Millionaire Challenge

droopsnoot

Listerbelle wrote: »

Of course my managing agent will organise/conduct that at an overflated price. A little research revealed what is required and I shall do my own. (This is permitted - I try to operate as ethically as I can)

I'm sure you've thought of this, but is this something that could leave you open to some kind of liability if something terrible occurred, and does the managing agent have some insurance in place that would cover him if it did (and account for part of the cost?). I'm thinking of stuff like the recent Thomas Cook tragedy.


I have zero experience in these things, but in today's world it all seems to be about "who can we sue?" and if checks like this are required it might be for blame purposes later. Most of the things we used to have to check at our office were so that the insurance company could get out of paying a claim if we hadn't done so.

lessonlearned

Good morning all,

Coffee break time here so just catching up with you all.

Just wanted to say Hi and welcome to Marvs, always good to meet another millionaire in waiting.;)

Biscuits - good to see you - right you've had your month of decadence, back to the straight and narrow......:rotfl:

yes I read how low average savings are. I do appreciate that a lot of people are hurting and not everyone has any disable income left to save, but yes I do think saving just a little - even a couple of £s a week for an emergency fund is something we should all aspire too.

It took me a while to get the savings bug, I used to be a shocker, money slipped through my fingers like water, but I'm definitiely now a reformed character. At one time I would have just clapped a hot tub on the credit card.......now I think no Missy you need to earn it.

One thing I did finally learn is that cash is king. If you have a little bit of money lying around then you can pick up some amazing bargains and take advantage of offers and deals. You can literally snaffle them up.

I'm about to start househunting. I will pay cash for a fixer upper, hopefully securing a bit of a discount because I've got the cash to dangle in front of them and can guarantee a quick completion.

Then after 6 months. I will take out a small mortgage, free up some cash for a deposit for my first BTL. At least that's the plan so far.

We still have some work to,do here and I envisage staying here at least another 6 months so I might even let out the first property on a short lease until I'm ready to start work. It all depends on what kind of state it's in, whether its a light touch make over or a full refurb.

So in a way I will be taking a similar approach to,you Minxy. As long as I keep a contingency fund in reserve I am happy enough with the risk factors involved.

Did anyone watch Celeb Fame to Claim last night. very interesting. There were several z lister S'lebs who had had their 15 mins of fame, earned a healthy amOUNT of money, and simply blew the lot, ending up living on benefits.

It just goes to show that it if you make money slowly and steadily you learn a better understanding of how to protect yourself and how sometimes if you make money too fast then you can lose it Just as quickly. A lesson for us all I think.

One of the guys on the programme had been in Coronation Street for 11 years, making serious amounts of money, how on earth did he end up on JSA. Sorry never watch soaps so,had no idea who he was.

One thing that always interests me is the way the people on these kind of programmes fritter away what bit of money they do have, drink, drugs, fags, disposable fashion, mountains of cheap plastic toys for their kids - far more than they could possibly play with - plasma TVs, junk food and so on.

This is what many finance and business gurus refer to as a Poor People Mentality - they think like poor people, make poor people decisions and thus remain poor.

If you can flip this on its head and study the way rich people spend you can see why they get rich but more importantly, why they remain rich.

I won't go into a lot of detail but i think basically it's about deferred gratification, spending wisely so that your purchases are less of a liability and more of an asset.

So rather than £30 or so a week on fags and cheap booze they would be better saving £20 of that and allowing an entertainment budget of £10.

Biscuits - I don't know the answer either but I think there are lot of people who need some kind of economic training.

Anyway back to work. Going to plant my garden now. I don't know whether growing vegetables and herbs works out any cheaper, but at least they will be organic and healthy and they do taste nicer than supermarket veg.

Karma - just keep plugging away. You'll get there......

Phew - didn't realise this was such a long post. Sorry.

Told you I could talk for England.......

Kayalana99

I'm not going to pretend to understand about the agent with B2L situation but I do know my Dad is paying quite a percentage out for someone to manage his properties these days, when I asked why he said it was to keep him out of prison...(in his words) not that he is doing anything illegal but their is so much legal stuff that they know about that I don't.

