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Millionaire Challenge

edited 30 November -1 at 1:00AM in Boost Your Income
4.1K replies 793.9K views
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  • lincroft1710lincroft1710 Forumite
    14K posts
    Part of the Furniture 10,000 Posts Name Dropper
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    Remember the mantra :

    "This time next year, Rodney, we'll be millionaires"
  • rictus123rictus123 Forumite
    2.6K posts
    We need to keep this thread going. As we are all wanting the same thing...to get wealthy. Right now my net worth must be negative. Itl probably break even in August then il be £4k or so up by end of year. End of next year i want at least £15k net worth. At 20 thats not bad. By 30 id like £250k.
    Work in progress...Update coming July 2012.
  • tinktay84tinktay84 Forumite
    299 posts
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    Well epic fail on the millionaire road last night having had to pay £50 for a taxi home!!!I would have walked but with it being 20 miles and 3am!

    On the plus side I am putting a proposal together for a contract worth around £14000 so if I pull that off I will be set for work for the next 3 months! :)
    trainee millionaire (aka not there yet!)
  • lvmlvm Forumite
    1.5K posts
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    Good luck for the contract! Hope you get it! x
    Mortgage Free Journey!
    Total Purchase Prices - £1,031,000
    Current Values - £1,150,000
    Mortgage(s) March 2019 - £708,102
    Aim for March 2020 - £695,000
    Aim for March 2021 - £680,000
  • gingerandrubarbgingerandrubarb Forumite
    427 posts
    Part of the Furniture 100 Posts
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    Hi :j
    I also am 27 years old and married with 3 boys under 6 years old. As long as i have been alive i suppose my dream has to be rich and own my own business, not so much a business that makes alot of money, more so one that helps others ...anyway getting off track here :cool:
    I would love to be a part of this challenge, Is this particular thread 'THE' challenge page? Or are guidlines going to be set :p
    I don't have any real debt (probably less than £500) i don't own any houses or any type of property. I have plenty of ideas but a chronic illness that hinders me from just getting there quickly.
    I will say i'd be happy if i was a millionaire (lottery included, not that i play) by the age of 40-50. :D
    Whats everyones ideas for starting? x
    Blogger / Money Saver
    Make £2020 in 2020 Challenge - Accepted
  • I think trading is the best. Buying cheap and selling at a higher price. You have to identify the right product and the market and work at it though.
    I wish I knew what the next hot thing was going to be that everyone wants.
  • rictus123rictus123 Forumite
    2.6K posts
    Yeh i think we could throw together some guidelines...also not just cash rich its increasing net worth as each day goes by then one day itl get to a stage you will stop and think "christ im rich"

    Im going to work out my net worth now and set up an aim for what i want to get it too in a years time.
    Work in progress...Update coming July 2012.
  • tinktay84tinktay84 Forumite
    299 posts
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    ok so guidelines...think the first one will be that it doesnt have to be "1m in a bank account but will take into account property, shares,savings etc.

    As a rough guide at the moment I have: 18800 debt, 46000 mortgage: TOTAL 64000 debt

    : 20000 equity in house, 101 savings,

    :Current net worth : -43800

    so I need to accumulate £1043800 by April 2024 to achieve millionaire status by 40
    Looks huge when I put it like that but to me its all just numbers and I know I can get a good way to being into positive in the next 12 months which is the first hurdle.

    As a previous poster said its not about getting the full million as eventually interest will start to build up which will help.

    I have already made huge progress since first toying with this idea paying £1000 off debts which will reduce interest charges.

    I am going to get a plan together in the next few weeks to make sure I am saving/making as much money as possible and aim to really get going on 1st June.

    Anybody know of any good free blogging sites as I really want to start a blog as I know then I will be more determined
    trainee millionaire (aka not there yet!)
  • tinktay84tinktay84 Forumite
    299 posts
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    MikeR71... I read a book on holiday called one red paperclip
    It was this book that set me off. Basically a guy decided that he wanted to trade himself up from one red paper clip to eventually get to a house. He managed it by trading for something a bit better everytime (paperclip, door handle, fish pen and so on)
    I figured thats kind of the motto here....trade up from being in 10s of thousands of debt to 1000s, to 100s and so on using whatever methods you can... trade driving to college for cycling: saving £3.00 per day...over the course of the year : £200+
    trainee millionaire (aka not there yet!)
  • VixztaVixzta Forumite
    8 posts
    Love this thread! I'm currently working through 'The Science of Getting Rich' based on Napolean Hill's book. If a million is your plan, I would highly recommend looking into this programme as it has so far been invaluable to me! You can get some of the lessons for free on the website. Good on you for having a plan, I think knowing exactly what you want is 50% of the challenge! Too many people do not know what they want, and then when they do, they come up with reasons why it is not achievable! 2 months ago, I had no idea what I wanted, now I have a whole list of business ideas, and have set up weekly meetings with a friend I am hoping to work with so that we can start putting these ideas into action! Onwards and upwards I say! x
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