Millionaire Challenge

Colincbayley

The clever developers have made a mint in the current financial crisis. I know of at least 2 close friends that have.

What you need (in my view) to make a million is:

A Plan - Hard work (really hard) - Determination - Risk Taking - Investment - Ambition (Call it greed if you like)- More hard work

It can be done, just aim high, which is the purposes of this thread is it not!

Jacka87

Colincbayley wrote: »

The clever developers have made a mint in the current financial crisis. I know of at least 2 close friends that have.

What you need (in my view) to make a million is:

A Plan - Hard work (really hard) - Determination - Risk Taking - Investment - Ambition (Call it greed if you like)- More hard work

It can be done, just aim high, which is the purposes of this thread is it not!

I agree. You can make money, even in this climate. even taking it out of a business sense, the credit crunch, recession and now stagflation period as they call it is thought of as all evil and bad. I know one thing, I saved for years to build a deposit for a flat then bought it just before / at the start of the credit crunch, prices had alreday dropped but the disaster hadnt happened yet. My property was revalued a year ago and jackpot is up 5k, tho I am not really bothered as it will only matter if its up when I decide to sell. However the reduced interest rate on my mortgage means I have managed to save about half the cash that was on my original mortgage. Couldnt have done it without the help of the financial crisis! Ok if I had lost my job it would have been different but not everybody is winning and not everybody is losing, it depends on circumstances, luck and also YOU! If yoo work hard then you can do well.

Just to add my gf has had a rise in salary of about 40% over the last 3 years whilst I have risen about 4%. Thats on top of the savings on the mortgage and the fact that due to the credit crunch we managed to find lodgers to boost income as well.

Btw with red=gards to the property gearing concept, I think as with most things in life its about balance. If you gear too high and a tiny thing goes wrong you get into deep trouble. Lots of peopel done this and started the whole credit crunch thing in the first place. Now if you go to low you will be very safe but will not get rewarded as quickly. Risk and reward are linked. Take the risk and win and you win big, lose and you lose even bigger. Personally itsa boyut getting the right balance in between and of course hard work and a bit of luck will always help!

dizzyblnd

I love this thread and feel slightly addicted to reading it...

As a 27 year old lady- where is the best place to start? And is there anywhere on line that has a savings calculator?

one2escape

Remember to balance out your investments dont stick it all into property.

slkh

Well not been on for a while...been busy working and now taken on additional hour's and also started a little self employed work whilst home in the evening's so well on my way to my 20k target by next May! Not had much chance to read any more of 'think and grow rich' but hoping to finish it over the next week or so as I have found it really useful in my planning.

In response to previous post's there are property's for sale around the 30k mark just clearly not in your area's! I also agree it's better to buy outright is possible so all rent gained is profit minus the obvious outgoings for insurance/repairs etc before someone correct's me and hopefully a nice investment for the future!

Hopefully other's who wish to improve their financial standing or have a goal will join this thread soon as it seems to be more filled with negativity at the moment which is not why it started, there are enough negative mind's in the world already which is why this thread is a good place to share idea's and give useful advice.

slkh

one2escape wrote: »

Remember to balance out your investments dont stick it all into property.

Can you recommend any worthwhile alternative investment options?

slkh

dizzyblnd wrote: »

I love this thread and feel slightly addicted to reading it...

As a 27 year old lady- where is the best place to start? And is there anywhere on line that has a savings calculator?

I think first you need to decide what you would like to achieve, whether that be to clear debts within a set time period or to save/invest in order to buy property etc. Once you decide what you would like to achieve you can start planning on how best to get there. I would recommend reading some book's to explore different avenue's and maybe it will help in you deciding your next step's

lessonlearned

Hi Sikh

I haven't posted much but I am a regular lurker.

I will be joining in if I may. You'll get no negativity from me - I'm always insanely optimistic - even when the odds are stacked against me. In fact that's when I'm usually at my best.:D

I am a tad older than most of you lot - ok I'll 'fess up nearly 60. We were doing quite well until 2006 when disaster struck - my OH became very very ill - still is I'm afraid and it's been up to me to keep things going.

However, I'm determined to rebuild our finances - a big mountain to climb but I will do it. Maybe not quite a million - but then again who knows:rotfl:

We hung on and hung on hoping OH would get better and amassed £30K of debt. Last year I decided enough was enough - OH was never going to get better (that is not pessimism or negativity - just facing facts).

So..........I took a deep breath, sold off most of our assets - foreign holiday home, antiques etc - cleared the debt, took a chunk off the mortgage and did some essential remedial work to our home.

Now I'm ready to start again. Did it once - I can and will do it again.

My goal is to provide well for myself and have enough to give to my sons. Unfortunately OH will not be with us in the long term so it's now up to me.

I will continue to lurk and post occasionally with my progress.

Don't worry Sikh - we're not all doomsayers.;)

slkh

lessonlearned wrote: »

Hi Sikh


I will be joining in if I may. You'll get no negativity from me - I'm always insanely optimistic - even when the odds are stacked against me. In fact that's when I'm usually at my best.:D

Welcome! It's nice to hear a positive attitude at last Sorry to hear about your other half it must be a very distressing time for you. I think it's a very wise idea you have and like you say you have done it before so no reason you can't do it again, perfect example to this thread! Alot of the other post's seem to think it's all about making lot's of money as quickly as possible but that's not the case it's about having a long term goal however big or small that may be and the things we choose to do in order to get there, and enjoying it along the way may I add! I am really enjoying the fact every time I go to work in my second job it's all going into my saving's account toward's my first rental property which will become reality by next summer. Keep us posted on your progress!

lea123e

Loving this thread!

My long term plan currently involves investing in stocks and shares and buy to let properties, always researching other avenues too.

I'm currently investigating ways of generating a part time income(self employed) to generate a bit more cash for investment.

Good luck to everyone with this aspiration to make a better future for themselves