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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 189
    • lessonlearned
    • By lessonlearned 21st Nov 17, 11:32 PM
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    lessonlearned
    BB It’s a tricky one......I too feel that the next crash can’t be far away. That’s why I’m loathe to sink too much into property at the moment and why I don’t want to lock down my investments for a long term.

    I can get out of my stocks and shares ISAs relatively quickly if needs be. And I’m happy enough with my current rate of return, currently around 10 %. Not spectacular growth but fairly low risk investments.

    I actually do feel that my £20k At 1.5% is seriously under utilised and that I need to make it work harder. I do think I’m holding too much cash in that account.

    Having said that house price rises in the East Midlands are enjoying a bit of a boom at the moment. But I think in reality it’s just that they are now playing catch up, they were stagnant for years.

    The job market in the EM is pretty buoyant too, it’s as if it is finally waking up from a long slumber.
    Last edited by lessonlearned; 21-11-2017 at 11:43 PM.
    • Kayalana99
    • By Kayalana99 22nd Nov 17, 9:05 AM
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    Kayalana99
    Was just catching up but just wanted to add I feel it too. That's the big reason I'm so put off buying esp since our next house will (depending what we find) be in the region of 170-210k ..and given we'd be buying in Sheffield I worry what happens if we end up needing to move again and the market crashs so the house is worth less then the mortagage....but house prices do tend to go upwards eventually.

    I still have this property in the back of my head from before, it's still for sale but it would be a real money sink and I'm not sure if it would have been a good house to start on...I can really see high returns on it though...but a high risk...
    People don't know what they want until you show them.
    • lessonlearned
    • By lessonlearned 22nd Nov 17, 9:39 AM
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    lessonlearned
    It will be interesting to see what’s in the budget today.
    • MKeynesMoneySaver
    • By MKeynesMoneySaver 23rd Nov 17, 10:12 AM
    • 41 Posts
    • 121 Thanks
    MKeynesMoneySaver
    Hi all,

    I'm finally all caught up. It seems a tumultuous few years for everyone involved.

    Too many people to comment on but congrats to everyone working hard and pressing on with the journey despite the many setbacks. It is difficult to know what the future holds in the investment world but I am confident that none of you is taking on too much risk. You all seem to have the fortitude to roll with the punches.

    I had a rough tot up of our joint NW today and it stands around £430k which surprised me. If we keep tracking as we have been we will soon be halfway there! The one caveat is that almost half is a paper gain of the property value against what we paid which is subject to market forces. However, in the long-term, the value should rise overall. I will document the steps we have taken in a later post.

    Over the years we have had some minor setbacks but fortunate not to face any major ones. Everything we have we have earned one way or another. I always had some form of life direction in mind and always wanted to be a millionaire. When I met my wife who is 8 years younger than me I told her I wanted to move to Oz and children are not something I am interested in. Fortunately, she was willing to come on my journey. As much as I like children, not having them has allowed us the time and money to continue moving towards millionairedom with less restriction.

    I am a believer that setting goals, breaking them down into smaller chunks and regularly reviewing and tracking them can assist no end in focusing on moving forward and not getting side-tracked. Thinking back to your goals can help avoid slip-ups.

    We all have varying attitudes to risk which is also important to understand and analyse when considering the paths to tread.

    Another factor is time, which can influence the choices we have. I have many ideas but often hold back when evaluating how much time it would cost against the reward received. It can be important to spend time and money developing yourself to enable you to move forward quicker at a later time.

    Finally, for the moment, thanks LL for regularly contributing keeping the thread and everyone's motivation alive.
    • Kayalana99
    • By Kayalana99 27th Nov 17, 1:07 PM
    • 3,348 Posts
    • 5,987 Thanks
    Kayalana99
    Hey Everyone.

    Just a quick update, been busy sorting out a pill of bills since we had to cancel everything and move it over. House insurance is turning into the worst as they promised to call us back then won't pick up the phone now...we've now sent an e-mail but we've been charged today for another month which appreciate it's pocket money but it's another month we shouldn't of had to pay if they had called us back.

    Paid 25k to NS&I bonds so will update you if we get any winnings on that, I read the Martin Lewis page about it and his theory seems to be the more you have in it, the higher chance of winning and it making more profitable. I don't really understand this theory as if you have £1 or £25k, each £1 should have the same amount of chance of winning... there is a 1 in 25,000 chance anyway and min prize is £25 a month so in *theory* we should win £25 each prize draw lol...theory....but at least it has a home for a while till I figure out the best option for it - that said we are getting excited about buying so we'll see what happens.

