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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 185
    • lessonlearned
    • By lessonlearned 14th Sep 17, 5:03 PM
    • 10,000 Posts
    • 56,075 Thanks
    lessonlearned
    My view on day trading is to take it slow and steady and don't get greedy.

    I have known two successful "small time" traders - both doing it in their spare time. One was my dentist who decided she wanted to quit dentistry at 50 so began trading to build up her pension pot and the other was a lady who was a colleague of my Late husband who went on maternity leave and decided to give it a go whilst she waited for the baby to be born. She said if she could equal what she made in her day job she wouldn't come back after her leave ended. She never did return to the day job so I guess she must have made her target.

    I have known several day traders who worked for the big boys in the city. Two of them were very successful but got burnt out very quickly so they retired when they were in their early 30s. One bought a small holding in Spain and the other became a photographer but both were essentially set for life with their trading earnings. Their retirement businesses were more of a hobby business.

    I know I couldn't do it, I don't have that kind of mathematical ability, but my son does seem to have the right skill set. He gets that from his dad, not me. My Late husband was quite successful at the roulette tables. Before we had the children we used to visit a casino quite regularly.

    My husband was both clever and cautious. He never went higher than the limit he set himself, if he was on a losing steak then he would quit. He never tried to chase his losses. Most of the time he did actually win, usually smallish amounts and again he knew when to stop, never getting greedy and always quitting whilst he was ahead.

    I realise that I make my husband sound very reckless but he wasn't, he knew what he was doing and he knew when to walk away from the tables. It was just a nice night out where we had fun and usually ended up with a small profit. A bit like my friend and her weekly bingo. although to be fair last year she had a winning streak and won £23k in two weeks. Good for her.

    My son has been practising for about a year now with quite a degree of success (he made a virtual £923 yesterday) but obviously virtual trades are not the same as doing it for real, so naturally he is a bit nervous about going live. However, as I said yesterday, both of us are only putting around 5 per cent of our capital at risk, we are being far more circumspect with the other 95 per cent. Most of his is going into his next house and some for his pension fund.

    He is even foregoing the Porsche for the time being... As he said, really echoing BBs comments yesterday, it's just a nice feeling to know he could buy one if he really wanted to but as he said he's not that daft. He would rather invest his money in something that will make him more money in the future so he can retire early rather than have the thrill of buying bright shiny things now.

    We are each putting in £2.5k for our stake money. TBH if we lose the lot then it's only the equivalent of a fairly average foreign holiday. And let's face it you can spend £5k on a second hand car and end up throwing your money away on absolute dog.

    And........who knows - he might just help me make that £1m.

    He's currently in Dubai, his hotel overlooks a marina and he's eyeing up the yachts!!! - getting his motivation.

    I think in any venture there's always an element of risk. And as I mentioned yesterday I really don't fancy the risks involved in becoming a landlord. One bad tennant and you can kiss a couple of years worth of profit goodbye. I'm now 66 and frankly I just don't want the hassle.

    I realise that I am now very fortunate in that I am now finally secure enough to have a little flutter. Like BB said......it's a nice position to be in, to know that you have enough of a cushion to tide you over and not to have to worry too much about what fate might throw at you.

    My passive income is sufficient for my day to day needs with around 30 per cent left over to continue adding to my savings. I still dabble a bit in selling antiques and Jewellery although I haven't really done much this year. I have enjoyed having a nice long break over the summer.

    Yes I will be happy to share my stories with you. We might fly or then again we might crash and burn.

    Whatever happens I'm sure it will be fun.
    • Beartricks
    • By Beartricks 15th Sep 17, 12:39 AM
    • 157 Posts
    • 139 Thanks
    Beartricks
    If he was clever and cautious he'd have been playing blackjack or craps.
    • lessonlearned
    • By lessonlearned 15th Sep 17, 9:56 AM
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    lessonlearned
    If he was clever and cautious he'd have been playing blackjack or craps.
    Originally posted by Beartricks
    Maybe. But then I would have probably got bored and wouldn't have wanted to go with him. It was only meant to be a fun night out for the both of us, never a serious money making effort.

