Millionaire Challenge

rictus123

Well id like to get as wealthy as possible and have a net worth of £1 million...I think most of this will be through property. I dont think id like to go much more that £100,000 liquid...as it decreases too much in value against inflation. Unless i was saving to buy a property outright or to use for developing/new builds. I want to start up on my own one day, doing new builds/conversions\all aspects of building basicly. I already have a good few solid contacts so i can only imagine itl be alot more come 10-20 years time. I dont want to be slaving away just building blocks until im 65. I want to go part time before im 50, choosing my own hours and work. If i get myself in such a position i can do so the financal aspect by then might just be make enough to get by as il have enough in reserve incase anything goes wrong. I want to stay in building game but just change so im not making someone elses fortune for them.

First i want to buy my home and get mortgage free asap. Then il consider getting married and kids etc(gfs dad has said he will pay wedding and honeymoon ) So il just have to wait until i think the time is right. Once im there i will consider second property...so hopefully by then i will have £100k or so mortgage on £300k worth of property and £50k liquid. Quater of a million by 30.


Small steps

lessonlearned

There is no reason why you can't have £1m and drive a 10 year old Fiesta. In fact most rich people tend to be very frugal in their personal habits, especially if they are self-made millionaires.

That's how they got rich and it's how they stay rich.

lessonlearned

Tinktay

Great idea about your sponsorship. Not only does it raise your profile -it does a great deal of good in your community. Win-win.

Business and philanthropy go hand in hand. Some of the most successful business people are also the most generous and philanthropic. (Admittedly some aren't, they are too greedy and selfish but you know what their success tends to be unsustainable in the long run).

I posted quite a long thread but lost it.

Basically what I wanted to say is that I wish you well.

I think you have some great ideas and demonstrate a positive can do approach which will stand you in good stead.

I hope you don't mind me giving you a piece of advice. And Marine-life please don't be offended by what I'm about to say.

I believe the following very strongly.

Tinktay - please don't be tempted to be "ruthless". It's wrong. It won't work. It will backfire on you.

Be fair, be honest, be truthful, be professional, be good to your word, be the best.

Don't overcharge, (don't undercharge either - this is a tough one to get right I admit). Don't rip people off, don't trample on anyone. It's not necessary and it's counterproductive.

Your aim should be to build a good name and a good reputation. You need these to build a successful business, lose them and you may as well throw in the towel.

You can't cut corners if you want to be successful - not in the long term. You need your customers, clients, business associates, bank manager, accountant, anyone who knows you to be able to recommend you and help you build your business and be a success. It's the best form of advertising and it's free.

Be good to people, treat them fairly, clients, suppliers, contractors, staff etc. Look after them and they will look after you.

Don't be a charlatan, don't be mean. Wall Street and the Greed is Good mentality is not appropriate as a business model.

I too am on a mission to make some serious money. In my case to rebuild my finances.

No time to go into details now but I shall be reading your thread with great interest. It will help me stay motivated - not that I really need anyone to do that for me. I'm a highly motivated person anyway, and like you, usually manage to achieve goals and targets.

Keep at it, it's a great quest.

Giddytimes

Great challenge! Good luck :j

I've been thinking along the same lines lately, about how to start increasing my income and investing more thereby generating more income so I can go part time in 15 years.

I'm currently working abroad and my contract means I cannot do any other work here outside my main job. It's tax free so I'm not complaining, it means I should have my debts paid by December.
Aiming to return to the UK early next year with a small deposit towards a house and take it from there. In the mean time I'll be watching your thread with interest!

slkh

Well...as of today my saving get's serious! I have completed my saving's plan and have decided by the 31st May 2012 I will have saved £20,000 minimum. It's going to be a fairly tuff challenge but I know I can and will do it! I intend to keep a log on here of my progress so as to also keep me motivated and on target.

I think it would be a great idea if others did the same regardless of how much you wish to save in whatever time slot you have set yourself as it is a great idea of keeping yourself motivated and also to hear from similar minded people who can share their ideas and future plans.

Good luck to all!

Gracie_1827

Slkh...good luck in your venture...why not keep a blog diary on your progress and get some adds on there...see if you can get some income that way as well. There's a massive market in ideas on how to get rich:laugh:

slkh

Gracie_1827 wrote: »

Slkh...good luck in your venture...why not keep a blog diary on your progress and get some adds on there...see if you can get some income that way as well. There's a massive market in ideas on how to get rich:laugh:

Thats a great idea that I will definetly look into! I'm not too sure how it all works but I won't let that put me off. Will keep you all posted and thank you for the encouragement!

rictus123

Slkh I will join you if you don't mind with exactly the same Target...20k by end of may 2012...that's a month before im 21 and would be a very impressive feat. I hope to get that for house deposit...then plan is mortgage free with decent liquid savings by 30. I want to be able to allow my gf to take time off work to look after kid if we have one and not worry about money. Also would let her be part time so she can take kid to school and pick up at end of day etc. Iv thought about every aspect of my life and where I want to get to. I'm on my way there. Even falling short il still be well off without debt or mortgage to worry about.

slkh

rictus123 wrote: »

Slkh I will join you if you don't mind with exactly the same Target...20k by end of may 2012...that's a month before im 21 and would be a very impressive feat. I hope to get that for house deposit...then plan is mortgage free with decent liquid savings by 30. I want to be able to allow my gf to take time off work to look after kid if we have one and not worry about money. Also would let her be part time so she can take kid to school and pick up at end of day etc. Iv thought about every aspect of my life and where I want to get to. I'm on my way there. Even falling short il still be well off without debt or mortgage to worry about.

Well done for taking the challenge, I'm sure you will reach your goal as you have the mind set which means your halfway there already! Have you read 'Think and grow rich?' I would really recommended you read it, it has really helped me in my planning and thinking. Let's hope we can share ideas and the motivation we will need through to May 2012!!

rictus123

SLKH there is an online pdf of that book, i have it opened and im reading it now. I think my aim will be £15k cash + pay off 5k debt so still £20k to find. by 21 will be impressive i think. Increasing my net worth 20k a year will have me at 500k at 45...not including interest,inflation etc...so its looking more achieavble every day!