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Millionaire Challenge

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  • lessonlearned
    lessonlearned Posts: 13,337 Forumite
    10,000 Posts Combo Breaker I've been Money Tipped!
    Happy Birthday Nan, 94 Wow!!!! Enjoy the party.

    Happy New Year Everyone.

    Let's make this one count!!!

    Had a text from my builder today, wishing me well. Says he's looking forward to our next project.....

    I did some research yesterday into "pensioner mortgages":rotfl: I will hit the phones next week and get that lined up so I can start house hunting.

    No time to waste.........I'm ready and itching to get going. :D
  • 94, that's incredible Kaya.

    Ll, I see no Messing from you this year!

    Happy new year guy's. All I see for myself is progress. will be back at the end of the week with a progress report.

    Remember we have the same 24 hours as millionaires.
    Lose 28lb 3/28lb
    SPC Member 1522/2012-£264/ new pot 2013
  • Kayalana99
    Kayalana99 Posts: 3,626 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker I've been Money Tipped!
    edited 1 January 2016 at 10:51PM
    I'm sorry I keep coming up with these 'plans' but hey ho.

    I've picked up my black hole focus book again and my number 1 goal is always to get to the B2L so I sat down tonight and worked out how much I need to actually get there. I've given myself the goal of 3 years.

    It's annoying as there is so many variables I don't know yet but I plan on doing what I can.

    I need: 19,800 (7,300 off mortgage 12.5k for the new house) (Incase anyone didn't know I need 25% eq in the house to turn this into a B2L)

    Now given that this is over 3 years, I'm not sure how much would get paid off the mortgage but I'm estimating 2k given that I am going to start by paying the mortgage down so hopefully over the 3 years this will knock more of...I think come March I will have more of an idea as I said hoping to re mortgage.

    Given that hopefully 2k will pay itself off with the mortgage payments that leaves 17,800 so my official goal for this year is to pay off £4,000 off the mortgage itself.

    I also need £1,690 to pay for our holiday, Christmas and Car (actually we have two cars now so I suppose that really needs to be about £2,500..)

    I'm going to start filling the Car and holiday pots up - and also that 5k I was on about I have to make a phone call tomorrow but it should all go to plan so with that in mind I plan on using 2k of that to pay off the mortgage and the other 2k will go into the photography fund. The other 1000 will go into savings and will just get held incase the car breaks etc.

    So that leaves my goal of the house at 2k which is a bit more doable for this year.

    I'm hoping that when we re mortgage in March that we can get a decent interest rate and our monthly outgoings will go down. Also our energy bills went up recently so can work on getting this down along with our food bill ...also as I say we are also paying my Dad back £110 a month now so if I can get him paid of quicker this will keep our monthly income down and so we can put more away to save.

    Fingers crossed...this is my plan of action. I will worry about yr 2 and 3 as it comes but if I can get 4k off the mortgage this year, it will be a hell of a good start.

    Oh and to add I get £40 a week myself for spending money, but I'm hoping to save as much as this as possible so I can add money myself in...but the problem lies I always end up the one buying birthday presents, meals out...new school shoes..sort of stuff so just see how I go with this for now.
    People don't know what they want until you show them.
  • Karmacat
    Karmacat Posts: 39,460 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Kaya, I think its great to have lots of plans - unless you examine all your alternatives, how do you get an idea of what course of action is right? Good for you!

    Same for me, really, even now! My alternatives are:
    1. Selling to downsize and add the extra to my pension pot/living expenses.
    2. Renting this out and travelling - very slowly, since I haven't driven much in a long time, but probably using a camper van, or maybe even a well kitted out boat. This option totally depends on getting my health back.
    3. Renting this out to go live with my mum and take care of her, she's getting a bit more frail.
    4. Staying here - retired life would be very short of fun that cost anything at all, unless my finance plans paid off.

    Finance plans:
    1. Make the s*dding blogs work financially!
    2. Kindle books - the factual ones take a long time to write, they do for me anyway, I love the research too much. But I like the writing too.
    3. Kindle books - fiction. I have 35,000 words written of one - I could turn it into a saga in five parts, apoca-fiction, no problem (except for the time it would take!).
    4. Freelance writing for elance etc - I did the profile, which took ages, but didn't get anywhere with quotes. My business partner's niece, who now lives only about 20 miles away, is successful writing on elance, so I may yet try to talk to her about it. Shelved for now, till next year.
    5. Possibility for 2017 onwards - cat sitting. I'm perfectly sure I could pass the criminal records check :) I'm a retired professional in an extremely sensitive area, and I adore cats. What's to lose :)
    6. Win the £100k premium bond.

    Some of these are mutually exclusive, but thats the nature of the beast, planning has to take account of changing external circumstances too. I just need to get through the next 8 months.
    2023: the year I get to buy a car
  • lessonlearned
    lessonlearned Posts: 13,337 Forumite
    10,000 Posts Combo Breaker I've been Money Tipped!
    Karma - those 8 months will whizz by and things will get easier once you start drawing your pension. Just sit tight and do what you can. Nurse yourself back to health and try not to worry too much.

    I was in a similar situation to you at one point - just after OH had gone into nursing home. We lost all his benefits and half of his pension. I had no income and despite bring too ill to work I didn't receive a penny in benefits.

