Millionaire Challenge

Mrspaintpot

Hello guys, iv read thrugh of your posts and your challenge sounds perfect, something I would to give myself to aim for. Here's a little bit about me. My im from the midlands stoke on trent. I'm 26 and am married, my and hubby are just in the process of buying a new home together, but the mortage is just based on his earning as he works in an office on about. 23k job, I myself am self employed so it's been hard trying to get a mortage, I work as a model, webcam provider in the naked massage sector, I'm very lucky as this is a great Job and the moeny can be wow! But lately I would like to invest some of my cash into a buesness or something that will give me higher returns, but I have no idea what to do. Does anybody have any ideas?

lessonlearned

Lovely photos, Casmanian- minx.

Karmacat

lessonlearned wrote: »

Lovely photos, Casmanian- minx.

+1 from me, really beautiful

Karmacat

Mrspaintpot wrote: »

But lately I would like to invest some of my cash into a buesness or something that will give me higher returns, but I have no idea what to do. Does anybody have any ideas?

Mrspaintpot, the thread is more about getting your *own* ideas and getting feedback on them, learning to hone your own stuff for the marketplace you've decided to enter.

You're young, you're getting a house, have a think about extra income sources talked about on this bit of the forum. Good luck.

HTH.

Black_Dynamite

cazmanian_minx, great photos, I hope that my wedding photos look half as good as that when we eventually get married. I proposed to my better half last year

Mrspaintpot wrote: »

Hello guys, iv read thrugh of your posts and your challenge sounds perfect, something I would to give myself to aim for. Here's a little bit about me. My im from the midlands stoke on trent. I'm 26 and am married, my and hubby are just in the process of buying a new home together, but the mortage is just based on his earning as he works in an office on about. 23k job, I myself am self employed so it's been hard trying to get a mortage, I work as a model, webcam provider in the naked massage sector, I'm very lucky as this is a great Job and the moeny can be wow! But lately I would like to invest some of my cash into a buesness or something that will give me higher returns, but I have no idea what to do. Does anybody have any ideas?

Hi Mrs Paint Pot,

I'm also from Stoke, so i'm sorry to hear that

In all seriousness welcome and good luck, good to see a fellow Stokie here, how much cash are you talking about when you say about investing?

You could go down the stock market route, but this is risky unless you understand it fully - and even then it is risky. There are Peer-to-Peer lending sites. All dependant on how much you're willing to risk and what access you need to your funds. People post regularly on MSE about making 6 - 7% returns on Peer-to-Peer lending sites.

I have done a little work in the industry you are in (freelance work with a model). Have you got a following of any kind? If you have, i'd do the following:

- Setup social networks to gain a regular audience who like your shows.
- Setup a site to sell clothes, photos, videos etc etc etc. Membership sites work well and would generate some good income.

There is some serious cash to me made if you're that way inclined. I personally wouldn't do any more work in this industry, not for me at all but good luck!

Kayalana99

Mrspaintpot wrote: »

Hello guys, iv read thrugh of your posts and your challenge sounds perfect, something I would to give myself to aim for. Here's a little bit about me. My im from the midlands stoke on trent. I'm 26 and am married, my and hubby are just in the process of buying a new home together, but the mortage is just based on his earning as he works in an office on about. 23k job, I myself am self employed so it's been hard trying to get a mortage, I work as a model, webcam provider in the naked massage sector, I'm very lucky as this is a great Job and the moeny can be wow! But lately I would like to invest some of my cash into a business or something that will give me higher returns, but I have no idea what to do. Does anybody have any ideas?

On the model note if you are comfortable with it (to be fair it's not necessary but just to say what others are doing) you can work as a model for photographers in local area up to art nude.

As I posted a bit above about a studio day I could of gone to, it would of cost me £30 to go so £120 total which £100 or so would of been to pay the model and it was basically anything up to art nude. Not my cup of tea personally I would of gone just for the experience of working side by side with other togs but the money is their for models, just need to make a bit of a name for yourself and you can either hire a studio and get photographers in for the day or a studio photographer can hire you for a one on one shooting or a studio group.

