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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 186
    • Chesapeake
    • By Chesapeake 29th Sep 17, 1:23 PM
    • 64 Posts
    • 277 Thanks
    Chesapeake
    Chesapeake.....how long until the wedding.

    Probably your best bet is high interest current accounts.

    Then if itís over a year to go a regular savers account.

    I use a combination of those for short term savings and then the new stocks and shares isa for long term savings.

    You just have to shop around Iím afraid.
    Originally posted by lessonlearned
    It's only 11 months away so unfortunately I won't be making huge gains on the money stashed away but I'd like to make something!

    I've been doing a lot of research into index funds, they seem to suit my risk/return/work levels quite nicely as I can just stash cash each month and only have to rebalance once a year.
    • Kayalana99
    • By Kayalana99 8th Oct 17, 6:11 PM
    • 3,345 Posts
    • 5,990 Thanks
    Kayalana99
    Decisions decisions, I did make a post but deleted it for my own reasons before I went to view lol. I went to see a property with view to turn it into a B2L but it had more issues then I thought. It has some water damage to the walls upstairs, I'm thinking this would be solved with some roof work and then there is a small extension at the back that has a massive crack inbetween the wall it was built in...essentially it's coming away...and then the other side of the wall again has some water damage.

    The problem is I'm still sort of considering it because the house is so big, it's a 2 bed that could be turned into a 3 bed and once all kitted out I reckon would be worth around 25k more....the extension even if it needed to be pulled out and re done could still be worked into the cost as it's only a small one (as it contains the extra bathroom, so to turn into a 3 bed you need the bathroom downstairs)

    Also the interest only mortgage would cost less then £150 a month...so yes it has damage that needs to be sorted but the lowest it would rent for is £425, and even with the extension issue it wouldn't have to be sorted now + when it was all fixed up pontentially could be looking around £550+ a month ....plus it's just such a cheap property that any dip in house prices would still mean you were laughing to the bank.

    I'm really unsure what to do here, I'm leaning towards yes, but then there is also the 'cost' of not having that money in our hands because we could be looking for a nice property to own and live in ourselves...although we are happy here.
    Last edited by Kayalana99; 08-10-2017 at 7:44 PM.
    People don't know what they want until you show them.
    • bones85
    • By bones85 16th Oct 17, 2:42 AM
    • 62 Posts
    • 324 Thanks
    bones85
    sat wondering to myself the other i wonder how much and how long it would take me to save half a million pounds, Would take me 20 years if i saved £2000 a month, my wages is half of that

    Guess the dream is over hahaha
    • pjcox2005
    • By pjcox2005 16th Oct 17, 7:38 AM
    • 480 Posts
    • 528 Thanks
    pjcox2005
    sat wondering to myself the other i wonder how much and how long it would take me to save half a million pounds, Would take me 20 years if i saved £2000 a month, my wages is half of that

    Guess the dream is over hahaha
    Originally posted by bones85


    If it helps it's about 15 years with interest of 4% each year compounding, or 25 years if you were saving £1000 a month with 4% interest each year.
    • droopsnoot
    • By droopsnoot 16th Oct 17, 11:51 AM
    • 1,096 Posts
    • 701 Thanks
    droopsnoot
    Guess the dream is over hahaha
    Originally posted by bones85
    Only if the only way you're thinking of attaining the magic figure is by saving from your income. Have a browse back through the thread and you'll see some of the ways that other people are attempting it - some need much more time than others, some need a head for business that not everyone has.


    But you're right, if the only way you can imagine you'd ever reach a milestone amount is by savings from income, it's probably not going to happen. Apart from anything else, you'll get so used to saving and not spending over the 15-20 years, once you have reached the figure, you'll be too scared to spend any of it.
    • lessonlearned
    • By lessonlearned 16th Oct 17, 6:24 PM
    • 10,214 Posts
    • 57,571 Thanks
    lessonlearned
    sat wondering to myself the other i wonder how much and how long it would take me to save half a million pounds, Would take me 20 years if i saved £2000 a month, my wages is half of that

    Guess the dream is over hahaha
    Originally posted by bones85
    What.....are you going to give up before you have even started.

    Sorry to be blunt but with such a negative attitude and such a narrow way of thinking then you are right, you will never make your target.

    If you want to give it a go then first of all you need to learn a bit of basic maths.,....ie how compound interest works and also the Rule of 72 and how to apply it.