    The profits we made usually paid for treats like a city break or a slap up meal in a posh restaurant.
    • droopsnoot
    • By droopsnoot 15th Sep 17, 11:47 AM
    • 1,059 Posts
    • 667 Thanks
    droopsnoot
    if he was on a losing steak then he would quit.
    Originally posted by lessonlearned
    Very sensible, but also very rare.


    I keep reading up on these things, but never really take the plunge. Must get around to doing something, soon.
    • lessonlearned
    • By lessonlearned 15th Sep 17, 1:23 PM
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    lessonlearned
    I know. I think it takes self discipline.

    A family friend married a gambler. It was awful. He was a nice man. But he was hopelessly addicted. It destroyed their marriage.
    • Dawnhon
    • By Dawnhon 15th Sep 17, 2:05 PM
    • 1 Posts
    • 0 Thanks
    Dawnhon
    My goals
    I'm trying make time rather than money so I'm doing well on the scentsy road. I'm not making millions but I'm making money in my own time, without the childcare and I love it. I'm pretty determined so it's working well for me. I wish all of you successful people the best of luck in your dreams x
    • lessonlearned
    • By lessonlearned 15th Sep 17, 3:01 PM
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    lessonlearned
    Hi Dawnhon.....welcome to the thread. Good to see you are managing to find something that works for you and that fits around childcare commitments.

    I think getting the right work/life balance is really important, especially when you have children.

    I know you've probably heard this a thousand times but our children are young for such a short while. They will be all grown up and gone in the blink of an eye.

    As my dear old mum used to say. "Our children are not ours to keep, we only get to borrow them for a while". So you are doing the right thing. There will be time enough later to start chasing the money.

    Droopsnout .....I know we've touched on this before but I think it all boils down to our attitude to risk. With hindsight I was probably too risk averse. I was always very cautious. I think you do have to take a few risks if you want to make significant gains. But if you are not comfortable then it's pointless taking risks if it bothers you and makes you feel uneasy.

    It all depends on our circumstances - when my children were small I went for safety and security. It's only now that I feel safe enough to take a few small risks.

    I know this may sound a funny way of thinking but for me the worst that could happen, has, in fact, already happened. When my husband died I lost the single most important person Or thing in my life (barring my kids). So I genuinely don't feel that anything worse could befall me.

    If anything, that loss made me realise that by comparison nothing else really matters. No amount of money could have prevented his death so ultimately there was no such thing as "security or safety".

    So now I just think "sod it" if I lose 5 per cent of my stash then so be it. I am not rich but I have a comfortable home and a nice little nest egg which I won't put at risk.

    On the other hand, if I do well and my little gamble pays off - well then great - bring it on!!

    More for me to have some fun with and then a nice little dollop to leave to my kids when I die.

    Hopefully not for some time yet.
    Last edited by lessonlearned; 15-09-2017 at 3:05 PM.
    • crv1963
    • By crv1963 17th Sep 17, 9:11 AM
    • 80 Posts
    • 329 Thanks
    crv1963
    Hello to you all,


    I've read all 185 pages about your journeys!(Over a period of a week) I must say through your trials and tribulations you are an awesome, inspiring collection of people and your determination to meet your goals and how you adapt them to your circumstances deserves a big pat on the back to you all.


    I'd like to try to reach a million but doubt I will that won't stop me trying though!


    I'd like us to be able to retire, live comfortably enough- no millionaire lifestyle but able to go off and do what we want when we want within reason!


    I'll keep following your journey and if I may drop by every now and then.


    Good Luck


    CRV
    • lessonlearned
    • By lessonlearned 17th Sep 17, 2:23 PM
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    • 56,075 Thanks
    lessonlearned
    Hello CRV1963 and welcome to the thread. It's always nice to see a new poster join us on our quest.

    Well if you've read the whole thread then you've certainly got staying power......which I think is a pre-requisite to our endeavour.

