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Millionaire Challenge

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  • lessonlearned
    lessonlearned Posts: 13,337 Forumite
    10,000 Posts Combo Breaker I've been Money Tipped!
    edited 30 April 2015 at 3:24PM
    I knoŵ nothing about bonds, stocks and shares, but yes Waitrose does seem to be on a roll.

    DS2 is doing one of those "pretend" portfolio thingies and he's picked a couple of companies that have performed very well just lately. He's not put money down yet, but I could look at that.

    I also nothing about rate setter. I need to start doing some homework.

    Thanks for the suggestions.

    I've just finished my monthly accounts. I cant believe how much I've spent on food this month.....Mind you the cupboards, and freezers are groaning. I will do an inventory and then "shop" from my stocks so,that I can claw back next month.

    Also, in the next couple of weeks I will be house sitting for DS1 whilst the builders are in. i still have a lot of stuff at his house, so whilst I'm there I will make a start on it. There's enough there to open a small shop.......so I'm thinking of the auction house for some, and, now that the weather is a bit kinder, then maybe a couple of carboots for the detritus

    So, as you can see, after my enforced rest, I'm ready to get back to the business of money making.....

    Not before time, I've got some catching up to do.
  • Broken_Biscuits
    Broken_Biscuits Posts: 356 Forumite
    edited 2 May 2015 at 12:22PM
    for research on ratesetter and peer to peer generally 4thway is quite good for a breakdown on how each platform operates and their perceived risk.

    http://www.4thway.co.uk/

    6.5% returns with what is considered the lowest risk p2p sounds alright to me.


    http://www.p2p-banking.com/countries/uk-transparency-in-credit-management-risk-management-at-ratesetter/

    i also found this article quite interesting.
    Kevin Allen works at ratesetter and can be found on an independent p2p website under the name Weston kev here.

    http://p2pindependentforum.com/board/34/ratesetter

    i like the safety and transparency at ratesetter.
    obviously eggs and baskets comes into play. Ideally you will want to find yourself a few chickens too.. Then i guess it doesn't really matter how many eggs you break!
  • at the start if this week i lived like a monk.
    still have a fair few yellow sticker meals left but fridge, freezer etc looked a bit bear. Time to go shopping properly.. Not just grabbing a few bits... Or so i thought. Decided to have a quick chisel at some of the ice built up on the freezer early this week. Monday i think it was. The door was not quite shutting properly, so needed doing.

    all sorted now plus decided to actually sort through the freezer and now with the purchase of a few carrots onions and peas i actually have enough meals to not bother with the big food shop.

    savings wise - i did go out for a few drinks Thursday night with friends and will try and find a day where the sun makes an appearance to have a bbq this weekend!

    overall a fairly cheap unexpected week!

    the India fund i bought a few months ago has dropped in value by about 10% so bunged a further £300 in there. If i thought the price was right when i bought it 90% of the price is even better! When im looking at cashing in 20 years down the line ... Will i care about a tiny blip in the price in the first few months?

    put £400 into ratesetter. Straightaway £300 snapped up at 6.5%. Have £10 from the returned interest waiting to be matched at 6.6% and the final £100 sat waiting to be matched at 6.7%. -

    with £700 invested this month already that's me done til next payday unless rates really spike or fund prices massively drop.

    have a fantastic 3 day weekend everyone!!
    remember if you enjoy the extra day off a bit too much, save 5 times your salary for each working day and (applying the 4% rule) you never have to work it again. The interest will pay for your day off.
    having the option to never have to work again is much more appealing than a token figure like a million



    cheers
  • lessonlearned
    lessonlearned Posts: 13,337 Forumite
    10,000 Posts Combo Breaker I've been Money Tipped!
    Thanks for the links Biscuit, will follow those up. Ive already had a quick look at Ratesetter and I think I'll go for it. Perhaps £500 to start.

    Ive started house hunting properly now so need to keep the bulk of my capital on easy access for now. Went to see a property today, but it looked like a money pit so I walked away.

    Did my final accounts today and they are much better than I thought. I really thought I'd blown it last month but actually I did ok. Just goes to,show - my good habits are becoming so ingrained I don't even realise how well behaved I am with my spending nowadays.;)

    I like your reasoning about working fewer days and then eventually not having to work if you don't want to. It's a very good goal.

    I'm now in that very fortunate position. I could, if I wanted, spend my time just "being retired" but I don't fancy it yet. Perhaps if my husband were alive I would feel,differently but for now I'm happy to dabble in property and wheel and deal a few antiques etc and just generally carry on trying to build my wealth a bit more.

    I worked out today that ive just about hit the quarter way mark to that £1m. Although ever mindful,of my age and the need for an "exit strategy" ive already passed £100k to my sons to set them on their own paths. Their need is greater than mine, a cash injection when you are in your early 30s can set you up for life.

    I know I never had that and a lot of people think I have been over generous but what's the point in me stockpiling money or living alone rattling around a house that's too big for my requirements.

    Ive still got plenty for my needs - a nice steady passive income, a dollop of capital to play with and a head bursting with ideas.

    Last night I hosted a dinner for family and friends to celebrate my sons engagement and it felt good not to have to worry about the restaurant bill. Of course I couldn't do that every week but it's nice to be able to push the boat out once in a while.

    A quiet weekend here just pottering about, It's very cold here so no barbies on the agenda.