    And no Iím not going to tell you. If you do the research yourself then it will help you understand it better.

    And droopsnout is right.......you need to look at more than one income stream. You also need to understand the difference between appreciating assets which make you more money and liabilities which cost you money.

    You will need to learn how to make your assets work for you, and you need to learn how to maximise the money you have so you can make it grow. You need to set up a ďMoney farmĒ.

    It also helps to live ultra frugally for a while to give your savings a boost so that you can then reinvest. Thatís where the real money making takes place, investing for growth not merely relying on monthly savings.

    You also need to maximise cash flow and avoid unnecessary debt on items which only depreciate in value.....ie most cars, toys and gizmos.

    There are many ways to accumulate wealth and often itís a combination of earnings, frugal living and shrewd investing.
    • lessonlearned
    • By lessonlearned 16th Oct 17, 6:32 PM
    • 10,214 Posts
    • 57,571 Thanks
    lessonlearned
    Kaya.....any further forward with your decision yet about the potential BTL.

    Well Iím just back from my cruise. I had a wonderful time and have come back fully refreshed. I have just realised itís only 12 weeks till my Amazon trip and what with Christmas and all I doubt that I will be able to achieve much between now and then.

    So my plan is to just carry on with some minor decorating, furniture restoration, etc. and get down to the gym and lose at least another stone.

    I need to get all my vaccinations sorted out and they will probably make me feel a bit groggy and hold me back a bit so I think I will get them done ASAP.

    Other than that no radical plans for now.

    A case of Steady as she goes.
    • 0511034
    • By 0511034 16th Oct 17, 10:13 PM
    • 39 Posts
    • 49 Thanks
    0511034


    Hi All,

    I'm a long time lurker of this thread from the very start (when it actually started off), I have read every post from start to finish and I truly have been inspired by your money making ventures/idea and touched by many of your stories and personal journeyís. So whilst I consider I know you all fairly well, you will have no idea about me.



    So by way of introduction, my name is Raj, I am 30 years old and I am a solicitor and have been for the last 6 years. My circumstances have recently changed in that until 6 months ago I worked for a fairly large law firm when the area of law I practiced in died off quite suddenly, as I only practiced in one area of law for 6 years I struggled to find another job in another law firm (at the pay grade I was on) due to not having diversity of practical experience in other legal areas. So 6 months ago I had a mini career change and became a law lecturer at a university local to me. I still hold my legal practicing certificate so I am still a solicitor and can practice law, and go back into practicing law on a full time basis if needing to. I am married to the most amazing woman and I am so lucky and this is worth more than any money or status in the world. My wife also has a very well paid job so jointly between us we have a very good income.


    At present we are in an extremely fortunate position to have approximately £10k in savings but we have a very large mortgage (250k mortgage and house worth £340k), although we love our house, in hindsight it will possibly be a massive drain on our money and prevent us improving our savings due to the interest payments. The only saving grace is that we live in a very good area where house prices keep increasing so unless we have a market crash, the gain in value will hopefully even out and offset the loss we are incurring with interest payments.

    Anyway, I am also on that elusive quest for millionaire status whilst we are in a comfortable and fortunate position and fully recognise that, I always want to continue to grow and improve in every aspect of my life which is why I am here.



    My ideal position is to build a business that will allow us to earn enough money for us to be able to give up work and earn a passive income that can keep things ticking over. My biggest area of weakness (which I know I need to improve upon) is developing ideas to not only grow our savings but also to develop ideas to grow a sustainable business that ideally I could run with my wife. However, I am very academic/bookish and theoretical in my mindset, I am not a very creative or practical person and find it hard to visualise and or come up with ideas to grow a business and our savings (currently sat in a savings account).


    I have a few ideas in mind but they all, I would love to get into buying properties as projects and selling them on and another area that interests me is owning a livery yard (my wife owns two horses so we know a bit about this area). Our issue is initial capital and gaining the necessary contacts that could make these ideas ventures work. The fact a passive income appeals to me would indicate potentially starting something online but again I lack any sort of creativity and it looks like most areas of online businesses are over saturated.


    So presently I am at a bit of a dead end in respect of how I proceed both with the savings we have and how to start a business (or even what the business idea should be). Lecturing isnít something Iíve found easy and not something I find I enjoy that much compared to practicing law, it is incredibly stressful and I find myself constantly firefighting which is unlike me. I think it is this that has triggered me to start to try and take action rather than just think about it.


