Millionaire Challenge

lessonlearned

Hi Rockchic - great news about finding the right course. Good luck with the fund raising. Three months to raise an extra £1000 - fingers crossed for you.

Well we are back on the house viewing. Saw a great little diamond in the rough yesterday for the boys. Going to offer on Monday.

Still not found anything that special for me. Maybe I'm too fussy. I'm watching a few possibles on Rightmove. Anyway it's perhaps better if I concentrate on one purchase at a time.

I'm still not 100% sure of my final endowment figures yet and tbh I don't want to count my chickens before they are hatched.

How are we doing people. You are all very quiet - hope that's because you are all too busy to post - sitting counting piles of dosh.......:rotfl:

Right time to start the day.

THEMONEYSPIDER_2

I'm doing pretty rubbish tbh, i seem to have been going backwards for the last few months

Like i have said before the 1st quarter of the year is always difficult for me, i have a lot of expenses going out and not a lot coming in, im hanging in there though and things should soon pick up

Hopefully, Everyone else is too busy counting their dosh :money:

lessonlearned

Sorry to hear that Spidey.

Hopefully things will pick up soon. I think we all go through phases like that. In my case "the phase" lasted quite some time.

Anyway onwards and upwards.

Oddly enough last night I went through my finances and did a forecast for June - a lot of expenses next month. I wanted to check if I could meet my outgoings without resorting to dipping into savings so I drew up a time plan - ie when I pay what.

Yes I know a bit OCD:rotfl: However, I'm finding that my new way of micro managing in this way is really helping with cash flow. That savings pot is mounting up - slowly but steadily.

GreatBigBookcase

lessonlearned wrote: »

Which reminds me Ray-Kay - how is your house purchase going, and more to the point - has Baby Kay made her grand entrance yet.

Thanks for thinking of me LL

Baby Jonah is currently asleep in my arms after arriving by c-section (breech with the cord wrapped round his neck) on 29th April. He is, of course, perfect in every way.

Re my house purchase, I have things to sign and send back to solicitor, just haven't gotten round to it yet between the dirty nappies and feedings, etc! My builder took a load of trades people round to the house last week and is coming to see me tomorrow to go through all the quotes with me. It's looking like more than I wanted to spend (maybe up to 30k rather than the 25k I was hoping for). I don't think the renovation costs will lead to the house being worth more than I've spent on it, but in terms of a long term family home for me and Jonah, it will be worth every penny.

Downside, it won't leave much for my little BTL dream, so that might need to be shelved for a few years, but maybe not...plenty of equity in the family home as that'll be mortgage free, so we'll see...

Haven't had time to keep up with the thread since J's arrival....will hopefully be back to it soon!

Hope everyone is well and making little steps towards their goals.

Rockchick, good luck with the course.
Spider, hope things look up for you in the next few months.
LL, good luck with the latest property for your boys...hope it works out for you all. And all the very best of luck re the drug trial for your OH.

Kitty, I owe you a PM...soon, I promise! x

lessonlearned

Hi Ray Kay - thanks for the update - lovely to hear from you. You've done well to post. When my first child arrived I was lucky to be able to find time to grab a bite to eat now and then. You must be better organised than I was. I was hopeless. :rotfl:

Anyway "Congratulations to you on a job well done":j:j and hope that you are recovering well from the C section. "Hello and Welcome" to baby Jonah.

Re your house - I wouldn't worry too much about future resale profits right now. A lot can happen in the housing market, much of it is beyond our control. I think if you just ensure that your builder does a good job it will all come out fine. In the meantime you will be able to have a comfortable mortgage free home for you and Jonah.

You will have security and I'm sure you will make it a lovely little "nest". If you are mortgage free then you may find you might be able to save a little towards your first rental deposit as you go along.

I think you have been very wise and sensible making yourself and your little one financially secure first. A mortgage free home at your age is a fantastic achievement.

As you know my goal has been something similar.

When Tink started this thread my finances were dire. I was afraid that I was going to have to declare myself bankrupt and lose what I had left, including the roof over my head.

However, the inspiration and support on here helped me fight back.

I set myself a goal. To rescue my finances sufficiently to enable me to buy a small house and to help out my boys with deposits.

