Millionaire Challenge

Kayalana99

Fingers crossed for me but I missed a call Friday when I was at a wedding for another job.... just hoping it's not too late. Rang back and got answer phone message but guessing they won't be back in Office till Monday/Tuesday...

Yea the leaflet job is delivering, done 1000 this week and doing 1000 next week. Gained 5 pound over my holiday and lost 6 since I came back so well happy, the leafleting really helped.

Hope all is going well, and hopefully you can get past this brick wall... we're all here if you need any business related advice!

try_harder

Thank you minxy-x ,i have the £800 invested now to try and sell the 4 items i have .

lessonlearned

Good afternoon fellow millionaires in waiting

Hope you are all well.

Minxy - sorry to hear you've hit a brick wall. But........you know what to do......have a break and then pick yourself up and try again.

My old mantra from my sales training days. "Persistence Pays Off". All we have to do is keep going and we will reach our goals and our dreams will come true.

We Just have to stay focussed and keep our eyes on the prize. Yes we can fall by the wayside now and again and there are times when we need to take a step back and ease off for a while for the occasional rest but we just need to keep the flame alive.

Just back from my holiday in the Baltic, had a nice rest and I feel revitalised. I'm glad to be home and raring to go.

Whilst I was away my son decorated my bedroom, it looks lovely just need to treat myself to a few finishing touches. I spent a happy week reorganising my wardrobes and storage spaces.

I also took the opportunity to sort out my finances and do a review.

Well..........what can I say. I'm fair chuffed :rotfl:

When I joined this thread back in May 2011 I was £30k in debt, with no income and being totally immersed in caring for my very poorly husband I could see no immediate chance of improving my situation. It was a case of just hanging on, using credit cards to pay the mortgage and put food on the table and hoping I could fend off repossession and hold on.

As I was already nearing 60 I knew that making £1m was doubtful doubtful so I set myself a target of £300k in 10 years.

Today, if I include the £50k I gave to each of my two sons as house deposits, I am now at £275k with 4 years to go.

I think I might just make my target. :rotfl:

Anyway good to see we are all still in the game.

Kay good luck with the job and well done on the weight loss.

Try harder - good luck with the doubling.

Hope everyone is happy, healthy and steadily getting wealthy. :rotfl:

I have been gardening in DS2s house all morning, doing the final planting, ready to put the house on the market either autumn or next spring.

So.....I really need to find the next one now or I shall be homeless.....:rotfl:

Time to get moving......literally.

Chesapeake

Hi all

Minxxy - no we don't want to move but we are considering buying land up there to rent out and use as a holiday place for when we go up to see family. My fianc! is very family orientated which is difficult when her side is 530 odd miles away and mine a good 250+.

I really like the idea of buying land as an investment, they aren't making it anymore after all.

My journey to millionaire status hasn't really gone anywhere in the last few months. I've had a payrise of £600 per month which is great but my fianc! has had her disability payments taken away so that's £300 per month that needs replacing. Apparently if she can leave the house on her own once a month then she can work full time...

Broken_Biscuits

Chesapeake wrote: »

Hi all

I've had a payrise of £600 per month which is great but my fianc! has had her disability payments taken away so that's £300 per month that needs replacing.

Sounds like you are up £300 a month. That's a pretty decent pay rise, well done. There's an election coming up, make sure you use your votes wisely if you don't feel supported by the current lot managing the budget.

I got a 2% pay rise or about a quid a day after tax! Good job each month I get paid I bung a load into savings, as the increasing return I get from that each month gives me a better pay rise than my work gives me.

Had a count up today and I'm now at 153k net worth. Up from £142k Dec 2016 and so I should smash the 160k target I set myself for Dec 2017. Always nice to have to revise targets upwards midterm. 167k would be nice as it's 1/6th of a million.

Totals Would be a bit higher but had a really nice holiday to Paphos, cyprus. Food and scenery was really good. Would definitely recommend it. Can see why it's been chosen to be European city of culture this year ( not that I knew that before I booked) ... Had a look at house prices while I was out there and it's definitely somewhere in the budget if the UK goes down the toilet.


Oh and LL based on the numbers you posted it looks like you could still hit the 300k target without adding the gifted money (400k total). Aim big. I think you will find a way to achieve it.

Kayalana99

Amazing LL. I knew you were doing well but didn't realise it was over such a short space of time.

Hopefully something you can fight Chesapeake? I've just read the book how to make a million from property, it's not really the best book ever but it has some great tips on property developement and he said the same thing as you, England doesn't really have an abunance of land like other countries so it is a good investment in itself.... where is so important though as without planning permission it's useless (and a lot of people fight tooth and nail to stop things being built locally...)

Worth a read anyway if you are into property developing, it's not really for someone who doesn't have the cash to start though. He makes it sound so easy to get finance into but bottom line you need a large lump sum to get started...

My net worth is about 11k ...oops lol.

Got the interview for tomorrow but not sure how it's going to go, I didn't tell them about the photography as I have a feeling being self-employed is putting people off, but because the job is near an airport they need 5 year background check so I've had to declare self-employed...I'll have a word with her and down play it a bit but I think in her shoes I'd not employ me for omitting it and it over comlicates the background check - also as I have to prove I was self-employed I'm guessing if I had declared it she would have asked me to bring more things with me...not good.

