Millionaire Challenge

Stovin

slkh wrote: »

Welcome! your plans sound impressive and should keep you very busy and hopefully not spending too much money in the process! It may well be worthwhile concentrating on one or two particular areas rather than ten as it usually takes at least a year for a company to even start making money, also having more than one company does not necessarily mean more money, you could reach your goal with one sound company which you have the time to dedicate yourself too. Just a thought! Best of luck anyway

First company did 90k profit first year.
second and third company done 5k each inf in the first quarter.
Basically each company feeds on the the next one, depending on what we spend the most on. ie when i get to five compsnies rather than outsourcing accounts, ill setup an accounts company.

Amara

Stovin wrote: »

does this include yoru mortage if so that isnt bad

Unfortunely, it doesn't. We live in HA accomodation , next challenge will be about buying a house, but for now, I'd like to concentrate on this one.

BigDebtBoy

Guys really interesting thread and some great attitudes, can't believe how young some of you as well, I would offer a couple of bits of advice which to be honest you probably allready are aware of as you seem a bright bunch.
Don't live TOO frugal, live is for living and enjoying whats the point in having good money and good money coming in if you can't enjoy it ?
without wanting to sound morbid you could get hit by a bus tomorrow or in 5/10 years time or get ill, what use is that money to you then, I'm pretty sure on your death bed you wouldn't be likely to say ''i wish I saved more money'' etc
You all seem too sensible to go and !!!! it all away but be wary of letting life slip you by, I am only 32 but it seems like 2 minutes ago I was 18 (no serioulsy seems only a couple of years ago) time will fly and 10 years will pass in the blink of an eye.

Anyway apart from that I would love to join in however I am out of work at the moment (I did have my own business from 21/22-28/29 but went bankrupt a couple of years ago and apart from record dealer and DJ I have zero qualifications so Its going to be a massive climb and to be honest I am useless at saving money :rotfl:
I do have a few ideas though, infact ideas etc are probably my strong point, motivation and self discipline my weak points.

Anyway what books would you guys recommend to take a look at seen a few mentioned but don't want anything trying to be to clever.

Good luck everyone, just remember to enjoy the journey as well as the destination

tinktay84

ood evening everyone yet again oving al the posts and am intriuged by the '1 company a year' strategy! That sounds like a challange and a half but obviously its going well for you.

slkh

BigDebtBoy wrote: »

Guys really interesting thread and some great attitudes, can't believe how young some of you as well, I would offer a couple of bits of advice which to be honest you probably allready are aware of as you seem a bright bunch.
Don't live TOO frugal, live is for living and enjoying whats the point in having good money and good money coming in if you can't enjoy it ?
without wanting to sound morbid you could get hit by a bus tomorrow or in 5/10 years time or get ill, what use is that money to you then, I'm pretty sure on your death bed you wouldn't be likely to say ''i wish I saved more money'' etc
You all seem too sensible to go and !!!! it all away but be wary of letting life slip you by, I am only 32 but it seems like 2 minutes ago I was 18 (no serioulsy seems only a couple of years ago) time will fly and 10 years will pass in the blink of an eye.

Anyway apart from that I would love to join in however I am out of work at the moment (I did have my own business from 21/22-28/29 but went bankrupt a couple of years ago and apart from record dealer and DJ I have zero qualifications so Its going to be a massive climb and to be honest I am useless at saving money :rotfl:
I do have a few ideas though, infact ideas etc are probably my strong point, motivation and self discipline my weak points.

Anyway what books would you guys recommend to take a look at seen a few mentioned but don't want anything trying to be to clever.

Good luck everyone, just remember to enjoy the journey as well as the destination

Welcome and I think your right, it's important not to live too frugal as I also think if you do you are more likely to crack and end up over spending!! I would HIGHLY recommend reading 'Think and grow rich' by Napolian Hill, it is a must read, not only for advice on becoming financially successful but also on how you should think and approach things in day to day life, I have found it fantastic in my planning and I am only half way through! It use's fact's and real life example's which Is what I prefer myself.