    Have a great bank holiday weekend.
  • Kayalana99
    Kayalana99 Posts: 3,626 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker I've been Money Tipped!
    I'm terrible with spending ATM and today has been a nightmare. Shopping bill came to £130 today instead of £65 normally, we brought a few things extra but still over spent in general (got kids some clothes and socks and things for about £30, so I guess £35 of that was just extra shopping?)

    All adds up, and we have had to many takeaways just lately.

    I managed to get my £500 for this month from the business but 1) I had brought loads of stamps in March to get tax bill down, so that helped massively and 2) I still had stock left over so whether I have made £500 in practice this month I don't know (I worked it out to be about £380 but it's only an estimate) but either way I have enough spare to take it out.

    The side pot which sat at £650 is now at £450(+£500 business) as I said before someone on my OH's side is in a bit of trouble so that's £200 gone but no hard feelings just to say as I am just glad to be in position to help although in long run they should be able to pay it back (selling a house in next few months so once that is done they won't be short) so it shouldn't affect us over the year.

    The bit that is getting to me though is OH has mentioned not wanting to move because of what is happening but I said lets stick to the plan and see what happens.

    Going to spend some money doing up the house so that £450 might fluctuate and also wedding in June their is just so many little bits to pay for that are now coming to light, bridesmaid dresses alone are going to cost £22.50 to alter and I think BM's would be happy to pay but I wouldn't feel right letting them. My dress needed an inch taking up but I think they would charge a lot more as it's a wedding dress (it really annoyed me that they have a price list especially for wedding and bridesmaid dresses..they are the same as any other dress are they not but hey it's the word wedding!!) but I brought a hoop which keeps the dress away from my legs so hoping that I can avoid that cost and also it keeps the value of the dress when it hasn't had alterations to.

    Sorry ramble on, helps to get things down for myself more then anything so I know where I am, I do feel from last year though things have greatly improved. I still absolutely adore photography and I can't see myself doing anything else and I will make a business out of it at some point, but for now I am just enjoying it as a hobby but it's so nice to know what I want to do with my life...I've struggled with that for years I just wanted some direction and now I finally have it. Joined loads of photography groups and so many doors have opened.

    Love reading your updates LL I hope you are getting on well and good luck with house hunting xx
    People don't know what they want until you show them.
  • tinktay84
    tinktay84 Posts: 299 Forumite
    Hi All,
    Long time no post!


    Every time I came on here I was saying ive had a set back etc etc.
    Basically since March last year my life has just imploded.
    You all have had a few snippets of whats been going on but to say everything happens at once wouldn't cover it.....!haha
    Anyway I am still trying to fight off some issues but am on my way back up.
    I don't know where im up to with letting you all know so lets just start from today!


    I have approx. £20k of debts, mostly ongoing things like loans etc


    Work is going well, I am now back to working on my own, still decorating self employed. Much less stress and much much lower overheads


    I have had my vans taken so am now working out of a 12 yr old estate car that costs 1/10th the price of the vans!


    I have been very lucky to have a hand ful of people propping me up emotionally (and in some cases buying my groceries as I simply couldn't) and am now starting to feel things ease


    Its my sons 10th birthday today so we are having a little teaparty later...happy days as last birthday we were living at m mums out of bin bags!haha what doesn't kill you eh>!
    trainee millionaire (aka not there yet!)
  • Karmacat
    Karmacat Posts: 39,460 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Oh my! Tinktay! I couldn't believe it when I saw your name as the last poster ... I'm so sorry to hear live has been that rough for you :( but very glad to hear you feel ready to climb up and start coming back. Awful to go through such a lot, but RL support means a great deal. Hopefully you can add online support on here :) really good to see you posting.
    2023: the year I get to buy a car
  • tinktay84
    tinktay84 Posts: 299 Forumite
    march 14 - feb 15 I felt like I was watching someone elses life.felt very numb which I suppose is how you get through. I certainly realise how lucky I am compared to some and think its that realisation that spurs you on.


    I have managed to become even more savvy and even through the worst times have managed to cut deals with people, trade my decorating services and utilized quidco, clubcard,nectar etc
    trainee millionaire (aka not there yet!)
  • lessonlearned
    lessonlearned Posts: 13,337 Forumite
    10,000 Posts Combo Breaker I've been Money Tipped!
    Hello Tinktay. So glad to see you back again. I have been thinking about you and wondering how youare.

    I am sorry to hear that you've been having such a tough time, well done for hanging on and battling through. Hopefully you are over the worst.

    It's good you got support when you needed it.

    Chin up, onwards and upwards. You can do it.......

    I got to thinking the other day that it's nearly four years since this thread began. God how grim my life was back then.........in debt up to my eyeballs, scared silly that I was going to lose my home. Looking back im not sure how I managed to navigate my way through it all.

    However, I can say that in no small way it was due to you Tink and the support of this thread, I stumbled into this challenge and took heart and somehow found the strength to battle on.

    So a big thank you for giving me the kick I needed.

    We will get there, Tink, I just know we will.

    There are some strong people on this thread, with guts and determination to meet their goals and fulfill their ambitions.

    Keep dreaming Tink, dreams can come true if you put your mind, heart and soul into them.

    Well today Ive been to see a couple of properties. One of them shows promise but it doesn't make my pulse race.

    I'll mull it over............
  • fantastic to see you back tinktay.

    sounds like the last year has been rough for you, but 20k is not an impossible task.

    is it all in one place earning the same percentage interest?

    if not what's the highest rate and how soon can that chunk of debt be cleared?

    reducing debt and saving money has the same principles attached. Break into manageable chunks and keep ticking off each small victory until its gone.

    best of luck to you!
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