Millionaire Challenge

lessonlearned

Good morning all

Rockchic - good luck with the college interview......I'm sure you will be fine.

How are we all - making lots of dosh I hope.:D

Well this week I have been busy sorting out Mum's nursng home, Dad's finances etc. Next week will be more of the same, moving mum to her new home and meeting Social Services for Dad's financial review. Then I need to look at Dad's care needs.

We have a meeting with his consultant next week for his diagnosis and presumably prognosis so I can't do much till then.

I have also been preparing all my paperwork for my endowment claims - they mature next month. I have a meeting with our Solicitor next Tuesday when she will verify OH's signature and documents, as well as finalising our wills and poa's. Another job I can tick off the list.

Yesterday, the boys and I met with the Vendors of DS1's new house, so that is all progressing nicely. Aiming to legally complete asap and get moved in and settled in by around August/September.

We are really looking forward to it. DS2 and I will be saving £650 in rent - money that can be put to far better use towards our first project. This house will be a keeper. We can live in it quite comfortably and begin it's gentle revamp whilst working simultaneously on other projects.

So here we I am. Bankruptcy averted, money in the pot, a roof over our heads, financial recovery accomplished.

Stage 1 of my journey is now complete. Stage 2 is about to commence.

Time to "Go For Launch". :rotfl:

Hope you are all well and happy and working towards your goals.

I know some of you are finding it slow going, but just keep going and you will get there. It is has taken me 2 years to dig my way out of the hole I was in. I firmly believe that patience and persistence really do pay off in the end.

Keep your eyes on the prize folks.;)

YoungBusinessman

Place has gone quite quiet! Everyone busy making their first million! I need to step up my savings the second half of this year. Saved more than £5,500 this year so far while spending probably about the same doing my house up(only just bought December 2012) so step things up and should save more than double that over the whole year. Next year I'm set for a payrise to the amount of £1,000 a month. About £600 extra in pay I believe as pay 40% tax on it. Will be aiming for £25,000 next year. For this one il be delighted with anything over £12,000!

Keeping at my plan il soon be a wealthy man not needing to live payday to payday. I aim to be in that situation by 23 so iv a year and a bit as I'm not 22 yet!! By that I mean 6 months expenses in an account. Once get that il up it to 6 months salary...which is double 6 months expenses!! Then its onto a bigger property and rent this one out, meaning it goes from our home to an investment as soon as we buy somewhere else. Exciting times, a busy year ahead to get me to my goals.

gothrockchic1

Hi all I was wondering is a Wannabe Millionaire club online? The kind of club that swaps ideas and supports people? I have searched it but find nothing. I think this thread is one of a kind

I have also searched millionaire mentors but find nothing too.

toastking

There are plenty of similar things online but the problem is they quickly get ruined by get rich quick scammers.

I blog about the topic of Get Rich Quick Schemes and I am rooting up some terrible websites. To the extent where I would say so far that trying to get rich quick is more difficult than ever and nobody is going to give their secrets away, but then we all knew that anyway

gothrockchic1

It is a shame that you can't have that I was thinking of doing a blog. Can you recommend a good site?

College interview booked for next Friday yikes!

toastking

Would anyone here be interested in taking part in a new feature for my blog whereby I am going to follow some peoples progress in making their million?

The plan is to get updates from the relevant people once per quarter, meaning 1 person per month and then either sticking with that or increasing dependant on interest and feedback.

In terms of websites I would recommend, nothing beyond the usuals found here. Neobux is starting to show good results and Onepoll is my best payer to date. But I am in the process of trying a lot of things out so over time I'll be able to generate good lists with data on how good each scheme is.

At the moment trying to earn the $150 required for a new script that will make advertising easy for customers and will also tie in well to a game I have in process. All in its exciting and busy times but always looking for more schemes

Love this thread!!!

lessonlearned

toastking wrote: »

There are plenty of similar things online but the problem is they quickly get ruined by get rich quick scammers.

I blog about the topic of Get Rich Quick Schemes and I am rooting up some terrible websites. To the extent where I would say so far that trying to get rich quick is more difficult than ever and nobody is going to give their secrets away, but then we all knew that anyway

We all definitely need to avoid the Get Rich Quick Scammers:rotfl:

I think the whole point of getting rich quick is that you can get poor again just as quickly.

Whilst it is tempting to take risks and gamble everything to speed up our journey to millionairedom I'm not sure it's a good idea.

Yes we want to make money and we don't want to take too long about it, but I can't help but think that for most of us, short cuts are probably best avoided. A more measured and assured way of building up wealth is probably better in the long term.

Don't get me wrong - I am not completely risk averse. Like most who are self employed I enjoy the thrill of the chase and living a little on the edge. I just think you should never risk what you are not prepared to lose, whether that be stocks and shares, or that pretty little horse running in the 2.30 at Ascot.....

I love Ascot. I once went with some friends for a girly day out, getting all dolled up, posh picnic the lot. There were 5 of us, so we decided to start with a £5 bet on No 5. We kept reinvesting our winnings. Five races later we were laughing all the way to the bank!!! The seasoned race goers next to us with their "systems" which failed them were gutted.......