Good luck with your plans anyway, I'm sure there are many great possibilities within the music industry considerering the time's we live in and how popular music is so hang in there and those idea's will come, i'm sure. Also don't let the fact you do not have any qualification's put you off in anyway, alot of famous millionaire's had zero schooling never mind qualification's as you will read in the above book if you choose to read it! Keep us posted on your progress

JennyJewell

Rich Dad, Poor Dad is a good read too although quite long but worth it
I have my cleaning business company name should I choose to go for it I think it's a good idea on the whole and I like the way it all ties in together - whether I do it or not is another thing, my true dream and calling is to teach
Good luck all
Jen

slkh

JennyJewell wrote: »

Rich Dad, Poor Dad is a good read too although quite long but worth it
I have my cleaning business company name should I choose to go for it I think it's a good idea on the whole and I like the way it all ties in together - whether I do it or not is another thing, my true dream and calling is to teach
Good luck all
Jen

Will have to give that one a read! Congratulations in deciding on your company name, that can be one of the hardest part's! I'm sure if you decided to give it a go and it took off, in a few years time you maybe in a position to employ staff to do the cleaning contracts for you giving you the time to continue with your teaching. You should never ignore your true calling!

davidjwest

Good luck with it, compound interest will be helpful I suspect!

One thing to bear in mind is that time is finite and if you do make a million you'll never be able to buy time.

rictus123

Good point David, take too long dedicating yourself to millionaire status will only defeat the purpose. There is a term richest man in the graveyard. Anyone know about mortgage endownments? Or called similar to that? Been advised get one with a different company to mortgage advisor when I get a mortgage. Getting my car back from garage tonight...maybe put it back in for mot next weekend...hate the expense but one of those things you have to pay. 32 working days to go and time served and get a payrise...couldn't come quick enough. Then its carry on trying to get rid of card debt and save up some money as emergency fund in my isa. So hoping at least 5k a year in there...maybe stop about 25 as il have 25k in by then plus interest...so that would be a years expenses at least I'd think. So many ideas and opportunities.

slkh

Something I felt I had to share...

I was sat in my car this morning outside a supermarket when I saw a severely disabled person who only had one arm and clearly found it difficult to walk really struggling to get out of their car and into the supermarket's disability scooter to go and do their shopping, the assistant from the supermarket offered their help but the person refused and just continued their conversation on another subject as it seemed with the assistant and eventually got positioned in the chair and off they went shopping. I thought to myself what a special, determined person they were because regardless of their disability and the obstacle's they were to overcome to go shopping, something most of us take for granted as to it's ease they did'nt let it bother them in the slightest because they were determined by themself to go and do what they wanted to do independantly albeit taking a little longer!

Most will probably wonder what that has to do with this thread or even wonder what the heck I am going on about here but it made me realise we are all in a similar situation to the person with the disability! We all want to acheive a particular goal in our life and will undoubtably have many people who look at us and read our post's and think they won't do that, they can't do that! but they are wrong! If you want something enough and fully believe you are capable of doing so you will regardless of the obstacles it throw's at you along the way.

I'm sure that person could sit at home dwelling on his misfortune if that's what you can call it as i'm sure he does'nt see it that way and have the people around him do the shopping and driving but because he obviously (and it was clear to see) wanted to maintain his thoughts and wish's he did by himself with no assistance whatsoever even when offered. He even drove his own car which had obviously been fully adapted for him to be able to carry out his plan's. Many were walking past the car looking at it very oddly because they must not of had the realisation or knowledge that a person with one arm who was severly crippled could still drive a car. Thease are the same sort of people who don't believe you can achieve something out of the ordinary such as becomming a millionaire with no money to start but just an idea, It's the people who have the same mind set as that disabled person who make their goal become a reality with ease because they hold no boundaries in their mind or listen to the negative thought's and opinion's of other people. They see what they want and go and do it!

I just really wanted to share this and those of you who share that mind set will fully undertand what I am saying and I thought the above example was a perfect reflection of that.