Millionaire Challenge

Kayalana99

Looking into the future but might give it a go, even if I just work at an E/A for two years whilst I finish the last half of my degree it will be money and experience towards my next job. Appreciate you don't need to be educated, doing this degree as much for me as anything else but would be nice to have a career in something I'm interested in.

Kids driving me potty already!!! 5 weeks and counting....ok I love them and I love having them off but they just fight ...a lot lol.

I'm on a mission to get our savings back up, aiming for 3k in the E/F. May have to dip into it for holidays and Xmas but that's step one. Need to get control of our finances.

I'm gutted OH has already ran out of his monthly money (meant to last for 15th) and I sold my wedding shoes as I was never going to wear them again but as I had this extra money it was 'can I lend 10' - although in fairness to him there is no food in the house which I do the shopping so it's my fault. Shopping getting delivered tomorrow.

Going to see what else I can sell, going to get this 3k together ASAP.

Broken_Biscuits

graphicdesign1 wrote: »

Well done on the savings, great amount.
I'm looking at better investing my savings at the moment and aside from things such as ISA/Santander 123 account etc p2p was something I was looking into, if you don't mind me asking which do you use?

3 different ones. Savingstream.. asset backed commercial property bridging loans. it pays 12% and interest payments are every 1st of the month. If a loan goes bad, then the property is sold at auction to pay back the investors. Loans are given at max 70% of value and then if that still fails to cover repayments, there is a small provision fund that may cover the remaining losses. 2 defaults so far, one paid back everything as normal and the other is going through the process now.

Ratesetter. Another one with a provision fund and no capital losses for any investors to date. Individuals and businesses borrow my money and I'm averaging 6.5% returns but that will start to drop as rates are more like 5.8 -6.1% now. Widely regarded as the safest p2p platform. Repayments drip through daily. Handy if you ever need a bit of pocket money , although I mostly reinvest.

Lastly Abundance investment. Invests in renewables like wind, solar, etc. They are mostly 19 year debentures paying 6-8%. Ethical investing. Each loan pays Out twice a year at different times if the year, so again, handy for managing money flow. One of the guys running this set up zopa, the oldest p2p firm that survived a recession.. good people behind it.

Not sure if savingstream will be around in years to come in the same form as it is now, but I believe the other 2 will be and they are set up well for the accumulation stages of my life and the draw down too.

graphicdesign1

Great thanks. How does this work with tax etc just list the profits on your self assessment or something?

Broken_Biscuits

Last year I called hrmc and within minutes I was told they were not interested. No tax to be paid. I'd only started investing in p2p quite recently then though. I think I owed a tenner or less. This year we have the personal saving allowance meaning the first £1000 of interest is tax free. So no more tax there either until you have a fairly large pot.

All the p2p sites I know have a user friendly section that will tell you exactly what you have to declare for tax purposes, so really easy. If in doubt give them a call.

droopsnoot

That's probably because it was less than a tenner though - didn't they used to say they were never interested in stuff under that amount?

Broken_Biscuits

From gov.uk

You’ll need to send a tax return if, in the last tax year:


you got £2,500 or more in untaxed income, eg from renting out a property or savings and investments - contact the helpline if it was less than £2,500.

So to be fair you will need somewhere between 20k to 50k in p2p before you need to fill in a tax return.

I'm a long way off that, and would think anyone new to it wouldn't start with a 50k toe dip.

It would be easier (and reduce call waiting time) if there was an under a tenner rule, but I couldn't find one last year. There is an under a grand rule now though!

droopsnoot

Oh, maybe not then. I've got a vague idea it was on some notes from when I used to fill out a paper tax return, but maybe it's gone if it was ever there.

minxy-x

Hello all old and new

Its been ages since I have even caught up with the thread let alone posted!

I went about 15 pages back to catch up and then realised I was re-reading thing I had already read, the thread had not moved as fast as I had expected!

Muhren
I am a little late, but well done on clearing your debt and your savings- you have done fantastically!

LL
I can not believe you are nearing the 2 year anniversary of your husband (I don't even want to write the following on word), your determination really is inspirational.

So I had my latest business idea within the last few months, and it came at a time where we now have the money to invest in it (I have had ideas over the last 5 years but our money was tied up making money in our business), so have been mad busy with this.

I am sooooooo excited about the business, the brand and the products.
Its in an area I have no experience, so lots of learning on the way. I start researching one area and end up with another 99 questions that pop up, then I feel frustrated and like Im not getting anywhere, but I put my head down keep going and get the answer...eventually!

Obviously I cant say alot, but its a product that is available at present but not very popular or well known, however in an area which has boomed over the last 5-10 years.
Due to not being very popular at present there are many in tapped areas in the market.
I am about to bring the un tapped into tapped and blow it up (not literally)!

In between my hard work, I daydream about if I am going to sell the company for the few hundred million it will be worth in a few years, or keep it- decisions, decisions :rotfl:

I have registered the company, have the .com and .co.uk sites (just sitting and waiting at the moment).
Have note books of ideas/research for brand colors, logos, website ideas, brand personality ideas, products designs and accessories, warehouse, storage, H&S, suppliers, etc etc.

Most excitingly I have been talking to product designers, and have now found someone I am really keen to work with, have a meeting lined up to discuss specifics.

Although exciting there is a lot to do before going to market, but it was great to tell someone outside of immediate family and a friend, the idea- after they signed an non disclosure agreement obviously, made it feel very "real".

It has not been all work work work, have been making sure we are spending quality time together, we try and get out to the local park for a walk around the grounds and lake most days- just us and catching up, back home for a nice coffee, and then we are both on different electronics doing some sort of business work.

Right I need to stop chatting, and get on with some research, not going to make my millions on here.

Best luck to all!

droopsnoot

Interesting - that's always been my problem, a decent idea for something that is scalable. Hope it goes well.

minxy-x

droopsnoot wrote: »

Interesting - that's always been my problem, a decent idea for something that is scalable. Hope it goes well.

Niche is also good sometimes!
Thanks for your best wishes.