Learn to control money but do not allow it to control you

Firewalker

Survived the gym and feeling better for it. Now OH is putting all stuff for the trip in suitcases – not sure when he is going to finish and whether there will be time enough to sleep. Our flight is tomorrow morning at 7.15 which means that we have to leave for the Airport at 6.00 – this means we will have to get up at 5.30. For us this is early, very early – how fortunate we live very close to a large Airport.

I was thinking that last night I made an error in my calculation – thank you Scrooge for reminding me, although indirectly. The error is in the assumption that for the first year one only saves £1.85. In fact, if one starts moving money from the outset things can work considerably faster. Also, high risk/high return is very important at the very early stages of the compounding. So is the speed with which the capital is turned around – in fact this matters immensely (and rather obviously). I was playing with an example where one starts with £5 and turns it into £50 within a week (highly possible). Following that gets £1 to £10 on the £50 within three weeks; after that one only needs to aim for £1 to £3 or even £1 to £2 at certain within certain turn over times – the higher the amounts the longer the turnaround times can be.

Someone on another thread mentioned that this looks easy and painless. I would like to say from now that if this were so, everybody would have done it or will be successful doing it. It is not easy and it is not painless. But it is likely that the highest success is possible if this is seen more like ‘play’ – which doesn’t mean that it is not to be taken seriously. It only means that, I believe, ‘play keeps fear at bay’. If fear creeps in – one might as well give it up; fear paralyses creativity, joy, fun and ultimately intuitive-rational decisions.

I have to say the more I think about it the more exciting this is – and Scrooge is almost there. Scrooge, hope your headache is gone and you are looking for opportunities – when you get to £10,000 in mid December there will be a great, big celebration here.

Hubby and I are starting from today. Meanwhile, some of my precious holiday will have to be used to think about the ten steps form ideas to their realisation.

Tomorrow I will write but can’t post – the day after tomorrow we are installing a super-duper broad-band internet. Till then.

And the saying for today is:

“A question that drives me hazy: am I or are the others crazy?” – Albert Einstein

Firewalker

Buffythedebtslayer

You see all this talk - well writing but you get the idea, makes me really think what if it was possible, is it possible, I mean logically people make money become millionaires. Why can't we do? In fact why shoudn't we?

If I really let myself dream I would have no debts, own 3 houses - rent two live in one and study Psychology..... that doesn't sound so impossible.

Have a lovely holiday whenever it comes Firewalker xx

xxxx

williamD1964

Hi Firewalker.

I have been keeping up with your posts with interest, but have been working nights and sleeping days, and doing very little in-between. I am finding it increasingly difficult to motivate myself or find the energy to do anything. (see my diary)!

I can’t get my head around the figures you have proposed and yet who am I to argue.

I will say that finding an investment or investments that will make £10 for every one is like finding the Holy Grail, though many (including myself) are still looking. The stock market again is an option but how many people have been, and will continue to be burnt. From what I can gather, though I stand to be corrected, you pay someone to buy the shares, then you pay someone to sell the shares, so regardless, you end up paying someone else. Also you need money to make money!
Saying that, I would buy a few BP shares at the moment, as well as some Bank shares too. These look a good bet to increase, but unfortunately, being potless, this is beyond me.

On a practical level, I know that I have neither the finances, the bottle nor the business skills to make a million. I wish I did!

I would be extremely interested in your 10 step plan.

You say that you live near a large airport? I used to live in Hounslow, near Heathrow. In fact I lived there for over 30 of my 45 years, and still visit friends and family there.

Enjoy your holiday. Hope to hear from you soon

scrooge2008

Hi Firewalker,

I like your idea of making it fun, I think fear is the reason that I stopped at £2,500.00, the next stage would take me way out of my comfort zone.

Since the start of the 100 day challenge, I have read a book on philosophy (why have there been so few female philosophers? Is this still the case? I can only think of Simone De Beauvoir), one on NLP another by Tony Buzan called 'Use Your Head' and I am now re-reading 'Think and Grow Rich' by Napoleon Hill. (This is the fourth time in 10 years). Tomorrow I intend to spend the day reading about Einstein. I am coming to the conclusion that our minds are truly magnificent and that I only use a weeny fraction of mine, at the moment, hence the headache when I try to use the muscle a bit more.