    Heard back from tax credits which was the scary one and we are *just* under the threshold so they owed us £300 this year, but took that off the £2.5k bill we owed them (likey to rise as haven't updated them fully for last years income due to self employment income too) and also more likely we will earn more then I said we had - only a small amount more, but enough to push us over the threshold meaning we would owe the full 2.5k.....but depending how you see it, good or bad news, we don't have to pay them anything till April as they will take the amount we owe off future payments...but come April we 100% won't be entitled to anything (as it would be a full year of us both working) so that's when they will start chasing us.

    I'm going to take it on chin for now, it's not going to charge us interest (I believe haha) so we will pin it now till April, I've been as honest with them as I can but it's really hard to say exactly what we'd earn until the end of the tax year so it is what it is.

    Also paid car insurance off for the year too, it was £300 compared to something like £550 last year so that's saved us £50 a month.

    Just council tax to sort out mainly now as I updated them about being a student but it's been 8 weeks+ now and still no sign of them sorting out the discount we should have....

    Also all our spare money this month has been put to one side for Xmas...I guess at least we don't have to touch savings in this case, but roll on December payday now as hopefully by that time everything will have come together and what spare money we have, will actually be spare money.

    ...and breath lol.
    People don't know what they want until you show them.
    • NeedToMove
    • By NeedToMove 27th Nov 17, 9:06 PM
    • 1 Posts
    • 2 Thanks
    NeedToMove
    Well that was a trek and a half. Have finally finished reading the whole thread after about 6 month (don't worry I have been doing other stuff in that time .

    Can I first just say what a motivating and inspiring lot you all are, and I am excited to join you all on this journey.

    A little about myself. I am 30 years old recently married with 2 kids 1 and 3 years old. All told my wife and I are in debt to a number with 5 figures probably starting with 3 or 4. Will have to take proper stock at some point. This debt is mainly due to being once young and stupid, and getting holidays and credit cards. Then paying for a to big wedding after buying a 4 bedroom house and having 2 kids. To end it all my wife has recently bought a franchise so she could finally quit the job she hates.

    I am currently working part time in the civil service and and bored terribly with it. Can't ever see myself building a career and am determined to work for myself and achieve financial independence.

    As I mentioned my wife has recently bought a franchise in the last few months so life has been crazy learning everything we need to know to run that while dealing with the christmas rush (its a very seasonal business with possibly half the business around this time). This franchise is pretty new in the area so we have had to establish most things ourselves.

    I have also dabbled in matched betting for most this year which has helped us to get by when things are extra tight.

    While reading all your suggestions and and ideas have recently read 4hww and absolutely loved it. Think it may become my bible now and is certainly how I want things to be for me and the family. So while technically I am not aiming for a million I still feel like this is where I belong, so if you will have me I will be looking if I can get a more accurate net worth calculated and will get working on putting my plans down in writing!
    • LuxuryWoman
    • By LuxuryWoman 28th Nov 17, 8:32 AM
    • 92 Posts
    • 87 Thanks
    LuxuryWoman
    Morning all millionaires in waiting,
    Hi NeedToMove - I've been in your shoes with the mortgage, children and debt. You have time on your side if you are 30. It's a wonderful age, young enough to start anything, old enough to have accumulated some wisdom and be take seriously. Good luck with all ahead of you, is 2018 the year you tackle that debt and begin a new journey to stability?

    I managed to get on a research project yesterday and got £100 for 2 hours and it was loads of fun, so that will cover my daughters birthday party nicely. Christmas is pretty much done, had a delivery of the booze last night and paid just over £30 for 6 bottles including champagne, plus Baileys and soft drinks - coupon and offer stacking (love the luxuries in life for free or very cheap)

    Had a couple of sales but we need to up our game, it's a tough nut to crack and while I'm certain I can make a go of this business the hours of work and learning are like nothing before, I love it but need some money coming in. It's nerve-wracking but I guess the founders of the companies we all know felt just the same. Must keep positive.

    I'll be interested to know what I shall be posting this time next year, hopefully I'll be too busy counting my profits to spend much time on forums as much as I enjoy reading your stories!
    • LuxuryWoman
    • By LuxuryWoman 28th Nov 17, 8:39 AM
    • 92 Posts
    • 87 Thanks
    LuxuryWoman
    One more thing - I just wanted to post this to record it and look back on in the future.
    2015 was a year of sadness and worry - illness, redundancy, bereavements, and stress.
    2016 was a year of fire-fighting, stress, keeping on, worry and a generally unsettling year what with the number of high profile celebrity deaths, what I mean is for me it felt like a lot of change too quickly and everything shifted - the landscape changed if that makes sense.
    2017 - a year of huge change, mainly positive, house move, money in the bank, debt's paid, single again (hooray) optimism and plans for better things.

