Millionaire Challenge

Mohammad08

hi. in my opinion if you want to be a millionaire you must work on your own .because work at at the companies will give you constant money and if you try to earn more than your salary although you try hard but in fact you have been limited, as old says "Pay the piper and call the tune". thanks
best wishes.:T:smiley

Broken_Biscuits

Kayalana99 wrote: »

Hope everyone enjoyed Xmas
Edit: Just added £10 on to see how it goes...£10 at 2.7% for 1 month so I make a grand total of 2p!!! ...but hey I guess it's a trial and wanted to see how it worked. Really annoys me the site is not very informative on how it all works...unless I am just missing it but I googled it in the end.

I think dipping toes and not committing much just to get a feel for a product is a good idea, however, when there are instant access bank accounts with rates from 3-5% risk free on the first £75,000 then it makes no sense to take less than those rates available and with risk.

Fill up your tsb and nationwide 5% accounts first and only really consider p2p if they are full or you can get at least 5.1% or more. Personally, the lowest I would invest in ratesetter is at 6.3% at the 5 year. My average is 6.5% with a few big chunks at 6.7 to 6.9%

Broken_Biscuits

Mohammad08 wrote: »

hi. in my opinion if you want to be a millionaire you must work on your own .because work at at the companies will give you constant money and if you try to earn more than your salary although you try hard but in fact you have been limited, as old says "Pay the piper and call the tune". thanks
best wishes.:T:smiley

There is definitely more than one route to the end goal. For example, if you have a gaurenteed salary, you can take more risk knowing exactly what will be in next month's pay cheque.

I work for " the man" and on pay day I pay my bills and then transfer about 40% of my pay over to various saving vehicles. I then know exactly what I have for the month. I know exactly the day I will have the next batch of money. There is no surprise if a job doesn't materialise. There is no surprise if a major client pulls funding. I can take slightly more risk knowing exactly what will be coming into my bank balance for the next 12 months of the year. If a really tempting investment opportunity comes up I can go all in knowing that i only have to live frugally up to the 25th before my work will give me exactly what I'm expecting again on pay day.

Fast forward 5 or 10 years or so and with a much larger safety net of cash, that could be the perfect time to consider being self employed. Knowing that if I have a quiet month I have some interest coming in from the savings.

Out of interest, what is it you do? Where is your million coming from?

lessonlearned

Two fantastic posts there Biscuits, lots of really good advice. Well done on saving 40 per cent of your income. Go You.

I'm just having my usual year end paperwork clear out. This year I've got mums, dads, mine and the last final bits of my husband's.....

Not quite as bad as it sounds.......it's all pretty well organised. I'm just quickly double checking everything as I go along.

Just As well really. When going through mums papers, which dad said he had done, I found a building society passbook which looks like it's still live and which is showing quite a nice little sum so I need to investigate a bit further.

Ive also stumbled across a couple of accounts in my late husband's name so I need to sort those out too.

Just goes to show how easily things can be missed. It's not a lot of money but every little helps.

I am pleased to say I have well at truly smashed my £1k target for January 1st. I shall post up my final figure in a couple of days - I still have some cheques to bank and foreign currency to change so won't know the final figure for a day or two.

I bought my son a copy of the 4 hour work week for christmas and he is very kindly letting me read it first. :rotfl: I'm about half way through. Quite interesting, a bit wordy but there's a few little nuggets of wisdom In there.

My son is currently reading up on day trading. He has set himself up a couple of monitors in the study and is doing some practice dummy trades.

We are going to have a go in 2016 - one of our "little extras" to see if we can get another couple of income streams going. Well I will be putting up The stake money and he will be doing the work. If we are successful I shall have to rechristen the study and call it the "trading floor":rotfl:

Which brings me neatly to goal setting.

My target for 2016 year is to buy a house for me using existing funds and to save a further £10k.

This is not counting any profits we might make when we go live with the day trading.

I aim to save £10k to replenish my savings pot. I have had a very expensive year - extravagant holiday, vets fees, new furniture etc.

I aIm to make this from reducing outgoings, saving at least 50 per cent of my net passive income, and restarting my antiques sideline.

I went through some old diaries the other day.

TInk started this thread in May 2010 and although I lurked for a while I didn't really take up the challenge until October. At that point I was £30k in debt, with no income. I set myself a target of £300k in 10 years.

As you know I have gifted my sons deposits and renovation budgets for their houses - £50k each. If I had not given money away my net worth would now stand at almost £250k. As it is I am just shy of £150k.

The boys have done well too, they have both increased the equity in their properties, partly by the improvenents they've made and partly by paying down the capital.

So a Huge thank you to Tink for starting this thread. It was just the kick up the derrière I needed.

