Millionaire Challenge

minxy-x

LL
sorry to hear about your Dad, hope you are all doing ok considering.

Kayalana99

minxy-x wrote: »

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:

Tbh I know I keep saying it but Hubbie and me had a really good business idea the other night, it's not practical for us to go and do it as it would be Bricks and Mortar but what I will say, is that the standard of living has gone up drastically (even if it doesn't feel like it haha) and people have more excess spending money. We've got trampoline parks, bowling alleys, rock climbing, escape rooms...etc all popping up everywhere so if you have money to invest and want a new business venture it's a good area to jump in lol....:cool:

lessonlearned

minxy-x wrote: »

LL
sorry to hear about your Dad, hope you are all doing ok considering.

Thanks minxy.....

TBH struggling a bit. Not felt very well at all, not sleeping, IBS and fibromyalgia flare ups. Still I have ploughed on and got through dad's paperwork. It's all been handed to dad's solicitor now. I can cross that off my list.

Funeral on Friday so once that hurdle Is over I think I'm more or less done. I won't be rushing Into anything, I'm going to take time out.........for some "mending time".

I will buy a house at some point but I have decided that this year will Be something of a sabbatical, so no new business ventures, just a much needed rest and maybe a few nice "mini adventures" .

I have three trips planned over the next year or so.......the Baltic and st Petersburg in May, the Mediterranean in October and then the Amazon next January.

I have also been invited for some weekend breaks visiting friends around the UK and I also want to do some courses - fun stuff - like dance lessons and maybe something arty/crafty.

If a business opportunity presents itself then fair enough, but I am not actively searching for work or any money making schemes.

I think I have earned a year off........:D

TIme to make a start On that bucket list. :rotfl:

Kay......I am in agreement with Minxy. Maybe not a good idea to commit to a partnership at this stage. Buy in her services and see how you go.

minxy-x

LL
Time out and mini adventures sound great! We can holiday through you,
Look after yourself!!

Kay
Sorry, I was speed reading a bit, and quite possibly a little swayed by previous awareness of situations, and remembering them and what went on rather than the specifics of your post.
But I would still recommend, keeping hold of the business yourself and contracting/employing.
I know that's harder as you may not be in the position to be able pay someone, and if they are a partner you both should be working and doing what needs to be done (for no money at the start)- I would then say to start where you can and build up.
You keep shouting about your great business ideas, why not, whats meant for you wont pass you by.
I know that frustration when you have ideas but not the $ (no pound sign?!) and even at times the hours, but you will do it!
Trampoline park was one of my ideas a few years back, but we were not in a position at the time to look into it, a few years ago one opened, its doing well.
I'm not frustrated about the opportunity missing me by (there have been a number over the years), I congratulate myself on bang on it :rotfl:

Just still developing my product, in early talks with manufactures (UK and abroad), one element is probably about 75% there, the other is in early stages- need both to launch.
Have booked on lots of webinars, even if I eventually go to an expert about a specific issue/thing, I still need to know the ins and outs myself- I am more than happy to hand things over- but I have to have as much background knowledge as I can.
I have signed off part of the branding, I love it- lots more to go though.
Still loads to do, but I was looking through early paperwork to do with it today, and we have come so far!

PoorGuyNextDoor

Glad to see the back of January, two unexpected bills have knocked me right back....things can only get better! Staying positive!

ElleWoods

LL So sorry to hear about your dad passing. You're doing right to have a well-earned rest year this year - you deserve it.

Kaya Another one here saying a big fat NO to going into partnership with your friend. I know she can't help her health affecting her ability to work but if you partner with her you'll have to absorb that, workload wise. Best to buy in her services as and when required, at an agreed rate.

I've struggled to get back into the flow of work this month so I'm going to have to let myself off and just get on with it in Feb. I'm another one who's considering starting a blog, in addition to the website I need to build for my business. Just need to get my butt in gear!

Luckystepho

Hi all,

I recently found this thread and over the last couple of weeks have read all of it!! Found it really inspiring how you are all working towards your goals through all the set backs life deals with us at times (especially you LL, going through the devastating loss of your lovely OH and then both parents, I hope you are as okay as you can be and taking some time out to focus on you).

A bit about me… I have just turned 47 :eek: and for the last 20 years have been working full time in jobs I don’t enjoy and chasing financial independence but it just hasn’t happened- yet…

I think it is a combination of fear and lack of confidence holding me back and so everything I’ve tried has been a bit half-hearted and I’ve probably subconsciously expected it to fail if that makes sense…

I do own two buy-to-lets, but unfortunately one is a real money sink. I did absolutely everything wrong- paid top whack for it, used credit cards to fund the deposit, intended to refurb and remortgage, the credit crunch hit and it was instantly plunged into negative equity and it needed far more work doing to it than I initially could afford.