You have to admit that a good majority of people that are ridiculously wealthy are the ones that make a name for themselves, usually it's not so much the skill they sell but their image.

Broken_Biscuits

Morning,

just found this article that i found quite interesting.

http://monevator.com/old-millionaires-next-door/

become a millionaire (many times over) by just staying fit and well.

ive been swinging more to early retirement than generating the most possible cash over the next 35 years. In 17 years i will be 50. Ive come up with a very rough plan to be financially independent by then. Its actually not a very stretching plan based on current circumstances either... But we all know circumstances change. For example, I have no children and i don't think that will always be the case.

anyway, 3 phases. In the the next 17 years i need to built up a pot that can last from 50 to when i can access my work pension (60?? By the time i get there maybe as legislation is bound to change) ... Then my money i get from work pension along with what's left of non pension money has to last forever (hopefully a healthy 90 year old, i will be!). Obviously around 70, if it still exists un means tested, then i can get some assistance from the state pension too.

i would probably still hit a million under this plan but more like in my 70s plus. By that time, with inflation, my million hopefully will be of some value to me still! Ages 50-60 would actually see me drop slightly in net worth you see... Until i had access to the pension ive been paying 10-15% of my wages into since age 18. Then its back up to living below my income and saving!

travelling back to present day now, we are approaching pay day. 1 week to go. Im on track to save 50% of my wages. Better than the 43% target i set myself.... This months secret to my success is that i swapped beer for boxsets. Had a lot less nights out this month as ive got rather hooked on game of thrones. Try not to post any spoilers if you are a fan, im a bit of a late starter and have just watched season 1-3 in the last month.

have a good weekend. Everyone.

have to pop into town. Usually id drive but im going to walk it today. Cheaper and healthier. Bonus!

Karmacat

Broken_Biscuits wrote: »

In the the next 17 years i need to built up a pot that can last from 50 to when i can access my work pension (60?? By the time i get there maybe as legislation is bound to change) ...

Mmm, BB, unless you're in a very specialist field - pension age will be quite a bit north of 60 for you, as a 33 year old. I'm 60 now, and my pension age is 66 ....

Sorry.

lessonlearned

Sounds like a very good plan BB. I think it's fair to say that there comes a time in life where we value time as much as, or if not even more than money.

You can always make more money, but our allotted time on this planet is finite. So whether it's £1m, £10m or £500k is largely irrelevant. I think what really matters is financial independence.

50 per cent savings the month is fantastic....

Viewed two perfect properties today, one my dream house and one a nice lttle apartment for a BTL.

Just got to sweet talk my broker now.....:rotfl:

Fingers crossed.

lessonlearned

Biscuits - thanks for the link. Ive just read it whilst sipping my morning tea......

It made very interesting reading and it just goes to highlight the magical combination of frugal/simple living and the effects of time on compound interest.

Perhaps Weve set the bar too low for this challenge, For those of you in your early twenties and early 30s maybe we should say £5 or even £10m :rotfl:

Reading that link reminded me of my parents. They were not millionaires but it was noticeable that as they got older they becamec wealthier., without even trying. Their income rose steadily but their spending habits never changed.

They lived simply but well, they lacked for nothing. They ran one car, went on holidays, ate well, never skimped on heating (my mum was a real hot house flower - their sitting room was always suffocatingly hot:rotfl:) and yet their bank balance just kept growing.

Mum died just short of her 90th birthday and dad is getting a bit frail,now but is still going at 89. So yes I think there is definitely something in this ...........

Hopefully ive inherited their good long lived genes and I shall beat their record. I00 sounds good to me.....as long as Im fit and healthy.

Today I'm Going for a second viewing on the property I have earmarked as my own residence. Will probably make a verbal offer.

Ive gone over the figures, it's a bit tight but I really like this house, so I'll push the boat out and go for it..

Re the rental apartment.......ive worked out we are looking at a rental yield of 8 per cent, plus hopefully some capital growth over the long term. So again I think this one looks like a goer.

So...... Let's see what next week brings.

Keep your fingers crossed for me.;)