Millionaire Challenge

lessonlearned

Kaya - that's very interesting. I think your dad could be right….

It might be better to focus on one area at a time, at least until you get established. There is such a thing as expanding too fast, especially if it means having to borrow heavily.

Whilst of course I think it is a good idea to have more than one income stream I think you can spread yourself too thinly.

Perhaps once your primary business is up and running and making good money then perhaps you can add a second income stream, expand or maybe even start a secondary business.

You might then be in a position to delegate some of the day to day stuff - thus freeing up your time to focus on the bigger picture.

I was talking to my plumber today about my "master plan".

We act as each others mentors. He advises me on building issues and I tend to advise him on design and marketing, mortgages etc.

He was surprised that I was already building tax planning into my business plan. When I explained it in detail I could see a light being switched on behind his eyes as it dawned on him how vulnerable he was to a huge bill for capital gains tax further down the line.

I had to smile. It appears that I am now also going to be his unofficial tax advisor. I know he got stung by a less than competent accountant a few years ago and he now often runs money questions by me. It seems he has had some very poor advice in the past.

Having learned the hard way that no accountant will ever be as vigilant with my money as I am likely to be, I have made it my business to educate myself about tax matters and to ensure that this time my wealth building strategy would include careful tax planning at the outset. I'm also keeping a tight rein on cash flow and always making sure I have a good contingency fund for emergencies.

Hence my slightly cautious approach this time and why I am focussing most of my attention on property at the moment and not allowing myself to get sidetracked.

In order to focus my attention where it is most needed and yet still try and have a second income stream I decided I needed to delegate some of my antique/bric a brac dealing to an assistant. She will market my stuff for a 30% cut.

I will still do the buying, sending the higher quality items to auction but she will do most of the selling of the lower value items. It will free up a lot of time for me - time that can be put to better use on project managing, managing budgets and hopefully taking full advantage of any opportunities that might come my way.

Kaya - your dad sounds like a gem…..

lessonlearned

Here's todays thought…..

The creative mind never experiences poverty.

I take this one to mean that we should unleash the power of creativity, we should keep an open mind and always look out for the good things in life, which is not quite the same as splurging the cash……..

A bit of creative thinking can overcome many of life's little hurdles, chucking money at a problem isn't always the best solution.

A rich and rewarding life doesn't always equate to how much money we flash around…….

It is perfectly possible to live a satisfying and rewarding life on a surprisingly modest amount.

Some of the richest people live very simply and modestly.

I have to confess I love shopping…….I could singlehandedly spend the UK out of recession. :rotfl: However, I do try and shop creatively.

I wanted a shaver/toothbrush point in my new bathroom. Extra work for the electrician therefore more money…..

Compromised with a lighted mirror with shaver point facility. Shopped around - managed to get one for £80 (some were well over £200).

A little creative thinking and a bit of extra effort sourcing the mirror has saved me a nice little wad of cash…….;)

Today is a lovely sunny day, time to do some gardening. Going to plant some fruit bushes as hedging - on offer at ALDI so cheap as chips.

At a stroke extra privacy, with food as an added bonus.

Now there's real bang for your buck.;)

Have a creative day:D

singledout

Anyone wanting to grow rich mite want to consider a online business. PM me if you want the link

lessonlearned

Today's mantra is…..

Never, never, never, give up.. (Churchill)

It's ok to fail. It's not ok to let failure defeat you.

If you fail then pick yourself up and start again.

mazajo

lessonlearned wrote: »

Today's mantra is…..

Never, never, never, give up.. (Churchill)

It's ok to fail. It's not ok to let failure defeat you.

If you fail then pick yourself up and start again.

You're absolutely right, you can never give up! :j

droopsnoot

lessonlearned wrote: »

Today's mantra is…..

Never, never, never, give up.. (Churchill)

It's ok to fail. It's not ok to let failure defeat you.

If you fail then pick yourself up and start again.

So there's no room for W C Fields then:

"If at first you don't succeed, try, try again.
Then give up. There's no sense in being a damn fool about things."

lessonlearned

droopsnoot wrote: »

So there's no room for W C Fields then:

"If at first you don't succeed, try, try again.
Then give up. There's no sense in being a damn fool about things."

It's up to you of course……

I like the one from "The Best Marigold Hotel".

"It will all be alright in the end, and if it's not alright, then it's not the end".

And of course that old perennial - "It's not over till the fat lady sings".;)

As for trying and trying again, maybe the idea is not to just keep on duplicating the effort and trying the same thing over and over again. Perhaps it should read be prepared to be flexible and to change your ideas and approach.

Or perhaps it's best summed up by one of my friends

"Don't let the b******s win"…….:rotfl:

lessonlearned

Good morning all

Today's little gem;)

From Henry Ford

Quality means doing the best even when no one is looking

Self explanatory really.

Have a great day.

Karmacat

Hello LL! I just had a few days offline ... how lovely to come back and read your recent posts! Thank you

Kayalana99

Hiya guys,

LL - You two would get along, my Dad loves nothing more then to talk about saving tax and properties...although saying that he doesn't like (or doesn't no how more) to get his hands dirty...he is not a DIY man!

He's looking to build his first house soon, he has big plans to build one every year (or three years? something to do with tax and living in them then moving?) but doubt it will happen - not saying he won't build one or if not more if it works out for him... but I think his wife gets fed up of him wanting to move all time...:rotfl: She likes a 'home' where my Dad likes to move about (and by about I don't mean travel wise if its next door I think he would be happy he just seems to like moving!!) its just bricks to him.

Business is not going to awesomely since my set back but building back up again - another 8 to list that I've just done (being able to take my laptop to bed and do work at this time of night is what I've been missing out on!)

I've had this plan in my head - get to 27k and buy a house to rent...

To me this is my goal from running the business (and staying at home ofc with kiddies :-) ), but I've been thinking today I NEED to get a good income coming in apart from the houses - If I did this the houses have to be seen as retirement income only - because any money made would most likey go back into the houses early on especially...so each time (and when ) I get a house - I then need to find another 27k or so...with no extra income...and that's not taking into account that house prices will probably rise the more time it takes to get that far.

I need to stop thinking in the now and think to the future...I think I need to write a business plan for the next 5 years...so as soon as the youngest goes to school I can start rolling out the big guns and turning it into a full time business...and my partners new job is going amazingly...I hope he keeps it. This month he has a £200 bonus which is to be honest is a god sent. (Not that he will let me save a penny of it though :rotfl:)

*Hoping* that in 5 years, OH will be earning a lot more as his job has no end of opportunities and he really seems set on moving up, my business should hopefully be taking off... then if we don't increase spending to much we can start our property hunt... 5 years seems a long time though.

If only I could make 27k this year...... :cool:

Just checked my laptop battery level and I've got 70hours left... somehow I don't think thats right...wish it was. :eek: