Millionaire Challenge

lessonlearned

Chesapeake. Glamping sounds a great idea. I was thinking of going the holiday cottage route.

Minxy.......not boastful at all. We are all like minded people here, trading ideas and encouraging each other.

Apart from talking to my sons about business ideas (they also have big plans) I don't confide in anyone else about my ambition to make that magic £1m. I don't discuss my financial affairs or ideas with anyone else except you lovely lot.

You all "get it". I think a lot of people in RL would say I'm too old and tell me to put my feet up and enjoy my retirement.

Well I see no reason why I can't be retired from paid employment and not continue making money. .......

.I just don't see myself as "retired" as such, more a case of being a "seniorpreneur" I think, that as the world continues to change, the future will see far more of portfolio working and later life entrepreneurs.

So maybe I'm just a trailblazer. :rotfl:

Kayalana99

Well just to update I've got fingers and toes crossed we're sorted. Had the Estate agent round today, he's going to take a front photo of the house and get it on market asap to start viewings next week as we are still in process of doing a few bits to it.

I've got a house viewing set up for Friday afternoon for a beaut of a rental property and rang admissions and there is a place (currently but can't really apply until we have moved..) but if it does go - there is one other school walking distance and I guess worst case I am free in the day to drive...also the local school has breakfast club and after school club which I don't need now but it's handy to have for future reference - say I did worst case lose my job it would give me flexibilty to work during day.

It's slightly more expensive then what I would have wanted to pay, but after viewing a couple lower end properties I think we realised pretty quickly our 'lets get something cheap for the year' wasn't going to work.

House is going up at 105k, personally I think it's more worth 95-97k sale price but as he said best to start high with view to lower it + at 105k you'd aim for offers around 100k mark which I'd be over moon with if we hit.

In theory we'd be moving the weekend of 1st Sept which is the same bloody weekend I'm supposed to be away for a hen party but thinking of just cutting it short and coming home on Sunday morning to do the move then..it's not just a case of needing my help but it's a big deal for us family wise and I want to be with my kids when we move in etc. I know the Bride will be a bit upset about it but end day I've got to put my little family first.

I did apply for a few jobs in his area just to test the water but nothing that really interested me that much, one was full time evenings running into the night so the money would have been amazing but we'd have been living to work... where this way we'll both me about 45-50min commute and with his company car we don't have to pay petrol so it's one less thing to worry about.

ETA: On the finance side, I've been trying to think of what to do with the money from house sale till we need it in 12 months + for a house deposit. It's not money we can afford to lose.

Santander do a 123 current account that costs £5 a month but gives you 1.5% interest for up to 20k, I think that seems quite reasonable although would be annoying to have in the current account and easier to dip in and out of it.....not really sure what else as the savings accounts seem to be less then 1% or a fixed bond or a risk which I'm not willing to do at this stage.

minxy-x

Kay
Hope the house selling is going well, and you have a lovely full price offer!
I'm sure the bride will understand, and as brutal as it sound if she doesn't that's on her, you need to do what you need to do :cool:
You are right to be cautious of the money from the sale, it can be easy to dip into things- we had a friend that lost around a 40k house deposit this way :eek:
We will need to probably be thinking of the same, when we turn ours into a BTL, we will be keeping the equity for a bit to see if we need for my business ventures. We want it to be doing something ideally, but would need to be able to access quick if its needed, we are pretty sure we will be keeping it, rather than banging down a big deposit as hopefully we will be able to use it to generate more money in the long term.
Yeah I work from home on my business, one of my paid employments, and at the moment doing lots behind the scenes in prep for our next business.
I don't have a proper office, which I need to set up in our next home, because when I am struggling to motivate myself its too easy to get distracted on cleaning/housewives programs etc :rotfl:
Its usually my business that takes the hit too...
The last few weeks I have not had time to look at it, the new business has been all encompassing in getting things ready for when its ours!

LL
You are right about who knows in real life our plans, I have a very small circle (Mum, Dad, siblings and X 2 friends), that know about our business plans etc, all people with genuine hearts and who want the best for us, and people whose opinions and experiences in life we appreciate and want!
But only my Mum and Dad and 1 friend are aware of how close we are to paying off our mortgage.

Animal
Thanks for the kind words.
Sometimes people don't see the hard work, they just see the outcome.
I'm also aware some people just cant for a variety of reasons, get to where we hope to be, even within my family- that's why I will be sorting them out when I get there.

The following is a bit my diamond shoes are too tight :rotfl:, but we have around 10-12K to pay off our current residential mortgage, we have spent 7 years over paying to pay it off, and will miss paying it off by maybe a year.
We will be taking out a new mortgage, but only putting down between 10-20% deposit.
In theory we will be starting the MF dream again, - and I have a good few years until I can experience the mortgage free feeling.

minxy-x

Just noticed when the post before mine was.
Are you all millionaires now, and I'm the only one left in the game

Kayalana99

We all wish! I know it's really quiet on here lately. If only to be MF too...simple things lol. It's very easy to get distracted and having a desk/room to go to might help...I have a program that bans me from Netflix/facebook for a couple hours or so when I study. It does work because it seems like an automatic thing to pull up a window and put facebook in and then the 'can't access' pops up and I shut it down again (only to do it again 5min later lol)

House went on market offically Saturday but only the front house photo, we were doing a lot to house and had stuff everywhere and managed to get 3 rooms photographed and sent over today - will do rest tomorrow. A lot still needs doing but we have a viewing tomorrow so it's tidy up day and figure out rest later. On top of that viewing my Husband's Auntie is also coming to view - I'm not sure how serouisly she is yet though she sounds keen but I have a feeling she won't actually go ahead with it.

