Millionaire Challenge

tinktay84

Hi all, hope you are all well?!

So ive just been plodding along, managed to get through the school hols (just about).

The exciting bit is ive now taken on 2 girls (2 days a week) to help with the workload and to keep me motivated.the plan is that we get jobs done quicker so turnover is greater and reputation builds. Ive got a couple of contacts that have said if im ever short of work to give them a call....AND.... me and my 2 girls had our photos taken yesterday for the local paper as I contacted them saying im sick of reading the doom and gloom and that there is work out there etc etc and they are running a piece on me

Im now back in college further improving skills..knowledge is power! frustrating bit...in a room with 7 people under 18 and 10 over 18 the tutor said anyone under 18 who can get to xxx area for 9am there is a chance of an apprenticeship £95 a week and you will get full training plus extra year training for skills that command megabucks then once qualified you will earn full wage and gtd a job....not one of the little blighters have applied!!! I would have gone over hot coals at that age but I guess thats the state of this country.

Ive started upping my prices so I am now almost to proper rates and I am soaking as much info and knowledge up as poss and attending any local events that will give me exposure.

Im a bit mroe comfortable money wise now but still a long way to go

rictus123

Very quiet in here....im learning day by day, have set and met(most of them so far)my goals. Setting goals is a great motivator. I had a complete no spend month in August. Used the money i didnt waste to pay off cards,overdraft and a holiday away for a week, leave next week So great month. Still a long way to go. Not just spending goals and aims though, i have just set a couple for earnings....so iv got to keep going as long as i can until winter hits. Then i need to curb my spending as my earning is less(hopefully spending is as low as can be anyway) Then after winter is over, working like mad until summer then the search will be on for my first house. Looking to buy, itl be great, first step on ladder.


So got to maximise earnings and minimize spending for next 12 months and the reward will be buying my own place at the young age of 21 Will need to really push on when im working and really try to find enough work to keep me going 70+ hours a week. Made some massive, great changes, many more greater ones on the way...

Professional

I think it's brilliant that so many ordinary people have the ambition to set themselves the goal of achieving a million in liquid or assets.

The real question is not can you do it but how do you get there?

Number crunching helps us to understand and set our goals. Following that we need a sound plan to get there. Thirdly we need to put the plan into action ensuring we have the tools along the way to make it happen.

Basic maths says if you are 27 and you want to be a millionaire by the time you're 40 you will have to save £76,923 per year for 13 years. That's not impossible but it's not going to happen without a major drive to make money.

If you go the assets route then its important to remember that you only own the equity within your home. So you're not a millionaire with a few homes valued to a total million because realistically if you sold them you'd have to pay off your borrowed money before you could take the rest to the bank.

Finally just so I don't crush anyone's dreams here - it is achievable and if you're in business then you have a great chance of success. Goals. Plan. Action.

anfieldred

martinjs wrote: »

Hi all

This thread seems to have slowed down of late, I have just read through it start to finish and it is very interesting and particulary motivating.

I am in a very fortunate position in terms of earnings and, having just downgraded my rental property and eradicated a costly commute, I should now be in a position to save and accumulate wealth, something I have struggled with in the past.

A run down on my situation:
26 years old.
Living with my partner, 4 children aged 7, 7, 5 and 3.
Earnings of approx £90k per year gross.
Partner does not work, full time housewife and mother (she wants to work once all children are at school full time but I do not want to be reliant on the extra income).
Debts: approx £4k outstanding on car loan (car worth £5k) and catalogue with about £2k on it (from furniture purchased after recent move, will soon be cleared).
Outgoings: rent £1300 pcm plus normal household bills.

My monthly take home pay varies, can be anything from £4k to £7k, but never less than £4k. Trouble is, I have no savings and never seem to have any money left at the end of the month! Hopefully this will change now as I am savig money on rent, domestic fuel and petrol and council tax. Even still, it baffles me how I am not better off!
I guess I need to scour these forums for advice on how to cut down my outgoings, I don't want to live frugally, I work hard and want to enjoy life but I also want to start to build up a comfortable amount of assets to secure my future.

In terms of the millionaire challenge, I'm going to start with clearing the small debts and then saving as much as I can, possibly investing along the way, to build up enough to buy a house (a house of the size we need in the school catchment we need would be at least £300,000 so a large deposit needed) and then push on from there...

Do you mind me asking - what line of work/what do you do to be earning 90k?!

martinjs_2

anfieldred wrote: »

Do you mind me asking - what line of work/what do you do to be earning 90k?!

No problem.

I work in recruitment, temp social workers mainly.

rictus123

Got another £2-3k of work lined up before end of next month....cant wait to get going and get it done!! Get some more money in...really its all a step closer to this challenge. Setting goals and aiming high is proving to be the way for me to deal with things, doing absolutly fantastic....going to get so much better by xmas if i can keep the work coming. Aim is another £4k min on top usual salary by xmas so £1k a month.

lincroft1710

martinjs wrote: »

Thanks for the response. The twins were certainly a shock but I've worked hard enough to have always been in a position to provide.
I've been earning similar money since the age of 22 and it now sickens me that I've not saved a thing.

Not too late to change though.

Agreed it's not too late to change. I'm no financial expert but I'm sure on that salary, even with 4 children, there'll be areas you can cut down on or cut out and start saving.

martinjs_2

I sat down with the oh last night and worked out our outgoings. Not actually too bad, approx 1900 so I'm wasting a lot right now. Will be changing that asap!

lincroft1710

martinjs wrote: »

I sat down with the oh last night and worked out our outgoings. Not actually too bad, approx 1900 so I'm wasting a lot right now. Will be changing that asap!

So based on your statement of £4K to £7K pcm take home, there could be a sizeable amount you could save.

rictus123

Im working towards getting my income upto the higher end of what you quoted....September should be just over £4k take home, looking to try and maintain this then work on getting it up even further. Im looking into buying first house in a years time. I know it would make more sense to save a bigger deposit before i move out but i will get on better throwing money at a mortgage than a savings account(they pay f all anyway!) Hope to be mortgage free by 30 at the latest and ready to buy the next one! Just got to keep knuckling down and getting that £4k a month in/as much as i can before winter slows work down. Any tips on saving a deposit and buying my first place?