Back in the early days of our relationship, my OH and I used to visit a casino on a Friday night. Again our stake was just £5. (This was back in the early 80's so £5 was worth a bit more). If we lost it then we stopped playing. If we were on a winning streak we played until our luck started to turn. We had some great wins.

I'm happy to take small risks but for me, most get rich quick schemes just do not appeal.

Now that I've dug myself out of the hole I was in and have begun the rebuild I would currently be prepared to take high risks with no more than about 10% of my available capital.

The riskier projects and investments (and therefore the ones with the most potential for high growth) will have to wait until I feel a little more secure.

PS - Rockchic - how was the college interview......

gothrockchic1

I agree about the scammers I guess the journey is a personal one but I wanted to find a support group, although this thread is probably the best one.

Thanks Lessonlearned it's not until next Friday I need to find something to wear!

tinktay84

Hi everyone, sorry ive not been about for a while! Im now about to embark on a 10 page catch up! Sounds like everyone is working hard to achieve their goals.
Ive been working my bum off & have also been going to bootcamp & boxing circuit classes to boost my fitness, my happy hormones & my muscles! I realised at work I was starting to struggle carrying the big 10l tubs of paint (we carry 2 at a time) so thought it was time to get in shape.
Turns out its a bit of a family atmosphere & everyone is really friendly & I feel like ive been going for years. Sheer torture but I feel so hyped up after that I tend to get all my good ideas & positive thoughts.
I had been doing 6 x 1 hour classes a week (luckily they run until late) but had to have 5 days away last week as I was exhibiting at the northern home show. I went back on wednesday to the boxing & genuinely nearly cried as it was so tough. When I got home I tweeted to say as much & put that I carried on when another boxing circuit goer tweeted a quote to me :Run when you can, walk when you have to crawl if you must, but never give up

That quote summed up my week let alone the boxing class & again just the idea that someone who I say hi to in passing thought to send something like that to be boosted me a bit.

So my progress this month isnt monetary...its that I can now do full 3 minute rounds of boxing & I keep getting teamed up with men so Im taking that as im pretty good at it now :-)

Business is, as per, chocka. Our 'cleaning team' is now getting lots of attention & we may need another cleaner to join us. The cleaning team is a bit of a 'passive income' the girl that does it sorts her own rota, customers contact her directly, she pays th emoney into my bank then I pay her wages. She just doesnt have the confidence to work for herself on the business side but is confident enough to do the work side which is great. We team up on decorating jobs, she goes in first, cleans, sugar soaps and sands, we go in and decorate (with the bonus of not having to sugar soap and sand) then she comes in afterwards to clean windows, rehang pictures, hoover etc. Customers think the added touch is fantastic & again its built into our price (which is still lower than some others in the area)

Ive now set up so we have a circle of trades that we can call on for work too on a sub contracting basis..eg our plasterer that we need quite a lot, again it all links in.

We also now do packages for if people are on holiday & we are decorating, our cleaner goes in just before they come back & puts fresh bedding on, puts fresh bread and milk in & generally neatens the house...how fab coming home in the early hours, having a sleep, get up and you dont have to go to the shop for milk for your first brew!

anyway....

LL fab news on the house, would love to see some pics. Ive been working in a gem of a house this week you would LOVE it. really big edwardian terrace, loads of features, huge wooden sash windows, massive mature garden with secret parts, huge original fireplace that now houses the cooker, huge cellar...truly fabulous

lessonlearned

Hey Tink - great to hear from you. Sounds like you have made some fantastic progress, building up your team and adding value to your services. This is what I always refer to as "packaging the deal"....And in the process you've added in some passive income - fab.

I was very interested to hear about your boxing and fitness plans.

We must be sisters under the skin because this is exactly what I am doing. OK not the boxing. At 62 I think I'm a bit long in the tooth for that:rotfl:, but definitely working on my fitness.

Like you I felt that I had been neglecting my physical well being a bit. Stress and time pressures have taken their toll and I am desperately unfit so I have embarked on a "health and fitness plan". Yoga, walking, weight training and am planning to start Taichi. I am also hoping to start dance classes.

I have also taken out PMI (private medical insurance). We entrepenueurs have to take care of ourselves;)

Well now - what have I been doing on the money front......

Wills and POA's now complete, solicitor just doing her thing. Endowment claims complete - just waiting for the money now.

And......Ta Da !! We have decided to "Go For Launch".

A bit earlier than planned but why not - I think I am ready for the next challenge.

As you know we are on target for buying our first property - where we will all live together a la "The Waltons". That is going well. No problems so far.

This week we spotted a great little diamond in the rough for our first project. We have put an offer in and are just playing the waiting game.

A nice little Victorian terrace - not quite the "worst house" and not quite the "very best street" but good enough. A tired little probate house in a very fashionable part of the city. The bonus is it's just a stones throw from where we will be living so I get the added bonus of being able to walk to work each day.

Should help with the fitness programme.;)

We are facing some stiff competition, quite a few interested parties are chasing this one. Keeping our fingers crossed. I'm not sure I trust the Vendors on this one and I definitely wouldn't trust the EA as far as I could throw him. :rotfl:

I'm just going to have to keep my wits about me and play it very carefully.

The other day I talked about my attitude to risk. Well I think I might be ready to take one. I now have a piece of land in my sights......

Will keep you posted on that one.

Hope you are all doing well and working towards your goals. Have a good week.