Millionaire Challenge

GreatBigBookcase

I keep thinking about matched betting too...have read through the guide on the matched betting thread, but will need to do so a few more times before I really get my head around it! Good luck giving it a go LL, and do let us know how you get on! Droopsnoot, what's the paid for service you've subscribed to? Does it help do you think?

LL, hope your back is better soon.

Citizenkitten, good luck with the wedding fund! At least it's a fun thing to save for so more motivating than saving to pay for something dull.

THEMONEYSPIDER_2

I've been watching far too many episodes of Dooms Day Preppers, i'm wondering if we should be buying Bunkers instead of Buy to lets!:rotfl:

Theres not much going on in the Moneyspider Household at the moment, just ticking along.
I did clear out the shed and do a carboot sale yesterday, raised £130 from old junk, so thats some investment funds into the kitty

I have read the Duncan Bannatyne book, Anyone can do it : My story.
Some one here had said they were reading it. Its quite witty and interesting, but nothing you probably haven't read before.

I think the recurring theme from these self made millionaire type stories is, at some point they all lay EVERYTHING they have on the line to leap forward with their plans, Take a massive gamble, and risk losing everything, luckily for them it pays off.

droopsnoot

RayKay wrote: »

Droopsnoot, what's the paid for service you've subscribed to? Does it help do you think?

I shied away from naming it in case it violates rules, but I have seen it mentioned in the matched betting forum. PM me if you want. I worked through some of the sample bets provided and it seems to be fine (and have heard other people say good things) but just having trouble taking that first step. First off I want to win enough to cover the cost of buying the service, which to be fair wasn't much.

charlesb

droopsnoot wrote: »

I keep trying to motivate myself on this one, too. I even signed up and paid for a service that will tell me exactly what to do and how to make 'cannot lose' opposing bets. But I am still persuading myself to make that first move. I've sat down and worked through the examples and convinced myself it's not a scam, the numbers do actually add up, just somehow feels wrong and I have to get over that feeling.

each to their own but there's a forum full of advice & help on this website re. match betting - so not sure why you would choose to pay for assistance

droopsnoot

There are many different fora covering this, I've read some of them and not others. The appeal of this particular thing was a low one-off payment and the promise of detailed instructions.

I love the theory of this but don't want to end up being too clever for my own good, so to start off with detailed step-by-step instructions seemed a great idea.

But you have reminded me to pop over there and have another look. Thanks.

Courgette

Just delurking to mention that when I first joined MSE 5 years ago lots of people did matched betting and seemed to make quite a decent 2nd income from it. I think from what I remember it does take a little while to get the hang of it but once you have its just a case of putting the time in to find the bets.

Lovely positive and supportive thread this one. Keep up the good work everyone!

GreatBigBookcase

droopsnoot wrote: »

I shied away from naming it in case it violates rules, but I have seen it mentioned in the matched betting forum. PM me if you want. I worked through some of the sample bets provided and it seems to be fine (and have heard other people say good things) but just having trouble taking that first step. First off I want to win enough to cover the cost of buying the service, which to be fair wasn't much.

Have sent you PM. Keep us posted of your MB efforts. Keen to know how it goes for a fellow novice.

Almo

THEMONEYSPIDER wrote: »

I've been watching far too many episodes of Dooms Day Preppers, i'm wondering if we should be buying Bunkers instead of Buy to lets!:rotfl:

Theres not much going on in the Moneyspider Household at the moment, just ticking along.
I did clear out the shed and do a carboot sale yesterday, raised £130 from old junk, so thats some investment funds into the kitty

I have read the Duncan Bannatyne book, Anyone can do it : My story.
Some one here had said they were reading it. Its quite witty and interesting, but nothing you probably haven't read before.

I think the recurring theme from these self made millionaire type stories is, at some point they all lay EVERYTHING they have on the line to leap forward with their plans, Take a massive gamble, and risk losing everything, luckily for them it pays off.

OH and I keep circling round this issue. We have discussed investing our savings in a few things on the basis that we are young enough to rebuild if it flops but it's still a massive leap to take.

lessonlearned

THEMONEYSPIDER wrote: »

I have read the Duncan Bannatyne book, Anyone can do it : My story.
Some one here had said they were reading it. Its quite witty and interesting, but nothing you probably haven't read before.