    I hope you are all well and thank you for taking the time to read this essay post, now the first one is out the way I certainly will be contributing more regularly.


    • Kayalana99
    • By Kayalana99 17th Oct 17, 11:48 AM
    • 3,345 Posts
    • 5,990 Thanks
    Kayalana99
    Hi Raj,

    Very interesting story, nice to hear from you! If I was you I'd re-mortgage the house in the view of raising funds for B2L's...but that's just me ..

    Sorry I couldn't be of more help ATM but I was just popping on to say that the B2L probabaly isn't going ahead, having some personal issues right now. My Dad has suggested something about me investing in his property business but I'm just going to see what he comes up with and he's speaking to his accountant, everything is a bit up in the air ATM though.

    Hope you had a good time LL and everyone is doing well, I'll update you all eventually.
    People don't know what they want until you show them.
    • lessonlearned
    • By lessonlearned 17th Oct 17, 5:35 PM
    • 10,214 Posts
    • 57,571 Thanks
    lessonlearned
    Just a quickie to say to Hi and Welcome to Raj.
    • crv1963
    • By crv1963 18th Oct 17, 7:05 AM
    • 159 Posts
    • 420 Thanks
    crv1963
    How do you each calculate your net worth? Can this include joint monies eg. house value and pensions that both members of a couple save jointly, or do you have to divide this in half to get an individuals worth?


    I'm working on our figures! (Excluding our cars as they are depreciating assets). We'd like to do our worth as a couple as apart from car purchases everything we do we do jointly!


    CRV
    Last edited by crv1963; 18-10-2017 at 7:07 AM.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • 0511034
    • By 0511034 18th Oct 17, 8:33 AM
    • 39 Posts
    • 49 Thanks
    0511034
    How do you each calculate your net worth? Can this include joint monies eg. house value and pensions that both members of a couple save jointly, or do you have to divide this in half to get an individuals worth?


    I'm working on our figures! (Excluding our cars as they are depreciating assets). We'd like to do our worth as a couple as apart from car purchases everything we do we do jointly!


    CRV
    Originally posted by crv1963


    We calculate ours on a joint basis, including all assets/liabilities such as the house, savings, pensions, cars etc. although we contribute to separate workplace pensions, we simply include it all in the same pot.

    Our circumstances are similar to yours, in the respect everything we have is in joint names really except for cars/pensions but we calculate everything on a joint basis.


    Becoming Millionaires / or achieving our respective targets set will be a great deal easier with a support network and team work so we do ours jointly
    • LuxuryWoman
    • By LuxuryWoman 18th Oct 17, 8:36 AM
    • 92 Posts
    • 87 Thanks
    LuxuryWoman
    Hello everyone, I'm still reading and enjoying your stories and ideas.

    I have a new business I have been trying to get off the ground and trying to stay optimistic. At nearly 50 and with no real qualifications I don't realistically think I could find a well paid job and having been self-employed for some years the thought of 'having a boss' isn't a lovely idea. My self employed work dried up hence the new business but we are losing money at the moment with advertising and so on which is expected but scary.

    I keep reading about people (such as the Middleton's) who started at the kitchen table and made it big from small starts, it's inspiring to read about people who worked 23 hours a day, borrowed left right and centre and ended up making 100m but right now I'm nervous (still determined though)

    so, I'm in a position I never expected - lot of money in the bank but no income, I have made a fair bit in vouchers during 'down times' doing bits and bobs of surveys and tests which should cover Christmas (13 year old daughters don't come cheap!)

    Guess I have to try to stay positive and keep on keeping on, I guess we all do.
    In my present circumstances I have to say I am very much hoping interest rates go up, strange to be on the other side now I no longer have a mortgage

    Koko everyone, keep posting, you inspire me!
    Lux
    • 0511034
    • By 0511034 19th Oct 17, 8:37 PM
    • 39 Posts
    • 49 Thanks
    0511034
    Hello everyone, I'm still reading and enjoying your stories and ideas.

    I have a new business I have been trying to get off the ground and trying to stay optimistic. At nearly 50 and with no real qualifications I don't realistically think I could find a well paid job and having been self-employed for some years the thought of 'having a boss' isn't a lovely idea. My self employed work dried up hence the new business but we are losing money at the moment with advertising and so on which is expected but scary.

