Millionaire Challenge

Kayalana99

I'd say option 2 but only because option 1 reminds me of a business round the corner that in past 3 years has been taken over several times and has had no sucess.

I guess with option 1 you can only ask what you would do differently and why is it failing now? Sometimes it is just down to location alone.

lessonlearned

£50 premium bond win. Wahey. :rotfl:

minxy-x

Loads of replies!
Thanks all :T

Well done LL with your win!

Caz-
No accounts for first option (only been open a few months), option 2 we are due to look at basic accounts when we go to view, then if interested in looking further copies will be sent to go through with accountant.
Unfortunately with our council there is no chance of option 3, they are ridiculous to deal with!

Its funny every one says option 2, I know on paper that's the one- but I just don't (at the moment) feel it....

Kay-
This one has only been open a few months, they have opened with a cuisine which is already over populated...
It used to be another cuisine which was doing well 8 plus years it was open and was busy and well spoke of, and changed owners and went downhill fast.

Have now seen option 1- its really not a goer after seeing in person, would have to rip everything out and re start to get to a standard we would be happy with.
Dark lighting and good write up, had me thinking less work would need to be done.
With what they want for the lease- the figures do not work for us- so that's been crossed off.

Still going to view the fish and chip shop- just encase.

The search continues- but have this evening seen a beautiful building, its massive and has lots of potential- but I am sure it will already be gone by the time I ring tomorrow!

Thanks everyone!

Kayalana99

minxy-x wrote: »

Loads of replies!
Thanks all :T

Well done LL with your win!

Caz-
No accounts for first option (only been open a few months), option 2 we are due to look at basic accounts when we go to view, then if interested in looking further copies will be sent to go through with accountant.
Unfortunately with our council there is no chance of option 3, they are ridiculous to deal with!

Its funny every one says option 2, I know on paper that's the one- but I just don't (at the moment) feel it....

Kay-
This one has only been open a few months, they have opened with a cuisine which is already over populated...
It used to be another cuisine which was doing well 8 plus years it was open and was busy and well spoke of, and changed owners and went downhill fast.

Have now seen option 1- its really not a goer after seeing in person, would have to rip everything out and re start to get to a standard we would be happy with.
Dark lighting and good write up, had me thinking less work would need to be done.
With what they want for the lease- the figures do not work for us- so that's been crossed off.

Still going to view the fish and chip shop- just encase.

The search continues- but have this evening seen a beautiful building, its massive and has lots of potential- but I am sure it will already be gone by the time I ring tomorrow!

Thanks everyone!

You never know, an option three might be round the corner

minxy-x

Thanks Kay- well it wasn't gone so we can stay in hope at the moment. Hope to see it next week.

Broken_Biscuits

Broken_Biscuits wrote: »

Hey, hope everyone is winning at both life and personal finance. I did a quick count up and can now say I'm worth more than an eight of a million and all before my 35th birthday. The markets have reacted well to brexit and both my pensions and shares isa have coped well with a falling pound.

In a post in this thread, from December 2015, I wrote that to have 125k by December 2016 would be the best stretching target i could hope to achieve, but I'm now a few thousand ahead of this early thanks to a few funds being up by 20% to 40%. it seems funds being calculated in foreign currency and then converted back into a week GBP only adds to the success of those funds... Oh and sticking with a 40% saving rate probably helps too.

I've got a couple of grand of expenses coming up for some home improvements and the markets could collapse any time, but as it stands I look on track for improving my net worth by more than my salary in 2016... the same thing happened in 2015 too, it would be a very nice tradition to keep that going for sure!

Dec 2013 NW 68k
Dec 2014 NW 82.5k
Dec 2015 NW 110k
Dec 2016 NW 135k (new target)

Currently about 13% on track.

Just did a quick tally up on the back of an envelope ( a free post spam credit card I didn't apply for and will never take them up on, but cheers for the paper to write on) and I worked out my networth to be 135.5k. this is just figures from memory, but pretty certain they are about right. Will do a proper count up mid December but appear to be on track for hitting and beating targets. This year nw has gone up by approximately 25k. Good times .