    I wonder what I will be saying for 2018?

    That was a bit indulgent but I wrote it as an almost diary entry for my own records, but I am interested in what others hope for the year ahead.
    • lessonlearned
    • By lessonlearned 28th Nov 17, 3:29 PM
    • 10,216 Posts
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    lessonlearned
    Luxury woman.......I know this sounds bonkers but I choose a word for my theme for the year. This year I chose “Vitality”. It was to keep me on track to get healthy again. My trials and tribulations took their toll, I felt I was burnt out.

    I have had a bit of a “senior gap year” and I feel I am ending the year stronger, healthier and definitely with more vitality.

    Next years word is “Radiant”. I want to radiate joy, happiness, abundance. I want to “light up a room”

    Well today I had Part 1 of my vaccinations for the Amazon trip. Feeling a bit tired and lightheaded now so just going to chill, maybe watch a nice film. I think tomorrow will be when it all kicks in and I really feel the side effects so I will probably need a duvet day. No problem, I’m prepared, all stocked up with nice eats, a bottle of something if needs be, books and Netflix. I’ll be happy enough. I have deliberately kept my diary ckear so can take the time to ride it out. Part 2 next week.

    I too have more or less finished my Christmas shopping so I can spend my recovery time wrapping presents, writing cards etc.
    Last edited by lessonlearned; 28-11-2017 at 3:41 PM.
    • lessonlearned
    • By lessonlearned 28th Nov 17, 3:40 PM
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    • 57,567 Thanks
    lessonlearned
    Welcome NTM. I think you have found your spiritual home here. The £1m isn’t written in stone......just set your own goals and go at your own space. As Luxury Woman says......you are 30 - a fabulous age - time is your friend.

    Kay I had £30k in premium bonds and usually won at least one £25 wIn each month, usually 2, ocassionally 3 so a good steady return.

    I transferred it to my stocks and shares ISA because I don’t “need” It as such at the moment so hopefully it will provide good medium to long term growth. Currently around 12 per cent so not too shabby.

    No real news here, still just coasting for now, preparing for Christmas and planning my trip. We sail on 7th January. Not long now.
    • PoorGuyNextDoor
    • By PoorGuyNextDoor 28th Nov 17, 5:14 PM
    • 136 Posts
    • 354 Thanks
    PoorGuyNextDoor
    How are we all doing this week? Weathers been terrible so far, surely it can only get better. Cant remember the last day it didnt rain!!

    Whos got time off at Christmas? As iv recently started up on my own i can take time off whenever i want now really(although thats not stirctly true as im skint!!) Il probably have a week off and keep it as frugal as possible with lots of exercise and netflix! Im drafting up a small business plan, not to show anyone or anything just so i can track my goals as keep progress on the company next year. Who knows where il be this time next year!
    Can now be found in the Millionaire Challenge thread
    • MKeynesMoneySaver
    • By MKeynesMoneySaver 29th Nov 17, 9:26 AM
    • 41 Posts
    • 121 Thanks
    MKeynesMoneySaver
    Hey PGND,

    A week off over Xmas sounds like a great idea, but I don't like the sound of Netflix. I always picture marathon TV series catch-up.

    My wife loves to watch TV, and pre-Netflix I always wondered if it would come to a point where she had nothing to watch as we never had Sky. Now with Netflix and all the other video content, I have no hope.

    Have you ever thought about meditation, it may be a good use of your time and a valuable habit to get into while you have a solid week or so to commit wholeheartedly and spend 15 minutes a day.

    I haven't done it for a while but felt it grounded me and led to me focusing better.

    Systems and schedules are other habits I would like to get back in to. Where I commit to spending particular slots of the week focusing on different areas of my life. There are lots of things you can do to streamline your life, e.g with food - writing a daily menu for the week, shopping for that menu, prepping food for the week and cooking extra for the freezer.
    • PoorGuyNextDoor
    • By PoorGuyNextDoor 29th Nov 17, 4:12 PM
    • 136 Posts
    • 354 Thanks
    PoorGuyNextDoor
    When i say watch Netflix i mean maybe an hour a day, not for the whole week! Im not really one of those people that sits and rattles off three or four episodes at a time. £7.99 Netflix or £70+ sky its a no brainer.

    Not thought about meditation if im honest, any sites to look at for info on it? Wouldnt hurt for me to give it a bash and see how i get on.

