Millionaire Challenge

Chesapeake

Thanks very much for the explanation BB, it is certainly something that interests me but it will be a couple of years before I have any spare cash to put into it.

I spent a couple of hours at the allotment today, it was great fun, good exercise and keeps sparking little business ideas. These are privately owned allotments with no water supply rented at £100 each per year. The couple that own them are pulling in £1,400 per acre for doing nothing except setting it up in the first place. I can't think of many uses that generate that kind of steady income from empty fields. I have also seen half acre plots being rented to smallholders/hobby farmers for £800+ per year...

Lingua

Chesapeake wrote: »

Thanks very much for the explanation BB, it is certainly something that interests me but it will be a couple of years before I have any spare cash to put into it.

I spent a couple of hours at the allotment today, it was great fun, good exercise and keeps sparking little business ideas. These are privately owned allotments with no water supply rented at £100 each per year. The couple that own them are pulling in £1,400 per acre for doing nothing except setting it up in the first place. I can't think of many uses that generate that kind of steady income from empty fields. I have also seen half acre plots being rented to smallholders/hobby farmers for £800+ per year...

There used to be a huge amount of allotments near here - then a big developer came along, bought
them all up and stuck on a new estate. Sign of the times I suppose!


Lingua

Luckystepho

Hi all, not been around much this past week as have felt rough with a heavy cold but the three guides are all on Kindle now- after a year and a half of starting them!

You're right LL, social media promotion would be a good direction to go in, I have a blog around the subject of the guides linked to a Facebook page so will definitely be promoting them on there, never got to grips with Twitter though! Glad you're feeling a lot better.

BB- I have a pathetic amount invested with Z*pa (can we say brand names on here?) and I know you can choose to invest in riskier loans for higher interest but I haven't heard about bridging P2P so that's something to bear in mind.

My frugal February took a slight dip at the weekend with lunch out then a takeaway later but shouldn't need to spend too much this week. Have stumbled on another idea involving supplying a product but will need some funds first!

lessonlearned

Lingua wrote: »

There used to be a huge amount of allotments near here - then a big developer came along, bought
them all up and stuck on a new estate. Sign of the times I suppose!


Lingua

More money in development than cabbages.... :rotfl:

I have a plot, no pp.....yet;). It will come one day, if I don't get the benefit my kids or grandchildren will. We will just sit on it for now.
Real wealth can take a couple of generations to build up.

Been to Physio, I hurt all over now. :rotfl: just having a rest and then I'll get cracking. This week I will be looking at switching bank accounts, etc. And need to sort out dad's stuff and help clear his room. Maybe tomorrow.

The sun is shining, much better today, although very cold wind. Need go for a walk........got to get the step count up after my lazy weekend.

lessonlearned

Good morning..

Well I have had a good look at all the various current accounts, savings accounts etc to see if I can get better interest rates and TBH I don't think I can do any better than I already have - not without putting capital at risk. I am 65 -so don't feel I can take too many risks.

So.....for now I'll stick with what I have and Go with my idea of putting aside a small amount in stocks and shares and see how we go. I'll get DS2 to set them for me.

This month I have had 3 x £25 prem bond wins on a stake of £30k. Not a bad return, certainly better than my other savings. Maybe I should increase my stake.......:rotfl:

For now I am just concentrating on reducing my outgoings and saving as much of my passive income as I can. Currently around 40 per cent, although I think with a bit of tweaking I could increase that.

So that's Februarys financial tasks completed. Still sticking with Frugal February although I'm sure I could do better.

Onwards and upwards.

Kayalana99

Been a while.

Kids off this half-term so I've nearly taken the whole week off, had a couple shoot today and done a bit of eBay but still had an amazing week with kids.

Dad has said I can buy into one of his properties at £6,250 per 25% of the ownership of the house (75% is the mortage, so £6,250 is 25% of the 25k capital) so over the moon with that offer...have to raise the £6,250 but pending our boiler breaking down I already have £1,250 of that aside so 5k to go.. no time limit but it's sparked me to start focusing on making money again. I've broken it into ten chunks so already 2/10 of the way there.

Not 100% sure what I want to do yet because we clash in some aspects (such as I want 3 bedroom repayment mortgages and he mainly has 2 bed interest only mortgages, the orignal plan was to buy our next home and rent this one out but I'd need around 12k for that, but I'm going to focus on getting the money together and go from their...it's a brillant return on investment anyway.

Onwards and upwards, I have the EMA to do as I said above by the 9th March but once that's done that module will be over with and my other main module is spread out till June - I do have my smaller module but it's so spread out and runs till August that shouldn't affect me too much either so going to focus on pushing things forward....

Hope all is well!

legitclaims

Good luck in your plans !

VinnyC

I find this thread really interesting, lots of new good ideas to consider & generate further ideas from.
Sound that like a lot of people on here, I am still trying to work towards the Millionaire challenge, which is what, I guess, makes the goal so difficult

Goal for me now is to do it within the next 10 years (just before 40). Previously aimed to do it earlier, but find it very difficult to build traction on ideas outside of work, especially now with a newborn baby!
I've tried a range of things from spread betting to being a poker player, both of which I did generate some return but found them both too time consuming..

