Millionaire Challenge

moneysavingtomcat

A million is indeed just a number, but it's nice round number, so it seems a good target to be starting out with. Like when you're learning to swim - obviously 1.3 miles is further and therefore a better achievement than swimming a mile, but the latter has that "hurdle cleared" ring to it.

I don't think a million will be enough to live comfortably through my retirement, but it's the target for now. When I'm there, I can set a new one. And I take the point that a million will be worth less in the future, but if it doesn't buy much, then I'll be completely screwed if I don't have one.

Hang in there tinktay, all of us except the luckiest will have good and bad days. Getting there is what matters, not having a consistently smooth ride.

Anyway, all I have done towards mine since I last posted is quite a bit of overtime in my two jobs. Next month I'm getting 70 smackers to appear as a ghost at a Hallowe'en party. Not bad for a couple of hours in the evening!

Buffythedebtslayer

Had a massive wake up call this weekend. Huge realisation that if I do not sort out the money situation then I am going to be seriously restricted in my life.

So. have to get serious now!

Off for a read!

xx

sinful07

Hi guys,

Ive decided to follow this thread too. I'm a 22 year old that has just started working in digital marketing.

i have no debts aside from my student loan- and am ok on the finance front. I'm aiming to have my own house by the time im 30. so that gives me around 7 years (i turn 23 in two months) to gain some money.

I havent figured out specifics yet, but i think i wanna achieve at least 30k by the time im 30? that's a doable target right?

So, 30,000/7 =4285.71 /7 = 357.14 a month.

That seems a bit steep for now seeing that i dont earn that much.. my shorter-term goal is to max out my isa per financial year. So i guess this kinda keeps it in line.

Currently trying to jumpstart a proofreading business as my train journey to and from work takes quite a while. (1 and a half hour door to door, each journey.)

Hope you guys are well.

toastking

Would anyone here be interested in joining up to a challenge on my website?

Basically participants update me and my growing readership on how they are doing once a quarter.

I will vet the posts to make sure they are good but you can use this as an op to say as little or as much as you want about what you are doing, try and recruit a downline or share your ideas in the hope of getting feedback.

PM me if you're interested.

In terms of my progress, thinly spread, starting to make money on quite a few 'schemes' as I call them. Quite a lot of new schemes I am working on and one or t'other is bound to be the mega break through with the amount of effort I am putting in.

Learning a lot from my mistakes... One thing, don't ever buy anything on ebays buy a business section. I have a depth of experience due to the blog and it's all rubbish (still trying to prove otherwise but not a single goodun yet).

Florasaurus

Blimey this is a long thread!! I've just spent about half an hour making a pdf of it so I can read it on the move (if anyone wants it then drop me a message)

I work with kids a bit and there's something that they use in the anorexic community which I think would translate well into here (side note: I'm totally not endorsing eating disorders here!!!)

Anyways, they set kind of intermediate goals, and then reward themselves when they get there. So for example, their Current Weight (CW) is 120lbs and their Ultimate Goal Weight (UGW) is 95lbs.
So they stick in a couple of intermediate goal weights (GW1, GW2, etc) in there because it's more motivating to see that it's only 10lbs until their next goal weight rather than 25lbs til their ultimate goal weight.
And then when they reach GW1 or whatever, they treat themselves to a manicure.

Although I totally disagree with the context here, the psychology behind it is absolutely flawless. I would much rather see I've got £46k to go til my next goal than £946k til I get the million. And you could have bigger and smaller goals, so like every 50k you treat yourself to a weekend away and every 100k you go for a week away?

Just a thought, but that's probably how I'm going to start it off

lessonlearned

tinktay84 wrote: »

I just feel like I'm on the wrong side of the glass...I can see where I want to be, I'm working hard, I'm doing all the right things but until I break that glass I'm not getting there

Chin up,rant over, off to start again


After all its not about how many times you get knocked down,it's bout how many times you get back up

Sorry to hear you are feeling low.

Keep going........

Welcome to all newbies.

YoungBusinessman

Florasaurus wrote: »

Blimey this is a long thread!! I've just spent about half an hour making a pdf of it so I can read it on the move (if anyone wants it then drop me a message)

I work with kids a bit and there's something that they use in the anorexic community which I think would translate well into here (side note: I'm totally not endorsing eating disorders here!!!)

Anyways, they set kind of intermediate goals, and then reward themselves when they get there. So for example, their Current Weight (CW) is 120lbs and their Ultimate Goal Weight (UGW) is 95lbs.
So they stick in a couple of intermediate goal weights (GW1, GW2, etc) in there because it's more motivating to see that it's only 10lbs until their next goal weight rather than 25lbs til their ultimate goal weight.
And then when they reach GW1 or whatever, they treat themselves to a manicure.

Although I totally disagree with the context here, the psychology behind it is absolutely flawless. I would much rather see I've got £46k to go til my next goal than £946k til I get the million. And you could have bigger and smaller goals, so like every 50k you treat yourself to a weekend away and every 100k you go for a week away?

Just a thought, but that's probably how I'm going to start it off

Absolutely a great way to stay motivated with smaller targets however I wouldn't break down a big ultimate goal as I don't have one. The goalposts will akways keep moving.

droopsnoot

To me you can't beat a nice graph of 'net worth over time' and see that the line is going up, or at least not going down.

GreatBigBookcase

Hello All, hope all well. Was wondering if anyone plucked up the courage to try matched betting yet? Droopsnoot and LessonLearned, was it you two who mentioned it a while back?

My new home renovation costs are, of course, eating up far more of my savings than I was hoping, and I don't want to go back to work for at least a couple of years as time at home with BabyKay is more important to me than a decent income right now...but I do need an income of sorts to stop me from working my way through my savings (as I'm hoping to use those for a buy to let deposit in the future).

I wish I was a bit more business-minded...there must be some way I could use my skills working for myself from home...?!

Enjoying reading and keeping up with everyone's updates even though I don't have much time to post any more. x

droopsnoot

I was going to try it, still haven't quite 'bitten the bullet' to get going. Most of the offers seem to be for quite a low profit, so it's been a bit hard to motivate myself. Also have another investment that appears to have gone bad over the last few days, so my mind is on that instead. Or that's this weeks excuse anyway.