Millionaire Challenge

Kayalana99

Been a bit quite on here lately. Sorry to hear your having trouble with your knee but hopefully things start to improve.

Welcome Ani*fan your already on a smashing start then

Things are still at a standstill here, I'm due to start my training a week on Monday but Hubbie's job which I mentioned a while ago has FINALLY been advertised. Because the job includes moving, I'd have to either give up my job or transfer but the transfer *if* possible won't be the same hours which was the main attraction to the job in first place.

I'm not overally happy about the situation ATM as my number one priorty was to get the kids in a decent school and have a decent garden for them to be able to play outside in....and there is a house well within budget (considering I was working too) for sale 5min from my number 1 perfect dream school ...my aim was always to move into this area before the kids started secondary school as both primary and secondary are excellent schools but always thought the price of the houses to be out of our reach....and yes most of them are but there are some nice 3 bed houses that would be perfect for us. One more then most, but even if that one went we'd still be able to afford another.

I spoke to the wise old man (Dad) and he pointed out that my husband's job would be a career move whilst my job is more a stop gap...and I'm totally on board with that and if he doesn't take this job (assuming he's offered it) he's going to have regrets and we don't know when the opportunity will arise again. We're not taking a small promotion here but company car, managing staff etc....the whole works....

It's just so annoying, as we are now with this job we'd finally be in a really good financial position and it feels like a step backwards but forwards at same time. It sounds a bit backwards of course he will get a decent pay rise, but I'd be bringing in 11k+ which mostly isn't taxed where he will have the company car tax to pay etc plus moving costs and we'd have to rent temporary most likely which will be a huge strain (we'd most likely be in the - per month till we could buy again or I got a job/transfer)

I guess we will get the kids into a school that has breakfast and after school clubs and I should be able to find work during the day (although youngest *may* not be able to attend till year after as he would be classed as Nursery even though he should get his 30 free hours) and hopefully I'll find another job.....but it just feels like my dreams are actually in reach only to be taken away again... hopefully we'll find out in next 2-3 weeks though..now it's been advertised they will be starting interviews etc.

lessonlearned

Oh Kay.....how difficult for you. So many decisions, so many things to factor in, so many complications.

It's never easy is it, especially when you want to do the best for your children. We made a lot of sacrifices for our children. My husband had long commutes so we could provide stability for our kids.

Then, when our boys were at secondary school my husband got made redundant and that's when he took the plunge and went self employed.

The boys were settled at school, working towards exams and we felt we couldn't switch schools at that stage. My husband became a part time husband and father, living away from home Mondays to Fridays. It wasn't ideal but we worked round it.

Your father is a wise man. He's right - when you become parents it becomes nigh on impossible for both of you to have a full on career. One of you has to compromise, make sacrifices and make do with "jobs".

The right solution will soon become fairly obvious - you will find a way to make it work.

Kayalana99

I've started to realise that re career as I appreciate I have my degree still, but now looking into juggling working life round the children there is no way we both could be doing the same job my Husband is doing. I guess I could still hope that my career path may mean I can work from home even if I'm employed...

Commuting is a possibilty but he'd be driving just under 3 hours a day, do able in the short term whilst we are in process of moving but I don't think I could ask him to do it long term although money would never be an issue if we did it that way and we would still be able to get help with childcare here so it would make it easier to juggle our jobs....I'm not sure if it affects the company car tax but petrol would even be paid for too for him so it would literally just be the time..

I guess we will just see if he gets it and go from there. We've had a really productive day today and basically getting the house ready to sell. One way or another I don't think we'll be here much longer.

ani*fan

Thank you for the welcome Kayalana and lessonlearned.

I've been doing some research into buy to let, and wanted to check that the new tax rules only effect those who pay higher rate tax. This means it would be the same as before for a basic rate tax payer like me, with tax relief on mortgage interest payments for the btl property.

Also, belated happy birthday LL. Glad it was sunny for you. And best of luck Kayalana with your husband's job and all the changes that will bring.

ani*fan

lessonlearned wrote: »

"Persistence Pays Off".

There will be set backs and failures. However, what really matters is not how often you stumble and fall but how often you get back up again.

Work on your positivity. Stay focussed, keep your eyes on the prize and you will reach your goals. Just show up every day and give it your best shot. If you fall by the wayside - and you will - then just pick yourself up and start again. Back at square one if you have to, but don't just throw in the towel.

As Churchill said "Never surrender, never give up"

So......every day, exercise, eat well, dress well and show up. Step up to the plate and make those dreams come true.

And I loved this piece of advice, it is so true and pretty much how I've managed to whack my debt down to a manageable level and stay on track to pay it all off. Persistence is the thing.

AnimalTribe

Hi

Although I keep an eye on the thread, I haven't contributed for a long time.