Since then I've moved onto saving as much as possible and investing with careful research in equities for the medium term, which I seem to have done pretty well on (around 15% return) over the past couple of years. Although the return is good % wise it won't currently make me a millionaire in the next 10 years with my current level of savings (at the same return & investment I will be about 700k short by my calculations).

As such, I have been trying some affiliate marketing on the side by creating a comparison webpage . Pretty basic I know, but currently I don't have the time or resources to compete with bigger players in the market. It can bring in a few hundred quid a month, but yet to decide whether it is worth the effort.

Couple of other ideas have popped up recently, but not sure where to direct my efforts, which is how I ended up here.

Seems like you just need one good idea from multiple to make a reasonable amount, then you will have the capital to invest to make your million. Remember reading the book of the Naked Trader, where the author made a few hundred thousand pounds from doing Buffy the Vampire Slayer voice-overs (that still amazes me to this day) then was able to become a full-time home-based market trader.. awesome!!

If anyone else is beginning their Millionaire Challenge through online projects would be interested to hear your ideas/ touch base!

Kayalana99

Hiya Vinny welcome to the thread

Couple interesting ideas! I've heard about the Naked Trader book but haven't read it. Nothing worse then children to hold you back - but wouldn't trade them for the world lol.

I've been a bit down recently as I wanted to go back to work in September but had no way of actually going. There is a serious lack of child minders in the area who pick up from my kids school - so the only real option is to transfer them to another school that does breakfast and after school club - but even then, as my youngest is still in Nursery till 2018 they don't normally accept Nursery children to the before/after school club....but in future if I was working 9-5 sort of hours this could be the difference between £10 a day in CC or £30 by not having after school club and using a childminder.

I kept saying I wouldn't want to give up my evenings though, and then I could only work from 6pm+ when Husband got home but I realised it might actually be a decent way to go about it. I've applied for a job that starts at 5pm. I can drop kids off at MIL's round the corner, and for the sake of an hour till my Husband gets home it would work really well and I know she'd be on board. (She can't pick up or drop off at school either due to her own school runs)

It's only 3 days a week and 16 hours, so from September I'd get the full 30 hours childcare during the week too - this would allow me to study all day whilst the kids are at school, pick them up, go to work and still have weekends and 2 evenings free.

If I don't get the job, I'm going to wait till August/September and start looking properly for an evening job (as again then I'd have the 30 hours childcare to work round the degree) but if I get an interview I'd be over the moon...just trying not to get my hopes up. Nothing worse then wanting to work but not being able to!

As for the above about my Dad, I've really thought about it and decided it might not be the best thing to do. First off were at a crucial stage that saving up to 6k would cripple us - and the 'opportunity cost' of this would be quite high. Second as above I'm not a fan of how he does things, and third if we got 50% enough to buy a 2nd house, I'm sure he'd put the other 50% in and do it that way on my own terms (within reason)

Another reason for wanting a job also, is so we can re-mortgage to get cash out of this property to put towards the next one too. Hopefully after renovations are done here, it will be worth 110k and we can take a chunk out to pay the deposit on the next house.

Lastly latest news, not sure if I said before but the bathroom renovations were put on a 0% credit card - were paying a small amount a month but enough to pay it off before the 0% ends.

Just applied for a Santander CC on 0% interest and got a 2.5k limit too. I'm going to start getting the money off this in cash for two reasons, one because our EF is not that high (and another story we've just had to shell out £800 on a new car) and I want some cash available incase the boiler breaks down. and to get some interest off it...essentially stoozing I think it's called.

I'm going to open a regular savings account with Santander as soon as I can get into town (kids are ill AGAIN ...chicken pox with 1 I think the other 1 is coming down with it as he's been sick/coughing but might be a different bug?!) and you can max put in £200 a month so going to set that up to come out our normal monthly income...we should easily be able to afford to do that assuming nothing changes and it can be a bit of a nest egg and the other £2,500 when we get it off the CC I'm not sure about but I'm thinking something easy access or potentially going to pay the other £1,150 off so the debt is all in one place, but currently the £1,150 is 0% so not sure if this is a wise move.

Sounds a bit risky, and I guess it is but as long as we're smart about it all will go well

ETA: When I say 'get cash off' I mean using it to buy petrol / food that we normally would have purchased and saving the actual cash. Just wanted to clear that up.

Chesapeake

Hi All,

I've been a bit busy the last few weeks, am drawing together a few people to get my long term business idea off the ground. The plan is there will be 3-5 of us at board level so that there doesn't need to be too much of a time commitment from anyone but we can keep track of everything and grow it.

I have to sit down with my employer in the next few weeks as it is coming up to the end of my trial period... considering the way it is going they are going to have to drastically increase my wage! I'm going to hold out for a minimum of £1-1.5k extra per month as I am getting job offers in that region on an almost weekly basis.

I'm also busy planning a smallholding... it has been a long term dream of mine to live off the land and the business that I'm in means that if I can grow ingredients I can produce a high value product at much lower costs than those who have to buy it in.