Millionaire Challenge

sfgilly

Hi Lingua,

Graduating with 35k savings sounds incredible! I am also 20, however have not gone to uni but instead have been working full-time in my chosen career path for the past year. I have only managed to save 5k, although could have been more on a different year. Saving 50% of my income right now would definitely be possible but would also restrict my life quite a bit. How do you manage it? The saving/life balance must be quite difficult, depending on what you're earning. I have the goal of millionaire by 40 and am in the process of getting on that path via different income streams, but for me a more ambitious goal is a net household income of £100k between myself and my partner by 30. I figure if I can achieve that ambitious goal then I will almost guarantee to hit my other goals in time. It seems that you are definitely on the right path, and I would love to know more if you would be willing to share. All the best.

lessonlearned

Hi lingua and sfgilly.

Welcome aboard HMS Millionaire......;)

Well I would just like to say that as you are both in your early 20s you have got off to a cracking start.

Sfgilly.....I suggest you read a blog by a guy called mr Moneymoustache. He and his wife retired at 30, through a combination of good income and frugal living. He is Canadian but his tips and advice work just as well here in the U.K.

Good luck.

Lingua

Hi, Sfgilly,

It's mostly luck, in all honesty. My family is very working class so I get full student finance, as well as a small bursary from my uni. My family also contribute a bit towards my studies, which is very helpful and something that the current student finance system doesn't account for. I know students whose families are far more wealthy but who have less than me because their families don't make up the difference in SF. All in all, I'd be a lot worse off financially without support from family or uni/government. I'll have to pay back the student loan eventually, but hopefully by then I'll be earning enough to afford it!

I pay an exorbitant amount in rent, which will add up to something like 30k over the course of my studies - typical rip-off student accommodation! I always think of how much nicer it would be if that went to my savings. Ah well ...

50% saving works for me as I'm not into partying or going out too often. I'm happy to stay in and watch TV or read a book (boring but cheap ...) so I save a lot that way. Food is also quite cheap as I bulk-buy milk/butter/bread etc. and store it so it works out less. My job also provides some income and I'm working over the entire Christmas holidays to save.

I sometimes feel quite bad about how much I can save as very few students are in the same position as me, but I'm of course grateful for it too.

As for 100k in joint income, I imagine that would give a huge amount of flexibility in living standards and savings. Between two earners it's hopefully a lot easier than many think. Best of luck in achieving it!

Lingua

Lingua

lessonlearned wrote: »

Hi lingua and sfgilly.

Welcome aboard HMS Millionaire......;)

Well I would just like to say that as you are both in your early 20s you have got off to a cracking start.

Sfgilly.....I suggest you read a blog by a guy called mr momeystache. He and his wife retired at 30, through a combination of good income and frugal living. He is Canadian but his tips and advice work just as well here in the U.K.

Good luck.

Having a read through the blog now. Thanks for the link and the welcome!

Lingua

[Deleted User]

Lingua wrote: »

Was looking into teaching (with long-term view of management) as it pays well at the higher tiers and has a decent pension. Not as good as it once was, but good enough.

Lingua

Massive congratulations on your achievements so far, Lingua. I salute you:T:T:T

As you will see from my signature, I'm not a potential millionaire:eek: but I read this thread frequently and am always uplifted by everyone's get-up-and-go and spirit to succeed. If only I were 40 years younger......


This is the first time I've posted on here and felt impelled to do so by your comments about teaching. Please don't go into teaching just for the rewards that it will bring further down the line:eek:. Absolutely the wrong way to view what is, after all, a vocation. . Trust me, there's a lot of blood, sweat and tears before the big financial rewards that you are talking about. I sincerely doubt whether any good, truly pupil-focused teacher would be entering the profession solely with an eye to the eventual financial outcome. Especially nowadays.

Kayalana99

carbootcrazy wrote: »

This is the first time I've posted on here and felt impelled to do so by your comments about teaching. Please don't go into teaching just for the rewards that it will bring further down the line:eek:. Absolutely the wrong way to view what is, after all, a vocation. . Trust me, there's a lot of blood, sweat and tears before the big financial rewards that you are talking about. I sincerely doubt whether any good, truly pupil-focused teacher would be entering the profession solely with an eye to the eventual financial outcome. Especially nowadays.

Have to agree here, I know two teachers one is a primary school teacher who ever since she graduated has gone off the map. She was one of those social butterflies who always was keeping up with the Jones and spent all her spare time meeting friends and family. Now she appears during the holidays once in a while. My other friend is a language teacher and whilst she doesn't put anywhere near the amount of effort in she is still working late 6-7pm most nights marking and getting the extra work done, and for what? I think the starting wage is around 23k? I might be wrong but I think teaching is a labour of love. Might be high rewards at the senior levels, but it's not a career path I'd choose for the money.

Lingua

Thank you both for your comments!

On rereading my post I realise I focused on the financial aspect of the job. It's true that teaching is more a vocation than a 9-5 job, and I know it will take a lot of dedication. I really want to give something back and teaching is a way of doing that for me. I could probably get a graduate job with a higher starting salary or a higher potential salary at the end of my career, but for a while I'd like to (try ...) and teach. Maybe I'll find it's not for me - too much work for too little pay, can't cope with the complete disrespect of students - but I'm wanting to give it a go and see

It's not a career that will particularly favour the "become a millionnaire" aim, but with enough penny-pinching and a strong push towards advancement, I think I can make something of it.

If all else fails, I'll teach abroad or marry rich :rotfl:

Lingua

sfgilly

lessonlearned wrote: »

Hi lingua and sfgilly.

Welcome aboard HMS Millionaire......;)

Well I would just like to say that as you are both in your early 20s you have got off to a cracking start.

Sfgilly.....I suggest you read a blog by a guy called mr Moneymoustache. He and his wife retired at 30, through a combination of good income and frugal living. He is Canadian but his tips and advice work just as well here in the U.K.

Good luck.

Thanks a lot for the suggestion, some really interesting material on there and also links to a new forum I am able to get inspiration from. Much appreciated!

gallygirl

Lingua wrote: »

I'd like to retire at 55, which means saving early and saving a lot towards both a pension and long-term investments (BTL, etc.). I'm saving over 50% of my income at present (small allowance from family, student loans and bursaries, job etc.) so would like to keep that figure fixed for as long as possible. Real life will probably intervene but will see how it goes!

Do you really think you want to retire at 55 or is that the earliest you think you can achieve it? Because with the start you have made and the frugal lifestyle you enjoy you could get there much earlier.

What are you doing with your savings at the moment? For long term you'd do well to put at least some in a S&S ISA - I recommend you ask Santa (if it's not too late) for a copy of Tim Hale's Smarter Investing. Which is a bit of a misnomer really - basically bung your money in low cost trackers and don't worry about it! BTL's are not the money spinner they used to be unfortunately.

Great start, well done :T.

sfgilly wrote: »

I have the goal of millionaire by 40 and am in the process of getting on that path via different income streams, but for me a more ambitious goal is a net household income of £100k between myself and my partner by 30. I figure if I can achieve that ambitious goal then I will almost guarantee to hit my other goals in time.

Just watch out for 'lifestyle creep' sfg. I know a few couples with income of £100k+ none of them have assets over £1m as they live up to their income with big houses, flash cars and lots of holidays. And it appears the law stops me physically shaking them to knock some sense into them .

Class_Clown

Just hit 27 and the op's story sounded close my own. lol
I'm so taking up the millionaire challenge
Now to get comfortable and read the other 100+ pages.