Also interesting you can do your own (L?) checks (sorry I've forgotten the word from the other page!!) on property, I happen to know my Dad has paid a fair price to have this done as he was moaning about it last week, if they need to be done regularly perhaps I'll look into that for him for when it needs doing again.

Perhaps, it's more so he doesn't have to manage them himself though, my cousin has brought a B2L which I am slightly jealous of (whoops) but I just can't get my head around why the parents have helped her.

Long story short, they have two kids living with them and the son has a girlfriend who is getting married and wanting to move out, the daughter who they have helped get this B2L is still living at home with the parents.

Financially they as parents are worse off, as they have extended their mortgage to give her the extra money for the deposit and she is paying a little back each month (not with added interest either)

But surely, you would help the son who wants to move in and start a family with his girlfriend, not the daughter who doesn't even want to move in the house herself (I realise their are few legal problems with what I have just said)

I just really want to get started as you all well know, I just keep thinking of ways of making money and nothing is coming up...I just think theirs a whole market out their and my business probably makes me minimum wage if that, the photography business would be good money but I just don't right now have the time to do the shoots without sticking kids in childcare ofc..there has got to be a better way!!!!!!!!!!!!!!!!!!!!!!!!!


As for what people are spending their money on, most people live within their means. If you earn £2,000 your rent will be £500...etc. I always admire you can save so much of your wage but then I always imagine that you must earn quite a lot to begin with to save that, I wish I had the sense to put more away when I was living at home but those days are long gone.

Oh...and I hope my OH doesn't come home with the sack since he's crashed his bosses car!!!

lessonlearned

Hope OH is ok, and hopefully has a nice understanding boss.

Kay - I know ive said this before and I kniow you are desperate to get cracking, but you have a lot on your plate. Looking after Two little ones is a full time job in itself.

Time races by, they will be at nursery soon, and then you will have a few hours to start putting your own plans into action.

Trust me, if I had the choice, I would turn back the clock and my gorgeous hunky sons would be toddlers again.....I adore them and they have grown into fine young men but how I miss those glorious "baby years".

You are decades younger than me, enjoy your young family and your youth. It will be gone before you know it.

Re the relative - yes it sounds odd but who can tell.

Both my parents and my husbands parents always treated their offspring equally. I have done the same with my boys. I wouldn't dream of helping one with a deposit and not the other. However, I appreciate not all parents are as scrupulously fair.....

Nowt so queer as folk. :rotfl:

tinktay84

Hi all,
I do keep reading everyones comments but by the time I come to reply ive forgotten who has said what!
Not sure where im up to with telling you whats going on my end but tonight I am signing the lease agreement with my new tenants in my rental property..OH is doing last few jobs tomorrow while I am on 'mums taxi' run.
kids school discos tonight but as 1 is in infants and 1 in jouniors they have separate times...lots of hanging around or driving around...
tomorrow my daughter is at a roller skating party and my son wants to spend his birthday money...have tied these in together so ill drop my daughter at roller rink then spend some mum and son time.
Ive still a long way to go but debt total is slowly coming down and monthly projections are looking good.

Kayalana99

Seems like we had quite a few crossed posts when I was writing that :-)

I think the reason was they were trying to get her out the house personally but it back fired on them and they couldn't back out she must be about 25 now and was on about extending (their) the house so she could have more space..that said it's only a guess. I do feel sorry for the couple though as they must be really wanting their own space...but they did choose to get married first which she told me they were going to buy house first so I suppose if they really wanted the house they would of managed.

I know you're right about the kids, I should treasure the time I have with them but I just can't stand sitting around doing nothing! :-)

tinktay84

lessonlearned wrote: »

Kay - I know ive said this before and I kniow you are desperate to get cracking, but you have a lot on your plate. Looking after Two little ones is a full time job in itself.

Time races by, they will be at nursery soon, and then you will have a few hours to start putting your own plans into action.

Trust me, if I had the choice, I would turn back the clock and my gorgeous hunky sons would be toddlers again.....I adore them and they have grown into fine young men but how I miss those glorious "baby years".