The interest on my credit cards soared and I ended up in an IVA for five years… did eventually manage to get it fixed and rented but I have a constant stream of repair bills and over the past two years have made a loss of around £1,500 on it. I have asked for a valuation with a view to selling it but there isn’t much, if any, equity sadly.

My IVA ended but my car, which I’d had for 9 years, died rather spectacularly and there was no chance of me saving enough to replace it in a hurry thanks to property number two and so I have car finance (need a car for my job as it involves visiting people in their own homes) which I’d like to get rid of (plan is to pay it off if I sell the house). Also I rather stupidly took out a Vanquis credit card to rebuild my credit rating and have put more on there than I should have so that needs to go! :mad:

Business wise I have a few ideas which I am putting into practice- I have a kindle book bringing in a few pounds each month, which is not much but working on another three kindle books. It’s lovely to see people who ‘get’ business and entrepreneurship as there are very few people in my life I can talk about this stuff with!

Here’s to a great 2017! :beer:

Kayalana99

Well having two B2L's is still a great deal more of an achievement then the average joe Do you think you'll be making money on it going forward?

I'm worried about house prices with the Brexit situation as I reckon were sat on around 25k in the house atm (estimate based on local housing situation) and I just don't want to see that money go !!!!!! but selling isn't really viable on a 'what' if for a varouis reasons (including having to pay £350 extra a month in rent at least)

tdavid88

What is your plan to be a millionaire, I would suggest of having a clear statement of your goal that you will read every morning and a plan of action broke down to years until you achieve your goal

Lingua

Yearly Plan:

Currently 20, net worth ~£10k
By graduation (2019) = ~50-55k (very variable)

Then (EoY figures):
2020: £70k
2021: £90k
2022: £110k
2023: £140k
2024: £180k
2025: £220k
2026: £260k (turn 30!)
2027: £300k

I'm working on very rough estimates past graduation, so it's more a moonshot than anything else. 300k isn't quite a million, but I don't want to work myself to death for money - instead, I'd like to work hard, retire early(ish) and then do part-time work and entrepreneurial work to cover expenses while my capital works away on producing interest.

The aspirations and assumptions

I made my calculations on a ridiculously low wage over the full 10 years (just 20k/yr with no pay increase) but with additional income of 1k/month which I hope to secure from alternative revenue streams. If that doesn't come to fruition, I'll need an income of around 40k for the shortfall.

No changes to ISAs, or significant changes to tax allowances or tax rates

Savings rising in line with inflation. I have not accounted for any interest on savings or appreciation in value of assets. I wanted to see what I could have at the bare minimum?

Rental Property
The plan (The Plan?) also includes investing in rental property as a passive income source, and learning trades such as plumbing and electrical engineering to reduce maintenance and also provide additional income. It's embarrassing how few people my age can't change a plug socket (I can't ...) - this relies heavily on the rental market remaining buoyant and no further changes to the law, although I planned for outright purchase rather than mortgaging to see if it was feasible.

Stocks and Shares
I also plan to invest heavily in the market, using index funds to keep charges low and also to make sure there is diversity in stock holdings. From what I have been able to read in my research (and please do correct me if I'm wrong!), income made within an ISA is completely exempt from income tax (e.g. earn £20k a year in an ISA, you don't need to pay a penny in income tax). Of course, I won't make this much as my calculations put me at around 70-100k in S&S. The difference is due to whether I choose to invest in a Lifetime ISA.
The recommended safe withdrawal rate for American S&S is 4%. The UK market hasn't tended to perform as well, and a lower rate of 3% is suggested. I'm working with 2%.

Rental income (after a 30% allowance put to one side for maintenance/legal) will be enough to live on and also save further. I don't want to fully retire around 30, but certainly begin the gradual process at that point, e.g., fewer hours, flexibility to work from home, etc. I had planned to retire far later at 55, but I must admit that reading MMM (MrMoneyMustache) has changed my mind quite a bit - what use is saving a huge chunk of money if I don't get all that much time (particularly time in good health) to enjoy it? I don't need thousands a month anyway, I'm quite content with a good book.
-

It's a very optimistic plan, and I know that realistically it may well end up being extended by many many years. I haven't accounted for a future spouse or children, or unforeseen disasters. Still, it's my rough self-guide which I'll be using to see how far along I am.

The millionnaire part will come after finishing work, and hopefully striking upon an excellent business model or two!

Please do critique or pose questions as they'll help to highlight key issues that I may have overlooked.

Cheers
Lingua