I think the recurring theme from these self made millionaire type stories is, at some point they all lay EVERYTHING they have on the line to leap forward with their plans, Take a massive gamble, and risk losing everything, luckily for them it pays off.

I've read this book too. Very interesting.

Remember these guys are selling books.

When they say a "A Massive Gamble" what they are more likely to mean is they took a calculated risk - not quite the same. The Massive Gamble makes it sound more dramatic than it is - it appeals to the pirate/merchant adventurer in them.

However often the reality is a little more prosaic.

I once worked for a man who was just rebuilding his empire after losing his fortune.

I won't mention his name for obvious reasons but I know for a fact that his "massive gamble" was no such thing - despite what his memoirs would have you believe.

Before embarking on any of his ventures he made damn sure that he had sheltered some his assets by the simple expediency of putting them into his wife's name, or into a trust.

Even if the new venture were to go belly up, he would still have had a principal residence which was valued at over £100K (1983) plus some very fine furniture and paintings, his wife's jewellery etc. All safely protected.

As it was his latest venture didn't tank. After having a couple of failures his third venture paid off and he struck gold.

Just as soon as he had made some serious money, his previous principal residence was transferred to the Company's name when it became Company HQ. He then bought a wonderful £1m barn conversion (again 1983 so goodness knows what it is worth today) as his new principal residence, again in his wife's name only.

Protecting some assets is easy when you know how:rotfl: That's what you pay your accountants, lawyers and tax advisers for. That's what limited companies are for.

I am just about to give/gift/loan whatever you want to call it £20K to my boys as a deposit on a house. I will place a charge on this. This makes me their 2nd in line creditor, after the mortgage lender who comes first.

If they ever have to sell the house due to unforeseen circumstances, then, assuming there is enough equity left after the mortgage has been cleared, I get my £20K back.

Simples

What I then do with that £20K is up to me. I can chose to regift it to the boys or donate it to the cat's home. It's my money that I have protected.

Only an absolute fool takes a "massive gamble" without trying to cover and protect a few bases. A calculated risk is an entirely different animal.

An experienced climber would not plan an assault on Everest without setting up base camp and ensuring supply lines of food and equipment. That would be a risk too far. A massive gamble.

The same principle applies in business.;)

PS forgot to say - well done on the car boot. Thats a nice tidy sum for a mornings work......

THEMONEYSPIDER_2

lessonlearned wrote: »

I've read this book too. Very interesting.

Remember these guys are selling books.

When they say a "A Massive Gamble" what they are more likely to mean is they took a calculated risk - not quite the same. The Massive Gamble makes it sound more dramatic than it is - it appeals to the pirate/merchant adventurer in them.

.

I talking about the time before he built his first Nursing home, the Bank had refused to loan him any more cash, he bought the land with a loan, but they refused more cash so he couldn't get on with the actual build. Resulting in him having to sell the ice cream business for less than its worth, selling his bedsits, and remorgaging his house in order to raise the funds, even then he still didn't have enough to complete the build and had to make an arragement with his builder to get the project finished.

Most people who have a nice steady income, like he did from the ice cream business and bedsits, would be happy to sit back and think they have done quite well for themselves.
I think this is what makes the difference, most would be happy with that, but then there are the few who dream big and just go for it.

Most of you will have seen the theory of starting with a penny investing it and just doubling it every day, Most people would bottle it around day 20.


Day 0 .01
Day 1 .02
Day 2 .04
Day 3 .08
Day 4 .16
Day 5 .32
Day 6 .64
Day 7 1.28
Day 8 2.56
Day 9 5.12
Day 10 10.24
Day 11 20.48
Day 12 40.96
Day 13 81.92
Day 14 163.84
Day 15 327.68
Day 16 655.36
Day 17 1,310.72
Day 18 2,621.44
Day 19 5,242.88
Day 20 10,485.76
Day 21 20,971.52
Day 22 41,943.04
Day 23 83,886.08
Day 24 167,772.16
Day 25 335,544.32
Day 26 671,088.64
Day 27 1,342,177.28
Day 28 2,684,354.56
Day 29 5,368,709.12
Day 30 10,737,418.24