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Millionaire Challenge

edited 30 November -1 at 1:00AM in Boost Your Income
4.1K replies 793.8K views
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  • tinktay84tinktay84 Forumite
    299 posts
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    Jacka87:
    Just to through a curve ball would you accept success if you won a million on the lottery or premium bonds or something similar? (couldnt quote properly)

    I have probably done the lottery about 5 times in my life, I do feel it would be a bit of a cop out but the challenge is to get to a million so I guess it would count??? I did put euromillions on yesterday and won £0 haha

    Between April 2010 and April 2011 I was working 3 jobs and going to college so I am well aware of how hard graft it is.
    I have today had a meeting with an accountant that is going to start doing my accounts and knows of my millionaire challenge. He didnt think I was mad so if the numbers guy doesnt scoff its good news hey?

    I was thinking of blogging but I dont want people assuming im rich or to make myself a target, as another poster said, its ok saying someone is worth such and such an amount but if its all tied up in assets its not like you have the cash to hand over but is it worth risking making yourself a target? I do however hope that it gives other people in debt or with ambition a little encouragement....
    trainee millionaire (aka not there yet!)
  • saphydogsaphydog Forumite
    37 posts
    This is a great thread and you arent the only one that would like to retire age 40-50

    A million £ is not what it used to be and in assets I reckon is definitely an achievable target.

    To have a million saved in the bank by 50 could be tough unless you really drop on a clever idea or work yourself to death for the next 30 years.

    I am currently 27, married, homeowner, working both employed and running a small business. Its great to see your bank balance rise, its almost like a game which makes working more enjoyable.

    I will be more than happy with 250k savings + a nice home by the time im 50.

    I suppose there are a few rules to follow:

    -Dont waste money for the sake of it, its easy to go blowing it all when your having a good period.

    - Save everywhere you can. My wife laughs at me when we go shopping, i wont buy anything that i consider to be overpriced, even if its a matter of pence. Friends call me tight :-D, il re-use a postage stamp if it hasnt been franked.

    - Learn as much as you can in life. The more you know about the world the more money you will save; do your own diy, your own accounting, repair your own cars. One things for sure, you will never be bored.
  • This is a great thread!!

    I'd like to do the same but through an idea, be it a business idea, product idea, gap in the market idea and watch it grow into something massive!! that's the plan anyway!!

    It's just finding that idea/gap/product initially!!
  • tinktay84tinktay84 Forumite
    299 posts
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    Its not that I want to retire early, far from it. If I have a day off I feel bored and unproductive (although i know I need days off)

    Its also knowing that £1m isnt what it used to be that makes me think 'why the hell not?!' When you think of it as 3 or 4 properties (mortgage free) it brings home just how achievable it COULD be.
    trainee millionaire (aka not there yet!)
  • Jacka87 wrote: »
    Oh just a thought, anybody wanting to accept the millionaires challenge may wish to read "Think & grow Rich" I have unfortunatly never read the full book, as I just get so far through and end up getting distracted with busy life. However it gives a guide on the principles of succeeding in becoming rich or achieving big goals.

    I have read this book, by Napoleon Hill. To me it's a little bit too much in the dream fantasy world. The main advice seems to be to think about money, and imagine how much you want and tell yourself this every night. This will motivate you to go after it.

    I can tell you for a fact, that I have been dreaming of being a millionaire every day for many years and am still no closer to doing anything about it!
  • rictus123rictus123 Forumite
    2.6K posts
    Well iv had some financial lessons already. Although I turn 20 soon and have a debt free date of march 2012 along with saving 10k in that time. Then its onwards and upwards. I don't think il shoot for million straight away, i could get there on my 50th birthday, I would just have to work out what to put away every year for 30 years. A million won't be that much when I'm 50 but itl still be an amount some and most people will never get near. I'm putting away 450 or so a month into long term savings...eventually I can see me using it to buy a buy to let hopefully no t long after I turn 30. What would u guys do if use wete just 20 to get rich?
    Work in progress...Update coming July 2012.
  • Jacka87Jacka87 Forumite
    369 posts
    Part of the Furniture Combo Breaker
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    MikeR71 wrote: »
    I have read this book, by Napoleon Hill. To me it's a little bit too much in the dream fantasy world. The main advice seems to be to think about money, and imagine how much you want and tell yourself this every night. This will motivate you to go after it.

