Millionaire Challenge

lessonlearned

I suppose the best way is to look at how you can make your extra money work hardest, so maybe look at interest rates. How much could your savings earn, versus how much you are paying in mortgage interest.

or you could just chuck it all on black to win. . Only kidding.

Tomjones_2

Totally depends what you're going to use the money for instead of paying off your mortgage. If your going to use it for something that would make you more money like saving for another deposit then yes save the money. If your not going to use the money for anything just pay off the mortgage. I'd personally pay the minimum amount on the mortgage and use the additional money for something else that would make me more than just owning more equity in the house.

If your other property rented out?

Kayalana99

As above, I wouldn't worry to much about being in neg eq if you have no plans to sell, as long as you are on a repayment mortagage and happy to live where you are then eventually it will work out, but saying that whilst the interest rates are low now they are likey to rise and essentially if you are only 'gaining' 2% interest - it may potentially work out better in the long run when it rises (although, you could always invest it at a higher interest rate till the interest rate does rise)

Beyond stressed atm. Week 1 I had youngest off with chicken pox, Week 2 they was back at school, Week 3 eldest had CP and now Week 4, they both have sickness bugs (although youngest has recovered as they both came down with it Friday, Eldest has just thrown up again...4 days and counting...)

On top of this, our dish washer broke - I was determinded to just wash the pots but after washing the pots 3 times a day and having the kitchen a constance mess I caved. Now, right in the middle of the sickness bug - the washing machine is now broke. So I have all these things I desperatly need washing that I can't, guess there is nothing for it but a trip up to currys tonight....

And to add mountain on mole hill, my Husband went into an unarranged overdraft and we've been charged £75. This was for the sake of 4-5 transactions and a few days of being in an overdraft of around -£20-30... we have this in savings but it was either he genuinly didn't notice, or he didn't want to admit he had over spent (we have seperate spending accounts with X going into it weekly) but either way it's a case of £500 down in the past week or two...

Just so annoying as we were finally in a good position looking forward and then the car broke down, dish washer and now follows the washing machine.... + bank payments + along with kids being ill!!!

On the plus side, eBay is offically gone and the loan is paid off.

lessonlearned

Oh dear Kay. It's woe is you at the moment. These things happen. Just keep going.......hope your little ones get over their poorlies soon. Chin up.

Not much news here.

Have finally bitten the bullet and joined a gym at last. Have my induction on Wednesday. I'm determined to get fit and healthy this year.

Gym Fees are £27 per month, so shouldn't make too big a hole in the Frugal living budget, especially as (hopefully) I will be depending less on Physio treatments.

Found a better, substantially cheaper hairdresser last week so well chuffed. Big saving there. So all in all managing to keep the outgoings down.

Another nice premium bond win, only £25 but better than nothing.:D

Kayalana99

I'm quite happy as I've been debating going to the gym for a while but I found an excercise bike for £10 on gumtree and I've slowly built myself up to do 30min a day. I could barely do 2-3min the first time I got on it. The idea was to build myself up to the gym (ironically) but I'm quite content with it and it saves paying out monthly and finding time to go.

Not been easy but things are looking a bit better and hopefully got another final payment for the photography business going in so business account is reasonably healthly...

Hubbie managed to fix the washing machine too so saved us the £200.

Just pushing forward on my degree and got a few weddings close together coming up so going to focus on that.

I'm a bit sad and I've called it 'operation stabilize' and the plan now is simply to get the E/Fund filled, car fund for 2018 filled (to pay insurance/extra repairs etc) and xmas fund for 2017 filled. Essentially putting myself in a good position going forward that I have spare money behind me and any big things ready to be paid off - then I can start putting money aside for investments.

lessonlearned

Kaya..... isnt sad at all. It's a good idea to "stabilise". Thats what I have been doing. I have been taking a breather and taking stock.

It has given me time to think about my next move, whilst resting, recouping my energy and making sure that I have a good solid financial foundation on which to build.

Well done on the exercise bike.

The gym membership is only for one year until I can buy a house with room for my own mini gym. Plus I want to swim regularaly for a while.

I doubt that I will be able to afford a house with a pool just yet.....one day perhaps. . I shall have to make do with a hot tub for starters. :rotfl: space for a mini gym and hot tub are on my wish for my next house.

I am really enjoying my sabbatical - reading, pottering, getting out and about, socialisinG And entertaining and just generally relaxing and having fun. Just 5 wEeks until my cruise.

Have to stop typing now my I pad is playing up. Need a new computer......

Chesapeake

Hi All,

I'm glad that you're all still working hard on the millionaire plan. I've got some very important negotiations coming up in the next fortnight, I might be able to land a great job on nearly double my current salary. I've also been offered some more consultancy worth a couple of grand.

Once we've started a car fund, emergency fund, wedding fund and a mortgage fund we should be in a good place

I've decided I'm going to buy some land (15 acres+) and run several businesses from it. All I need is to spend the next 5yrs saving every penny haha.

CharllieSays

I'm back after a few years away. Saved up £11k with my ex, then lost it all again due to another redundancy and landlord selling up. Moved across the country and got another job. Still only just above minimum wage (that seems to be all I will ever earn), but I've really got into investment over the last few years and have managed to make back that £11k (on my own) plus more while earning next to nothing. I find it helps to focus on my 'breathing salary' (i.e. how much I earn via passive income just by breathing) rather than a PAYE one, as the latter never seems to go up much and as a recession graduate I don't trust that I will always have a regular salary.

I've now got £0 in debt and around £17,250 in various forms of savings/investments and daily breathing salary (DBS) is £1.20. Still no where near to the million mark, but when I look at my debt and asset charts over the last decade it doesn't seem so bad. The DBS is increasing at a faster rate each month now and I'm starting to understand what they mean by 'money makes money'!

Broken_Biscuits

Hi guys, not been on for a few weeks so it was good to have a read and catch up on how everyone is doing. A special mention and well done to Minxy

minxy-x wrote: »

Have been busy since last checked in as we are in the early stages of getting a premises for a bar and restaurant (the idea is a lot more interesting than than, but that's the gist of it).

It takes a lot of effort and bravery to start your own business venture of this magnitude. A venture like this could massively change your financial future, so best of luck to you. Hope you have also had time to explore and enjoy the new area too with all the chaos no doubt you will have going on.

For me, I did a quick count up the other day and I'm well ahead of schedule this year. The returns keep coming in, which makes me think there must be a crash/correction on the horizon soon? Decided to stop being so tight and book a holiday ( my first out of the UK since I bought my house 3 years ago) and so off to sunny Cyprus next week. I know this won't be everyone's cup of tea but I'm really looking forward to shutting my brain off and lounging by a pool/beach every day and having some nice meals out on the evenings. A week of doing very little.

Keep up the good work everyone.

minxy-x

Kay
I like the name of operation stabilise, I may start thinking of all my ventures/plans as operations- hope all is working to plan.

Broken biscuits
Thanks, yes it is a big task, but exciting! Still just waiting on others at the moment...
Enjoy your holiday!

LL
hope the gym is working well for you, I did the same as Kay and got a machine for home (cross trainer).

No exciting news, restaurant still going through but takes time, my business plans still going well- still in development.

Best wishes all!