Millionaire Challenge

Listerbelle

motorguy wrote: »

SO.... the threads being going two years now, anyone truly feel they are on their way to being serious wealthy?

Yep. I'm taking a year of my paid employment, starting in 8 days' time.

This thread and a few others have helped me focus on what's important to me and to my family.

Of course it does depend on what you mean by "seriously wealthy". I'm not looking at buying a new car every year or anything like that, rather being in a situation where neither of us ever need to work again.

We have three rental properties. And a few other small things up our sleeves.

Happy Thursday everyone.

Angelinaxoxo

I'd like to join this challenge

gallygirl

Listerbelle wrote: »

Of course it does depend on what you mean by "seriously wealthy". I'm not looking at buying a new car every year or anything like that,

That's good Lb, as the seriously wealthy wouldn't do that anyway, just the ones with loans up to the eyeballs :rotfl:.

Sounds like you're on your way, passive income rocks :T. I'm currently on 11.6%, looking to increase to 100% in 2 years :eek:.

motorguy

Listerbelle wrote: »

Yep. I'm taking a year of my paid employment, starting in 8 days' time.

This thread and a few others have helped me focus on what's important to me and to my family.

Of course it does depend on what you mean by "seriously wealthy". I'm not looking at buying a new car every year or anything like that, rather being in a situation where neither of us ever need to work again.

We have three rental properties. And a few other small things up our sleeves.

Happy Thursday everyone.

Great! :T

Must have a read through all the posts and see if i can trigger some inspiration!

lessonlearned

motorguy wrote: »

SO.... the threads being going two years now, anyone truly feel they are on their way to being serious wealthy?

Not sure about seriously wealthy just yet but definitely more comfortable.;)

2 years ago I was staring bankruptcy in the face and was in danger of losing my home.

This thread gave me a kick start and staying with the thread helps me stay focussed on my goals. I also enjoy the chit chat with like minded people.

I have pulled back from the brink, and now have passive income which is sufficient for my day to day needs.

I have a small emergency fund, the rest I have ploughed into my fledgling property development company.

I'm in a much better place.

Listerbelle - that's great, well done you. Enjoy your year off.

Gally - go get 'em tiger. Sounds like you are going great guns.

Kayalana - re your machine dilemna. I tend to agree with Karmacat - for now go with what you know is working and is giving you a good income. You have your hands full with your little ones.

How quick you grow your business will depend on how risk averse you are but I think it would be best to build more slowly. Get the foundations right (all these construction metaphors :rotfl:) Keep a tight right rein on the cash flow. That way you can have the best of both worlds, a nice little business with steady income and some growth potential, plus you get to be with your children.

If you expand too quickly you may find it hard to keep up, you will have capital expenditure on equipment etc and childcare costs to factor in.

I know you have the bit between your teeth and want to get cracking but 3 years is nothing in the grand scheme of things.

As you have found out when children are poorly they just want their mum (or dad). If you have deadlines and poorly children you are really going to be torn. It's a layer of pressure you can do with out at this stage.

Just my opinion of course……..

Hope your littlies get better soon.

Karma - sounds like you are making good progress. I'll take a peek at your website later.

Just to let everyone know - I have been in touch with Tinktay. I know we've been a bit concerned. She is ok and will be back with us soon.

Time to get cracking - got a busy day today.

lessonlearned

Angelinaxoxo wrote: »

I'd like to join this challenge

Forgot to say Hi and Welcome.

Join the gang.

lessonlearned

motorguy wrote: »

Great! :T

Must have a read through all the posts and see if i can trigger some inspiration!

Here's my tuppence worth.

Keep a right rein on the cash flow. Clear any debts or at least get them on 0% or a nice low interest rate.

Then build up some savings so that you can then start investing. In the meantime try and build some little sideline businesses so that you have more than once source of income.

Protect what you have and then build from there.

That's what I did.

I don't believe in get rich quick schemes and at my age 62 I can't afford to take too many risks.

I may or may not live long enough to make that magic £1m but as long as I make good steady progress then I am more than happy.

I set out to rescue my finances and help my boys - so far so good.

