Millionaire Challenge

MKeynesMoneySaver

Hi everyone, took me a while to catch up with what everyone has been up to, and it sounds like everyone has been busy making positive progress. Kudos to you all.

Regarding investing in shares, any investment is risky if you do not understand it. To successfully make money in shares consistently takes a lot of research and knowledge about companies and their performance. For the majority of people this is beyond their means and passive investing is their best bet, i.e. investing in funds which manage the decisions for you. There are many different funds to invest in which can target any strategy you choose.

Currently I invest in a tracker of the FTSE All Share index which follows the price of all share on the FTSE. It has it's ups and downs as reported in the news. It will never see meteoric rises as can happen with some share picks, but on the other hand it will never go to zero.

A website and blog that I have recommended before on this thread is Monevator.com. It is written by a couple of knowledgeable people and covers a lot of topics in the investment world. Sometimes it is highly technical, others its tilt is definitely towards the novice investor. Looking through the website always gets me thinking.

As for me, financially I am going slightly backwards, although I knew this was going to happen as I am emigrating to Oz at the end of September. I know, lucky git, but it doesn't feel that way at the moment. Moving is supposed to be one of the most stressful things you can do, but surely it is even worse when you have no work lined up and you are leaving all your friends, family and everything you have ever known behind. At least I will still have the WWW and this thread. .

It feels like my life has been on hold while waiting to emigrate so hopefully once I get there I can push hard for the target! Anywho, hopefully tomorrow I shall be getting in touch with a letting agents to arrange letting my house out and become a landlord. I pay a pitiful amount of interest on my mortgage, and should get a good amount for rental, but I was surprised at how little profit I will be making.

YBM - Sounds like you are going great guns, wish I was in your position at your age.

LL - You are an inspiration to us all and well deserving of success.

GothRockChick - Congratulations on the college course I am sure you will be fine. I have spent the last year doing an online accountancy course in prep for my emigration and new career plans. It was hard at times to sit down and get into it, but just sitting down for five minutes can lead to half hour of study.

lessonlearned

MKeynesMoneySaver wrote: »

LL - You are an inspiration to us all and well deserving of success.

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Don't know about inspiration - it all seems more like perspiration at the moment.!!!

Moving men coming at 8-00am :eek::eek: I'm about on my knees with tiredness, can't sleep either......The heat doesn't help. Oh well what doesn't kill us makes us stronger:D Next time I move I won't be so tight fisted - I will pay for a packing service.

Anyway I wish you well for Oz. It must be very stressful and a real wrench from your family and friends, but I'm sure you will love it once you are settled.

My sister is married to a Kiwi and we have lots of Aussie and Kiwi friends. I do like their optimism and "can do" mentality. The best of luck to you and do keep in touch. As you say the WWW is a fantastic tool and resource.

Re the shares. Thanks for the tips. I definitely want to dip my toe in the water at some point. DS2 seems to have quite a knack.

Rockchic - good news about your DH, and well done on the pay rise;)

Right time to get cracking .....

YoungBusinessman

Good luck LL i hope its all gone well for you. Iv had a few invoices paid already that i didnt expect plus a small savings account i closed, extra £££ in the bank....should be ending August on about £8,600 in the £15k in 2013 challenge, so saved over £3,000 in July. Aiming for the same again in August. Still a long way off being any sort of millionaire but small steps, il get there one day!!

tinktay84

Hi all,

Just back from my hols where I spent time cruising the med on a yacht... Well it was a 1 day, 3 island tour on a boat in the med so close enough... Haha

Ill be honest, I've been up and down a LOT the past 12 months, as some of you have seen, I know LL and I chatted a bit at my low points.

I was just getting so frustrated at working so hard, getting endless grief & not making money. Also I still am unable to get a BTL mortgage as every time I get to where I'm told I need to be, the goal posts move!

I'm now in a position where I am questioning my next move & seriously considering a complete change again. I seem to be blocking my own money making potential as anything I do I lose money rather than make-even things where others make good money.i think I lack confidence in myself so am under valuing.