    I definitley need to focus better and organise my time better. Starting my own company has completely thrown my routine off just recently. Its slowly getting better though. I think i should get into meal planning, batch cooking etc just to be eating healthier yet stick to a budget. I need a high protein diet for the working out and manual work i do yet im a fussy eater so i struggle for ideas.

    Usually the problem is i try to change too much of my lifestyle at once so i give up after a few days. I know il feel so much better with just a few changes though so thanks for the advice iv taken it onboard and will keep you updated how im getting on!
    Can now be found in the Millionaire Challenge thread
    • MKeynesMoneySaver
    • By MKeynesMoneySaver 29th Nov 17, 6:40 PM
    • 41 Posts
    • 121 Thanks
    MKeynesMoneySaver
    I don't have any specific sites to recommend. Some go down the route of chanting and mantras. I suspect a google is the first step and begin with spending 15 mins thinking about nothing but your breathing.

    There are also numerous apps which have guided meditations which might be worth checking out. I was looking the other day but some had subscription options so not sure how much value was in the free element. There are many on Youtube as well.
    • Kayalana99
    • By Kayalana99 30th Nov 17, 8:51 AM
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    Kayalana99
    LL - Love the idea about the word for the year. I promised myself I would get healither this year and I have lost nearly 2 stone over all so whilst I still want to lose another 2, I can't really turn my nose up at that. I've set myself a target now to lose another 6 pound before Xmas, then I can relax a bit for the holidays.

    The 25k has finally arrived into the bonds account and next draw is early January so I will update how it's getting on. I'd be happy with one win a month anyway.

    PGND - I complety understand the struggle and juggle of running your own business, my eBay business never really started making massive profits until this time of year but I do remember working from 7am in the morning till 1-2am in the morning and the sales kept coming in as I was getting through the orders it was a nightmare....but if you can, you really do need to make time for yourself. I'm awful as even if I say I'll have a week off, you can bet my eBay shop would open again in 3-4 days as I get bored easily at the same time lol. To be fair for me though, it's not really about the week off it's about arranging an hour or two now and again to do those extra things - like you say, meal plan etc. I struggle as once I have something I need to do I can't focus on much else...something to work on next year for me perhaps.

    Radiant is a great word LL, I've had a life changing experience in the last month or two, I won't go into detail but it was to do with me and my Husband breaking up (for those who don't follow we are still together) and I would say I'm a complety different person from who I was 2-3 months ago but I feel like really, I've found myself again. ATM I really am that person that lights up a room and work is going really well as I just have a laugh with everyone and everything is great at home.

    It's been a long couple months I have to admit but everything has fit together and everything is looking up.

    I've had a business idea for over 6 years now, I think I'm going to give myself Decemeber to focus on getting ahead with my degree, but next year is going to be the year. I feel like I'm ready to bring this thing to life.
    People don't know what they want until you show them.
    • LuxuryWoman
    • By LuxuryWoman 30th Nov 17, 2:54 PM
    • 92 Posts
    • 87 Thanks
    LuxuryWoman
    but next year is going to be the year. I feel like I'm ready to bring this thing to life.[/QUOTE]
    Thank you Kaylana, you have given me my mantra for 2018, hope you don't mind me pinching that

    Also like the idea of a word for the year - mine will be Control, chosen because I am now back in control of my life, also, self-control, my diet must improve and I must work to stay off the booze. I aim to control my savings and spending and generally be in charge. Control can have negative connotations but I am going for positive control - I can, I am and I will

    Meditation, I think this is important, I think the word can turn people off as some think it's a bit hippy or woo but I think it's essential to mental well being to rest the body and let the mind wander and clear and it's a huge benefit of being single again that I now have the headspace to do just that without having to do somebody else's thinking for them
    • lessonlearned
    • By lessonlearned 7th Dec 17, 12:39 PM
    • 10,216 Posts
    • 57,567 Thanks
    lessonlearned
    Good Morning Everyone.

    Quiet on here......are you all making lots of money or are you too busy spending it on Christmas goodies.

    I have now (finally)finished with my vaccines for my trip.....have felt a bit rough but hopefully over the worst now. I have just got the steroid injection for my knee to go, booked for 4th jan, I sail on the 7th so I should be skipping around like a new born lamb by then. I am still walking whenever possible, managing ok without my knee brace. I shall set out for a saunter in a minute.

    Well I have been doing a review of my finances......December is very spendy this year so next year, after my holiday, I need to really get back on the wagon.

    I have joined the £2018 in 2018 challenge, to motivate me. I will start by selling some of my clutter.