    I saved the State a small fortune in hospital and nursng care, looked after my husband for over six years and still oversaw his care needs for another two and a half years when he was in the nursing home. I wrecked my Own health in the process and that was the thanks I got. ;)

    Luckily my dear FIL realised how bad things were and helped me out a bit but I still teetered on the edge of financial ruin. That's how I found MSE and of course this lovely thread. I just happened to see Martin on the television one morning ......and the rest is history.

    Hopefully you will feel better in the spring and more able to see a pathway forward.

    Kay. I agree with Karma, look at all the angles. It's good to have options.

    Well I'm feeling a bit ropey this morning. I've not been sleeping too well for the last couple of weeks and I'm starting to feel the effects. I've got what my son calls "brain whirr". I just can't seem to switch off.

    I think it's because the house feels very cluttered and messy. Sounds daft I know but I can't function when clutter gets out of hand........So I have decided to get down to some serious decluttering. There's now 4 bags of stuff in the boot of my car - waiting to be dropped off at the Chazzer. Mainly my clothes, shoes, etc :o Now that's done I will be able to make a start on trying to sell some of the bric a brac and collectables.

    Hopefully clear the decks and earn a bit of cash, win-win.:D
  • gallygirl
    gallygirl Posts: 17,240 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    KC have you thought if a narrow boat? I can just see you pootling up and down the waterways :)
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • Karmacat
    Karmacat Posts: 39,460 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Karma - those 8 months will whizz by and things will get easier once you start drawing your pension. Just sit tight and do what you can. Nurse yourself back to health and try not to worry too much.
    Thank you LL. Ever since I had a bit of an experience on the beach one day, I don't worry as such - I plan, plot and scheme :p but I don't worry, and realistically although my income is miniscule, my net worth is fairly high. Its still 5 years till I get my state pension, and I'll be drawing very heavily on savings plus wanting to live down south in an expensive area, but I bet I can make it work :)
    I was in a similar situation to you at one point - just after OH had gone into nursing home. We lost all his benefits and half of his pension. I had no income and despite bring too ill to work I didn't receive a penny in benefits.

    I saved the State a small fortune in hospital and nursng care, looked after my husband for over six years and still oversaw his care needs for another two and a half years when he was in the nursing home. I wrecked my Own health in the process and that was the thanks I got. ;)
    You've had it rougher than me, LL, emotionally and financially, and I really hope 2016 is good for both of us/all of us.
    I think it's because the house feels very cluttered and messy. Sounds daft I know but I can't function when clutter gets out of hand........
    I absolutely experience that myself, it's why I've focussed on clearing things up so much this year, after the recovery from the worst of the virus.
    gallygirl wrote: »
    KC have you thought if a narrow boat? I can just see you pootling up and down the waterways :)
    I was wondering initially more about an offshore boat, as mooring is free, but I bet there are moorings on the canals too. You mean like this one: http://narrowboats.apolloduck.co.uk/feature.phtml?id=450103
    :D:j:D:j:D:j
    I can see me pootling about in that as well :cool:
    2023: the year I get to buy a car
  • Karmacat
    Karmacat Posts: 39,460 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    gallygirl wrote: »
    KC have you thought if a narrow boat? I can just see you pootling up and down the waterways :)
    Sorry, had to answer this question a second time - check this out: http://www.marineserviceschirk.co.uk/26-ft-janada/

    Little more than a third of the price of the canal boat. A bit smaller, yes, but there's only me. It has a hob and a toilet, I have a microwave and a halogen oven, I can instal a shower :D its 26 feet long, this thing! Call it £7k all done, houses round me are going for £1100 per month rental, I'd be breaking even after a year, and if I sold it then, I'd actually be in profit :D

    2023: the year I get to buy a car
  • lessonlearned
    lessonlearned Posts: 13,337 Forumite
    10,000 Posts Combo Breaker I've been Money Tipped!
    Ooh that is reAlly pretty. It looks plenty big enough for one, quite spacious.

    I missed out on a caravan, a two bedder, central heating, just 5k and immaculate. Technically it was an 11 month site but they didnt seem too fussed. 11 months is fine girl me because Realistically I wouldn't want to be there in January/February/March.

    Rather than go on a long cruise next winter I am thinking about renting for a couple of months. Winter Rents are surprisingly affordable. I quite fancy Madeira. My niece is currently in Malta for 4 months and that sounds lovely too.

    Once we reach Financial Independence Day the world really does become our oyster........
  • Very nice, Karmacat! Mr Minx and I used to dream about buying a boat and sailing between Scotland and the Caribbean (summers here, winters there!), but I think it'll have to remain a dream, although the crofts I'm buying does have a little inlet with a rocky foreshore where we could moor a boat.

    I've bought a small square baler and a haybob today (the thing that turns the hay for drying and then sweeps it up in rows for the baler). Both very old, but hopefully not *too* much work needs doing on them. Paid the equivalent of 233 and a third bales for them, so that's 2 years'-worth of winter hay, though I should get enough baled each year that I'll have some surplus to sell off, which will help with the payback period.

    Just need a mower and a tractor now, but both those are far more easily borrowed than a small square baler, which aren't much used round here any more.
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