Millionaire Challenge

minxy-x

Hello all,

Had some free time, so popped on here to have a catch-up.

LL
I am very sorry to hear your news, hope you are all are as well as can be expected in the circumstances, my thoughts are with you during this awful time- look after yourself also!

Loads of new posters! Hello all :beer: looking forward to hearing about your journeys.

Username- my thoughts get rich or die trying :rotfl:, and my husbands- one shot, one opportunity, are you going to capture it or let it slip and https://www.youtube.com/watch?v=D_Vg4uyYwEk
Basically go for it!

softkitty- best wishes on your new path!

BrokenBiscuits well done, great progress!

Lingua That's some fantastic savings- well done.

Having 20 year olds come on, just led me off dreaming of where I was 10 years ago and just starting to get into thinking about money, and thinking of the journey to now, and wondering where I will be in the next 10 years.

class clown see you in 6 months when you have read the other pages:rotfl:

My updates, the building which was great was gone, after a week of chasing agents and being told it was still available, it was gone, final paperwork not signed, but I have no interest in jumping in when someone has got that far...
Hey ho, whats meant for us wont pass us by!

Just been busy with the new product, looking for a factory now, hoping I will have the first product samples in Feb/March.
Logo for the brand is currently being worked on, its looking great! Have the brand identity sorted as a rough idea- I LOOOOOOOVVVEEEE it!
I'm going to be looking into all the IP protection needed over Christmas.
Need to do lots of work on the additional side products, as have been concentrating on the main thing.
Still a long way to go, still learning something with almost every conversation I have, but still loving it and believing in the product.
I want to go ahead in time and see it all completed, and then I can come back to now and work through the process.

Have a lovely Christmas all, if I don't pop back before then.

Lingua

gallygirl wrote: »

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.

I did a rough spreadsheet to figure out when I could possibly become financially independent (a term borrowed from the MrMoneyMustache blog!) and with a lot of frugality I could probably retire closer to 40. But I've chosen 55 because I'd like to start a family, etc., and kids quickly push up expenses (I should know, my parents are only just now recovering! :rotfl:)

So 55 on a 'comfortable' retirement fund seems a nice rounded figure. And not long after that, I'll have access to my private pension. Give it another 25 years after that and I might finally get a few measly years of state pension (I'm not hopeful ...)

I haven't got too much in savings as I'm only 1/4 through my degree, and then there will be a potentially large cash sum at the end, but what I have saved so far (roughly 6k) is spread across high-interest current accounts (TSB, Nationwide), a small share in P2P (risky but the gains are quite high so I'm happy to take a risk on a smaller sum), and I've just yesterday opened a S&S ISA with MoneyFarm. Not wanting to appear a paid promoter, but TopCashBack offer £135 to open an ISA with MoneyFarm (providing you meet their conditions), or Revolut offer £50 on investing £500 for 3 months. As I'm aiming to save the funds I put in there for 10+ years, it seems worth it?

BTL isn't worth a lot, but I'm considering my options there are there are potential yields of 20% (!!!) in the area I live. Of course, this has to be considered alongside the type of tenant (housing benefit, quite a rough area), as well as unforseen costs (boiler, flooding). Still, I'm keeping it in the back of my mind and watching the movements in BTL and the government's attitude towards it. At the very least I hope to get an 'okay' starter home and rent out the spare room(s) so I can start getting some additional income streams!

Any advice, please do let me know as I'm new to this!

Lingua

Kayalana99

Lingua wrote: »

BTL isn't worth a lot, but I'm considering my options there are there are potential yields of 20% (!!!) in the area I live. Of course, this has to be considered alongside the type of tenant (housing benefit, quite a rough area), as well as unforseen costs (boiler, flooding). Still, I'm keeping it in the back of my mind and watching the movements in BTL and the government's attitude towards it. At the very least I hope to get an 'okay' starter home and rent out the spare room(s) so I can start getting some additional income streams!

Any advice, please do let me know as I'm new to this!

Lingua

I worked out the yield here is around 12% locally (assuming cash paid for house etc) but that doesn't take into account things like boilers breaking etc, but it's worth considering for a small deposit you can have someone else paying the mortgage off for you - then when you retire, 4 houses at £600 a month are £2,400 income alone. OK there are some variables in that, but if you could invest 100k now (in 4 houses as deposits) and see a return of £2,400 income in the long term + whilst also getting a hefty return in the mean time...I'd say that's good business. As for risk? Well something can always go wrong, but for me bricks and mortar are one of the safest places to put your money. I understand Brexit may come to prove me wrong at the moment, but that won't be hovering over our heads forever.

