Millionaire Challenge

Kayalana99

Broken_Biscuits wrote: »

freedom day is about 17 years away unless i make significant changes... Perhaps take on more risk? And gamble with the chance that I might set myself further back?

yeah the Greeks. Shares are mostly dropping everywhere! There is a possibility that all markets will drop significantly. I don't hold any specific china funds but the other day they dropped 7% in one day. That's crazy. Most of the things i hold are starting to drop. Im trying to build up cash, but if everything drops by say 20% id pile it all into a tracker and sit back and watch it rise. or perhaps an active fund where the manager has history of doing well with picking undervalued growth potentials like terry smith or Neil Woodford.

woodfords funds are balancing the books for me and negating the drops in my other funds.Both are up, one 18% in a year (!!) and the other about 13% in just a couple of months (!!!)

House prices are rising.

lessonlearned

Good morning.

Yes we could post our goals up and then check our progress. It might help us stay on track and avoid any backsliding.

But remember it's unlikely that our journeys to millionairedom will be a straight linear progression. There will always be setbacks and delays.

It's not how often you fall, but how often you get back up.

Broken_Biscuits

Kayalana99 wrote: »

House prices are rising.

Just remembered, i had a dream the other day. Both my neighbours needed a quick sale and so i bought either side and made a 7 bed monster.

more of a liability than any benefit but i did have a nice garden.

found a fiver on the way into work and so smashed the old saying there's no such thing as a free lunch!

more yellow stickers for tea, but am sat in a beer garden typing this.. Oops.

as for plans, i set mine out about a year ago.
a year from now £20k out of pensions and property. 5 years from now £50k out of pensions and property. 10 years 100k. 17 years 200k.

i would then be 50. Own my principal home. Have a pension pot of about 300k and have at least 200k. I could probably retire at that point. Living mostly off the interest at 50 but running the stash down a little til i could access my pension. Then start making money with both pots.

if the state pension still exists id get a little top up a bit later again.

minxy-x

Kay
Your shoot sounds very exciting!

The good old cash is king (or in our case being able to access cash) has just over the last few days popped up for us re a business investment, someone needs some readdies for a business investment.
We have offered our terms so waiting to hear back, if it works it would be a good passive income, if it does not nothing lost as it was not on the cards. Im more sure at this point it wont move forward, but its still an exciting feeling.
I do feel a bit dragons den.

I really like setting goals, I try to set daily ones (I like crossing them off), I also like remembering original goals and how they changed and adapted over time.

minxy-x

Hey all
I have found an audio book on youtube for the millionaire next door, I am going to listen to it while cooking/cleaning. Great multi tasking, and means I do not have to dedicate time to sitting and reading and its free.
The voice is a little strange though
https://www.youtube.com/watch?v=Jw0iqu05504

PeonySugar

minxy-x wrote: »

Hey all
I have found an audio book on youtube for the millionaire next door, I am going to listen to it while cooking/cleaning. Great multi tasking, and means I do not have to dedicate time to sitting and reading and its free.
The voice is a little strange though
https://www.youtube.com/watch?v=Jw0iqu05504

Brilliant thanks for sharing

I've been doing some number crunching with my new salary for this new job, and after all expenses including saving £300 a month to my house deposit I have £496.99 . I can't decide whether it's better to :

1. throw that at the house deposit, (though that would mean I'm saving even more than my partner than I already have),
2. put more into my pension
3. save it towards my fund for retiring before I can access my pension.
4. More into my emergency fund

Help!

minxy-x

Peony
These are my immediate thoughts if I was in your position.
1. How much was I planning to save in total, is it worth adding to have a better LTV rate and therefore possibly better % for mortgage, do I plan to OP the mortgage.
2. What % does work contribute, do I want my money tied up there when I could be possibly making better investments myself with a better return, when do I want to retire, am I happy with my money being tied up for years, also what's my personal risk level.
3. Where am I going to keep this fund, what am I going to do with it, what would my returns be on options in this area.
4. How much do I have in here now, am I happy, could I survive with these savings for a period.

There is always the option to split the money in all/some of the above, and not keep all your eggs in one basket.

Lots of this really does boil down to your personal risk level,what you want to do with your money, time and where you want to be and what you want to do in the future.

When we were saving for our house deposit, there was an option to purchase a business in the same industry we now have ours.
We chose not to invest and chose to purchase our house, at the time this was what we felt most comfortable with, with hindsight and a change in our risk levels we would have possibly looking into purchasing the business.
However we never ever look back on this with regret or what if's, the choice we made at the time was right for us, and has brought different opportunities.

What ever you do, even if you make a mistake on your journey learn lessons and move forward, there is no time and it uses too much energy for the what if's.

Kayalana99

minxy-x wrote: »

Kay
Your shoot sounds very exciting!

The good old cash is king (or in our case being able to access cash) has just over the last few days popped up for us re a business investment, someone needs some readdies for a business investment.
We have offered our terms so waiting to hear back, if it works it would be a good passive income, if it does not nothing lost as it was not on the cards. Im more sure at this point it wont move forward, but its still an exciting feeling.
I do feel a bit dragons den.

I really like setting goals, I try to set daily ones (I like crossing them off), I also like remembering original goals and how they changed and adapted over time.