Like most of us I have personal commitments that do take up a lot of my time - my poorly OH and my aged parents so cannot always devote as much time to my money making as I would like.

One thing I have done and continue to try and do is improve my time management.

This year I made a resolution to watch less junk TV and less time playing on the T'internet.

It's amazing how much extra time I have found.:rotfl:

Kayalana99

Finished my Jan book keeping...:eek:

No idea how I've done it but I've spent 2k this month (business wise)

I just can't believe it I'm looking at the figure at the bottom and I keep checking over it and its all right... !

I brought a laptop new machines and stock which is just over half of that.

The rest is postage and general expenses. :eek:

I did buy a months worth of stamps for feb as well so hopefully I won't have any outgoings for feb now...

I think I'm in abit of shock lol

lessonlearned

Kay It's funny you should say that because I have just done exactly the same. I also got a bit of a shock with my expenditure for January;)

So I've spent a couple of hours drilling down and rejigging the budget for the next quarter to get back on track.

Some of the overspend was due to the dentist which I can claim for so will get at least some of that back, still I do need to pull back this month.

However, on the plus side I've totted up my passive income for the next quarter and it's better than I thought so it's not all doom and gloom. I'm still going to keep a tighter rein on the cash flow though, no point in letting money slip through my fingers.

I also want to increase my income so I might start doing a bit of selling bric a brac again. The trouble is I'm so busy and doing fairs etc is very time consuming. If we are going to meet our September deadline with getting property no 2 ready to go on the market I really need that time to project manage the build, then decorate and get the landscaping done.

It is likely that it is the property developing which will prove the most lucrative so that's where I need to concentrate my time and effort.

However, I have a small mountain of stuff to shift, and that's without clearing mum and dad's house. In fact I lay awake half the night worrying about how on earth I'm going to get their house sorted out and help dad move into his new place and get him organised. He is very confused by it all and completely overwhelmed - I'm going to have to do most of it.

Soo….. I now have a cunning plan. :rotfl:

Rather than try and be all things to all people I have decided to delegate. I simply haven't time to do antique fairs, stalls and car boots etc so I have decided that the good stuff can go to auction and I think I might have found a lady who will do the ebay type stuff if I pay her a commission. I think that might work better than having piles of clutter everywhere and trying to do everything myself.

What doesn't sell can then go to the charity shops or the tip.

The good news is the renovation budgets are under control.

I had a very useful production planning meeting with two of my guys and DS2. We went over the plans and ideas with a fine tooth combe, doing the costings and working out where we need to spend money and where we can cut back.

A good afternoon's work because I reckon we've shaved a couple of grand off the budget. :rotfl:

However, the scaffolding goes up on DS1's house this week and this is going to be the big one.......

Obviously we won't know the full extent of what needs to be done until they get up on the roof. I know it's going to be a lot though, we're talking roof repairs, guttering, chimney stacks and pointing up brickwork etc. - so not cheap…….It's £1800 just for the scaffolding and licence - and that was mates rates:eek:

Given that the scaffolding is so expensive the intention is to just do the lot now and get it over and done with whilst the scaffolding is up. Hopefully that will then be a one off expense.

Then we've just about done with the trades on DS1's house. He can do most of the rest himself for now, apart from getting the plumber back when he tackles the kitchen and bathroom.

I'm having a day off today. A bit of paperwork to sort out, a couple of bills to pay and then my time is my own.

Speaking of lap tops. Both my lappy and my mobile phone died recently.

I finally took the plunge this week and replaced my old mobile. I got DS2 to organise it all (I'm getting much better at this delegating malarky).

Anyway he gave me a present - no reason, his exact words were "thanks for being such a wonderful mum" Ahhhh. The present - a nice bright shiny iPad. :rotfl:

Ooh get me, getting all tecchied up…..

I've finally made it into the 21st Centruy.:rotfl:

Kayalana99

LL - Havn't read word for word as on way out but sounds like its coming together :-)

Thank you for your suggestion (admittedly on the other thread lol) about the 10,000 hour rule , that's one of the most motivating things I've ever read and anyone here who hasn't I would recommend having a google - I will look for that book later when I am back.