Millionaire Challenge

lessonlearned

nathand wrote: »

Pay them per item. I took this approach when I started selling online and it worked well. Paying per hour incentivises slow packaging

Good idea.

At aged 12-14 they wouldn't be able to get a proper job anyway so they are likely to be really pleased if you offer them work. Minimum wage for under 18's is pitiful.....(Mind you min wage for adults isn't much better).

I gave some work to my next door neighbours' boy when he was that age - got him to help with DS2 on a couple of garden projects. I discussed it with his mum and dad first because I wasn't sure what to offer.

He helped my son with some heavy digging, weeding and erecting a greenhouse. A couple of afternoon sessions. I gave him a tenner each session, plus all he could eat and drink:rotfl: He was chuffed to bits. His parents did say I was very generous, but like you I would have been mortified to underpay someone and take advantage.

Whenever I have employed someone, whether it was carers for my OH or construction workers and trades, I have paid them well and treated them with courtesy and respect (the way I would want to be treated).

Not saying this to sound like Miss Goody Two Shoes - I just think it is only fair and right. (Plus of course, if they are happy then they work better and are loyal).

Anyway sounds like you are getting your plans together.

Onwards and upwards........

Still working on the spending review and savings revamp.

DS2 has just emailed me to say he has today started a pension plan. He did mention it yesterday saying "Gotta make the most of that compound interest".

How I wish I had grasped that simple concept when I was his age:rotfl: He has also bought some shares this week.

This was the young man who, a couple of years ago, was in debt up to his eyeballs and throwing money around as if it was going out of style, whose idea of a wise investment was a new computer game and the most expensive T-shirt in the shop.

Young Businessman - Sometimes we do have to spend even if we don't want to. Never mind, knowing you you'll soon be filling up the coffers again.

I too have had a couple of very expensive months which is why I'm doing another spending review.

Back to micro managing my finances again - a bit nerdy but it does help me get back on the wagon......

DireEmblem

Interesting thread, I would agree that becoming a millionaire is possible with the right level of determination and hard work.

If you were able to increase your savings at a rate of 10%, then excluding inflation and such you would need to save £4,250 a month for 10 years to become a millionaire. You can reduce the monthly figure to £1,350 if you space this over 20 years @ 10% return.

A more likely result is if you could save ~ £2150 a month, and invest, in which historic records suggest over the long term you can earn upwards of 6% year on year in average. This would break the £1m barrier at 20 years.

So, like this thread it can be a long haul, and most people cannot afford to make such returns/savings onthe side. There is another matter that you are only given one life - so enjoy it while you can!

This doesnt mean you should waste your money away. For example I am bad on ordering takeaway after a night out, which can easily cost upwards of £15 each time(used to be 2/3 times a week). Now I try to train myself to pre-emp and have easy goods to cook in the freezer. I then dump the £15 or so I would have spent on a takeaway into a jar.

There are other things as well - take a look at this mortgage VS rent calculator:- http://www.allagents.co.uk/calculator/mortgage-rent/result/120000-110000-30-4-00-500/

In my town it is ~£500PCM to rent a 1 bed property, whereas the graph highlights the cost of rent VS interest paid over the term. The difference here is that I would pay out an extra 100,000 over the 30 years if I chose to rent for the term, rather than purchase a property. Thats 10% of the road to a millionaire for a start.

The second part is if you could afford to go for a slightly bigger/more expensive property and dont mind sharing, then you can rent out the spare room.

I intend to enjoy life, but at the end of the day it is all about balance. I'm currently in the boat where I would to travel, but I also see the merits of purchasing a property and making the most of my 6 weeks off a year. Both have their pro's/cons. I dont believe you need to rush into things whilst you are young. You can take things slowly and enjoy things at an easier pace.

All the best for those joining in this thread, good luck!

ElleWoods

That's a really interesting link Dire. However, don't forget that with ownership comes additional financial responsibility - everything from DIY to new boilers to buildings insurance to remortgaging fees - all have to be paid for by the owner. At the minute my LL pays for all that but having been a home owner previously, I can tell you those costs really mount up.

That said, it would be great to buy rather than rent but it's just saving the huge deposit that's the problem, so if anyone would like to donate me £10-20k for the deposit, that would be lovely. Thanks. :rotfl:

Karmacat

Yep, if you have property, you can rent it out, and still go travelling. I rented out my flat to go live with my boyfriend. When I owned a house, I had lodgers in, in two configurations - the normal one of everyone has a bedroom, and shares the living room. And one where I charged a higher rent, and she had two rooms, I had two rooms, we just shared the kitchen and bathroom. Oh, and a third configuration, where I rented *my* room out short term, and went travelling in Greece and Turkey, during the build up to the first Gulf War. Came back early, and slept on the sofa .... and don't talk to me about the woman in a holiday town on the south coast, who rents out her house for the summer, and goes off to live in Goa during that time.

Never assume that because you own a property, you can't go off to places it can be done.

droopsnoot

lessonlearned wrote: »

Did anyone buy any RM shares. I intended to but forgot all about it until it was too late.