    I can tell you for a fact, that I have been dreaming of being a millionaire every day for many years and am still no closer to doing anything about it!


    I have to say I am now at chapter 10, not quite finished and I have also done it in chunks and its taking a while. the book itself isnt one that I particularly felt was amazing and thats partially due to teh same reason as what your saying. However in my opinion the book doesnt just say "keep dreaming of eing rich and you will be rich" it also gives some helpful practical ideas.

    As an example it states the concept of having a "master mind group", which is basically a group of people that have similar goals that can help you along the way. Is that not almost an exact definition of this forum or even this website as a whole?

    Now I personally think the book suggests that the group be used in a collegue sense, ie if you own a business then surround yourself with intelegent staff that know everything that needs to be known about the business and then you will not nessasarily need to know every area. An example of this would be having technical experts in specific fields, lets say an accountant perhaps??? Clever accountants are often described as being "worth much more than their fees every year".

    Btw I am not the biggest fan of teh book, I just think that anybody on this thread may find it beneficial, tho a bit long winded.
    Here to help and be helped!

    New to MB, running profit, £16 from MB, £30 cashback!
  • tinktay84tinktay84 Forumite
    299 posts
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    rictus123 wrote: »
    Well iv had some financial lessons already. Although I turn 20 soon and have a debt free date of march 2012 along with saving 10k in that time. Then its onwards and upwards. I don't think il shoot for million straight away, i could get there on my 50th birthday, I would just have to work out what to put away every year for 30 years. A million won't be that much when I'm 50 but itl still be an amount some and most people will never get near. I'm putting away 450 or so a month into long term savings...eventually I can see me using it to buy a buy to let hopefully no t long after I turn 30. What would u guys do if use wete just 20 to get rich?

    well first of all you are probably one of a small percentage of 19 yr olds putting savings away so thats a massive start!

    if I were 19 again (a whole 8 yrs ago) and knew what I know now I would do so many things differently.

    I would never have gone onto the credit treadmill thats for sure.I only ever did it out of sheer laziness, why save up for a car when my bank would lend me the money....hmmm. I was brought up to believe you should never borrow money and hard work was the key but obviously as a 19yr old I thought I knew better.

    I would possibly have trained for a career a lot sooner as I spent 10 yrs in catering on very low pay (my first wage was 3.26/hr) I now basically set my own wages as I give the quote so its up to me to reach a fair price that people will pay whilst having a decent wage and also the faster and higher quality my work is the more work I get
    trainee millionaire (aka not there yet!)
  • rictus123rictus123 Forumite
    2.6K posts
    I'm on a price as of July so can make as much as I want within reason...going to try and take home 3k min then next summer shoot for 4k. Not a bad months wage at my young age however there are still many same age on thousands more. Small investments now will be big come the time I'm 30. 1k a month into savings is 120k when I'm 30 without interest rates or inflation or anything coming into it. Shorter term most iv had is 4od so aiming for that by Xmas. Lots of work on so should manage.
    Work in progress...Update coming July 2012.
  • lauzpauzlauzpauz Forumite
    8 posts
    fantastic idea and very thought provoking! I love all of your inspiration and get go, and good on you for not listening to those people that try to pull you down to their level, getting a million, be it in cash or assets is not easy by all means but it is definitely possible at even a young age as I have seen people do it!

    Anyway, enough rambling, I wish you every success on your journey, good look to everyone and remember to stay motivated :)
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