Millionaire Challenge

lessonlearned

That is looking really good. Great progress.

I tried to sign up to your blog but I couldn't manage. I will read up all your articles later.

I am thinking of doing a blog myself, although I'm sure it won't look as good as yours. Your photos are fab.

Well I must share today's find with you.

Went to the hairdressers.......popped into the chazzer next door.

As you know I like making jewellery so am always on the look out for cheap and cheerful bits or broken pieces that I can cannibalise. Today I picked up a pretty Victorian style enamel brooch. There were some stones missing but as it was only 50p I wasn't too concerned. I assumed the stones were glass, got them home and on closer inspection they are diamonds. Only tiny but diamonds none the less.

I have some broken jewellery that belonged to mum, some with missing diamonds. I will take the lot to a jewellers and see what we can come up with. Possibly use all the good stones to make a new piece. I know mum would be chuffed to bits to know her broken treasures were being given a new lease of life..

Just goes to show you never know what will turn up.

lessonlearned

Good morning Fellow millionaires to be.

So......what millionaire planning will you do this week.

Today I have taken my two little windfalls and scattered my ill gotten gains amongst my best interest earning accounts. HA.......they are nothing to get excited about are they. Savings interest rates are dire. I need to find better homes for my hard earned.

I am thinking about using some of it to defer my state pension for a couple of years. I didn't realise you could do that when you are already drawing your pension but apparently you can. You live and learn.

Because I became eligible for SP before April 2016 I can earn 10.4 extra pension per year for life for each year deferred. You can defer up to a maximum of 5 years.

I may well go for it. I could manage a two year deferment without too much hardship. I have my private pension so I wouldn't have to deplete my savings to much to fund it. I just need to make sure I don't fritter money away and maybe just earn a bit more sideline income.

Of course you gave to live long enough afterwards to make it worthwhile. :rotfl:

I recently collected a £70 fixed penalty parking fine.:eek: Yesterday I paid it off early so got it reduced to £35. VEry MSE but I obviously need to be more careful where I park in future.......

I was offered a job last week, back on site. I mulled it over and decided against it. I like my freedom and independence too much. And anyway building sites can be cold and unpleasant in winter. I'm getting too long in the tooth now.......my poor old bones need to be kept warm. Lol.

And TBH I prefer to do my own thing, even if the income is sporadic and not guaranteed. I don't really want to work for anyone else ever again.

Glorious sunshine here although very cold. So I'm just going to wrap up warm and go for a walk in the park and take the long way to the shops.

Then cook a nice hearty warming dinner and relax.

Just another day in paradise.....:D

cazmanian_minx

Diamonds for 50p??? Wow, that must be an MSE record!

Kayalana99

Great find LL, not really sure I understand the pension side but you can only do what you think is best.

Paypal loan is down to £1,300 and eBay has gone really quiet - think my business is dying as my supplier (yes supplier) is selling the same product as me on eBay for 25% less, I can't compete with that, infact I realised yesterday it would be more profitable for me to purchase at his price then post them myself! Wonder if they send an invoice with the product...haha.

I always said I wanted to get rid of it and I guess the decision has been made for me, don't get me wrong, it's still making sales but normally this time of the year I'd be gross income of £100-£120 a day and it's below £20 ATM....and I'm really really enjoying the break(well from eBay lol)...just stockpiling the cash to pay the paypal loan off and it will be closed - it was nice while it lasted, and it's allowed me to live reasonably comfortably at home with kids, so I think it has done me well but the market is over saturated now for it to be worthwhile.

My photographer friend asked me how many weddings I had done, which totalled at 23 since August last year - but made me realise I'd booked 19 weddings in 2016...I had no idea. I keep telling people I'm part time and only wanting to do one a month lol.

Looking forward to the new year when little one goes to school and I can focus on the degree and photography.

+ I got our bills so low that we can live comfortably on Husband's wage and theirs a very high chance he will be a manager before the new tax year because of the restructure of the business.

A lot is going to change over next 6 months...

lessonlearned

cazmanian_minx wrote: »

Diamonds for 50p??? Wow, that must be an MSE record!

:rotfl::rotfl::rotfl:

Yes but They are very tiny ones...........:D.

But yes I Was gobsmacked. I don't think the brooch itself will have any real value because of the missing stones but the surviving stones can definitely be put to good use

It's not the first time I have stumbled across a nice piece of jewellery in a charity shop. I once bought a leather handbag. Inside the middle compartment was a pair of black leather elbow length gloves and a pair of diamond earrings. I still have both the gloves and the earrings although I parted with the bag.

lessonlearned

Hi. Kay. Posts crossed. Yes EBay has served you well but if it's not working for you now then best to move on. I don't even bother buying from eBay now it's just too much hassle.

Your photography is doing so well so,as long as you still enjoy it then yes keep that going whilst you study.

Can't believe your baby is about to start school.....It's two years four months almost to the day since my husband died. Where does the time go.

I still get a bit melancholy at times but I think I'm ready now to live a new life. Like you I feel change is in the air and that next year is going to be significant. Not quite sure how yet but I sense something in the wind.:D.

minxy-x

Cazmanian- the property is looking great! Well done.

LL- That''s some good luck, deserved with the health issues you have been having.

Kay- That's amazing, it doesn't seem like that long ago you spoke of the idea...

So I am throwing a business dilemma out to get a variety of thoughts, any and all comments welcome. We are discussing with others also...
This is a WWYD re bussinesses (we may do neither once we have looked into more, as they may not be right).
Neither viewed yet (booked in soon), so only going by at the moment what vendors/agents and our limited research.


Option 1
Purchase lease hold of failing restaurant, currently closed (only opened mid Sept), owners no experience in running restaurant.
7 years on lease.
Re-fit of kitchen prior to opening and areas in restaurant (e.g. bar).
On a parade of shops and take aways, some parking (8 on site), 3 mins walk x 2 massive free car parks, also some parking on road.
Could purchase lease easily, as complete cash buyer, money still to spare.

Option 2
Purchase free hold of a fish and chip shop with seating, in town center (only fish and chip shop there).
Property also has 2nd floor currently un-used could be housing or seating expansion.
Mainly used by OAP's over lunchtime.
No on site parking, plenty of car parks as town center.
Limited opening hours, its located near the nightlife, does not open to capture this trade, but does hold a licence to.
Would need to purchase partly mortgaged, would nearly wipe us out of savings.

cazmanian_minx

Have you seen the accounts of either? That's going to be a big part of your decision - look at the fixed costs of both options and then see if you think they'd be profitable with the changes you'd plan to make to each.

On the face of it, option 2 looks like it has more scope. How about option 3 - apply to the council for a licence for a fish and chip van and park up on business parks weekday lunchtimes and around the nightlife in the evenings?

Listerbelle

I think that option two offers a better opportunity.

lessonlearned

On the surface I would say option 2 but as Caz says you need to drill down into the figures.