Anyway, feeling better having read hat you are all up to :-)

leictina

Hi all

Quick update from me for the end of July......managed to improve my net worth by over £300 in July.......only £1009k to go for the £1millione........

lessonlearned

Hi All

Just a quickie - popped into the rental to catch up with emails etc because no internet at new house until next Tuesday.

Move went smoothly but was shocked at the state of the house. I know it's a bit of a project but the place was filthy - tenants had been in for 8 years. Don't think they'd ever cleaned it - had to rip up the carpets and bin them, then it was out with the scrubbing brushes and disinfectant.

Some people live like pigs.......

I'm exhausted and really drained - never mind - it will be worth it - eventually!!!

Tink - sorry to hear you are struggling. There's no harm in having a rethink and trying something else. I'll mull it over and see if I can come up with any ideas.

In the meantime would it be worth you entrenching a little, ie just working for yourself and not running a team.

I know quite a few people who have done this. Rather than trying to employ a team of people they have become "one man bands" - picking and choosing the work they do. Several people have told me it's a lot less stressful this way and that it can be just as lucrative.

This might work for you especially if you could get some high end work such as marbling and decorative finishes.

At the moment I'm just focussing on this house move and getting myself straight. I then need to take a close look at my finances and my "master plan".

The good news is both endowments have now matured and they have come in at slightly higher than I had estimated. Only a few thousand but better than a slap round the face with a wet haddock.:D

I also have finally won my battle to get my OH Continuing Health Care funding. It's only taken 3 years, numerous appeals, complaints and badgering everyone I could think of.

I'm not sure exactly how it all works yet but at least I won't have to contribute towards his nursing fees anymore and his full pension will be reinstated.

Of course the downside of this is that his condition continues to worsen. Unfortunately - no matter how hard I fight, scheme, plan and plot there is nothing I can do to change that one.

It is what it is.

Leicitina - good news on improving your net worth. Keep at it.

Kayalana99

Afternoon guys,

Don't post here to often but wanted to update. :-)

Tattycath Stock market - its quite easy to set up a 'virtual' account where you can play with say 100k and see if you can make money or not. I havn't started myself yet but the general opinion is you need a few thousand and it needs to be at LEAST a year investment or your just gambling, also advisorary to watch the news to see whats going on with the world.

As for cost, again I have been looking into one site I have found costs £10 a trade to buy and £10 to sell ...so if you invest £200 in one stock your already techinally lost 10% of it but if you invest £2000 you would only lose 1%....but then some sites might cost less and some might charge more...but just an example.

--

I told you I was doing my AAT which I am still working on, are you ever in that mindset that you REALLY want to get started on things and do research etc? I am abit like that atm so I keep telling myself do one chapter of my course then I can go do all the other things I want to do lol...its working kind of.

Withdrew £250 from my Ebay Business from last few months and have some savings this month so on just over £900 spare from £500 a couple months back but we are just about to pay for a hoilday in May which will cost us £250...MIL + fam *might* be coming as well but couldn't afford to book it upfront so knowing we have money in the bank OH offered to pay it now and they pay it back later(another £150-250 depending how long they come)..... I don't mind this but MIL only deals with cash...cash will be given to my OH...OH is bad with cash...soooo I have a feeling the money won't be going back in the bank account without force lol.

So apart from my course I am

Looking into the stock market...plan on doing alot of research first and buying a couple stocks to get the feel of it.

Looking at starting a few blogs ...I understand these can take years to build up but I plan on just doing loads and loads of small ones rather then doing one main blog...will update how this goes (will get started on the research/blogger after I have finshed the other half of my chapter >.>)

Thinking about getting back into web design as well for my blogs sake and it would be a nice 2nd income something you could do in spare time if you could make websites but thing is I have this problem with trying to do to much at once so everything gets left half done...and I don't want my AAT course to get left behind. So this is on the maybe pile or 'after my course only' perhaps...see how I go as my course will take 5+ years if I go on ACCA as well lol

I know being on this Challenge, the hardest thing is keeping savings in the bank with my OH being around... he does nothing but push me to spend money and I do nothing but push him to save money.... I really don't know how he'd manage without me!! The mortage wouldn't get paid thats for sure!