I thought about it, then decided not to. Although I've missed out on quite a decent percentage increase in value, that doesn't translate to very much actual money once you take into account that any request over £10k got no shares at all, and I think I recall reading that most private sales went to people on the lower end of the investment scale. That said, with projected 6% dividends it might still be worth a go.

Karmacat

RM shares - I wouldn't buy the quantity of shares that were available to the general public to flip, the costs of buying and selling are so high compared to the money you could reasonably make on that amount. And I don't think they're a good long term hold either - how many times have we seen headlines about RM only being used for Christmas cards and circulars these days? Its an exaggeration, for sure, but not by much.

Kayalana99

Hiya guys,

Bit random, but I don't need the idea and I'm not planning on doing it anymore (it was on my 'possible to do list')

Basicly a *no money down business idea, but you'll have to be somewhat fashionable or know someone who is!

If you go on facebook someone is already doing it called style fruits, so it would be a copy cat idea but I reckon their is still a market for more people to do the same.

Basicly they get loads of clothes websites and 'affilate market' the clothes through facebook by designing matching outfits...girls come along and 'like' the outfit...so all their friends see it...and then people who see the outfit might like a certain item or the whole outfit and buy them...and you guessed it ...through Style fruits affalite link.

They've got 500k likes on their page, and think about it..all you need is time, a website and a facebook page. Theirs basicly no cost invovled in running the business pardon the website fee's....

Would be alot of effort to set it up but once its up and running and your outfit ideas are getting likes you'd be rolling it in ... perfect business with no stock invovled lol

lessonlearned

Hi Folks

Thought you might like this.......

Over the last few days I have been re-organising my finances.

Today I went into the bank to pay in a couple of cheques. It was quiet in there so rather than ask for an appt I asked if I could speak to someone in the investment department there and then.

I was unhappy with what they were paying on one of my deposit accounts. I asked them what they could do for me bearing in mind that I wanted it on easy access. They said they couldn't really improve their rates.

"Oh dear" says I. "What a pity, I guess I'll just have to switch to Santander".

"Hang on a minute" said the bank lady, "I'll just make a phone call".

A couple of minutes later. "Would a 1% bonus be of any help?"

"Yes, that would be very helpful" says I. :rotfl::rotfl:

The moral of the story is - If you don't ask, you don't get.

Still awaiting my refund from the DSS for my husband's nursing fees - I'll keep nagging.

Karmacat

Karmacat wrote: »

Action Goals to end of 2013
- trading review, not touched it since June, there've been upgrades to the website I use. I also need to contact my ISP, something about changing the password every month to keep the speed of the connection constant, its awful again at the moment. No good when you're buying and selling!
Contacted the ISP, got halfway through the process, its helped, but I need to go back.
- counselling - get CPD hours in, renew professional insurance, DO MY ACCOUNTS.
Cleared the table for the accounts, got the paperwork sorted into piles, got the bank statements almost reconciled with the bankings.
- EOTW novel, integrate research into useable format, get the plot points in, extend the plot forwards.
Got another contact helping me on the current research, done a lot of the integrating, so I can move forward with the actual writing.
- cat website - get it set up, I have a free space on weebly I can use. Start getting content on there. Aim for two items under each heading each month.
Started to draft the website, but the interface has been upgraded a *lot*, I didn't know how to use it, so I'll have to start again when I have more time.
- greeting cards. Clear kitchen table of junk so I can lay out my design stuff, and see it all more clearly. Focus on the cats, since I'm starting the cat website. NEW CAMERA - on my personal blog, my photos are really fuzzy. I need my web presence to be more professional. I need business cards too, Vistaprint here I come.
Nothing this week.
- tree foraging book - keep safe the notes I already have; make sure I keep a record of new information I haven't got time to integrate right now; photo any experiments I *do* have time to do.
Found a prolific sweet chestnut tree, took photos of my first foraging last month, and my foraging this week too, great examples of how different things can be if you wait till the right time.

Not bad. I want to focus on the trading, the cat website, and the novel.

Kayalana99

Hiya guys :-) I have to admit I'm having a really good week sales wise but its a Seasonal design (might get a few sales through out the year but Oct/mid november are going to be the best) and I missed out on all of Oct as I only started these designs on 31st.

If every day was like last few I wouldn't have to go back to work! Unf its not going to last long as I guess you could say its a 'craze' that won't be around for another year -.-

On top of everything, the competition is pretty fierce in my niche but I have found no one does international delivery! And the best part is that international delivery is cheaper then sending it in the UK :S (Sent LL 90p in UK, 88p internationally)

Still have loads to buy though...laptop, desk, folders, more inventory.. my laptop is a complete wreck it has buttons missing and I have to keep it still on my desk with the charger wire stuck in the middle bit to hold it still as if it moves slightly it stops charging -.-

Thought it was worth mentioing my little one is 6 weeks now :-) Doesn't seem that long ago I was posting and telling you guys!

Hope everything is going ok LL, keep at it KC.

Were on our way!