Another week after too, so 3 total if you include the Auntie. I'm sort of hoping for more when the photos go up as no photos you expect it to be a complete dive I guess....should hopefully all be up tomorrow anyway. Looking at the current market I'm quite positive though as whilst some have been up for sale for 6 months his Aunt sold hers in 3 weeks and every property I can see listed I wouldn't want to buy myself, they are either small 2 beds or in really bad areas so it's essentially a reason why they aren't selling - there is one that is decent for 10k more then ours but that was only listed last week too.

Our lovely rental property went...we paniced a bit and have paid E/A fees on a 2 bed. It's bloody lovely but the garden is really slanted and has a low wall leading onto the road so I'm not happy about it. My three big things were garden for kids to play, school with break/after school club and nice area....I just feel it affects their quality of life not having a big garden but there was really nothing else.

We saw another yesterday listed midday, went to see it at 4:45pm, rang up at 9am once the offices were open only for to have gone to the people who viewed it at 5pm...we would have lost £270 from the other E/a's but we would have been happy as it was a 3 bed with a nice garden...

I am happy with the house we have gone for, it's cheap and has so many good points, and I guess I'll have car during day now so I'll just have to take kids out more...it just wasn't the one shall we say.

I hate to say it but debt is catching up with us a bit too, had to lend £1,500 off my Dad just to keep heads above water with all these new expences. I'm debating whether to sell all my equipment (and this would keep the business books in order as I could offically close it as all sold up etc) and look to buy some of it back when things are a bit easier - or I can just sell half which was the plan anyway to raise the £1,500 to pay my Dad back....but as it stands with everything to pay out for we will be running on breakeven (so £0 cash) and things are bound to pop up again. Last wedding is last weekend of August and is only 2 hours so then it's just decisions...everything will be fine once house is sold anyway...it's just a matter of when!

Sorry for rambling so much going on ATM!

ololade

i believe you

ololade

Hi, i also want to join the millionaire challenge, currently am on a low pay job but have started my M agric(master of agric) am married with two kids. what are the other things i can do to help me. Thanks in anticipation

lessonlearned

Good morning fellow millionaires in waiting.

Kaya - keeping my fingers crossed for you re the house. Hope you get a good price and a nice easy sale. Try not to fret too much over the current expenses......I think you go through phases like that and don't forget you have to speculate to accumulate.

Hi Ololade.....welcome to the thread. I can't advise anything specific - would need to know a little more about you, your plans, skills etc. But in general terms I guess it's about keeping expenses as low as possible and then look at ways of increasing your income, maybe a second job or some kind of sideline business. The trick is to try and do something which brings in some kind of passive income,

Minxy....sounds like you are really busy and working hard and staying focussed. I'm sure you will reap the benefit of,all your hard work.

Well now....what have I been up to.

I have just returned from staying with a friend for a few dayS. had a great time and have come back feeling refreshed and relaxed and raring to go.

The house purchase is going through ok. And we are almost finished with the renovations. I should get it all done by Christmas.

I have decided to take the plunge and hire some help a couple of hours a week. I am interviewing someone tonight. I tend to struggle a bit now with some of the heavier jobs and I don't want to rely on my sons too much. Plus of course it will free up my time so hopefully I can be a bit more productive in other areas.

Once the house purchase has gone through I need to re evaluate all my savings and investments too. Interest rates are so poor and I will have around £50k. As you say 1 per cent just isn't good enough, it won't even keep pace with inflation.

I am still a bit wary of BTL but I do need to make that capital work.

My £2k "gamble" is currently sitting at an 11percent gain in six months, so I think I'm going to have to be a bit braver and put some more in there or something similar.

I suppose I could "invest" in a world cruise and a Mercedes convertible.....:rotfl:

Only joking,

AnimalTribe

Hi

As has already been said - because we all have different circumstances it's difficult to give solid advice. I can only tell you a few of the things I have done.

I read all the posts on the mortgage free and making extra income threads in MoneySavingExpert to see if there was anything that I could learn/do.

I started by trying to reduce my spending (not always easy), I've sold stuff I don't want anymore on eBay and at car boot sales. I've sold books I've finished with on Ziffit, Momox, and WeBuyBooks - all of which I've found good (I will never use Zapper again).

I live in a rural area, so I've sold eggs, plants and rhubarb from my front gate. But my ducks are elderly now and aren't laying any more, so they are probably costing me more than I made. This year, I've spent a lot of time propagating plants to sell next year, and I intend to start growing vegetables to eat and to sell - if the rabbits don't get there first.

I sent a letter to a magazine that pays for readers letters (my first one), and they paid me £60. I shall be writing more. I've written a Kindle book on a subject I love, and will self-publish in a couple of days - it gave me pleasure to write it even if no-one buys it.

Most importantly for me, I've kept any extra money I've made in a separate account and seen it grow. It's given my savings a nice psychological boost.

I think for me the important thing was not to try to do too much at once - just try one thing at a time - and if it doesn't work - my craft stall was a disaster - then I just tried something else.

I hope this helps.

Kayalana99

Just to update, sold! 6 days in total Obvouisly STC but fingers crossed all goes well.

I guess I'll catch up in a few weeks as we've got to pack/move, sort this place out, sort out selling the house, get the kids into a new school, have my Son's birthday, a hen party and her wedding, start my degree for 2nd year - alongside our new jobs and all in next 30 days!! ....