Millionaire Challenge

MrCrimeFiction

MrCrimeFiction wrote: »

Hello fellow millionaire's to be :j

Long time reader on this thread but first post.

Reading everyone's goals is such an ambition. LessonLearned I have learnt a lot from your posts already. Keep up the great attitude towards money

My Aim

Im 21 at the moment. I have about £15,000 debt through loans and more loans. My OH has taken out a mortgage of £119000 which il be contributing to and paying my fair share.

By the time I'm 24 all my debt will be clear and my OH and I will have paid off 3 years on the Mortgage. At this point we will only have 18 years left (21 year mortgage)

By the time I'm 27, I wish to have overpaid the mortgage by how much my partner put into the house via her deposit - £13,000. So by this point the mortgage will have been paid for 6 years and then a nice hefty £13,000 will have been overpaid too. This should easily bring the mortgage total to well under £85,000 - £90,000.

By the time I'm 30, il probably need a holiday and a new car so will have a nice year and who knows, maybe marriage?

By age 35 - MORTGAGE FREE :D:D:D:D

By 40, buy a flat and start being a landlord. Get something which will pay for itself and will be easy to maintain.

I can't make a plan for my 50's as there will most likely be flying robots by then.. :rotfl:

Basically my goal is to get into property once I get myself on the straight and narrow.

I don't know about a million but il give it a fair shot

MrCF

I look back at my post and think, do you know what, I can do this!!

I'm turning 22 soon, so that leaves me 13 years to get mortgage free. Mission accepted

I currently have £1425.00 in savings, hoping to build that to £2000 asap through saving into my emergency fund. With the money in my current account, my cash total is

:j £3145.32 :j

Xmas is paid for through saving cash throughout the month into a pot.

The only problem is my loans. The big loan has another 3 years to go whilst the smaller one has about 20 months. The car loan has another 2 years left so for the foreseeable I'm paying a hefty price every month.

Maybe work will pick up and I'll start getting some overtime again

I can't wait until 10 years time when I'm on here saying I have capital for 2 BTL'S. That will be the day I know I've succeeded :rotfl:

MrCF

Karmacat

Hello Mr CF! Sounds good to me, absolutely. Loving the flying robots stopping you planning for your 50s - sounds reasonable to me

Have you done all the dfw steps like using money comparison websites to get your utilities down etc?

Kayalana99

Hiya Guys,

Not much to say just wondered how everyone was getting on, I've applied for a photography course which is one day a week but tbh their is no more information...just how many hours. Would have to find childcare but for one day for just 6 weeks should be ok...but again, not even sure what the course is based on so I'll see what happens. I could do with a couple lens really (well want them atm but hey ho) which will cost me about £550 for both..but can't justify it right now.

End tax year today, my OH is off tomorrow so has agreed to let me have the whole day to work so going to get my books sorted and off to the accountant...hoping to have some money left over after the tax bill is paid I am sitting on £2.5k atm from the business this year but I reckon my tax bill will sit around £1.5k-2k ..so we'll see. Trying to remain hopeful as I want to pay it off and have it done with this year as I'll be on a massive saving binge next year and don't want it hanging over me.

Had a good month sales wise, double what I did last year but bit of a hike in sales due to Mothers day & Easter, I wonder how Apr will turn out now Easter is over.

lessonlearned

Just a quickie to wish you all Happy Easter.:D

I have been laid up with the flu for the past fortnight and have done nothing to make any money.........:o

Mums funeral on the 13th and I also have to take dad for some hospital appts.

Looks like March and April are going to have to be written off.

Photography course sounds like it should be fun.

Karmacat

Happy Easter to you both!

Well, in LL's case, as happy as you *can* be in your limbo before the funeral

Kaya, business sounds good for you, well done!

I'm realising more and more that it needs to be about the writing for me. I actually had a free webinar from elance booked in, for new writers about what the job offerers want, and I forgot it :o:o talk about self sabotage ...

However, I've been accepted for textbroker, and I listened to a free webinar from Writer's Digest - a fluff piece for their copywriters section, but still, some useful info in there.

