Millionaire Challenge

Buffythedebtslayer

dave4545454 wrote: »

apology accepted:). why shouldn't i have aspirations to be a millionaire? i'm very good with money, i keep my outgoings very low, for instance, my food bill for a month is around £12-£15 so i am very used to scrimping and saving.

I've also managed to pay off my mortgage many years in advance so i live rent/mortgage free which helps a lot.

Well, aspirations are what we all have and no one said you couldn't have them but as MoneySpider said your income would become too high to claim benefits(aside from universal benefits like Child benefit) and become a millionaire.........Sure become a millionaire, but it won't be done claiming benefits as your main source of income.

congrats on paying off your mortgage.

droopsnoot

dave4545454 wrote: »

that's if you keep your money in a bank, i only have 5k in my bank account.

As opposed to where else? I am not familiar with benefits but I would imagine any asset is considered when assessing a claimants eligibility.

By all means have aspirations, that's what this thread is all about, but as soon as you reach a certain level you're going to lose that benefit income or risk a great deal.

mineallmine

I am beginning to succeed in the battle against those pesky daily spends that can become invisible. Packed lunch, coffee in a flask. Are now my best friends.

But enough of focusing just on the frugal aspects I need to think about income streams.
:T

toastking

5k also makes you ineligible for many benefits. I am only about 50% sure of this...

pufferCells

Goodluck to this aim of yours. Hopefully you can achieve this part of your life. By the way, don't ever quit as this could be a trouble in your pride because this could be the first time that you'll ever mess up if you quit - this is a difficult goal anyway.

happy81

mineallmine wrote: »

Great thread. Like the idea of breaking goals down into stages. So there's a number of successes along the way. I'm going to apply (nick) that straight away.:o

I see many posters note their age. In a way I feel the age you start is irrelevant. It's about moving from point a to point z in a specified period of time. You define what z looks like for you. And if you start at 30 or 70, so what. You're improving your financial lot. The phrase that sums this up for me is - When you know better, you do better :T


H, I'm really interested in what sorts of things you do in your daily personal development routine. And many congrats on qualifying as a life coach. :j

Feeling very (very) inspired by you all :A

Hello, I've sent you a private message with my routine.

Buffythedebtslayer

I wonder about these positive routines and positive thinking. I think I am too cynical to try!

xx

dave4545454

toastking wrote: »

5k also makes you ineligible for many benefits. I am only about 50% sure of this...

i'm only 0% sure of this

it's 6k when they start to reduce benefits

droopsnoot

Buffythedebtslayer wrote: »

I wonder about these positive routines and positive thinking. I think I am too cynical to try!

Me too. I've read quite a few things along these lines without finding anything that inspired me. Each to their own I guess.

Kayalana99

dave4545454 wrote: »

i'm only 0% sure of this

it's 6k when they start to reduce benefits

It is 6k, and even then it doesn't affect it greatly. I belive they go on the interest?

Even so Dave, if you want to become a millionaire you need to invest and living under the benifit threshold is just going to hold you back.