Millionaire Challenge

THEMONEYSPIDER_2

Morning
Just a quickie today.
I read an article about top websites, one of which was stated as second life. Second life is basically a virtual world game where people can create an online lifestyle and live it out via the game. I know, sounds complicated! Anyway what caught my attention was a story of a women who become a real life millionaire by trading real estate in this virtual world.
I thought that was pretty genius!! :rotfl: while other members of the site were buying silly things like flying unicorns, she was snapping up land for developement
Heres her Wiki page : http://en.wikipedia.org/wiki/Anshe_Chung

Hoody

In the past people have made large sums from second life, not only from land but also from creating designs for cloths etc and selling them for real life $$$ iirc? However the "game" if you can really call it that is slowly dieing and has a smaller market than before. Worth keeping and eye on upcoming games though, as some seem to be shifting to making real money trading a possibility. Just recently Diablo 3 had a RMT auction house where people were selling items they had farmed ingame for cash. and in the early days some were reputedly making upto 5k or more a month. However this involved having numerous accounts that were running bots 24/7 which could lead to your accounts being banned.

tinktay84

Hi LL,

Like you I tend to see other peoples stories on here and put my own situation into perspective.
Thank you for all the kind words & advice - it may not seem like I pay attention to everyones posts as I rarely write replies & tend to update on my own situation but I really do read everything with great interest & am rooting for you all.I just always forget what ive read when it comes to replying.
Wow thats good going with the capital, living where we do £100000 would buy me 2-3 properties cash with possibly some left towards improvements. Its crazy how things change across the country.

I was talking to my dad the other day - he is 61 & keeps getting letters about his pensions. They are currently worth peanuts & he has changed his attitude completely. He brought us up to believe you must buy rather than rent, never a lender or borrower be, & basically if you want something save up.
He now tells me he wouldnt buy a house unless he had mega bucks & told me not to waste money in a pension.
Put it this way I earn more on my 1 buy to let each month than he will get on his pension & my buy to let is still mortgaged etc. If I had 5-6 BTLs of roughly the same standard as my current one, that would earn me the equivelent of a months minimum wage... that makes more sense to me than a pension.....
Anywho...glad to see you are all still at it. Now youve gone into the realms of gaming ive zoned out haha.

THEMONEYSPIDER_2

well Hoody you seem more clued up on this area than me, i think its very clever that people can make money in this way, shows a very savvy mind, If only i could figure out how to make some dosh from my guilty pleasure past time, call of duty :rotfl:

gallygirl

tinktay84 wrote: »

Put it this way I earn more on my 1 buy to let each month than he will get on his pension & my buy to let is still mortgaged etc. If I had 5-6 BTLs of roughly the same standard as my current one, that would earn me the equivelent of a months minimum wage... that makes more sense to me than a pension.....

That's what I'm planning on doing - retiring in 3.5 years on income from 4 btls, and sell another for some capital. Still paying into pension but not convinced I should be........ off for another think

Hoody

THEMONEYSPIDER wrote: »

well Hoody you seem more clued up on this area than me, i think its very clever that people can make money in this way, shows a very savvy mind, If only i could figure out how to make some dosh from my guilty pleasure past time, call of duty :rotfl:

Make tutorial guides, or videos of funny situations and put them on youtube and click the monetize button? all you have to do then is get enough people to watch them.

MKeynesMoneySaver

http://www.amazon.co.uk/The-Plan-Insiders-Financial-Properties/dp/0953911985/ref=sr_1_1?ie=UTF8&qid=1363366819&sr=8-1

The 3+1 Plans as linked to above is a book I would recommend as it says on the top of the cover 'Property is the new Pension'!

[Deleted User]

MKeynesMoneySaver wrote: »

http://www.amazon.co.uk/The-Plan-Insiders-Financial-Properties/dp/0953911985/ref=sr_1_1?ie=UTF8&qid=1363366819&sr=8-1

The 3+1 Plans as linked to above is a book I would recommend as it says on the top of the cover 'Property is the new Pension'!

Thanks for this. It looks really good. I am going to buy it and read it with interest. I have wanted to get started with property for a while now and am working towards doing this over the next year or so. This will be a bit more nitty gritty than my usual of watching Homes Under the Hammer and dreaming about doing the same. I need to get my money and job sorted out first though.

Update - I just clicked onto the authors website at www.3plus1plan.com and got a free download of the book plus various other tools.

GreatBigBookcase

Hello All,

I've been a bit of a lurker around this thread for a while now, (I love everyone's positive attitude!) but thought it was time to pop in and actually say hello. I have a similar property dream to many of you on here. It's a plan in continuous flux (I was planning on buying, renovating and flipping initially, but am now leaning more towards BTL property...no doubt it'll change again... ) so it's good to read other people's thoughts and plans on this.

I'm in a very fortunate position in that I've just made a fair bit of money on my flat...pure luck, I live in Hong Kong and the property market here is crazy...so that and my savings means I'm heading back to the UK with around 140k which I am determined to put to good use and make work for me, not least because I'm only 7 weeks away from becoming a single mum to my first baby with no job, no income, no pension, and a desire to stay at home with BabyKay for at least a year, hopefully two, before going back out to work.

My current plan is to buy a house outright for me and BabyKay to be able to live mortgage free. I'll then have around 20k for living for as long as it lasts, and also 20k put aside ready to use as a deposit on a BTL property somewhere down the line. I'd like to buy a BTL asap, but I think mortgage will be very difficult, if not impossible, whilst ever I'm not working.

I have a few other options, one being that I live with my parents for a few years and buy a couple of cheap little BTL properties outright which would give me around 800 pounds cashflow a month, but then a) I can't see how I can get from having the BTLs to eventually having my own mortgage-free property to live in, without selling the BTLs (but I want them for long term investment) and b) I'm honestly not sure how long my sanity will last living with my parents...!

Anyway, as I say to my frustrated dad, who finds it difficult to keep up with my changing plans bless him, my plans are organic and they grow and develop and change...but I enjoy the process and all the reading and researching and hearing about others' plans.

Thanks MKMoneySaver for the 3+1 book tip and allie for posting the website link. I'll look into that now. I have a number of property development/investment books that I've ordered over the last month or so waiting for me at my parents' house for when I move back to the UK in just over a week. I'll let you all know if there are any gems once I've got stuck into them.

Ok, enough rambling from me. I'm glad I've finally said hello.

Have a great weekend All.

gothrockchic1

Hi all I woke up this morning with lots of ideas for a Business.

Can anyone recommend a book on Business Planning?

Thank you x