Lots of buying opportunities with the crazy political results this year. Currently taking advantage of the drop in India's markets and have topped up by about a quarter in the last few weeks. With India having a quarter of the world's under 25 year olds it feels like a winning long-term bet.

Will be back before the years over to update numbers officially . I hope every one else is doing as well and on track for their million.

lessonlearned

Good morning everyone.

What a horrible miserable morning. Hey ho, I'm nice and cosy. I'm so glad I didn't take that job .....being on site today would have been the pits......:rotfl:

The joys of retiring. Free to pick and choose. Although I prefer to think of myself as financially independent, rather than retired. I certainly don't feel retired. I seem to be busier than ever.

Well done BB. That's terrific growth this year.

Oddly enough I did a quick back of envelope calculation myself the other day. TBH I've had a bit of a spendy year but my cash is now up to £150k. Jewellery, art and collectibles roughly £5k and car roughly £4k on a good day although I don't usually count the car as an asset.

So not too bad. I have got to find £5k for those cruises next year so the frugal living Will continue. Although I did have a nice little splurge on Friday. Our Christmas trip to Chatsworth - never cheap but we do enjoy it.

Touch wood, I have no major outlays planned, and enough frocks and shoes to keep me going for at least 5 years :rotfl: so hopefully I can continue filling the coffers. I am currently managing to save 50 percent of my net income so happy with that.

I am pleased to report that DS2 now has equity and assets within the region of £70k. Not bad for just turned 30.;) Not sure of DS2, probably a bit less due to the wedding this year.

Still not found my next property. I need to get cracking with that.

Other than that no real news.......just quietly working towards my goal.

Back in 2011 when this thread started I originally set a goal of £300k in 10 years. But since then I have gifted £100k to the boys so not sure if I can still do it. Although I still have another 5 years to go.

Can I aim for £200k by the end of next year........

Well I can try. Its a big ask but I will have a go.;)

Hope you are all well and happy and making lots of money.

Kayalana99

I might set a goal for networth for next year, currently I'm only on 6k but I'm happy with that figure given I owe 18.7k (Grandad house loan/Business + PP loan) I'm just happy to be in the positive.

I have no excuses this year though, as I feel our financial position is finally stable so going to push forward. We've had a couple months of being on a bit of a spending bug if I'm honest as I guess we've been holding back for so long (plus it's xmas pressies to lol), but going to tighten the belts next payday and see how we go.

I'd not know what to set a goal for, so I'll wait for my new years resolutions.

Nothing really to update just wanted to drop in.

Glad everything is going well

username_user

Hi All

Stumbled across this thread and read some very inspiring posts before i released it was 170 pages long and i wasn't going to make it through the whole thing! So i've skipped to the end and hope to learn more about all your plans and experiences as it goes along.

I am working part time in a job i hate for 8p/h after being made redundant from a decent job some years ago. I set up a small business as sole trader around 18 months ago, last years profit was 4.5k, this year I'm on track to double that. Due to a recent relationship breakdown, I'm being forced to move back in with family in the short term at least as i can't afford to rent alone in my current situation. Im thinking of seeing it as an opportunity to put everything i can into the business and try and grow it into something. I want to quit my job anyway and whilst my out goings will be low this could be the only chance i get to make a proper go of it. I figure if i can make 9k in a year just doing the business around my job with little to know marketing, if i actually got my !!! in gear and worked as hard and as much as i could on it, i might just be able to make it a success?!

I'm having a slight pre-mid life crisis and feel like I'm starting from square one with no partner, no house etc and not getting any younger. But if i could actually make this work then it might be worth it and i could eventually end up with some sort of life! Any words of encouragement?! Or am i crazy?

lessonlearned

Hi Username. Welcome.

No you are not crazy, you are never too old to make a fresh start. Ok you might not make the magic £1m but we can always improve our situation if we really put our minds to it.

I am probably one of the oldest contributors to the thread......65. I doubt that I will make £1m so I set myself a target of £300k in 10 years.

Just go for it, give it your best shot, and have fun in the attempt.