Millionaire Challenge

lessonlearned

Thought this might interest you.

In the eighties - gawd I know - I am an oldie (but a golden one I might add;) I worked for a guy who had already made and lost two fortunes. He was just recovering from his second bankruptcy. Now - well he's in the top 20% of the Sunday Times Rich List.

As a matter of interest he was starting again at the height of the eighties recession. His line of business was the leisure industry - starting out with pubs, wine bars and then moving into health spas.

I really enjoyed working there (left to have my babies). I didn't particularly enjoy my job - accounts - but I loved the energy and excitement of the place. The guy was a real dynamo and his wife great fun. They were smashing people.

They worked, worked and then worked some more, lived very simply, and watched every penny. They didn't even employ an office cleaner, did the lot themselves in their "free" time - even down to cleaning staff toilets. They taught me a lot about how to run a business and I always smile to myself when I see his name on that list.

"I knew you when .........." kind of thing.

Don't want to make this a preachy post - not my style - but to all the doubters out there I cannot recommend highly enough a book I recently read entitled :"A pocket full of holes and dreams" by a guy called Jeff Pearce.

Brought up in the slums of Liverpool he built up a clothing retail empire from scratch, lost the lot in the early 90's recession, picked himself up and built another one.

Here's the killer punchline - he has severe dyslexia, school wrote him off as a thicko. To this day he still can only just write his name.

Don't let your doubts and fears hold you back. What's the worst that can happen, you fail. If you fail, pick yourself up, learn from your mistakes (You'll have noticed my nom de plume is Lessonlearned) and start again.

nat21luv

In response to a millionnaire driving a 10year old fiesta and being frugal....

Ever noticed that Lidl's car park is full of Audi's, Merc's and BMW's?!

I pointed this out to my partner last time we went there as he said only 'poor'(thats putting it lightly!) people shop there. Then he noticed the expensive cars and their very respectable looking owners...and I also pointed out we sometimes shop there and he shut up!

Every penny saved is a penny closer to a million!

lessonlearned

Definitely agree.

I shop there, and markets and charity shops. Why throw money away:rotfl:.

There's an old saying - a penny saved is worth 2p earned, (tax, NI, expenses, etc have to come out of just about everything you earn)

slkh

RobMyers wrote: »

Noone is going to share any realistic ideas of making a million on here, get a grip! lol

Not really worth a response but I think you should re-read the whole thread, most of us know what we want to acheive and how are are going to go about it, the idea's are meant to be a discussion about what we are all doing to achieve our goal's and also for new people who may need some guidence in their planning. I would suggest if you have nothing useful to share not to bother responding at all, although I see your follow up post with an idea, have you tried and failed???

We have all got a grip it's people like you that need to get one :rotfl:

slkh

lessonlearned wrote: »

Thought this might interest you.

Don't want to make this a preachy post - not my style - but to all the doubters out there I cannot recommend highly enough a book I recently read entitled :"A pocket full of holes and dreams" by a guy called Jeff Pearce.

I will definetly give this one a read as soon as I have finished 'Think and grow rich'

Thanks for the recommendation!

tinktay84

ive not been on for a few days been working my bum off and getting everything straight. I now have my accountant set up, my business and personal accounts well and truly seperate and I no longer have to put all my receipts onto a spreadsheet as the accountant just wants me to send them to him every few months so thats alot less work. I now have around £500 in savings and am continuing to chip away at debts
The save the change function on my bank accounts is amazig as I have probably got around £20 a week going into may savings now as I use my debit card rather than take money out now.

I have work for the next 4 weeks and am starting to up my prices to a more realistic and proffesional rate (I was under quoting myself so im not making any wage ) Now that I have a professional qualification (distinction might I add) I feel like I have a bit of weight behind me.

Im working on savings in order to build up for a deposit on another property but obviously this will be a few years in the making.

To all the new people hello! Its great to see more people who are as nuts as me hehe just kidding. I have started to notice just how much negativity there is in the world and very much so within my own family. I have decided that to try and counteract it I will be nothing but super nice as im a firm believer that you reap what you sow and bad will come back to you 10 times faster than you dish it out.

I had my van egged the other night outside my house (I live in a very quite area with only around 10 houses on the road at the top of a hill) I was laughing saying it was a bit of tomfoolery, probably a car full of lads, and that if they were throwing eggs at my van at least they werent smashing someones windows or something similar.As far as I could see it was a bit of fun(apart from me having to clean the egg off as it quickly fried in the heat haha) Nothing money related but I love telling people haha

Colincbayley

lessonlearned wrote: »

Don't want to make this a preachy post - not my style - but to all the doubters out there I cannot recommend highly enough a book I recently read entitled :"A pocket full of holes and dreams" by a guy called Jeff Pearce.

Looks good to me, just placed an order for it on Amazon, £4.19.
Thanks for the tip.
:beer:

dizzyblnd

slkh wrote: »

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

Thanks I feel really positive after reading this thread. I want to pay some of my mortgage off first then would like to invest in other properties and possibly a holiday home with renting capability. Wouldn't know where to start with stocks and shares, any advice would be great. Any other good advice, I've ordered a few books people have recommended.

COOLTRIKERCHICK

once the 4% interest goes down on my lloyds vantage accounts on hte 27th June, i will max out my Halifax Isa....

I am also looking at opening a Halifax children's account, which is 6% interest... Yes i have children, well what ever i make will be left to them after my days:rotfl:

tinktay84

ooooo coooltrickerchick......nice on the halifax saver. I would consider that part of your equity therefore it adds towards your worth