Millionaire Challenge

Kayalana99

Broken_Biscuits wrote: »

Personally im aiming for Financial independence in 15 years, but the more I read the more it seems 10 years or less would be doable. I just don't think I'm on board enough to sacrifice and graft enough to shave that extra 5 years off. Don't get me wrong, I am willing to work but I don't want to live like a monk all the time just to be able to quit work only if I carry on with that extremely minimal lifestyle.

I'm quite excited on my progress this month. For the first time ever I made enough money passively from my investments to live off of (for the month). £1351 in, which is more than my outgoings for the month. Can't see it happening again any time soon, as to achieve this all my shares went up between 4 - 14% in the last 30 days and I managed to sell some p2p holdings on the secondary market at a 20% mark up to what I paid. Unlikely scenarios to be repeated.

This has boosted my networth up so I am now 1/7th of a millionaire! With a bit of luck 1/6th (or 166k) is achievable by the end of the year.

Met a couple of friends today both talking about money issues, so definitely not appropriate to say I earned more than them in passive income even if I didn't go to work this month! Good job we have these pages to get it off our chests.

I can imagine, people just don't seem to want to share in your success these days although I appreciate it's like announcing your engaged after a friend has just told you they are going through a divorce.

Even if it's a one off, the fact you have earned more then a living wage this month on passive income is still a massive massive success and sure you are over the moon.

TDQO

BB That is an awesome result! It may not happen every month but it really shows that you are getting there. If you managed that sort of amount in a single month what is holding you back from being FI even quicker??

Kay - I also want to start a blog but it has nothing to do with making money, there are shedloads of beer/brewing blogs out there but most of the industry related ones either don't post much or they skim around contentious issues. I am pretty blunt/outspoken and want to write about all the stupid stuff that happens behind the scenes that hurts everyone involved. If I'm interesting enough then a couple of years down the line I'd be grateful if it brought in some freebies or a trickle of ad revenue.

Coming from a rural background and having an engineering degree I'm planning on achieving FI by spending money (!!) on acquiring things that will slash my day-to-day costs. A small plot of land cultivated in an eco-friendly way using methods that many write off as being "hippy" has the potential to produce the majority of our food requirements. Not to mention that excess can be sold/swapped/turned into higher value jams etc.

The businessman in me can't help seeing the potential for some glamping or holiday chalets on site that could produce a healthy income too... luckily being in Cornwall we have beautiful scenery and lots of fields!

PoorGuyNextDoor

Wow!! Passive income over expenses is definitely a goal i wish I could achieve!! I'l do it one day!! Iv had an idea to put on a band night in my local town(last one was over a year ago and sold out no problem).....watch this space!!

Bearly

Kayalana99 wrote: »

Are people yay or nay with partnerships? Anyone had any experience?

I mentioned a while ago I had met a business minded friend, not to speak bad of her but she is constantly ill as she has a lot of medical issues.

Reason I bring it up is whilst she is very similar to me, she is also complety different. My blog idea I had has got bigger, in which I mean I've thought of a massive expansion idea before it's even begun. To huge for one person to deal with.

Do I plod along, start with my small niche, or enrol into a partership that could prove complex? I guess I'm worried she will agree, but then be too ill to do the work needed and I'll end up doing it all myself, but on otherside I feel that having a partner might be the motivation I need to get this up and running + along with the ideas and different perpective she will bring to the table, (although I may get this anyway as sure I'd discuss ideas with her) plus she's a great creative person & writer

It's the age old thing, that if you are working for youself you find it hard to find time but if you are working for someone else 9-5 you'll work non-stop....doesn't make sense but it's not easy to self-motivate...esp when there are no instant financial rewards as you'd know, with blogs it's not going to be an overnight sucess/laughing to the bank deal.

I'm really getting ahead. The plan is to have half term off in Feb, and I've done 4 weeks of Uni work over the last two days (given a study calender that we have to complete X tasks every week) and plan on starting the essays really early. Have a wedding to edit, but then not another wedding till March and eBay is pratically dead.....so soon I can start building on a grand scale.

