Millionaire Challenge

lessonlearned

gothrockchic1 wrote: »

A great day for both of us :T

Celebrated with a chinese

Celebrated with fish and chips.:rotfl:

"Millionaire" ones though. Proper sit down job in a posh caff.

debtfreewannabeRnR

debtfreewannabeRnR wrote: »

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

ok.

1.Property is now rented out and is self-sufficient meaning I can use all my income again
2. On the way, i have started repaying the debts and hope to have no unsecured debts by 31/10/2013.

Feeling good.
I re-read my post, and thought more about the challenge, and you know what, I am enjoying it. Every thing is a challenge, and I appreciate the smallest thing far far more.

I will be posting a couple of links each time at things I have found that have not only pushed me further, but also just delighted me.

Link 1: Make your own wedding rings as a couple (£98 Per person, plus materials) http://racheljeffrey.co.uk/jewellery-school-hertfordshir/make-your-own-wedding-rings-as-seen-on-channel-4/

Link 2: Less inspirational, more practical - debt reduction Calculator: http://www.vertex42.com/Calculators/debt-reduction-calculator.html

Update next week, thanks for the support guys and gals

debtfreewannabeRnR

From Start to Finish, it's a challenge.

1. Overdraft: 500/4500.
2. Mortgage: 87000 (self-paying @£545 per month)
3. Credit card: 1350 (negotiated Interest free deal for six months)

"The modernist writers found despair inspirational." Mason Cooley

ElleWoods

Hi everyone,
I haven't been around for a while but have just caught up. Everyone seems to be doing well!

GothRockChic1 Congrats on your college place! What will you be studying?

RayKay Congrats on your baby! Lovely name, too. Hope you're both doing well. Did you manage to buy the house?

LessonLearned Sorry the drug trial didn't go as planned. It must be so stressful. I see your property empire is well under way though!

I'm currently trying to talk myself out of booking a holiday. I can't afford one this year and they are so expensive in the school holidays but I have the overwhelming temptation to bung it on my overdraft. I know it will only increase my debt, so mustn't. Talk me out of it, please.

What do you all do for a living and to earn extra money? I work in marketing but would really love to work for myself, even part time just to earn extra money for the pot. Not sure doing what though.

leictina

Hi all

Quick update from me for end of June:

Net Worth now @ -£9.1k

this is £1.7k worse than 01.04.12 (when i started this challenge) but a £0.4k improvement on last month also now had 3 positive months in a row......

only £1009.1k to go.......:rotfl:

Kayalana99

Kayalana99 wrote: »

Hi guys :-) I want to join!!!

I am basicly going to start from £0...kind of. My current circumstances are I am 22, living in a mortaged house with 75k debt to mortage company & 11k debt to family(which was to help buy the house might I add!) 10k is being paid at £50 interest only and no rush to pay back...but the other 1k should be paid back asap.

Expecting 2nd child so anything I do will be from home.

Currerntly doing my AAT course but I can't even afford the exam atm that I am ready to take (Thier are 5 exams for Level 2 at £50 each)..and am now losing motivation to get on with the 2nd book but I will get back into the swing of it!!

Run a very small Ebay business...probally make around £30-£40 a month but I have an idea to expand but I need to do more research and I'm looking needing £500 investment to buy orignal machine and including in my research will be whether to use a CC and pay it off over time...but its all up in the air :-)

My money circumstances are pretty crap... £900 in the bank but we have car insurance, mot & tax next month and were about £150-200 short of it, our income is pretty low from our jobs so will probally be using my credit card or overdraft to get through but in July it will all work out ok again (I only have the credit card as its Santander cashback and we only use it for shopping and petrol)

My to do list:
My course (Not really supposed to be here but its top bananna atm lol)
Sort my website out (Want to blog from it but I have the domain name etc but nothing on it!)
Get some investment savings together
Do the research on my Business product and see if its a viable profit margin.

This week, I have started Necter Adpoints & Swagbucks..its not big money but I'm hoping to save as much as possible to help with this challenge as I need investment money :-)

Hiya Guys.