Rambling now sorry

gothrockchic1

I can totally understand where you are coming from Kayalana, my OH has always had money but he has been unemployed and is now in a temporary post with 6 weeks left. I have tried to get him to save money. I brought him a sealed tin from Poundland and he puts his pennies in there. He is coming round slowly, he has started to pick up roadkill pennies now. Still a long way to go but keep trying.

lea123e

Hi Folks!

I've been away for a while but still slowly plugging away at the dream!

Hope everyone is well, I really need to catch up on the thread to see how you're all doing

I'm busy at the moment doing my 3rd property renovation project and as always am thinking about my next one! I just wondered if there are any fellow property tinkerers on the board who can recommend(perhaps from personal experience) how best to finance a development that is NOT your own home? Obviously residential mortgage is out of the question so am wondering if a development mortgage is the best way to go, hmm? Any advice from those in the know very much appreciated

Waving hello to Tink and LL )

Xxxx

lessonlearned

Hi Lea - well done on your third renovation project.

Do you have a pet mortgage broker. I have spoken to mine about development monies and he does offer this facility, interest rates higher than resi mortgages of course but definitely a way forward. He was able to offer me a loan at 10% with an arrangement fee of £1500. It all depends on how long you need the money for. I guess 6 months or so wouldn't be too bad - the payments would be tax deductible of course from your gross profits.

I'm actually thinking along these lines myself at the moment.

I have the opportunity to purchase a couple of properties - one is my sisters and one is my fathers. I know both the houses of course and although they both need a bit of work they do offer some potential. Both properties are structurally sound and just need a bit of light cosmetic work and a few layout tweaks. I will be able to buy them at a good price because there will be no EA fees etc.

So far we have only ever taken out residential mortgages, but I think development loans will be the next step.

Well we are now moved into DS1's house. A lot more work than we had originally anticipated but tbh not entirely unexpected. Over the years I've learned to expect the unexpected when taking on a reno. :rotfl: Just have to up the budget and the timescales. Luckily this house was never meant to be a flipper so DS1 can take his time.

I have decided that I don't really fancy living on a building site over the winter so will be shipping out and leaving him to it;)

I have been offered the opportunity to rent a small bungalow within the grounds of my OH's nursing home. The bungalows were originally staff quarters but are now surplus to requirements so the nursing home owners have decided to tart them up and let them out.

They are a bit basic. no mains gas, single glazing and rudimentary night storage heaters. However, with a bit of judicious insulation of the "old style" kind I can make it warm and comfortable.

The big plus is I will be close to OH. I'm not able to have him home with me so this will be a good compromise. I can pop in and out and see him whenever I want. I can wheel him round to the bungalow when he is up to it and I can spend time in the evenings with him in his room.

During the day I can get on with my various projects, get to meet friends for lunch occasionally and OH and I will be able to enjoy a more "normal" lifestyle spending some quality time together.

What's not to like. I can have a little "bolt hole" away from the mess and chaos of the reno works and I can be close to OH.

Win-win.:D

It's taken a long long time but I finally feel that I am making some progress.

Good to see you all making progress.

Kayalana - I appreciate how difficult it is when your partner is not quite as committed. Sometimes it is very difficult to get people on board, especially when financial restraint is required.

DS2 used to be a shocker, he had no concept of "delayed gratification" and would spend money as soon as he got it. TBH I used to be the same when I was in my teens and early 20's. It's not an easy lesson to learn.

Could you perhaps try leaving some motivational/money management books lying around - oh so casually.;)

I bought my son a few books and he read and digested them and is now a changed man.

Does he have a particular dream or goal? Something relatively short term, that requires saving towards. Short term treats and rewards might help him to acquire more thrifty habits.

Although I definitely have a long term goal in view I do allow myself a few treats and a little "mad money" every so often. It does help.