Also, this is a different job. The one I spoke about prevouisly sent me 3 decline e-mails (for different hours/depot's) in a row...so I guess they didn't like something... bit annoying but hey ho.

I put my essay in yesterday (so done until end of Sept for my degree!! Whoop) and I've literally been sat here racking my brains how to make money from home again. It's amazing what some headspace can actually do for you, if I don't get this job I'm just going to stop looking till Sept and look into changing the kids schools. It depends what happens with my Husband's job (still in pipeline no news!!) if we end up moving anyway but need a school that will offer breakfast and after school club to give us that flexibilty so I can work.... but we're going to have to make that decision first as how can I get a job without reilable childcare first.

Today though, I've sold something for £100 and listed something for £30. Our savings seem healthy too, I've literally got £200 to save and everything is saved up in advance for this year apart from Xmas (along with a £1,500 E/Fund). Feels like we're getting somewhere...slowly.

Kayalana99

Pretty much got the job pending referencing checks etc Not bothered about me being self-employed at all, so worried over nothing. Might be a while till start date as they have to send off checks etc but it's really well paid, couldn't of got more perfect hours and evening shifts so I'll still have 9-3pm every day to study when kids are full time in September.

Trying not to get too excited until I've signed contracts/start date...but this really will turn our financial situation around.

Broken_Biscuits

Well done Kay on getting the job. On to better things.

I Found a very simple 2 minute wealth check test.

https://www.nutmeg.com/nutmegonomics/finances-good-shape-get-2-minute-wealth-check/

I scored nothing on the wage section but maxed the others for a total of 60 points. But more interestingly the first section asks you to work out net wealth based on the calculation in the book, the millionaire next door. I can now say I'm a PAW. Didn't realise before day. Good times.

In case you have not read the book, there's a calculation of age x current salary / 10. This is the minimum you should aim for (so the author says) and double that makes you a PAW.
Prodigious accumulater of wealth.


Just to be clear, I'm not endorsing nutmeg. I think you are all smart enough to find cheaper ways to invest.

Keep on keeping on.

lessonlearned

Good Morning Everyone

KAya.....congratulations on the job. :T:T well done you, but then you deserve it.

Hi BB well done on becoming a PAW. :rotfl:

Interesting what you say about wages........

According to most descriptors then my low income puts me below the poverty line and yet.......I don't feel poor. I think I live well. I lack for nothing, and within reason, I can buy pretty much what I want.

Maybe I just lack imagination but I am genuinely happy with my level of spending and low levels of consumption. In the words of Mr. MOneymoustache I am not a "sucka consumer".

I think reading the Millionaire Next Door was probably quite a turning point for me in my financial education. A pity I didn't read books like that decades ago. :rotfl: I would be a millionaire several times over by now.

But for you guys who are younger...if you follow the advice in that book, and blogs like Mr Moneymoustache then you will reach either millionairedom or your FIRE day with ease.

And I can tell you nothing feels better than being FI - Financial Independence Day is a life changer.

I have just finished reading "Your Money or Your Life" the author talks about reaching the magic "crossover point" - the time when your unearned income surpasses you earned income and meets your outgoings and "then some".

Well my pension income may be modest but it is almost double my outgoings so I'm happy. This is my own personal definition of, if not wealth, then certainly ease and comfort. I may not be rich beyond the dreams of avarice :rotfl: but I am truly happy with the current state of play.

My recent baby steps into the shark infested waters of investing have been very successful so far. A 9 per cent growth in just over 4 months. Wahoo.

I know I have to be careful and won't get carried away and risk all my capital but I think I'm ready to up my game and increase my investing. As long as I monitor things carefully and don't risk too much I should be ok.

I Will increase my outlay to around 5 percent of my capital for now. I figure It roughly equates to a world cruise.....:rotfl: so if the worst happens Then all I have lost is a fancy holiday.

But realistically even if the markets dipped dramatically as long as I monitor things closely then, barring an overnight crash (unlikely but not impossible), then I would probably have time to liquidate and move most of my money to a safe haven.

The safe guaranteed option i.e. Banks, building society's etc are showing such pitiful returns I think I need to be a little bit braver.

I am naturally cautious but low interest rates are really not helping much. Great for borrowing but not much use for long term savings.

Broken_Biscuits

LL - your pension that covers your living costs will have been gained from being invested in a mostly rising market for many years. So although it feels like you are just starting out, you have always been in the market. It's just now it's less automated than your pension contributions. The only difference now is You are more in control. Just be careful how you use that control, you talk about selling and moving when markets crash. Your pension would have just bought more every payday. So when drops occurred you bought more stock at a better price. This added to your returns when it went back up again. So instead of selling when prices drop, you should be thinking where can i find more change to top up or at least carry on as normal with whatever plan you had before the crash.

I've played around with a few FIRE calculators and compound interest calculators too and 2030 should be the year I can pack in work for good. Much sooner if a combination of things like getting higher than average returns/low inflation/payrises/inheritance/finding a side hussle/accepting part time instead of fully quitting.

Being able to live on a low spend lifestyle but still being happy and wanting for nothing is the key.