Millionaire Challenge

Karmacat

Ug, my finances are appalling! This knackered washing machine has really done it for me!

Glad you liked the ideas - I know what you mean about them wanting to be of use, thats why I thought of the small scale charity thing ... if he's already sat on a horse only last year, though, there you go! Did I say I used to manage horseriding schemes for people with mental handicaps? The horses that are used for schemes like that are *amazing* - Riding for the Disabled still do it.

[Deleted User]

Your not alone!

I'm just 22, but I estimate I'll be able to achieve millionaire status by I'm 40. Inspired by 1500Days and MMM I began my own blog TheMiniMillionaire (Feel Free to check it out). On savings alone I don't think this is achievable the key is wise long term investments, rental properties, the stock market etc.

Looking forward to keeping up with this thread and reading more about everyones journey and achievements.

Karmacat

Good for you, N6! I always wanted to own my own property, but otherwise I was a bit sneery about money at your age :o:o and I can't tell you how many missed opportunities there were!

Here's to you having many fewer *missed* opportunities - that million will come along, I bet

Broken_Biscuits

Deleted_User wrote: »

Your not alone!

I'm just 22, but I estimate I'll be able to achieve millionaire status by I'm 40. Inspired by 1500Days and MMM I began my own blog TheMiniMillionaire (Feel Free to check it out). On savings alone I don't think this is achievable the key is wise long term investments, rental properties, the stock market etc.

Looking forward to keeping up with this thread and reading more about everyones journey and achievements.

googled mini millionaire and it came up with quite a few shortbread recipes... Rather than feeling inspire, im feeling hungry!

[Deleted User]

Broken_Biscuits wrote: »

googled mini millionaire and it came up with quite a few shortbread recipes... Rather than feeling inspire, im feeling hungry!

Haha! Sorry!
Although that's not always a bad thing, inspiring amazingly tasting food

Try with no spaces and a .com at the end

[Deleted User]

Karmacat wrote: »

Good for you, N6! I always wanted to own my own property, but otherwise I was a bit sneery about money at your age :o:o and I can't tell you how many missed opportunities there were!

Here's to you having many fewer *missed* opportunities - that million will come along, I bet

The more research I did, the more I realised you can start this challenge at any point. But the first and biggest thing you need to do is forget the financial mistakes you've made in the past. At the ripe old age of 22 I know I've already made plenty. The important thing to remember is you've started now and that's better than starting tomorrow, next week, next year etc.

Broken_Biscuits

n6, ive read a few young\new writers trying to write blogs and they often look like they are just trying to regurgitate something like mr money mustache or whatever they were reading 5 mins ago- no original content. Yours is written based on things you are actually doing - not just what you have heard about or intend to do. No fantasy stories like a lot of young writers might write. Best of luck to you. You have a fantastic attitude and loads of time on your side... Im sure the real question is not will you become a millionaire but more will you stop when you get your first?!

keep up the good work. buying a house at 22 is an amazing achievement, the first of many for you no doubt.

[Deleted User]

Broken_Biscuits wrote: »

n6, ive read a few young\new writers trying to write blogs and they often look like they are just trying to regurgitate something like mr money mustache or whatever they were reading 5 mins ago- no original content. Yours is written based on things you are actually doing - not just what you have heard about or intend to do. No fantasy stories like a lot of young writers might write. Best of luck to you. You have a fantastic attitude and loads of time on your side... Im sure the real question is not will you become a millionaire but more will you stop when you get your first?!

keep up the good work. buying a house at 22 is an amazing achievement, the first of many for you no doubt.

Thanks so much for the great comments!

It's a lot easier to get 10 million when you get to your first, but in the same breath, I'm happy getting to 1. £1 Million means I've never to worry about money again, provided I stick to the budget (I could more than likely spend 10% more than I am doing now based on the 4% rule but it's unlikely) I'll just begin doing things for fun, as a challenge, the financial result being a benefit rather than a necessity.

It's also important to remember I'm more than happy living in this lifestyle if not happier than I was living any consumer lifestyle - as many others who've been successful in this lifestyle. Instead of consuming stuff I'm able to consume and store time, which I plan to use in the future to do what I want with.

I urge anyone reading here, to read 1500days and Mr Money Moustache they inspired me to start this blog and completely changed my life. Regardless of your financial income, your situation, all you need is determination to achieve this financial independence.

spidystrider

So sorry to hear about the loss of your mum, LL. You really have had a lot of grief to contend with recently. Thankfully, she did have a long and I am hoping a happy and fulfilling life.

I have been reading this thread for a long time and have been subscribed for ages too. I love reading about how well everyone is getting on, but I'm never sure about joining in. I have finally decided that I would love to join in, so hope that's okay.
I have always wanted to be a millionaire. I grew up in a working class family where there was only ever enough money to keep the roof over our heads and pay bills. My dad was self employed, but was not a businessman. He worked all hours of the day and died at 65, when I was only 19. My mum died 2 years later, also at 65, she never got over my dad's death.
I was always determined that I would not have such a hard life and my husband and I have done fairly well. I do have regrets though and feel we could have done so much better. We bought a rental property back in 1996, which we still have. We then bought another one a couple of years later, but failed to research the area. It turned out to be really rough and the only tenants we got were alcoholics and drug addicts. Our last tenant burned the flat to a shell and it did put us off. I do wish we had just dusted ourselves off and got back on with it, but with 3 young kids, we decided it wasn't for us.
We decided to work our way up the property ladder, buying run down properties and doing them up. I would have liked to have done this more often, but my husband didn't want to move too often. We have worked our way from a small semi detached bungalow, that cost £27,000 in 1987 to a semi detached Victorian villa, worth £400,000, with only a £22,000 mortgage. Our flat will be worth around £40,000, with a rental income capped at £277. This is where we are starting from, with equity of around £418,000.
There are multi millionaires out there who started their property portfolios after us and it does frustrate me, that we gave up, but there is no point regretting what is in the past, we just have to move in the right direction now.
We have decided to stop overpaying our mortgage and start saving for a second rental property. The plan at the moment is to save a deposit and remortgage our own home, pay off that mortgage and repeat all over again. Hopefully then we can get a lower interest rate than we would get on a buy to let mortgage. Our 3 kids are all adults now and they want to join in. It will hopefully be a great way to help them onto the property ladder too. I plan to renovate the flat we already own and have £6,000 sitting to do that. I just need to keep saving and if it goes according to plan, we'll buy our second rental next year and carry on from there.
This is getting really long now, so will sign off for now, before I bore you all to tears

lessonlearned

Good morning all

Not a lot to say this morning just wanted to say hi to Spidey and N6. Lovely to "meet" you, it's always nice to meet newbies.

N6 - you are off to a cracking start. I wish i had had your presence of mind when I was 22. I was such an airhead back then:rotfl:

I had fun though.

Spidey - it's never to late to make a fresh start. My husband used to sing "je ne rein" - I regret nothing......belting it out at the top of his lungs. . Used to drive me nuts, because he had a lousy singing voice.:D

One of my mantras....

"Don't look back with regret, look forward with hope."

Still feeling a tad delicate and extremely tired. Going to,take it easy for a few days and give myself a bit of a break and some TLC. Off to Physio todsy, not quite sure a serious pummelling, better known as a Swedish deep tissue massage, can be counted as TLC though. They can be a bit brutal...

Mums funeral is set for 13th April so it gives me a bit of a breathing space in which to gather my composure.

I have been doing some thinking and making a few plans but first things first, time for a bit of a rest.