Millionaire Challenge

Broken_Biscuits

:rotfl:

Black_Dynamite wrote: »

Next step for me is to make this extra income work for me, I'm hesitant to use a P2P service but I love the idea of it. What are the chances I'll lose the money that I invest? Does anybody have any bad experiences?

Realistically, I've got £500 per month I can pile into something like this, I don't mind taking risks, aslong as the reward is worth it.

I'm 26 and my "aim" is to be retired from a day job by the time I'm 40. That means no mortgage on my main home, tenants on any other property that are paying off the mortgage and making me a nice monthly amount. Long way to go but i'm starting strong!

firstly well done on recent successes. Sounds like you are winning at home and at work!

as for p2p yes of course there are risks. I would use you £500 a month to fill the 5% bank accounts (if you can be bothered to play the transfer game) and then over the next few months it will take to fill them... Read everything you can on investing. Find out where your appetite for risk is and if its not very high at all invest your money into progressing your free lance income if that's possible or if not, then into paying down your mortgage.

ratesetter for me is the next risk bracket above high interest accounts. They have a provision fund that seems to be continuously growing. If a borrower defaults then to date, the provision fund has covered it. No one has lost a penny.
that doesn't mean it cant happen, but it feels more secure than some of the others to me. Im currently getting on average 6.3% returns.

do your own research... I mean, what could go wrong? Making unsecured loans to strangers through an internet platform that hasn't been around long enough to see a major crash and locking in for 5 years.

Kayalana99

Broken_Biscuits wrote: »

:rotfl:


do your own research... I mean, what could go wrong? Making unsecured loans to strangers through an internet platform that hasn't been around long enough to see a major crash and locking in for 5 years.

Might sound silly but my worry is that one day the site just disappears...same reason I won't let my paypal account pile up in case the account gets banned (I haven't done anything to get banned but it's just rather have the money in the bank otherwise I would take it out monthly) I know you've got to take the risks sometimes (and in cases like these its very very unlikely to happen) but I would prefer having my cash offline, I trust the banks like I would trust to have my money in B2L's (I know their are other risks but I mean basically someone running of with your money in one shape or another, the house is yours and that's final) but I don't think I could have say 10k in something like P2P lending which is basically reliant on the site staying active.

I've also thought of option three, I like this option but it has some cons.... we simply turn this house into a B2L in March 16 assuming we get the money together and rent nearer to his work. I don't really want to rent but it wouldn't set us back and we could still be looking to buy a 2nd house for us in 3 years...around £150 more to rent then a mortgage (Our interest rate is near 5%....all we could get at the time) but we could manage that and still put a significant amount away for savings for the next house.

chiram2015

What I wanted to know was how long my hard earned savings and investments would last in later life (hate the word retirement!) if I withdrew certain amounts each year to spend on holidays, grandchildren etc. I ran some spreadsheets (confused me) and found retireeasy.co.uk online - it's free and a great piece of kit and I think a must have not only for people with savings and assets but for anyone trying to sort out how long their money will last in later life.

Kayalana99

Just a quick update hope everyone is doing well, this £1500 'wedding gift' might not happen now but I do believe he is giving me £500, long story short he thought (it was a 99.9% sure thing) that he was going to get a lump sum back off someone but the thing they borrowed it for miraculously got sorted..so he waited until he knew he was getting it back to tell me then it turned out he wasn't...trying not to dwell on it, all seemed to good to be true!

Mainly just wanted to say my OH started his new job Monday and he sounds *abit* bored but other then that he loves it (bit slower then his old office and he doesn't have a computer yet lol) they are really looking after him, gets a work phone new computer and a really good office chair they even gave him a key to the place on the first day which he is chuffed with (at his last job he had to work himself up to a desk to start with cause he was just on the front counter haha)

Best news...he was told at the interview the hours were 7:30-5:00, turns out he can choose to work 8-5 or 7:30-4:30, he's going with the 2nd which means he is home about 5pm everyday rather then 5:40pm! :-) They are moving depo's soon to one that is further away (I believe where he is now is about 20min and the one he is moving to is 40min) but it still means he should be home earlier then his last job.

