Millionaire Challenge

gallygirl

Agreed :j all of it :j

And what everyone has said Spock. Other people will look at your 66% savings rate and be very, very envious! You are doing great - run some figures through http://www.cfiresim.com/input.php and see how soon you could retire :T.

And as for sleep ... such a basic need, I think we forget it at our peril.

My brain decided last night that sleep was wimps. Well guess what brain - you were wrong :eek::eek::eek:.

Listerbelle

lessonlearned wrote: »

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Listerbelle - hi there, how's the little one. Are you getting any sleep yet. :rotfl:

Thanks for asking LL

LOL. The little one is fab. But between the baby, Kondo-ing my clutter and CamScanning my random documents, there isn't too much time left for sleep :rotfl:

Thinking of you all

spock007

If I saved 66% of net income for another 7 years I could pay off a decent flat (not house as property is so expensive) then would truly have no debts and be able to start saving for retirement. I'll try and cheer up. The options as I see it.... move to Europe to get a change of scene and try to sidestep into a different role in the same industry, possibly by taking an MBA or similar. Or make a move into finance/consultancy where the money is much more (friend of mine just retired in Spain age 42 a multi-millionaire!!) though the lifestyle may be one of more and more work.

Karmacat

It takes work to be a millionaire, that much is true! Keep thinking of your plans, what will suit you and what will work.

Broken_Biscuits

spock007 wrote: »

If I saved 66% of net income for another 7 years I could pay off a decent flat (not house as property is so expensive) then would truly have no debts and be able to start saving for retirement.

buying one flat with all the money down would mean you could live rent free. Buying 4 flats with 25% deposits on each would mean you could perhaps live rent free and take an income.

depends on your risk aversion?

you could similarly buy 2 flats with 50% deposits or 3 with 33% etc


pay rises don't have to come from work. If you have your money into low interest isas etc, you can give yourself a pay rise by moving the money into the 5% accounts.. Peer to peer or a s&s isa.

assume your monthly take home is 1500. You would be saving 12k a year at 66%. get it all earning 5% or more and you are giving yourself a £600 a year pay rise. £50 a month.

give yourself a pay rise by investing your money properly!

Karmacat

Well said BB!

You've given me an idea, in fact. I own my home, and I have a horrendous gap in my pension income (and I'm awfully old, compared to Spock ). I wonder if I could remortgage and get enough to buy a flat ... you've given me another idea on how to fiddle about with what I have, thank you!

Broken_Biscuits

ha, don't come to me tin in hand if it all goes wrong.

remember investments can go up as well as down!

go in fully researched, prepared and ready for the worst case scenario and you should come out the other side with a smile on your face.

lessonlearned

Hi Spock.

Biscuits has given you some sound advice there. You need to make the money you have work hard.

I think you have far more options than you think you have., try and widen your focus before settling on a course of action.

As Biscuits says do your research, consider your position before you act otherwise you run the risk of backing yourself into a dul de sac.

If you are genuinely depressed rather than just "fed up"'then now is not a good time to make important life changing decisions.

You need to think and plan first.

As Biscuit explains a lot of wealth building depends on how risk averse you are. Hei is also spot on when he says not to put all your eggs one basket which is what you are in danger of doing.

By all means concentrate on your career.evenswitch careers ifyou think it will make you happier.

However if you wish to be wealthy you need to spread your exposure to risk, and you also need to have more than one income stream.

Look before you leap........;)

spock007

I just don't know if I get on with the idea of BTL - to me it reduces supply and pushes up prices for people that do want to buy - and if we all owned a BTL there'd be nothing to buy! It's a moral thing but maybe I'm talking rubbish - I know many people who do it. My money is put to work - 20% in shares, 10% in NS&I index linked and the rest in relatively high (3-5%) interest accounts.

Kayalana99

spock007 wrote: »

I just don't know if I get on with the idea of BTL - to me it reduces supply and pushes up prices for people that do want to buy - and if we all owned a BTL there'd be nothing to buy! It's a moral thing but maybe I'm talking rubbish - I know many people who do it. My money is put to work - 20% in shares, 10% in NS&I index linked and the rest in relatively high (3-5%) interest accounts.

I find this a very strange way of thinking coming from a millionaire wannabe! Perhaps it does push prices up and reduce supply but as a landlord (not that I am but if I was) that would be a good thing!

The problem is if you want to take a moral high ground on such a thing why not on others? House prices rising is not something I would consider a moral dilemma when their are starving people in the world etc... (Plus lets face it, it's never going to happen that everyone has a B2L and it also gives people homes that can't afford to buy as they have no deposit whatsoever)

I agree their may be more worthwhile ways to make money, but each to their own as I see property as a safe long term investment.