Millionaire Challenge

debtfreewannabeRnR

hi there,
i am a newbie to MSE.
I do have a plan - want to retire by 50 with a million in the bank with at least 3 or 4 properties. That is my goal.
So where am I now:

Debt: Mortgage: 87500 Fixed at 2.9% for 2yrs.
Repayment. Monthly payment £545
Debt: CC: 1350 at 0% interest until Dec 21st 2013.
Debt: Overdraft: 4500 at 11% interest (works out rougly 55 a month) - can currently only manage to pay the interest every month.

Income: 2943 monthly after tax. Pension - 6% from employer.
Bonus: between 2000-6000 each yr dependent on company performance
Income: Rental income : 400per month

So the plan is as follows:

1. pay off all the unsecured debts (1yr)
2. pay off the mortgage - or get it rented out completely so that it breaks even. (3months)
3. Save up a deposit for another property. 1yr Purchase a property. Buy to Let.
4. Save up a deposit for another property. 1yr Purchase a 2nd property.
Keep going till i have 5 properties.

Flaws, as i see it:
Dependent on the property market.
Dependent on me staying employed for the duration - good possibility, but no guarantees.

Any suggestions to improve this tack, or comments would be appreciated.

Love the idea of sorting everything by age of 50 - got 13yrs 5 months and 6 days left to go.

Will keep posting to this board... Would love to hear from more people with similar ambitions.

RnR

gothrockchic1

Hi all, so a bit of news OH has a 8 week contract with his old work :j

So thats two months of not all paying all the bills:T

In the meantime my 5 year plan is being finalised although it could be subject to change (as all plans do) dependent on OH's job situation.

Now to fill the ISA......

Keep going everyone...welcome to debtfreewannabeRnR we all have to start somewhere. I wouldn't put all my eggs into one basket myself but this is a personal journey, enjoy the ride!

lessonlearned

Good evening peeps - :wave:

Hello and welcome to debtfreewannabe.

Well - what can I say.

I said I was ready to launch into Stage 2 of the master plan.

Well - today was Lift Off.

Offered on the second Diamond in the Rough. Accepted. All systems go.

We are now officially property developers. :rotfl:

Rockchic - good news about your OH's contract.

I love a 5 year plan;)

lessonlearned

It's a beautiful day here today and last night I had my first full night's sleep in what seems like aeons. I feel so great this morning I just wanted to share it with you.

I won't dwell on my trials and tribulations of the last few years, but other than my husband's illness, over which I have no power or control, I feel that I have finally stepped out of the nightmare.

My finances are on an even keel and my long term dream of setting up my own property business has come to fruition.

I have a passive income which is risk free and guaranteed and is enough to cover my daily living expenses and enough capital to fund my business growth.

I hope you don't think I boasting or bragging.

I tell you this because I hope that my story will help you to see that it can be done, even when you are a decrepit old hag like me.

You are never too young to start building wealth but you are never too old either.

So to those who are struggling to get started, or to those who think you are too old or that you have left it too late I would say, "Don't give up".

You might be in debt, you might have no cash reserves or assets, but just keep going and you will get there.

We all get tired and despondent from time to time. When that happens just take a break, recharge your batteries and then get back on the programme.

Take a leaf out of Rockchic's book - have a plan. Break down the plan into short term goals. Easy steps....

Keep your eyes on the prize.

Follow Tinktay's tips - get fit, strong and healthy.

Take time out now and again to reflect on your progress and plan your next steps.

I have done a lot of spade work this last few weeks, sorting and organising my finances, legal stuff etc, sourcing and buying two properties, helping my parents out with their care needs.

I will continue to try and help my husband but I'm afraid to say that the drug trial has not been as successful as I had hoped, so I'm not certain where we go from here.

I reckon I have a month or so of quiet time, before we need to start packing up the house. I'm going to use that month to have a much needed rest. I did think about going on holiday but I don't really feel like travelling at the moment and anyway I think I would rather have a winter holiday - winter sun!!! July in the med is not for me.

So for the next month I'm going to chill and relax, get out and about and have some fun, work on the fitness etc.

Today I am meeting a friend for lunch. Not seen her for a couple of weeks and she is off to Canada for 3 months. We will have a lot to talk about;) She has a couple of cast iron fireplaces going spare - perfect for our first project.....

My role in our property enterprise is chief designer, sourcing materials, "shopping":rotfl: organising, keeping everyone fed and watered, managing the budgets and just generally bossing everyone around. It's going to be fun.

I also need to start thinking about my next income stream.

My bric a brac and antiques is a nice little sideline so I'm going to try and build that up next. Rather than attending fairs etc I would love to have my own gallery/antiques/design centre.

I'll put it in the 5 year plan.;)

Time to get cracking and start the day.

Buffythedebtslayer

Oh Lessonlearned, you are a bloody inspiration

Just come in from the MOST awful day at work, despairing of education.

thinking about how I have left my well paid job to go do something much less well paid.

and will I ever own a house or make a success of my life.

Your post has SO set me thinking LL

Thank you so much xxxxxxxxxxxxxxxxxxxxxxxxx

lessonlearned

Hi Buffy - sorry to hear that you have had a difficult day.

Take some time out this evening if you can, to just lick your wounds and recuperate. I find a G&T very helpful at times.:rotfl:

I noticed from your signature at just how far you have come in the last few months. You have made real progress on reducing your debt. That is a fantastic achievement - give yourself a pat on the back for that one.

Try not to be too disheartened - you are definitely moving in the right direction.

If you can continue chipping away at your debts at the same rate you will be clear in no time. Then you will really be able to forge ahead with building your wealth, securing your future and making those dreams come true.

But for tonight - just chill - maybe watch the Apprentice for a laugh.

gothrockchic1

Hi LL, thats a lovely post. I am glad that you are feeling so good.

Good Luck with getting a fireplace and on the second diamond in the rough.

I will watching the Apprentice too

gothrockchic1

Hi Everyone College interview went well I got offered a place then and there and I accepted! :j

It starts in September so goodbye free time but excited all the same. The first part of the plan is coming together. Credit card application got accepted Monday as well just waiting for that to arrive

lessonlearned

Great news there Rockchic.....And you're off....:rotfl::rotfl:

Today received the mortgage offer for the "Walton House". Also the broker completed mortgage application for the Diamond in the Rough.

All going well.

gothrockchic1

lessonlearned wrote: »

Great news there Rockchic.....And you're off....:rotfl::rotfl:

Today received the mortgage offer for the "Walton House". Also the broker completed mortgage application for the Diamond in the Rough.

All going well.

A great day for both of us :T

Celebrated with a chinese