I totally understand that it is more motivating to do something with someone else. I work with my brother and it feels nice to be part of a team (Although currently he is on a cruise ship while I am doing most of the work myself - I don't mind because once he is back I get to have time off while it is his turn).

However in the case of your friend - I would be very wary of starting something with someone you aren't sure is going to do their fair share. Yes it might be motivating to have a partner but at the same time it also has the opposite effect if that person is doing jack all. I'd rather work alone then have someone who is likely to make me angry/annoyed/frustrated/demotivated.

I think its a really good idea not to focus on motivation too - instead it is best to work on discipline. I am not always motivated in what I do. I have and continue to be quite successful with my own websites and even that doesn't motivate me all the time. Instead I have worked on discipline and this has pulled me through the rough times.

If you really want to partner up with someone you could look for other potentials elsewhere - business groups, other friends etc who have the same mindset. I wouldn't work with my sisters but my brother has been great to work with because we both can tell each other if we aren't happy. Fortunately that hasn't happened so far - we both have our own discipline and motivations. My sisters on the other hand - I can imagine they would give me a headache and I could see myself falling out with one just because of my blunt honesty.

Anyway point is - I would be VERY careful who you work with - they could end up destroying your ability to make progress and cause you more headaches then you want.

Also you want to work with someone who can bring their own set of skills to the table. I am better at doing certain things than my brother and vice versa. I am very glad he does certain things I absolutely hate doing!

Sorry to just jump in on this thread - first time I have read and it seems interesting. Your post just stood out to me and I felt I could offer my insight. Hope it helps in some way.

cazmanian_minx

Based on what you've said, I'd be cautious. Is it something that could be done through outsourcing to a freelancer and finding someone on Elance or People Per Hour?

Muhren

So this is my first post of the year in this thread, just giving a little update. As it stands my NAV is a tiny bit over £150k, I am having my kitchen done at the end of next month so this will likely drop to around £145k.

I opened up a S&S ISA this week and will be putting in £350 per month, this will be for long term investment. I also plan to open up a LISA when they come into play in April. I have gone off the idea of going down the BTL route due to the stamp duty on second homes and also the effect of capital gains.

Here's to a prosperous 2017 for everyone!

Lingua

Muhren wrote: »

So this is my first post of the year in this thread, just giving a little update. As it stands my NAV is a tiny bit over £150k, I am having my kitchen done at the end of next month so this will likely drop to around £145k.

I opened up a S&S ISA this week and will be putting in £350 per month, this will be for long term investment. I also plan to open up a LISA when they come into play in April. I have gone off the idea of going down the BTL route due to the stamp duty on second homes and also the effect of capital gains.

Here's to a prosperous 2017 for everyone!

What platform did you choose for the ISA? I went with Cavendish Online - wanting to get feedback before they take the first direct debit, although I did take the MSE guidance as they're a top pick.

Will you be using the LISA for retirement saving?

Lingua

Muhren

Lingua wrote: »

What platform did you choose for the ISA? I went with Cavendish Online - wanting to get feedback before they take the first direct debit, although I did take the MSE guidance as they're a top pick.

Will you be using the LISA for retirement saving?

Lingua

I went with Charles Stanley due to their low fee of .25%.

Yeah I will be using the LISA to supplement my pension. I am already contributing enough into my work pension to receive the maximum amount of emloyer contributions, so it will just be another vehicle towards FI. That is the hope anyway.

minxy-x

Kay
I would say don't! Seriously!
Especially not with this persons, she already sounds like she has a different work ethic to you, you already know this.
This is a massive, big, red waving flag.

If you want to use her expertise, but feel unhappy just getting these over a cuppa, could you look into contracting her for X 1 hour a week, motivate you to do what you need to do, and you don't feel like you are taking advantage (if that's how you feel, but truthfully I do and would give a friend pointers/feedback/advise in my specialist areas with no issue).

Oh yeah, I forgot to say Kay... Dont! :rotfl:

minxy-x

Oh and Kay, if you do.
Get agreements drawn up covering everything!



But don't.