The car sharing is all go, basically the guy who has the works car has a son who also works at same place, so when the guy (based with my OH but gets called all over the country) is at work he will take my OH and his son and the rest of the time OH and his son will car share taking it in turns to drive, it works brilliantly because it means sometimes I can have the car and I actually think it will be cheaper in petrol because of how it works out (He was coming home on his dinner at his last job so he was driving about 40min a day).

Oh dear...quick update I said..

Karmacat

That sounds great, Kaya! Sharing the commute is a real moneysaver

lessonlearned

Good morning everyone.

Apologies for being awol but you will see it's been a rough time, so money making efforts have been a bit minimal. .

A few weeks ago mums health began to decline rapidly. She died in the early hours of Monday morning. I knew she was dying so I put everytning on the back burner, and devoted the last few weeks to being with her. She died peacefully and I can look back and think I did everything I could to help her through those last few weeks. She was 89 and ready to go bless her.

So once again it's back to sorting out funerals and then help dad with all the paperwork erc.

On a more cheerful note my DS1 recently met "the one" and so now we have a wedding to look forward to next May 2016.

So now I need to get back to the money making and really get serious about building wealth.

Now that mum has died dad will want to gut their house and get rid of everything. He doesn't "do" Antiques, BRIC-a-brac etc. Mum was a keen collector and had a good eye, so once my sister and I have had a good sort out and selected a few keepsakes I need to,get selling. I'm still working through my own stuff too.

I have found an antiques centre where you can rent a small unit and display area. The beauty of it is, unlike a stall or shop, I won't have to be there all the time, because they employ sales staff. You just pay your rent and a small commission. I'm going to look into this in more detail because I think it might be a better avenue than selling at auction. The costs work out about the same but I think I might get better sale prices. I shall still use my local lady for the less valuable stuff. I give her 30 per cent, so I still make a small profit.

I'm finding this way of delegating is working well for me, giving me a small income stream for very little time and effort from me. I don't have to get up at the crack of dawn in all weathers and drag myself off to antique fairs and car boots. It frees up my time to explore other ideas. I can just concentrate on the buying side of things.

I have now started viewing properties again. The target this year is one to renovate and one BTL.

Kay - good to hear that your husbands job move is working out. The car sharing will save you quite a bit, plus of course you get to use the car too. Win-win.

Right time to get cracking.

droopsnoot

Sorry to hear your news. I also have a local craft / antiques place that rents "unit" or "cabinets" which I'd considered using to sell my vast stocks of old fiction books and magazines. Unfortunately the minimum is about £150 per month - way less than renting and staffing a shop, but I can't see how I could cover that with the kind of stuff I was trying to get rid of. Are they much less than that in your area?

Kayalana99

Take care LL, sorry for your loss and congratulations to your DS1 X

lessonlearned

Is that for a unit or a cabinet.

It all depends where in the country you are I suppose but in my neck of the woods units are around £120 to £150 a month, cabinets from £30 to around £60' depending on size and which floor you are on. Ground floor is usually the dearest. Then add 7 per cent for commission on sales.

You need to commit to a 12 month contract.

I think it's a fair deal. I am happy to invest a years rental and give it a whirl.

Auctions still have a place in my marketing strategy but Auction commissions can be quite high and The prices an item may fetch is variable, sometimes lower than hoped for, sometimes better. Of course you can put a reserve price at which you are not prepared to go any lower.

Obviously even in an antiques centre,which is of course a retail outlet,
people will still want to haggle so you still need to price your goods to allow for a bit of wriggle room.

Anyway I thought I would try a small cabinet for small items, Porcelain, jewellery, clocks etc. I would still like to look for a property with outbuildings to convert into a studio/antique shop etc so that I can include gallery space for my sons photos and perhaps a few local artists who are just starting out.

I found the perfect cottage, with a ready made studio, a few months ago but was pipped at the post.

I'll keep looking. I need something for when I'm too old and decrepit For hands on property developing.:rotfl:

lessonlearned

What kind of magazines are they.

I sold a batch of formula 1 racing magazines, at auction, 50's and 60's vintage. They attracted a lot of interest and fetched a good price.

I've never done very well with fiction books. I've tried specialist bookshops, dealers, auction houses, even car boots etc but never really got very far.

I don't buy them now and ended up giving most them away.