Millionaire Challenge

reesb88

What a fantastic thread this is, for months I have had the same ideas/ambitions as most of you on here.

I have always wanted the 'Financial Freedom' some of you have spoken about - I don't care about a huge income or millions in the bank, as long as I can comfortably live with out having to worry or check my bank balance every 5 minutes to work out if I can afford some of life's luxuries. Is this too much to ask!?

I am 24 and currently working in a standard 9-5 IT based job in the city of London. My income is OK, however after the crippling train fares (£5500 a year - I live in Kent) and my mortgage payments etc I hardly have any money left to enjoy the finer things in life. I always say that you work to live not live to work.

I have achieved many of my goals so far, I have received a good education (to degree level), my first house at 23 and a job in the city.

However, I now want to change my life whilst I can. I no longer want to spend 2-3 hours a day commuting and another 8 hours in a mundane job I have got as far as I can in. I am too ambitious to settle for this.

Although I have an interest/knowledge in several areas, media, IT, Business, Catering, writing, history etc etc I believe this is only basic. There is nothing that leaps out to me which I can say, I can be one of the best in that industry.

Having achieved the goals I have set in the past, maybe it is just a case of looking into this a bit further, all I know is that I would love to work in an area where the sky's the limit, whether it is working for myself or for a company. I want to live life and enjoy it, having financial freedom and enjoying whatever work I undertake.

citizenkitten

wow so many new faces!! welcome all!!! love the positivity and the advice going around.

I see YBM is doing well on the savings thread - so if you are lurking YBM then KUDOS!

Glad to hear everyone is well and positive

i have been lurking and reading in the background as I have had a crucifying couple of months at work.

but... this news was too big not to come in and post

I AM DEBT FREE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

JUBILATE!!!!!!!!!!!!!!!!!!

now i am spending all my money on my wedding lol so still as broke as ever!

I saw a while back there where some posts on Zopa and Funding Circle, I have a good sum in Zopa and Funding Circle, I can tell you I have had extremely moderate success and the ability for them to claim back money owed to you is poor. out of £380 i am owed, they have got back £1.44..... so i would advise that you make sure you are positive that you wont miss the money or that they company will settle their loan in full.

I have been a member of both for 2 years and last year since april has been the car crash for business on FC.

was this information of any use??? and yes i lent there because I wanted to invest in this country and people and not fricking banks.

anyone want to know anything else, then PM or post.

CK

gothrockchic1

Well Done CitzenKitten!!!

lessonlearned

Well done Kitten:T:T:T

That is fantastic.

ElleWoods

CitizenKitten Well done, that's amazing! You've done so well becoming debt free - care to share the secret? I've been paying off my debts for over six years and at long last I have less than £2k to go and am throwing all I can at it to get rid once and for all.

RayKay Thanks for the info about the property woman. I'd love to have more info if that's ok? Like I said, I'm not in a position to go ahead now but in a few years who knows. I'll PM you if that's ok.

Chai I love the Canaries - been to Lanzarote and Fuerteventura. Do you mind me asking which island you live on? I was in Lanz 18 months ago and the cheapest place to live I saw advertised was 400€ per month, so you've got a bargain there!

Megan £5k isn't that much tbh. Like the others said, you'll have solicitors fees, renovation costs, mortgage fees, letting agents fees, plus enough money in the bank to cover void periods and any repairs that might need doing while a tenant is in situ - it's more than just a case of having the deposit. I privately rent but I used to own and it's really expensive. Being a LL is also expensive - my LL is great and has just replaced my boiler and upgraded the heating system, which won't be cheap. The house I'm in will need internal decoration within the next few years (he has it done every five years) and the porch needs replacing. It's not cheap. If I were you I'd save up some more before taking the plunge. Good luck.

Lesson I love the idea of a 'f**k you' fund. Having one gives a person the freedom to leave a bad job, bad relationship, bad house etc. It means you never have to be financially dependent on someone else. I may not be affluent (yet ) but at least I'm financially independent and that's something I never want to give up.

Chai_2

Hey!

Yes I live in Fuerteventura which is lovley but not as lively as Lanz however it works really well for me and Lanz is 25 mins and euros away!! Also, it is a long term let which makes a big difference (6months+)

The independent estate agents have cheaper prices but you have to hunt them out. The sale prices here are good too, 30 - 60 k can get you some properties that you would be surprised by!!!

well done on becoming debt free!!

lessonlearned

Good morning all

Hope you all had a fab Easter break - now it's time to crack the whip. Back to work and more money making.

Well it's one step forward, two back at the moment for me.

Saw a great little house for DS2 but was outbid. He was very upset but I told him "Don't worry there will be a better one along soon with your name on it".

Lo and behold next day it appeared - our "diamond in the rough".

Hopefully we'll get this one, it's a corker:rotfl: - previously a student let :eek::eek: but it has great bones once you look past the years of filth and grime.

Spent last week interviewing brokers - have narrowed it down to two, so getting there.

My fingers are itching to get started.

My friend is clearing her mum's bungalow and has invited me along for first pick so maybe a few nice pieces to either upcycle and sell on or maybe just help furnish the new house.

Exciting times.

Hope you are happy, healthy and getting wealthy.;)

Buffythedebtslayer

I just LOVE this thread xxxx

Thank you all for posting

xx

citizenkitten

thank you so much - gothrockchick and chai

LL - i can just imagine you now painting the roof of this corker with your name on it, just in case lol! making your stamp on it more than one way or another! student let eh! just make sure you replace the carpets. hope in this cold weather, your parents, husband and yourself are keeping nice and snug. Let us know what the first pick gets you!

softkittywarmkitty - 6 years and under 2k left to go! doing well my friend. i am in a lucky position that i had very little outgoings but still it was really winning the mental battle of why i spend money that helped me the most. the progress i made through my debt in the last 6 months was far better than all the previous months because I conquered my "issue" with money. it has taken me 5.5 years to learn.

Everyone - what do you think of this government backed mortgage thing? i thought it was only for new builds but I have seen that you can get it for older properties too now...

I am thinking about it, because although I need a year to get a good savings to pay for fees on buying and an emergency fund, I am thinking I will have to pay higher house price as everyone will want to get on to it - especially all landlords who can. So do I go into it without any emergency fund and risk higher prices or ? the area i am looking into is a student let heaven.

my fc statement to show you all how 2 years I am getting along...

citizenkitten

earnings 779
fees 84.01
losses -329.39
subdivided into
bad debt -330.83
+ recovery 1.44

Net 365.6