Kayalana99

Well, I've been doing some thinking lately after spending some time with my nearest and dearest friends. Went round and they were all talking about how they had been here and their and done this and that and I think me and Hubbie felt quite left out of a lot of the conversation.

I am happy for them but I've been struggling lately with a few things, mainly with the house and area we live. Maybe I'm strange but a new thing with me lately is as I'm so busy, I really find it helps just to go lie down for 5min and sort my thoughts out. I find myself working away with a million and one things in my head trying to make decisions and I realised, actually just taking 5min away to sort out how I feel about a situation really helps rather then letting it dwell at the back of my mind.

I'm coming to accept that whilst I might not over the moon with this house, better for us to live here and have more money to enjoy life, go on nice hoildays etc then to buy something bigger and cause ourself more financial strain. I have done my new years resolutions which I won't bother to list them all to you, but my main focus for next year is to spend any extra cash in the house to make it more presentable. It's also quite a good investment really as £1500 on the bathroom may increase the house value by £3000 (well I don't know the figures but it will put the house price up lol)

I didn't quite believe our house was worth over 100k when the mortgage valued it that, but a house exactly the same (and I mean exactly the same, their are about 50 houses in our area built all identical) is selling for 120k a bit futher up, granted the garden is slightly bigger and it's semi-detached - but whilst better decorated it's not a 'wow' house and I think their is scope to hopefully sell this house around 110k mark if it was all done up...and I reckon it would take around 6-7k to get it to that point assuming we did a lot of work ourselves. All guess figures of course but if it increases our net worth whilst giving us a nice place to live in for the time being....win win

I'm quite happy as I work out how much money we will need for 2017, the only thing left to save for next year is Xmas (£500 for 2017 lol) and £100 for another savings pot so feel like we are starting on a good note and will be able to start saving straight away for things we want rather then need.

Either way, bathroom will begin hopefully between Xmas and new year

lessonlearned

Kaya......have you read the 4 hour work week by Tim Ferris. It might help you with planning and structuring your time.

I am just rereading it again and I am definitely going to implement some of his ideas next year.......namely streamlining systems and delegating.

No real news on dad, just a steady decline. Still in hospital. Just hoping to have him home Christmas and then take it from there.

Feeling pretty grim myself, just so tired. Anyway need to go shopping this afternoon so better get cracking.

lessonlearned

Wishing you all a "Very Merry Christmas"

Archergirl

Lingua wrote: »

Hi all,

I'm 20 and still at uni, but have spent quite some time thinking about the future, particularly how I want to spend it and enjoy as much of life as I can. I'll be graduating in around 2.5 years, with what should be around 35k savings. The following year I should have closer to 50k as I'll (hopefully) be taking part in a graduate scheme.

My projections (from a very intricate spreadsheet) are:

2016: 08.5k
2017: 14.5k
2018: 33.0k
Jun 2019 (graduation): 35k
Jun 2020 (postgrad finished): 50k

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!

Still not sure as to what career I want to go into, and would start my own business if I had a decent idea! 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.

I'll keep passing by and seeing how everyone is getting along, and hopefully we can all achieve that magical £1m!

Lingua

Further down you say your family are working class and contribute to your studies. Why do you take money from them when you have so much savings?

PoorGuyNextDoor

Merry Christmas you guys. Il be around here alot in 2017 as iv signed up to quite a few challenges on these forums - no spend days, a yearly budget thread, save £12k in 17 and im even popping my head into the fitness section. Il be starting a debt free wannabe diary in the next couple of days so i will get a link posted in here so you can follow and advise me as i hope to smash it in 2017 - starting to make all my plans for it now so who knows where i will be in a years time?!

Lingua

Archergirl wrote: »

Further down you say your family are working class and contribute to your studies. Why do you take money from them when you have so much savings?

Hi Archergirl,
They know the funding I receive but are still happy to contribute as it's their way of helping towards my future I suppose. They can afford to give what they do (not a selfish comment, rather I know that if they could not afford it they would say so), and if that changed I would completely understand. Not meant in a rude or mean way, but I would have to ask: why not?

Lingua

P.S. Should also point that actually, a lot of the money I have in savings has come from family help (allowance, birthday/Christmas money etc. I'd be a lot less optimistic without it)

Kayalana99

No one knows your personal circumstances but I think a lot of the people in this thread are very non-judgmental and I would ignore any negative comments or questions.

Hope everyone had a good Christmas, about to spend next few days ripping the bathroom apart ....may even have a go at tiling. Not decided yet lol. Google says it is pretty straight forward as long as you have the right equipment but it's only an idea as yet.