Millionaire Challenge

slkh

rictus123 wrote: »

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!

I'm not too sure if the pdf is the full version but it will certainly give you the basic ideas! I think your plan is very sensible and looking at the overall picture of 500k by 45 is fantastic and should be the all motivation you need! Let me know how you get on with the 'Think and grow rich' I found it could be quite hard reading at times but the message comes through and to think some of the people it use's as example's started with less than us, so we have no excuse I guess!

rictus123

Compound interest will work in my favour...yet savings v inflation will not! So i will have to be careful not to accumulate too much liquid so my net worth will actually go down in value unless i save that 20k a year. I can definatly see me in a position where my net worth is at least half way there...by 40 even as opposed to 45. I know money is not EVERYTHING. But its a large part of life and influences lifes choices and options so much theres nothing i want more than financal independance.


I might skim read the pdf and then get the book if i understand it....Motivation comes from withen though, not a paperback. I will do this.

tinktay84

20k by 2012 sounds like good jumping of point to me. I love reading all the posts on here be them positive or people offering words of caution.Every post has helped mein some way or other.I cant remember who posted the advice but it is pretty much the basis of how i work: dont rip off, dont be ruthless, do be reliable trustworthy and honest and do work to a professional standard.

Since getting my van in December I have built up quite a lot of business, much of which is repeat and wrd of mouth. The past week alone I have booked n 4 houses on 1 street.

I will be aiming for 20k but it will be clearing debts as well as saving up so probably 10k debts 10k savings
GAME ON PEOPLE

rictus123

Chapter one of that book left me thinking this book aint for me. However carried on and chapter 2 is brilliant. Writing out current SOA and targets tonight...then hopefully a forecast SOA for later on in the year, without the cards and car payments. Hopefully having me closer to the goal. We will have to put away £1,666 on average per calendar month for the £20k target. £385 a week for 52 weeks. It CAN be done. It WILL be done. Time to have something to show for my money.

tinktay84

When you break it down to £385 a week it actually sounds a lot more than 20k in a year haha.

Im feeling a bitlike im on a treadmill at the moment as I have so many jobs part done that I cant finish until the weather improvess thus no payment.
On a plus note we made a good start on a full house we are decorating today so hopefully come in a day less than planned thus actually making decent money.Its frustrating having to pay out half the money I earn to someone else but I guess if the work gets done in half the time....
Hopefully next couple of quotes I will be able to put in decent quotes as I am defintely underpricing myself but am getting more confident. Im just very aware of that fine line between value and expensive and also the climate we are in.
There are a lot of 'repaint a room for £40' guys near us but I think people are wise to the pay cheap pay twice rule. I tak pictures before and after every job as a portfolio and what cant talk cant lie eh?

rictus123

Hmm i thought so too! Last financal year i took home over £22k in my job. Been on that rate since April...doesnt go up until July. So really im trying to save £385 a week when my Mon-Fri take home is £333 a week. Mission impossible? Right now, yes, very! But once i get my payrise in July it will be much more do able and next March, April and May i hope to be taking home £3,500 a month minimum...so hopefully manage to save £2,500 of that a month.

slkh

rictus123 wrote: »

Chapter one of that book left me thinking this book aint for me. However carried on and chapter 2 is brilliant. Writing out current SOA and targets tonight...then hopefully a forecast SOA for later on in the year, without the cards and car payments. Hopefully having me closer to the goal. We will have to put away £1,666 on average per calendar month for the £20k target. £385 a week for 52 weeks. It CAN be done. It WILL be done. Time to have something to show for my money.

Glad you found it better as you went on, I found parts of it quite strange but I guess it's the overall picture it's trying to show you. I can already tell by your above response you're acting on the advice given, it did the exact same thing to me! I am adament we will all acheive this, like you say it CAN and WILL be done! I have made another promise to myself from reading the book's advice to help others as much as I can such as on here giving my thoughts and advice on different post's, it keeps me busy and free from spending money whilst helping others in a situation, when i'm not doing that I intend to work, I started my new 2nd job today which I really enjoyed and can't wait to start properly as I know every penny earned from that job is going straight into my savings pot towards my 20k and I also intend to do as many extra hours as I can on top of that, obviously not too many but only hard work will get me to my goal and boy will it be worth it!

slkh

rictus123 wrote: »

Hmm i thought so too! Last financal year i took home over £22k in my job. Been on that rate since April...doesnt go up until July. So really im trying to save £385 a week when my Mon-Fri take home is £333 a week. Mission impossible? Right now, yes, very! But once i get my payrise in July it will be much more do able and next March, April and May i hope to be taking home £3,500 a month minimum...so hopefully manage to save £2,500 of that a month.

Could you possibly do some of your own jobs on weekends/evenings? I know it must be a hard, tiring job but it would be worth it in the end!

tinktay84

Well i have my accountant coming tomorrow taking all my receipts so in about a week I should know where I stand with regards to tax refunds etc

Just coming on here I feel ike everything is becoming clearer as I keep picking up tips and ideas that clear the wood from the trees.
Im loving lloyds tsb money manager it shows what areas you are spending money in and how much each month you spend.It does pretty pie charts and everything haha

rictus123

Well i do overtime at my work im just trying to put across what a challenge iv set for myself....i can take home £500 a week if i really put the hours in but naff weather just now so will have to wait until it sorts itself out...anyway only 6 weeks on Thursday and im off work on paid holiday for 3 weeks...might work a week or even 2 if im on my new rate...all that will go straight to £20k target! If i do 70 hours a week now i get £500 a week take home. Apparently with my rise i will be on £700 a week for 40 hours. So clear £1,000 a week easy if i get the rise iv been promised!