I still need to up my game though.;)

Onwards and upwards.......

To borrow the vernacular of my sons' generation .......

"2016 is going to be AWESOME"

cazmanian_minx

LessonLearned - I would thoroughly recommend The Naked Trader by Robbie Burns. I think it's on the third or fourth edition now, but it's one of those books that manages to be very informative and fun to read at the same time.

Kayalana99

Thanks Broken - I am not really interested in getting a new current account though which it seems most of these deals revolve around but once I have the spare cash and it seems a lot of messing around. (which hoping on getting that 5k which seems to be seeming more distant possibilty now ....)

I love Santander, the banking is so straight forward and the service we have always got is amazing..the interest rates on savings are cringe worthy I think they just changed our 0.005 percent account to 0.0025?? but honestly up until now it always felt like we had to save for something...so I think this year shall be the 'investment' year... first it was the kids being born (prams, cots etc!!!) then it was the business, then it was our wedding and then we had my Dad's loan and Xmas on top....I appreciate that I have borrowed more of my Dad but smaller amount and smaller repayments this time.

I've done my new years rev's

Lose Weight (2 stone)
Book a £500 wedding
Read more (Inspired by the recent posts lol)
Build Savings / Investments
Develop Photography Skills
Pay extra £1,000 off the mortgage (I would hope more but if I set a target of 1k then that's something to work towards)
Increase self employment wages from £250 to £350 a month

May have a few more to come but these are my basic guidelines...

Glad all is going well LL, your sons are well looked after :-)

lessonlearned

Thanks Caz for the book tip. Have just ordered it.

Just finished Clearing out my late husband's paperwork. It felt very "final" iyswim. Not an easy task but it's done now. Can't look back, I'm not going in that direction.

Kay - some good resolutions there. I will be joining you on the losing 2 stones and getting fitter. I also want to brush up my Spanish. I bought a couple of books and found a website so will get cracking next week.

I have until May to reinvent myself as a slim bi-lingual glamorous mother of the groom.

No pressure then. :rotfl:

YoungBusinessman

Hey guys how are we all? Il be here alot more from now on as tracking my finances online and using excel for budgeting etc. Aim is to start NOW, so i get a 3 day headstart on 2016.

I want to achieve the following

£30k incease in net worth. Be it savings increasing or debt paid off.
Gain at least a stone in weight - healthy, high protein diet, much more working out and less drinking
Budget!! Stick as close to budget as possible - there will be good days and bad days, dont give up!!

Last one isnt really upto me.....get engaged. The last one is only going to happen if i stick to the first 3!!

Broken_Biscuits

lessonlearned wrote: »

"2016 is going to be AWESOME"

I would say I'm a realist. Others may say a pessimist, half glass empty type of person.

But I'm feeling the same about 2016. I feel like everything is going to fall into place and may even go as far as being awesome!

I remember watching a program recently about a group of people that had lived to over 100. They all had one thing in common and all came across as very positive people. Obviously you have to have a bit of luck with health etc to get there but I think positivety definitely can add years.

If I had to work on one thing personally it would be my positivety. I naturally risk assess and see potential pit falls ahead of the positives. Its a nice feeling to feel like 2016 is all going to go well and not something I've felt before going into any other new years. It is daft really... It's just the end of the date changing from a 5 to a 6!

Throughout 2015, financially, I spent a lot of time setting up the safer boring lower returns to my investment structure. I like to refer to it as pyramids of risk. The bottom base has the most in it in the safe high interest accounts, then the next layer has slightly less in it but with slightly better returns. Your longer term fixed rate investments. Keep moving up with slightly less invested but with better % returns. The bottom bricks take the longest to build and although I will add to them in 2016, there will be a lot more freedom to top up the riskier blocks having done a lot of the boring groundwork already.

My best investments in 2015 returned 12% and one even returned 17%. I had next to nothing Invested in these though. With the safety net in place now I can really push on in 2016 with much more being put into the investments with higher return potential and see where it gets me.

Let's see how far this positivety gets us.

Kayalana99

I wasn't going to post again to the new year but I went up to see my Grandad today, he's over 75 going on 80 and had heart surgery about 6 months back. I remember last time I saw him a week or so after and he was so depressed. I've never seen him like that before.

I went round today and he was bursting with energy - he was literally smiling from ear to ear bouncing round the room, sorting us with drinks and telling us about his day....I can't say whether being positive will make you live longer, but for certain his energy is the reason he is not sat in a chair like most people his age are....he's one of the healthiest people I know. He's got more energy then me! I honestly wonder if some people are just born with it, who knows?

Honestly I feel like 2016 is going to be my year to...