I believe the steps you refer to are alluded to in the Napoleon Hill Book, but you could do better, and that 'The Secret' just covers one aspect of the road to success. So I am going with Hill and Einstein and Firewalker and I now think:-

1. I am ready
2. I am having fun
3. I have the desire
4. I have the idea
5. I will have turned my £100.00 into £10,000 by the end of the year
6. On Thursday I will have a detailed planning day

Thanks very much for your help here. Have a fabulous holiday.

savingwannabe

Do enjoy the holidays Firewalker. Reading Scrooge's post and William's and yours about investments is all so exciting. I have saved to do my house up and now i must start to save for new furniture but i love the idea of being an entrepreneur. I shall be watching with interest.

Lara44

Dear Firewalker

I just came to your diary from Memorygirl's thread, and I have read everything. It was wonderful! I have especially enjoyed your deep thoughts about the nature of wants and needs, and your musings on passive income streams. I am also highly impressed by your running and cooking. My hat goes off to you too Scrooge for your success on the £100 challenge - that is outstanding.

At the moment I am a student but I have funding which I am extremely thankful for. I am doing some fieldwork this year and next which will be a big challenge. My partner and I live in an enforced austerity regime where we just put money for everyday life in the current account and the rest into the savings like it doesn't exist. We saving as we are getting married next summer. This will be a nice party with hearty food and some good wine rather than something elaborate. But it has taken us a year to find something affordable that we liked. In the end we will be celebrating in a historic library in a university so it is very apt.

I really look forward to reading more of your journey - your progress has been phenomenal so far. I also love to hear about Little Boy. When you have finished with the debt repayments it seems that you will be in very good financial health, so this will be really something to celebrate. Perhaps reading the thread all at once makes these deep and wonderful changes so clear. Perhaps you should have a look at the old posts too? I hope you have a great holiday.

Lara

Firewalker

hi guys, still no internet - the Universe might deliver tomorrow or the day after. will post then. now connect in unlocked wireless. hope you are all well.

firewalker

Firewalker

We are connected! There was a serious fault with the cable that took ages to correct. Now OH will get the wiless up and after that we are ready to roll...

But we are having generally bad time with electric and electronic stuff - now the coffee machine has briken.

Firewalker

Firewalker

scrooge2008 wrote: »

Hi Firewalker,

I like your idea of making it fun, I think fear is the reason that I stopped at £2,500.00, the next stage would take me way out of my comfort zone.

Since the start of the 100 day challenge, I have read a book on philosophy (why have there been so few female philosophers? Is this still the case? I can only think of Simone De Beauvoir), one on NLP another by Tony Buzan called 'Use Your Head' and I am now re-reading 'Think and Grow Rich' by Napoleon Hill. (This is the fourth time in 10 years). Tomorrow I intend to spend the day reading about Einstein. I am coming to the conclusion that our minds are truly magnificent and that I only use a weeny fraction of mine, at the moment, hence the headache when I try to use the muscle a bit more.

I believe the steps you refer to are alluded to in the Napoleon Hill Book, but you could do better, and that 'The Secret' just covers one aspect of the road to success. So I am going with Hill and Einstein and Firewalker and I now think:-

1. I am ready
2. I am having fun
3. I have the desire
4. I have the idea
5. I will have turned my £100.00 into £10,000 by the end of the year
6. On Thursday I will have a detailed planning day

Thanks very much for your help here. Have a fabulous holiday.

Way to go Scrooge! Thanks for your note elsewhere as well and I hope that we'll keep talking. Or at least you will let us all know when you have got to £10,000 and join the party.

Firewalker

Firewalker

LaraHoust wrote: »

Dear Firewalker

I just came to your diary from Memorygirl's thread, and I have read everything. It was wonderful! I have especially enjoyed your deep thoughts about the nature of wants and needs, and your musings on passive income streams. I am also highly impressed by your running and cooking. My hat goes off to you too Scrooge for your success on the £100 challenge - that is outstanding.

At the moment I am a student but I have funding which I am extremely thankful for. I am doing some fieldwork this year and next which will be a big challenge.
Lara

Hi Lara and welcome! I did read your posts on Memorygirl's thread. Doing a PhD is an incredible journey - enjoy. It seems hard at the time but when you think about it it is the last time for the next 15 years or so when you can do exactly what you are passionate about in research. It is time to be treasured. What is you PhD in?

Firewalker