    More than anything I think it's about endurance and sticking with it, just riding that tiger and a dogged determination to see it through till you get your hearts desire. Your goal of a comfortable retirement is achievable, with or without the magic £1m but yes it's a nice round figure to aim for. Just stick with it and you'll get there.

    Well true to form and in the spirit of living it large on as little money as possible I have just booked a last minute bargain holiday cruising round France and Spain. Heading off on 2nd October for 12 days chasing the sun before we succumb to the gloom of Autumn .....

    "Winter is Coming"

    My plan to live a champagne lifestyle on a lemonade budget is working nicely.
    • LuxuryWoman
    • By LuxuryWoman 19th Sep 17, 8:22 AM
    • 61 Posts
    • 40 Thanks
    LuxuryWoman
    I'd also like to say hello to everyone after reading the entire thread over a week or two.

    I'm newly separated after 18 years with a young teen daughter. I have most of the old house proceeds sitting in various accounts including a few premium bonds and S&S ISA so I have a nice 6 figure sum as security but also to hopefully grow.

    I also have a new business which I'm working hard on right now, my previous partner was Mr Safe and didn't like any kind of risk taking so it feels good to have the freedom to try things.

    I hope to drop into the thread now and then but I'll continue reading for inspiration and ideas.

    Great thread everyone - let's keep on!
    • lessonlearned
    • By lessonlearned 19th Sep 17, 11:51 AM
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    lessonlearned
    Hello Luxury Woman......love the name. Welcome to the thread and good luck in your endeavours.

    But again if you've had the tenancity to read the whole thread then I think you'll be just fine.
    • Lingua
    • By Lingua 19th Sep 17, 3:07 PM
    • 176 Posts
    • 185 Thanks
    Lingua
    Getting ready for my year abroad, and unexpected expenses are already rearing their head. It turns out insurance for the year is going to cost me over £160! Dread to think of how much it will be when I get older ...

    Was a bit concerned the Ryanair flight cancellations would affect me, but thankfully my flight is not one of the ones cancelled.

    Driving test tomorrow, so hopefully that will go well. Need to set up an account for online tutoring, and will scout out some potential 1-on-1 tutees once I arrive and get settled. Should also be able to get a part-time job on the weekend to pay for travel at holidays, but will look into that once I arrive as well.

    Lessonlearned - if you feel confident in day trading, and are fully aware of the risks, then as long as you're comfortable with the potential to lose the money it's your choice! Don't let anyone put you off

    Dawnhon - welcome to the thread!

    crv1963 and Luxurywoman - as lessonlearned says, if you can read this entire thread then you've got the dedication needed to make this goal a success!
    Long-Term Goal: £14'000 / £40'000 mortgage downpayment (2020)
    • lessonlearned
    • By lessonlearned 19th Sep 17, 4:24 PM
    • 10,000 Posts
    • 56,075 Thanks
    lessonlearned
    Good luck with the driving test. Sounds like it's all coming together. When do you expect to move. Very exciting.
    • lessonlearned
    • By lessonlearned 19th Sep 17, 4:42 PM
    • 10,000 Posts
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    lessonlearned
    Thanks for the vote of confidence re day trading. Whatever happens We won't over extend ourselves and I won't have my son make himself ill with stress.

    Two virtual trades today.

    Small amounts - 500$ For each stake. One made over 20%, the other 50%. So profit was just over 360$ on a total 1k$ stake. Not too shabby.

    Just need to do it for real......we will keep practising a while longer before we go live. I'm not going to push my son until he feels ready. He needs to keep a cool head and a steady nerve. It's not something you can do if you are anxious or stressed, which I believe can easily happen if you over commit yourself. That's when people start chasing losses.

    Trading requires focus and clarity. I've seen traders make themselves ill, ending up with stomach ulcers or burning out because they tried to run too fast. I don't want that for either of us. Slow but steady.
    Last edited by lessonlearned; 19-09-2017 at 4:44 PM.
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