You are decades younger than me, enjoy your young family and your youth. It will be gone before you know it.

My 2 are only 5 and 10 but I already wish I could have spent more time with them and feel like if I ever had more children I would want more time with them as babies.


I make a conscious effort now to put down my phone or laptop and really listen and spend time with them to make sure I can look back and say I remember things

minxy-x

Kay
I work in a HMO, so involved in a lot of the work to keep us within legislation.
Our company had legionella risk assessment by a specialist company, it is a massive document about 20 pages front and back.
From that there were recommendations some are undertaking by a company, some we undertake like recording weekly temperature checks for hot and cold water. and running water through outlets (taps/showers) weekly that might not be being used regularly.
Have you ever looked into matched betting? That's what I am looking into as a extra income stream for the next house deposit.
Can you do some shoots of your kids? No childcare needed and building up a portfolio?
Exchange a photo shoot with family/friend with some free babysitting.
Hope you Husband is ok.
I hope you don't find this patronising, the grass is not always greener and we all have our struggles.
We are and have been for a long time TTC its not working at the moment for us. We will get there, so will you.
We all have our own paths to take, sometimes you may take a little longer in an area- but important to look at what you do have sometimes and not what you dont
But make sure any frustration you feel you use it to a positive effect and not negative, and if its going negative give yourself a kick at the bum.

Tinks
I do the same, I read think I will remember, open another tab read off that again and reply on the other tab- I should just use multiquote.

lessonlearned

Kay - re savings.

I dont have a large income but I don't have large outgoings either.

My current passive net income per month, mainly from pensions is £943 that's after taxation, but not including interest on savings or investments.

Don't forget I'm sharing exoenses with my son, He pays the mortgage, council tax and utilities, and all his bits and pieces, he has some debt but that will be finished by Christmas. I give him £150 toward my share of the bills, plus buy all the food, house keeping bits and bobs and his dental/medical Insurance and my own medical insurance and life insurance. We both run A small car each, both paid for, no finance.

I reckon we both spend around £500 a month on living costs., excluding the cars. He takes packed lunches and I try to cook from scratch most days. I reckon I could easily shave the housekeeping budget if I put my mind to it.

I have no debts other than a credit card on 0 per cent. I just make a min payment of £50 each month. I can clear the account any time but choose not to for the time being.

I have just rejigged my accounts and I reckon my interest will be around £150 a month after tax, plus I usually have.a small payout from my premium bonds each month. Usually either £25 or £50, so far nothing larger.

So you see, taking into account my left over disposal income of £400 ish, plus interest and the odd premium bond pay out I should be able to save that £500 with relative ease.

The ,challenge is to try and save more by making more. I would like to save £1k but without getting paid employment that is a big ask. So it's up to me to start selling and wheeler dealing or as my OH used to joke "I see youve been ducking and diving again".

All perfectly legal, honest Guvnor.......and yes before anyone jumps down my throat, I do pay my taxes......:rotfl:

I honestly think how much you can save is not always down to what you earn, but now much you spend. Perhaps rather than thinking of a figure, work to a percentage.

Mr Moneymoustache aimed for 75 per, cent but I think that might be a stretch for most people, especially if you have children.

I had a friend who started what she called her Ten per cent account, this was In addition to her regular pension contribution, and ISA. She just creamed 10 per cent of all her salary and any income that came her way, including birthday money, part time jobs etc. She said she didn't even miss it and that it really mounted up because she didn't touch it, she just left it to grow.

If ten per cent is too much, try 5 and see how you go. if you need to dip into it for an emergency well at least it's there waiting for you.

Just start small and build up when you can, to suddenly start saving 50 per cent of income could be quite a shock to the system.

If you are in debt then debt clearance is a form of saving too, the quicker you shift debt the more you save on interest payments.

Don't despair, Rome wasn't built in a day. Practise your photography when you can, even if it doesn't earn you anything. That's your dream and it will make you good money once you are established. In the meantime just earn what dribs and drabs you can and save what you can spare.

lessonlearned

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