I'm nearly there - the money is there. Micro managing the finances and meticulously planning each step has paid dividends.

I'm just trying to find the right properties now. After that it will be time to begin the expansion programme and build that mini empire.;)

That final £1m goal may or not happen. I might not live that long, after all I shall be 62 soon. However, never say never. I intend to live a looooong time!!!

My approach has been slowly and surely. I have been very risk adverse, taking care to protect what little I had left and just rebuild slowly.

Step 1 was a rescue operation. It's taken just over 18 months or so to reach where I am now.

Step 2 is to consolidate and start the rebuild in earnest. Realistically I think I will be looking at next year to launch Sept 2.

I will, however, in the main, continue to play it safe. I will not risk my primary residence under any circumstances, nor will I do anything which compromises my passive income.

I will, however, be happy to take the odd "well calculated risk;)" to really get the ball rolling and speed things up a little.

Onwards and ever upwards.:rotfl:

PS I just checked. Tink started this thread just over two years ago - 10.5.11

"Happy 2nd Birthday" everyone......

lessonlearned

Just a quick update to those who are interested.

OH starts his drug trial next week. Keeping every crossed that it works.

First month is free. If it is successful and we want to continue then we have to fund it. £191 per month.

I do have enough to pay for it from my ordinary passive income - it just means less cash-flow at my disposal.

So - the only answer is to make more.

Time to up my game;).

ekboy

That great news, LL. Not so good about the expenditure side of it, but its only money and will be very well spent if it improves quality of life for your DH.

I always enjoy reading your posts. You are an inspiration to the rest of us. Keep it up !

gothrockchic1

lessonlearned wrote: »

Hi Rockchic - great news about finding the right course. Good luck with the fund raising. Three months to raise an extra £1000 - fingers crossed for you.

Well we are back on the house viewing. Saw a great little diamond in the rough yesterday for the boys. Going to offer on Monday.

Still not found anything that special for me. Maybe I'm too fussy. I'm watching a few possibles on Rightmove. Anyway it's perhaps better if I concentrate on one purchase at a time.

I'm still not 100% sure of my final endowment figures yet and tbh I don't want to count my chickens before they are hatched.

How are we doing people. You are all very quiet - hope that's because you are all too busy to post - sitting counting piles of dosh.......:rotfl:

Right time to start the day.

Thanks LL if I can't fund raise for it I will put it on a 0% CC I don't like the idea but I am trying to see it as an investment rather than a debt

sketchingkari

I've been dipping in and out of this thread for a few months and each time I come away inspired :T Well done to everyone who is making steps (no matter how small) towards their dream.

I have been telling myself, it's a little pointless for me to dream this big as I am approaching the big 40 faster than I would like, but I was reading last night and it stuck this time, you really CAN achieve your goals, no matter what they are, you just have to be on it, 100% and not give up then the problems arise, as they always will.

My game plan is not yet finalised and it certainly won't be a quickie, my ultimate goal is for our net worth to be £1 million, at the moment it is around £50,000, but I need to get the exact sums written up. We have little disposable income as I am using it all to pay off our debts and mortgage asap.

I like the idea of the doubling up challenge, maybe starting with £100 and see where I can get it in a couple of years (that's how long I have before 40) then take whatever income I have made from it at that point and decide where to go from there.

I am also investigating a few more income streams, passive income has to be the best way forward, at the moment, I have just two streams, I tend to earn about £5 per day from those, so if I could create a dozen more, i'd be quids in

lessonlearned

Good morning all.

Rockchic - I agree that your course is an investment.

Nothing wrong with making the most of borrowing money especially at 0%. Think of it as investing "Other People's Money". All the best business guru's advocate doing exactly this.

Just remember to pop a note in your diary so that you don't forget when the interest free period runs out. :rotfl:

I currently have some money on interest free loan. I could clear it but I haven't because I'm earning some interest on it at the moment. Not much but better than nothing.

Welcome Kari - under 40 - yes you can do it. Time is on your side.

Don't worry about it not "being a quickie". Money that comes easily and quickly can disappear quickly and easily too. Get rich schemes are unlikely to be the answer to our prayers.

Steady as she goes is my motto.