    I keep reading about people (such as the Middleton's) who started at the kitchen table and made it big from small starts, it's inspiring to read about people who worked 23 hours a day, borrowed left right and centre and ended up making 100m but right now I'm nervous (still determined though)

    so, I'm in a position I never expected - lot of money in the bank but no income, I have made a fair bit in vouchers during 'down times' doing bits and bobs of surveys and tests which should cover Christmas (13 year old daughters don't come cheap!)

    Guess I have to try to stay positive and keep on keeping on, I guess we all do.
    In my present circumstances I have to say I am very much hoping interest rates go up, strange to be on the other side now I no longer have a mortgage

    Koko everyone, keep posting, you inspire me!
    Lux
    Originally posted by LuxuryWoman


    I hope all works out, I admire the fact that your self employed and starting your own business, it must be scary when you are losing money but I really hope it works and your bravery is rewarded, I would love to start my own business but really need to get my thinking cap on and come up with an idea, another deterrent is that I am not a risk taker so the thought of risk and losing money is a big hurdle I need to navigate.

    Just on a side note, you mention that you complete surveys, I used to do surveys too but they can be very time consuming for fairly low rewards. I just wondered if you had tried Lionbridge as an alternative? I used to complete work for them when I was younger. Its the equivalent to a part time analytic job that is not overly difficult and fairly well paid and given that its all online you can do it from the comfort of your own home with no commuting or costs. I believe you need to take a test but its not massively difficult and the job itself whilst quite boring, is worth the pay especially if money is a worry after Christmas. Just thought I would mention it on the off chance that it may be relevant to you.
    • LuxuryWoman
    • By LuxuryWoman 20th Oct 17, 8:09 AM
    • 92 Posts
    • 87 Thanks
    LuxuryWoman
    I hope all works out, I admire the fact that your self employed and starting your own business, it must be scary when you are losing money but I really hope it works and your bravery is rewarded, I would love to start my own business but really need to get my thinking cap on and come up with an idea, another deterrent is that I am not a risk taker so the thought of risk and losing money is a big hurdle I need to navigate.

    Just on a side note, you mention that you complete surveys, I used to do surveys too but they can be very time consuming for fairly low rewards. I just wondered if you had tried Lionbridge as an alternative? I used to complete work for them when I was younger. Its the equivalent to a part time analytic job that is not overly difficult and fairly well paid and given that its all online you can do it from the comfort of your own home with no commuting or costs. I believe you need to take a test but its not massively difficult and the job itself whilst quite boring, is worth the pay especially if money is a worry after Christmas. Just thought I would mention it on the off chance that it may be relevant to you.
    Originally posted by 0511034
    Thanks, that's a good idea but I am so wrapped up in the business I'm not sure if I would have time for Lionbridge although I will take a look. Some of the things I do online are passive such as running videos so I can get on with other things. I am working from early morning until late at night tweaking the website,, writing adverts and buidling a social media following, it's lots of fun but time consuming. Just hope it pays off (it Has to pay off!!) Surveys are kind of a break from this work, 10 minutes here and there.

    I love threads like this, sometimes it's just nice to read then sometimes somebody mentions something and a lightbulb goes off and I think 'Oh yes, great idea'
    I will certainly bear Lionbridge in mind.
    • crv1963
    • By crv1963 20th Oct 17, 9:07 AM
    • 159 Posts
    • 420 Thanks
    crv1963
    Well after reading through the whole thread last month and doing our calculations I think I'll give the Millionaire Challenge a go! I seriously think that we wont get to a million but that 800k is a more realistic if still difficult target to get too!


    A bit about me- 53yo (54 next week, where did the time go, I was only a 20 something a little while ago!!!), I work as a Nurse in the NHS so am a member of the DB 1995 NHS Pension. I am married (wife 3and a half years younger) and we live in the North of England. I have a small AVC, some savings and wife has a small pension pot, is in the NEST scheme through her current employer. I am due to retire at the Normal Retirement Age for my pension scheme next year aged 55.


    I then plan to work on for 5-7 years saving into SIPP and ISAs we'll do this for both of us so we can bridge the gap between NHS retirement and State Pension starting. We are homeowners with a mortgage, run two cars (by necessity) and have some debt but nothing major.