    I have also decided I have more than enough clothes, shoes etc. Seriously I could open a shop.......So I have set myself a “no new clothes challenge”. ....although I might pick up a few bargains from the charity shops now and then.....maybe even sell some of them on if I can pick up some good labels. Sort of expand the bric a brac to include good quality clothing. I have also decided to get back into jewellery making next year. That should net me around £2018 without too much effort.

    My cleaner has had to hand in her notice due to family illness. Now that I feel healthier and stronger I have decided not to replace her just yet and to see how I go.....so another saving there. Also I intend to reduce my household budget by cooking and shopping a bit more efficiently, growing some produce, and just generally being a bit more thoughtful about those dribs and drabs spends. I reckon I could save around £200 a month on household expenditure without too much effort.

    It’s all nibbling round the edges so to speak but every little counts. I reckon these measures alone could add up to an additional £5k next year. I could have a couple of good holidays with that.......

    The car is due it’s MOT this month. I sometimes wonder if it’s worth keeping it because As I live in the city centre I do such a low mileage these days. I could save a couple of grand a year there but I think I’ll hang on for now. It’s a “nice to have” rather than a necessity but I do like the independence.

    Of course I still need to come up with some new ideas, hopefully my trip will inspire me to some fresh thinking.

    I need to start “thinking big” or at least “bigger”

    Right off to up my step count and get some fresh air, then time to dress the Christmas tree.
    Last edited by lessonlearned; 07-12-2017 at 12:43 PM.
    • Kayalana99
    • By Kayalana99 7th Dec 17, 2:49 PM
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    Kayalana99
    Glad your health is getting better and hopefully all good for your holiday It is quiet but I guess it's that time of year?

    Just had 10min before I had to leave for school run so thought I would pop on, I've given up a bit with trying to keep a handle on the finances atm as with the move bills aren't still 100% sorted then we've had money going out left right and center on xmas presents (no more then we would normally spend on xmas gifts but we keep using different accounts and things are just getting a bit messy etc) and we've been spending a bit more in general tbh.

    I'm giving us a bit of a break now till Jan 15th when he gets paid again, as Dec payday is still going to roll into Xmas spending as we are cooking for 12 people I think (depends who confirms) so that will hit the Dec payday but come January everything shall come together, all bills should be sorted and there should be nothing to pay out for so I can start getting organised and saving a bit more and I'll feel more in control of our spending.

    Finally getting caught up on the degree too, so hoping I can spend some extra time studying a few other areas not next week but the week after, my Business side just has one more week to do then 2 weeks off for Xmas and I just need to catch up on computing but 1 full day on that and I should be back on track as long as I don't get stuck anywhere... (full on computer programming section atm...)

    I'm going to take the full 2 weeks off at Xmas from studying as my Husband should be off for around the same time along with kids, I will still be working in the evenings (I don't even get boxing day off.......) but at least we'll have the days together (another reason why I'm not starting to sort finances offically till Jan lol)

    Hoping to get chance next week just to literally spend an hour working on my Business idea, nothing to big but essentially do some research and make a plan on what exactly I want to do, there are quite a few ways I could do it, or deciding what order to do things in... so I need to get a plan together and maybe create some sort of check list of 'to do's' as I think once I've got a guide in place then I won't be aimlessly thinking 'how do I start' and I'm more likely to just spend 30min here and there working on it rather then it feeling like this over whelming task. It really isn't something that's going to pop up overnight (well it will, but after a lot of background work haha)
    People don't know what they want until you show them.
    • try harder
    • By try harder 8th Dec 17, 5:50 AM
    • 522 Posts
    • 1,667 Thanks
    try harder
    Have just caught up with all the posts ,i havent posted since May which is very bad.My doubling up challenge has come to a standstill.I bought several items with my £400 and doubled up to £800 but not one of the items that i bought with the £800 have sold so not sure what to do as i now have a few rather large items sitting around that are collecting dust ,im not sure if the best thing would be to sell them at their original price ,recoup the money and try again advice please .I have to say that i have not put much effort into trying to sell these items although i do have them on ebax but i need to work much harder in the new year on this particular challenge as my make £10 a day is going fine so its not impossible .
    Loving how everyone here are all so positive and motivating .
    • droopsnoot
    • By droopsnoot 8th Dec 17, 11:47 AM
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    • 700 Thanks
    droopsnoot
    That would be my thought - get rid of them for the best price you can, and maybe go back a step. Depending on what kind of items they are, their value may only be heading down the longer you keep them (tech, anything with a warranty etc.)
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