I'm *absolutely* regarding anything I do in the house or garden as not only being for me, but maintaining a massive chunk of my capital/net worth. And keeping on decluttering so that I'm more mobile (not as big a van to shift my stuff, or if I rent it out, maybe my stuff will all go in the renovated brick shed, the stuff that isn't used in the rental). We'll see. Just working on keeping my options open, my costs low and my health up

lessonlearned

I agree with the house and garden being a massive part of wealth creation and growth. For most of us it will be our biggest asset.

As you know I'm currently living with DS2 whilst we do up the house, it's nearly finished. Then I shall start looking for no 3. When that's done, I will either move in or sell, depending on the market, and then either sell or rent out this one, and then look for no 4.

We are aiming to play a game of musical houses for the next few years, flipping some if there's enough profit, or holding and renting out some for long term growth. Aiming for at least two a year. We've fallen behind schedule due to the recent deaths of my husband and my mum but I'm starting to feel a bit stronger now so am hoping to really get back on track now.

This is one of the reasons for decluttering, partly to raise cash, but also to make moving easier and hopefully avoid storage costs each time.

A productive garden can really pay dividends, it adds value to,a house, but also saves money by providing delicious and healthy organic produce. You really pay a premium for organic f&v in the shops.

Funny but when I was Young and stupid I used to laugh at dad for his insistence on growing their own and using traditional methods and not using insecticides. Turns out he way ahead of his time.;)

Last year I picked up 2 sets of 4 raspberry canes for £3 a pack. They cropped for weeks giving me a large bowl nearly every day, much bigger than the punnet you pay £2 for in a supermarket. I must have had nearly £50 worth of fruit. Tidied them up yesterday and they are looking good, so hopefully lots of fruit again.

even in a garden as small as this one I reckon you can save a few hundred £s on produce and all for the price of a few seeds and a few cheap fruit bushes.

We were late getting the garden started last year and because this house is For resale or rental at some point, and because it's a small urban space, we have made it a pretty garden with shrubs and trees for long term structure, rather than a straight forward vegetable plot.

It was just a sorry patch of gravel when we moved in. I reckon I've spent about £50 on saplings and shrubs, but I'm sure A nicely landscaped garden will have added value. If not then it will make the house stand out from the competition and make it easier to sell or rent out.

This year I will fill up the spaces with anything edible that I think might grow, using pots, containers, grow bags etc. I'm even going to have a go at vertical gardening making use of the walls which surround the garden. I will do my usual trick of planting salads and veg among the flowers. That way I shall get a full summers worth of produce and still allow the shrubs etc to mature and fill out. Then I can put the garden back into house selling mode when the time comes.

Last night I trawled through some websites looking for posters and prints. I managed to get a nice selection of Impressionist prints at Rock bottom prices. They always look good when dressing a house for sale and can fit most decorating schemes. Although poor old Van Gogh and co would probably be appalled at what might be termed the "ooh that would look nice in the dining room school of art":rotfl:

I've picked up a lovely old Victorian over mantle type mirror for £15. I repaired it last night and shall be getting out the paint brushes this week. I'm going to use it as a headboard.

It's going to a pretty house so hopefully it will sell ok. Unfortunately we've gone over budget with the renovations - as always there were some hidden nasties that had to be dealt with. So now I'm trying to claw back some of the spend on the finishing touches, but hopefully without spoiling the finished result.

Only time will tell.

I've had a half hearted look on Rightmove and am watching a couple of maybes for flipping. I've also got a viewing booked tomorrow for a BTL.

I think I'll feel better when mums funeral is over but at the moment I'm struggling to summon any real enthusiasm for anything much. I just about get through the day, keeping the house reasonably tidy, staying on top of the laundry and cooking a decent meal in the evening.