I just wanted to say that I've just sent a gardening tip and a photo to a well known magazine and earned myself £60. It's not much I know, but it's the first time I've sent anything in so I'm very pleased. The tip was something I was doing anyway, and it only took a couple of minutes to write. So not much effort involved. It's worth giving it a try. Since I sent the tip via e-mail it didn't even cost me the price of a stamp.

TomSurrey

Between myself and my wife we hit £1m net worth (450k property, 450k pension saving, 100k ISA and shares) this year at 36 and 44 years old, so an average age of 40. It can be done...

Our new 10 year plan is to be worth £4m+ in 10 years time then retire at 46 and 55 respectively, or a bit earlier and move to part time.

We've only recently become higher earners, for most of our careers we've been above average (40k each - I know for many this will sound like a lot, but we live in the south east and pay 4k each to commute into London) but have always saved 25% of our earnings into pensions and always stretched ourselves property wise.

Easily the biggest bit of advice I can give is don't just put the money in the bank, invest it consistently for the long term in cheap stocks and shares products such as ISA or pensions.

Albert Einstein - Compound interest. Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.

lessonlearned

Hi Tom. congratulations on making that magic £1m figure.:j:j And good luck for the £4m. I'm sure you will do it.:D

Definitely agree with your investment strategy.

My investments dipped last week down to 6.1 growth during the 4 months since I took the plunge. On Friday they were back up To 7.25. So I'm a happy bunny.

As you say these kind of results knock spots off the banks.

Animal Tribe.....well done on sending the gardening tip. Great idea.

Have had a really good week. I had a Fabulous birthday, lots of treats.

Finally finished painting the dining room table and chairs yesterday. It was a bit of a marathon but I'm really pleased with the results. Total cost - table £80, 6 chairs £10 - paint about £30 (posh Farrow and Ball).

A similar set in somewhere like Laura Ashley would come in at around £600. So I'm well chuffed. A Scandinavian Designer look for peanuts.

Having a break furniture from painting next week and will be helping DS2 redecorate what will be my bedroom. Determined to get the house finished by Christmas and get it on the market around next May.

Then on to the next one....:rotfl:

Hopefully now that my life is back on an even keel and all the nasty stuff is behind me I am aiming to flip 3 in 5 years.

Kay.....any news about your husbands son job.

Just half watching "Flog it" - which reminds me I have boxes and boxes of antiques and bric a brac, just sitting in the loft. I really must get it sorted and start selling.

Hope you are all well and making lots of money.

cazmanian_minx

ani*fan wrote: »

I've been doing some research into buy to let, and wanted to check that the new tax rules only effect those who pay higher rate tax. This means it would be the same as before for a basic rate tax payer like me, with tax relief on mortgage interest payments for the btl property.

Nearly - the one way they might affect you as a basic rate tax payer is if the change in tax treatment pushes you into the higher rate band. e.g. (very simplified figures) you're receiving £12,000 a year in rent, paying £6,000 a year in mortgage interest and are only £8,000 below being a higher-rate tax payer. In four years' time, when none of the £6,000 mortgage interest is allowable as an expense, you'd pay an additional 20% tax on £2,000 (£400), 40% higher rate tax on £4,000 (£1,600) less the 20% allowance on the £6,000 (£1,200) - so you'd be £800 worse off.

Kayalana99

I wish I was more crafty, I had a table a while back that I knew would look lovely done up but couldn't even sell it second hand cheap. I wish I had kept it now as I have more time although I'd prob just made a mess of it...I really was never good at colouring in the lines etc lol.

No news yet I'm afraid but just a matter of time now.

Started my job but just more training ATM in the classroom so haven't actually done a proper days work yet...I think 2-3 more training days and then I'll be put to work. Nice to find out I got mixed up with payments and actually going to be paid this month for half a month (so they pay a week early but overtime is paid the week after) so that's money I haven't budgeted for essentially that can go in the pot.

We've done loads round the house, big plans for the garden and started on that, bathroom finally finished and dining room has been stripped, re-pappered and painted. Got someone lined up to do our hallway (above the stairs is too high and too much for us to do ourselves) so hopefully that will be started soon.

We've got a hole in kitchen ceiling from a leak but we're going to get that re-plastered in August too. Trying to spread it out slightly so we don't spend too much in one go + kids are off shortly so want a bit of money to one side to treat them to a few days out etc.

All go ATM...if Hubbie does get this job we've agreed for him to commute for a while now at least. I think bottom line is we'd move eventually but we are finally in a good financial position so we'd not move until I got a job/transfer etc. At least we don't have to make any big decisions yet, so I've sort of calmed down a bit for now. Just main focus get house sorted, clear any debts, and rack up some savings