    Our biggest outgoings after the mortgage is cost of our dogs, one f whom is diabetic so cost can't really be lowered! When you realise the cost of being diabetic you'll appreciate why the Health Service encourages healthy living in the general population, with all the testing, insulin, special diet and regular vet reviews our dog costs us well over £250 per month but is worth every penny!


    Rough estimate of current worth-


    House Equity- 85k
    NHS Pension- 340k
    AVC- 6.25k
    Wife Pension Pot- 22k
    Wife Nest Pot- 2.5k
    Cash Savings- c 3k


    Total worth- £458.75k, good grief it looks enormous written down but less debt other than mortgage it's £455k. So our target is to build up £345k over the next 8 years! Then if we meet that and haven't died trying we'll retire totally and aim to slowly save or build up another 200k to reach the million!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • uphillstruggler
    • By uphillstruggler 22nd Oct 17, 6:35 PM
    • 132 Posts
    • 727 Thanks
    uphillstruggler
    Well hello Tinktay and first of all, good luck in your quest to be a millionnaire!

    Good luck to everyone else, too.

    You've inspired me an enormous amount and I'd love to join, if I may.

    My history - approaching the big 4-0. Previous life was a mess. Terrible debt. Terrible relationship. So many opportunities wasted and so much good money squandered. Idiot! New life: retrained for an entirely different career which, in time, is worth a very decent salary. Now in a very positive and driven relationship. Debt has been repaid (thanks largely to an unbelievably generous gesture from my other half).

    I have numerous business ideas but have always been useless at getting them off the ground, mainly due to previous debt. Fortunately I'm in a position now where I have much more room to breathe. I still get cross with myself because of my previous stupidity. I'm driven mainly by the concept of generating enough funds to be able to work on a social housing project I have in mind. It's a long way off but that's my ultimate goal - to be able to fund that myself. I've always wanted to give in some way but when I was scraping payments together it just wasn't possible. So that's my motive.

    I realise this probably reads as a bit of a waffling piece - bear with me! The cogs in my brain are ticking away! Time now to come up with something solid and get it down on paper.

    Thanks for listening,
    US
    Emergencies account: £250/500 CC (20/10/17): £652.50
    Groceries Dec 2017: EUR28.09/200 NSD Dec 2017: 0/7
    • Chesapeake
    • By Chesapeake 22nd Oct 17, 6:36 PM
    • 64 Posts
    • 277 Thanks
    Chesapeake
    Hi everyone, glad to see that there are some new posters

    I've not really made any great progress except for the fact that my other half has finally gone back to work after being off for nearly a year due to medical reasons. She is only doing 10hrs a week but it is worth £400 per month which is awesome. If things go to plan that will rise to 24hrs a week and we shall be in a decent position to start building that deposit for some land.
    • AnimalTribe
    • By AnimalTribe 23rd Oct 17, 12:09 PM
    • 93 Posts
    • 1,594 Thanks
    AnimalTribe
    Raj
    Raj

    I started by selling unwanted stuff on eBay and at car boot sales. I did well with this. I also did fairly well selling my unwanted books on Ziffit, Momox and WeBuyBooks (not Zapper or FatBrain though).

    Now I'm writing eBooks for Amazon Kindle - it doesn't cost you, but of course they take 30% of your sales price. I've just uploaded my first book so I can't tell you how successful or otherwise it is. However, now I've written and uploaded it I don't have to think about it - it either makes money or it doesn't. It was an easy process too. Non-fiction eBooks tend to be short, so are easy to write. Especially, if you have a subject you're knowledgeable about.

    I have had success with writing readers tips for magazines. They don't pay much just £50/£60 but they only take minutes to write and e-mail in.

    I've also taken loads of cuttings of plants this year and they will be big enough next year to sell from my garden gate.

    All the little bits add up, and I use the accumulated cash to further other business ideas.

    So you see, for me it's not all about doing one big thing. I hope this gives you some ideas.
    • immuno
    • By immuno 23rd Oct 17, 3:34 PM
    • 232 Posts
    • 66 Thanks
    immuno
    Raj



    I have had success with writing readers tips for magazines. They don't pay much just £50/£60 but they only take minutes to write and e-mail in.

    I
    Originally posted by AnimalTribe
    Do you mind elaborating a bit more on this and how it works?

    Did you design the cover for your e-book?
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