At least it's a lovely day and I'm sat out in the garden whilst I type this, so,I have at least manage to get some fresh air today.;)

Hope you've all had a good Easter and are now feeling refreshed and ready to,fight the good fight.......

gallygirl

LL I know what you mean about picking art. My ex-boss had a fine art degree and was appalled when I told him I was going to buy a picture to fit in with my colour scheme. Apparently you're supposed to do it the other way round

Hope you've had a good break and all goes well with funeral. How is dad doing?

Mina_Atta

Good luck

Broken_Biscuits

took another 3k off the mortgage the other day before the new tax year. I know its not the most cost effective way of making money and compound interest through investing is likely to beat any savings from the mortgage, however, im very close to owning 40% of my home which opens up a much better interest rate to me... And reducing debts feels good!!

that's pretty much all my redundancy cash invested/spent/tidied away now so back to reality for the rest of the year now with only each months wages to play with.

holding very little cash at the moment that i may regret as i look around at all the little odd jobs that need doing around the house.

i read that on average you spend about 1% of the cost of the house on repairs and maintenance each year... Can anyone who has owned a house longer than me tell me if that's anywhere near the truth for them?

happy belated Easter to you all- too busy out in the sun to post earlier!!

lessonlearned

Well done on getting another £3k off the mortgage, and as you say if you decide to remortgage then 40 per cent equity should get you a great deal.

Re cost of routine house maintenance........

How long is a piece of string:rotfl:

Just too many variables, Age of property, how good and how keen you are on diy, the weather......

I always think a house is a bit like the Forth Bridge, just when you think you've done, it's time to go back to,the beginning and start again......;)

My mantra has always been little and often. The old "stitch in time saves nine".

The big one to watch out for is water ingress.

One thing I always do is if we have a really heavy rainstorm I go outside (with an umbrella) :rotfl: and check on the guttering. You can easily spot any issues.

Also after a gale or really heavy winds and storms I take a good look at the roof, both from the outside using binoculars and then I go up in the loft space to check everything is still dry and that there is nothing obvious, like daylight showing......it only takes a few minutes.

At the end of summer I do a bit of an autumn checklist, clear out debris from gutters etc, do any minor repairs ie repointing brickwork, checking sealants round windows, removing excess vegetation away from brickwork. We used to have ivy growing up the walls on one house and I made sure it never got to the eaves or near the guttering.

I tend to prefer wooden external doors, I'm not really a fan of pvc so I usually give them a lick of paint every couple of years to protect the wood.. Same with wooden fencing etc.

Then I put the house and garden to bed for winter, aiming to have it done by November, storing away garden furniture, closing off outside taps, tidying up the garden, staking up any trees or shrubs etc.

It all sounds a bit of a faff but I find if you keep on top of it all it only takes a few hours and it can save you a fortune. If you neglect minor problems they can easily become major ones that are expensive to fix.

I once had a leaky washing machine but because it was really slow no one noticed it.

We went on holiday to China for three weeks and came back to a.very wet house. The wooden floors downstairs were ruined, we had to have base units in the kitchen replaced, and the plaster stripped back to a height of 3 ft. We had industrial dehumidifiers for nearly two months.

Luckily the insurance company covered the costs because it ran into thousands - all for the sake of a leaking washer inlet pipe.:rotfl:

Since then ive been super vigilant and anything that can cause a leak is checked regularly. I remove the bath panel every so often and look with a torch to check for signs of bath or shower leaks.

I know I might sound a bit OCD but I think half an hour or so just checking everything say every three months is a good use of time.

I always get any gas fires and the boiler serviced every year without fail. If you don't, you void the guarantees.

If I had open fires or multi fuel burners I would also get the chimney swept every year.

A contingency fund is useful if you can manage it.

Internal painting and decorating is a matter of personal choice, if you are a child free and pet free household they should stay nice for quite some time, although coal fires and candles can leave sooty residues. It depends on what finishes you choose.

I prefer plain emulsioned walls which are easy to refresh. When my boys were small, I would always make sure had plenty of paint left over for quick touch ups whenever it was necessary. I hate grubby walls and dingy gloss paint.

A lot of people like to do,a couple of rooms each year so they keep on top of it.

It's all part of the fun of home ownership.;)