy, a bit "think positive thoughts and you'll get rich" rather than advice on picking investment opportunities. But then (again, if I'm thinking of the correct one) it's quite an old book, so it would have to be more general.
    Originally posted by droopsnoot
    It may well be the same book as it is quite old. It's not about investment opportunities (although this is my next goal - To create a portfolio), more about overcoming barriers we may have and doing things in 'a certain way'.
    • droopsnoot
    • By droopsnoot 28th Jun 17, 12:29 PM
    • 1,033 Posts
    • 650 Thanks
    droopsnoot
    That sounds like it. I guess what I really need is a book on techniques on how to actually look at the information I've got, rather than just continually gathering more and doing nothing with it.
    • Broken Biscuits
    • By Broken Biscuits 7th Jul 17, 2:55 PM
    • 326 Posts
    • 627 Thanks
    Broken Biscuits
    That sounds like it. I guess what I really need is a book on techniques on how to actually look at the information I've got, rather than just continually gathering more and doing nothing with it.
    Originally posted by droopsnoot
    Tim Hales smarter investing, should be enough to get you started. You most likely will be able to get it free from your library. That's where I started.
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