This is so basic and so simple that it never really crossed my mind. I picked up that millionaire property book today and only got through about 3-4 pages but what stuck me is that his first step was to go into business with someone who had cash....now I always thought I was going to save my first 10-12k for a B2L but I bet their are people out their with cash that aren't sure where to put it that I could team up with...I also could save half that and perhaps team up with my Dad on a 50/50 ownership to get my foot in the door.

Maybe it would just be as simple as getting a brilliant plan together and bringing someone else in for the funding side(then the real hard work begins lol)... it's def got me thinking and whilst this isn't something I will be doing tomorrow I am going to look into getting a plan together and some real figures and go from their. One thing I could set about doing is learning some basic decorating.

Unf it's just another thing on my list that I need to do, but I also was looking at the youtube videos from that Brandon and he has a surreal energy, can't say his voice does annoy me slightly but he speaks a lot of sense, if you don't know how to do something then it's your job to find out how to do it, not just give up before you start.

I know I've always been against child care to a point but once my eldest goes to school my youngest is going to be on his own for two years before he goes to school and I'm actually thinking it would be good for him to go to nursery or child care for a few hours a week only so he gets interaction with other children his age... I hate to say it but I can't play with him all day and without his brother he's going to get bored very easily although the first year my little one will only be doing half days...but it's going to free up some time for me to perhaps take up a side project.

As much as I would like to turn photography into a business, it's really hitting me today that it's 95% a weekend job...and so I may look into ways of trying to get my income up through my business to, or perhaps look for another market once my eldest is in school. (That doesn't change anything in the long run, just that I think having a day job, and doing photography as a side job until I am making enough money is key to financial success faster)

I think till September I'm going to spend a lot of time on myself, loose some weight, bring up my photography skills and perhaps learn some decorating on the side....my dining room needs sorting so I can help my OH with that at least it's a start, perhaps I could learn how to paint doors they all need doing in this house and I believe we have everything in to start!

I have a open day with school on 7th July for my eldest....oh my gosh!

minxy-x

Another option to explore could be flipping them, and then building up profit for BTL if thats what you want to do.
In theory Dad invests money, you do research, organisation, project managing trades and doing some bits yourself with your newly learnt skills etc, sell and split proceeds in a way which is agreed.
Obviously that is a very simple way of looking at it at this stage, would need a lot more thought.

Yeah there are some bits in the videos BB does that Im think hmm, but I do also take something from everyone I have watched. I found caged, comfortable, charged a really good one and when I am slipping into the caged thoughts I give my self a talking too!

Even if photography does not become the thing you do, like you said it has all ready made you push yourself to do things you wouldn't have before, so you can carry through that mindset and other skills you will pick up will be transferable.

lessonlearned

Kay - Sounds like you are starting to think things through.

Re your second child.

My DS2 really missed his elder brother when he started school plus he had some slight speech difficulties. The speech therapist strongly advised me to put him Into nursery school, as much as anything to help with his speech. He loved it. He called it his own big school and was really proud at being "a big boy too". He just did a couple of mornings to start with.

Well Ivw not made any money this week, but ive not spent any either, although the fridge is starting to look a bit bare.

It's been very hot here so during the day I have been busy pottering about, sorting out cupboards and decluttering. I have a pile for the lady who does my ebaying so we might make a bit on that. Tbh I,think it's probably getting a bit near the summer holidays now so I don't think I will be putting anything to the auctions until September.

Garden is all planted up with veggies and I'm really Quite up to date with everything now. I even got down to the bottom of the ironing pile today. Wahoo.

We also have some outstaning Painting jobs here so hopefully I'll make a start next week and then I really must start househunting in earnest. I have a list of maybes that I'm watching on Rightmove but nothing to set my pulse racing.

The ones I've Seen are fine for BTLs but not for me to live in long term. what I really want is a plot of land but I can't find anything at a price I want to pay....... Im watching several plots but the asking prices seem crazy. However I suppose the market price is the market price, and as build costs are roughly the same, it's probably worth paying the extra for a premium site rather than a cheap plot in a grotty area.

My pet builder is on an extended holiday. I'll let him off as he is 67 and technically retired. I need to talk it over with him and pick his brains.

It is his son who,will be building and my friend will be supervising and project managing. When he gets back I'll get him to start viewing plots with me and pricing up some designs and then I'll take it from there.

They are also going to be doing my sisters extension so he's going to busy.......

We've now got a nice architect on the team, he's doing my sisters extension. I'll see how he pans out, if he's any good I'll ask him to come up with some ideas.

I know more or less what I,want to do for the first project but I appreciate its all about the land. the plot itself will determine the build, plus of course what the local authority allows.

Our LA are actually quite forward thinking and both my builder and the architect seem to get on ok with them, so I think they will buy Into an Eco build. They have green lighted several recently.

I know what you mean about raising finance, it can be tricky. I do have a couple of great brokers but it would be nice to find either a couple of investors or business Angels to speed things up.

I console myself with the thought that if I grow my property empire slowly and steadily I will hopefully have less chance of going bust.

I know one or two builders who were going great guns prior to the crash but who were over extended and had to declare bankruptcy.

I know many entrepeuners go bankrupt at times, sometimes more than once, and yes they bounce back but I would prefer to take my time and try and reduce the risk factors.

Maybe I am too cautious but I must admit I do like to sleep at night.......:rotfl: