Millionaire Challenge

COOLTRIKERCHICK

Total wrote: »

Boom Boom shake the room I'm richer than you!

but we have all the excitment of trying to get there;)


Ok ....I might have a some news in a few weeks to report:p

I know its just under 6 months to Christmas, but start thinking and looking for things that you think will sell well on ebay etc..

I am just about to start making my christmas stockings and decorations out of vintage material etc....I done some last year at the begining of december, and was rushing etc, and they sold well, so this year... i am going to do one or two a week, so by september i will be one of the early birds selling the crimbo crafty stuff

anika

Hi

I have been following this with great interest and thinking Yea I could do with a million as well! Then it set me thinking about my finances, because I have moved out of my flat and in with OH. I have just started renting the flat out, and thought the money coming in each month was nice, very nice. BUT, I own it outright, and have no debts! Without thinking much about it lately, until now, what should I do to get the best investment from it? Bank the money and just pay the tax man at the end of the year, or borrow against it, which way would I gain more? Now of course I want to join all the would be millionaires! Brilliant conversations from you all:T

lea123e

Total wrote: »

Boom Boom shake the room I'm richer than you!

Strange.....

lvm

lea123e wrote: »

Strange.....

I agree! Lol!

If it's of any interest he/she appears to have become "richer than you" by gambling (of the risk free type I'm assuming...)

Total_2

lea123e wrote: »

Strange.....

It’s called eccentric, you get like it when you are as rich as me, servant

COOLTRIKERCHICK

anika wrote: »

Hi

I have been following this with great interest and thinking Yea I could do with a million as well! Then it set me thinking about my finances, because I have moved out of my flat and in with OH. I have just started renting the flat out, and thought the money coming in each month was nice, very nice. BUT, I own it outright, and have no debts! Without thinking much about it lately, until now, what should I do to get the best investment from it? Bank the money and just pay the tax man at the end of the year, or borrow against it, which way would I gain more? Now of course I want to join all the would be millionaires! Brilliant conversations from you all:T

only you can decide if you want to borrow against the flat, but this is what alot of landlords do, to finance the deposit for the next buy to let property... I think the main thing is to know where the fine line is, and to make sure you have alot of room between the mortgage payments and the rent coming in to be able to soak up any interest rises in the future, and a buffer for voids etc..

Might be worth you talking to an accountant and independant mortgage adviser, and then see if you feel happy going down this road....

rictus123

Well im onto pricework..earning about £200 a day average so far! Will go up a bit over next few months but then down over winter. Not going to turn my nose up at that at 20 years old! I am continuing putting 25% net income away as soon as i get it. Also with the remaining surplus im looking at getting a small, 2 or 3k safety net in my main bank account that i will treat as being the figure £0. So only for real emergencies. Car on finance is half paid off in October so hand that back, that will be £240.30 a month+ running costs saved so will help build up a sum in my bank account.

Im still well and truely tuned right into this challenge! Got a few ideas, just need to stay focused and knuckled down on getting that money in but also being frugal and not wasting it all! With my recent upturn in fortune i am planning a little holiday in September, will see what happens though! Overtime will pay for it.

So thats me a higher rate taxpayer now...great!

GettingItRight

What is price work?
Is this like a commission type of salary?

rictus123

Yeh if are in sales,what you sell for you get x amount for. Painters get x amount a house/room etc. Its working not on an hourly rate. Builder paid by metre. Joiner paid per job, ie kitchen fitted. So can choose own hours aswel. Like today i came home at 3 soaking wet. So wont get paid next 2 hours but iv made enough to cover it at start of week. In the winter itl be harder but il manage.

I will get close to completing this challenge by 30 i think.

soul-replacement

This is so interesting and i totally agree with live4free post.