Even though I wanted to join I decided thier was no point even starting untill I was kind of in the postive.. (I.e car to sort out and not enough money to pay)

Fortunalty due to tax credits we had a back payment of £500... plus we ended up paying the insurance monthly instead. (That was abit of a shock as was not expecting it at all)

So financally we are now in the postive (if you don't include our 11k debt to family) of £500 and have brought the biggest thing we need already which was a double pram..so that money is spare!

Everything on my to do list is still needing to be done...so I am reposting with hope of kick starting myself a little.

My plan with my Ebay business is abit up in the air as my Dad has just turned 50 and is basicly selling his business and going abroad for 6months..and I kind of needed his artwork skills on a very small scale to do it... not enough to make it even worth while outsourcing it to someone else... very happy for him though. :T He has worked hard running his business all his life and deserves a good break.

On wards with my course for now... will get my first exam booked today hopefully :-)

lessonlearned

Hi folks

Kayalana & Leictina - some good progress there.:D

Kitty - re the holiday. OK I'll talk you out of it. Remember if you put it on the overdraft you will be paying o/d fees so it is likely to make it a very expensive holiday.

However having a break or a holiday can work wonders, help you charge your batteries etc. I often find I get some of my best ideas when I have a break away from it all.

Rather than a big slap it all on the overdraft blow out, why not see if you can find a cheap way of doing it. How about a mini weekend, a city break or even just a couple of away days. Do you have anything you could sell to fund raise so you don't have to borrow money.

Well - I've had the most awful day - dealing with faceless beaurocracy - social services, insurance companies and the blasted estate agent who is dealing with our second purchase.

I wept tears of sheer anger and frustration. Came home and crashed out on the sofa for an hour or so out of sheer exhaustion.

Oh well tomorrow is another day and I will continue to fight the bu**ers. They will not beat me.

We all have our reasons for wanting to build up our wealth - for me one of my prime motivators is freedom, choice and independence.

I never want to be at the mercy of the state again.......

ElleWoods

Sorry to hear about your bad day, LL. Hopefully tomorrow will be better.

I also want freedom, choice and independence. Money gives you freedom to make the choices you want in life, which is exactly what I'm aiming for. I don't want to be beholden to an employer for the rest of my working life. I currently receive tax credits and would like to earn enough to be above the threshold so I no longer have to rely on them.

I've decided that rather than go on holiday this year, I'm going to book one for next year and pay the deposit for that, then pay the balance off in instalments. That way I won't have to go overdrawn. DS wants a day in London to visit the Natural History Museum, plus more local days out, so we'll stick to that for this year . I need to keep on track so really don't want to incur more debt.

gothrockchic1

Hi all not a lot of news here apart from a letter from my Bank re my ISA (interest is dropping to 0.25% :eek:) I think I will be changing my ISA.

Sorry you had a bad day LessonLearned tomorrow is another day. What doesn't kill you will make you stronger

SoftKittyWarmKitty I will be studying HR (Human Resources) its starts this September!

YoungBusinessman

Hey guys...finally starting to get somewhere!! On £12k in 13 challenge iv gone for target of £15k by end of this year...balance is at just shy of £10k :T Iv still got this months expenses to come out and next months holiday to pay for so this will take a fair whack!! Aslong as it ends at least over £7.5k that gives me £7.5k to find in 5 months, can definitly be done as even though i get paid fortnightly, i get 3 pays in August, even paid when im lying on a sunlounge on holiday. Average of £1500 can be done as August my highest earning month of the year.

Once im a bit clear of £10k i think il lock it away at the best rate i can find. On comp tonight to have a look about and see whats on offer. Obviously il never get really rich off of saving £15k a year however its a start and a leg up. This money is all being saved for next property purchase, leaving us to rent this one out. 20 year mortgage set to be clear when are 41 so that will supplement income if we still have the place. Its a small start, will need to step things up for getting this challenge done.