Millionaire Challenge

lessonlearned

gothrockchic1 wrote: »

Thanks Lesson Learned. I'm in the Motor Trade which is not what I'd like to do in business.

The thing that puts me off is getting into meaning I won't be able to save as much.

But if it increases my salary then it will be worth it.

Oddly enough I've often wondered if I could sell cars for a living - I've sold just about everything else......but yes I can understand it might not be want you want. I think you have to have a real passion for cars.

There is a story about Tom Ford who sells prestige cars and does very nicely thank you. Apparently he had a real passion for motors even as a small boy.

His dad had a car show room and Tom would spend every spare second he had hanging round the showroom, cleaning and polishing the cars.

One day a customer came in and then was no-one to talk to him so young Tom who was just 11 at the time decided to show him around. He ending up selling the customer a very expensive sports car. Apparently the customer was really impressed with our young hero's encyclopaedic knowledge and sheer love and enthusiasm for his subject.......

Great post - Deep Ocean.

Well I've just finished my tax claim form. Phew!!! Glad that's over and done with.;) Hopefully there will be a nice fat cheque winging it's way to me in the near future.

THEMONEYSPIDER_2

Morning
GothRockChic, I don't know much about HR or the motor trade but adding another string to your bow is always a good thing Would it be possible for you to get some financial help for the course from your current employer?
You say you are slightly put off because you wouldn't be able to save as much while studying and paying for the course, maybe look at it as a long term investment.

LessonLearned I'm beginning to suspect you are actually super human! You are dealing with so much and still your posts come across upbeat.

Thanks for the posts regarding Royal mails price increases, serves as a reminder to go and check it out, sounds like there are some big increases I do hope RM don't end up pricing them self out of the market.

Financially i seem to be treading water at the moment, the 1st quarter of the year is always expensive for me, car expenses and Birthdays!! so its in one hand and out the other at the moment
Come May and i should be able to start saving again :money:

lessonlearned

THEMONEYSPIDER wrote: »

LessonLearned I'm beginning to suspect you are actually super human! You are dealing with so much and still your posts come across upbeat.

:rotfl::rotfl::rotfl:

You wouldn't say that if you could see me right now, I look a wreck.!!! I'm afraid that the stress of the past few years has taken it's toll and my poor body is paying a high price.

I'm full of aches and pains this morning so I need to have a long soak in the bath to loosen up before I can get going.
However, I'm working on it - physio, exercise, rest etc.

I don't know how I manage to remain largely upbeat - perhaps I'm just blessed with optimistic genes. What is it Martin says Prepare for the worst, hope for the best. I think that's the best way forward really.

I know what you mean about the first quarter of the year being financially difficult. It can be an expensive time, hopefully the worst is over and you can start saving again soon.

Anyway time to start the day.

Have a good one. Make some money, and if you can't today then try not to spend too much.

mrsbunntobe

YoungBusinessman your posts are inspiring, what is it exactly you do in Construction? I am thinking of re-training at 23, having just went self-employed running my own business. It makes a tidy sum, but currently takes an hour or so a day to run, so plenty of scope to expand alongside another business

leictina

Hi all

A quick update from me - in February i managed to increase my net worth by £112.05 it now stands at -£8952.00. This is still £1150.28 worse than when i started this challenge on 1 April and i think that March will see a dip as i have just paid £1k to get our car fixed.........

must keep plodding away and eventually i will back in the black and can then work on saving.....

gothrockchic1

Well Done leictina.

I had a look at CIPD's website and there A-Z of courses run and have contacted a few companies to see if I can do this course cheaper and closer to home.

Thanks to everyone for their advice. I will go for it once I have chosen a company to do it with.

wharty

Jacka87 wrote: »

Oh just a thought, anybody wanting to accept the millionaires challenge may wish to read "Think & grow Rich" I have unfortunatly never read the full book, as I just get so far through and end up getting distracted with busy life. However it gives a guide on the principles of succeeding in becoming rich or achieving big goals.

Also reading the "richest man in babylon" would be a good idea too. Infact I think everybody should read the book as its pretty short so their is no real excuses and gives some basic ideas on how to manage money and help yourself become financially better off and enjoy life as well.

I agree "Think and grow rich" is an amazing book. My life changed after reading it.

bigmoe66

Good to see such young people thinking about saving. If you can do it you will be doing yourself a massive favour.

troglodyte

Morning everyone, hope things are going well.

I've been finding out more about pensions. Since leaving the job I had that came with a really good workplace pension, I have simply gone for the head-in-the-sand approach since I didn't understand any of this pension malarkey. Now I've been forced into it and have got my head around it a bit more, it seems a pension is a bit like an ISA in that you put stuff in tax-free and can then get it back in tax-efficient ways later, or even pass it on free of IHT under certain circumstances. I've also been forced to find out more about tax-planning recently and again, forward planning really can pay off big-time in this department. I'm sure I'm not the only person who is put off by the apparent complicatedness (is that a real word?) of pensions - as usual its the little people who miss out because the rich can employ people to find the best deals and the loopholes for them!

LL I hope you are managing to stay on top of all your various challenges! As if that wasn't enough to deal with, I'd really like your opinion on something, please; would you mind if I sent you a PM?

droopsnoot

My concern with pensions is that once the money is in there, it can't come out until you reach a certain age. I also read that while you get tax relief on the payments into the pension, you do get to pay tax on the payments you get back out of it, with the exception of a portion of it.

It's a complicated subject and one I haven't really read up on - my head is also in the sand on the matter at the moment, and I'm thinking at the moment that I'll keep looking at other ways to invest for the future. That said I have no dependants so no need to worry about IHT.