Millionaire Challenge

lessonlearned

I have often wondered about the future and all this talk of the “Rise of the Robots”. Whilst I am sure there will be infinite possibilities for automation, which I do hope increases wealth and improves quality of life for everyone, I tend to agree there will always be a case For human interaction in the world of work. At least I hope there will be.

I tend to agree with BB - there will always be opportunities for those who are flexible, who are motivated and who can adapt. I think it’s all about embracing change and not succumbing to a Luddite mentality.

I think Kaya we will always find there are plenty of “negative nellies” around. Their default position is one of pessimism and doom and gloom. Quite honestly they probably wouldn’t spot an opportunity if it slapped them round the face. Whereas we look for the silver lining behind the black cloud, they see the glorious sunshine and start searching for dark clouds on the horizon. Whilst of course it’s not a bad idea to always keep a “weather eye” open for downturns, failures and disasters, I think far too many people let fear and negativity hold them back from even trying to “change their stars”.

The thing to remember is that, as B.B. points out, the world belongs to the optimistic go getters and self starters. I think nowhere will we see this more clearly than in the years to come.

The world is changing, probably too fast for comfort in many ways and some people are really going to struggle to change quick enough to meet the new challenges that lie ahead. Especially those who are loaded down with debt and therefore cannot afford to take a few risks or chances.

I genuinely think we are in the process of going through our third industrial revolution. We are fast approaching a “post industrial world”. I think There will be people who cannot adapt and there are bound to be some economic casualties.

All the more reason for people to try and become more financially independent. As B.B. says.....those that survive the best will be the ones who have their finances in order and who have enough behind them to survive life without a traditional career path.

We will see a lot more portfolio working. A lot more people will more or less be forced to go self employed or freelance. Whilst a universal living wage might well be an option to consider I’m not sure how high it would be, for example would it be enough to service a mortgage, would banks even be prepared to lend or would it have the same “stigma”as benefits or welfare.

I think we just have to keep our eyes on the prize........go for that magic £1m or FInancial Independence. Or at least aim to be debt and mortgage free.

lessonlearned

Try Harder......

I have worked for several millionaires and I learned a great deal from my time with them.

The best lesson of all is.........”Never Give Up”

They were all very different characters, some highly educated, some barely able to write their name but the one thing they had in common was that they were relentless in pursuit of their goals. The idea of quitting and abandoning their dreams would simply not have occurred to them.

One of my most spectacularly successful millionaire bosses had already been made bankrupt three times when I met him. When I worked for him he was just picking himself up and starting (yet) again.

That was back in the 80s......Fourth time round he made it. He’s now one of the top 20 percent of the Sunday Times Rich list ......:rotfl:

He just kept picking himself up and starting from scratch, similar business, basically the hospitality industry, but he was always trying new approaches, new ideas until he finally hit the right formula. Then of course as the business grew he diversified and added more strings to his bow.

Same with most of them, they just kept on looking for new ideas, new avenues to try, new ways to diversify and grow their businesses.

I guess the old adage is a wise one.......The old “don’t have all your eggs in one basket”.

lessonlearned

Merry Christmas Everone. Have a wonderful time.

:xmastree::xmassign:

crv1963

Having followed the thread and posting every now and then, I'd like to say how inspiring you all are and wish you a Merry Christmas.


2018 should bring my retirement from my current role and hopefully new pastures so we can build further toward our goal of the elusive million, although as I have said before 800k is probably our achievable target we have decided we will aim higher!


Good luck everybody!

LuxuryWoman

Merry Christmas all!
I'm glad I joined this thread and look forward to more positive posts and inspiration through next year and beyond.
Love, luck and peace to all

Kayalana99

Hope everyone had a good xmas, I haven't burnt anything in years I swear but I cooked for 13 people on Xmas day and the turkey didn't cook when it should have (after being in 90min longer then it was supposed to be) and I ended up somehow burning the pigs in blankets and parsnips .... the parsnips were gone but we managed to half the pigs in blankets cause the bottom of them were just burnt to a crisp but the top halfs were fine...but it all came together and most people didn't like parsnips so all was not lost.

I can't say it was the best xmas, I really did enjoy last year just the four of us but we had a good time overall.

It's a bit early for new years resolutions but I'm aiming high this year.

- Lose weight / tone up / be able to run for an hour / work on self
- Focus on degree + learn extra skills with computing side
- Create a second income of at least £100 a month


I suppose the second income of £100 isn't that high, but simply having a second income is better then not and hopefully get me in the right direction.

- My goal date is also September for two reasons, one my youngest will be going to school so I can look at getting a M-F job if wanted and second will be going to Spain hopefully in Oct, so I want to have my body sorted.

I just want to be the best I can be, and so much happened in 2017 it was unreal with job/school changes, move, personal problems and degree changing but overall it was a sucessful year for sure...2018 should be a lot more smoother now we have more income and are a lot more settled so this year I'm just going to focus on 'me'

Looking forward to hearing your New years resolutions and seeing our dreams become reality.

lessonlearned

Good morning everyone, hope you all had a wonderful Christmas. If not, well it’s over and done with. :rotfl: Onwards and upwards.

I had a lovely time. It’s now 3 and half years since my husband died and whilst we all still miss him, especially at Christmas, we are finding it gets easier with time.

Some great thoughts there Kaya. Yes you’ve had a busy,complicated and I’m sure at times a Very difficult year but it’s good that you can look forward now to happier times,

Like you I am looking forward to 2018. I’m feeling the vibes that it’s going to be a good one. At any rate, it looks to be getting off to a good start.......My big adventure, we sail on 7th January. My first grandchild is due in July. :j.

Like you I fully intend to get back to full fitness and rude good health. My holiday will get me off to a good start and I shall be using both the gym and a personal trainer when I get back from my travels. I have already upped my step count, walking most days now and I have to say I am really starting to feel the benefit.

I have been offered a job. Basically I can choose my own hours. I’m mulling it over. I am half tempted but I am not sure whether to go back to work or go back to school to upgrade my beauty/complimentary therapy qualifications. Unlike you Kaya I don’t think I could manage both working and studying.

I’m beginning to think go back to school, then when I have those extra qualifications, I can set up my own practice. I have enough space to turn a couple of rooms into consulting rooms.........I have enough passive income to live on to enable me to study, I don’t really “need” to work as such. Still it was very flattering to be asked.:rotfl:

So I’m thinking that, long term, studying and setting up for myself would be my best option. I can see clients at home, no expensive premises required, no commuting, I can chose my own hours (and clients, I can decline to treat any obnoxious ones:rotfl:) and more importantly it’s the sort of business I could run well into my 80s if I wanted.

As well as being something that interests me now, I think it offers me better long term potential to continue to learn, develop and grow. Further down the line I could look at expanding into sideline income streams such as books, seminars, web tutorials etc, maybe product lines. I already make my own skin care products so maybe that is something I could expand on and develop.

Lots to think about. After over a decade of heartache, grief, loss and stress I am finally ready to step out into the light.

But first, the Amazon. Bring on that horizon.........:rotfl:

I’ll try and call in to bid my fond farewells before I set off.

In the meantime I hope you all have a fabulous New Year.

brila

Could I join in? I would love to have the security of a large net worth and some multiple income streams. We paid our mortgage off just over a year ago, and have drifted about a bit since then. I would like to knuckle down again and build up a bank of investments that could replace our business should it go belly up. Proper security.

Muhren

Hope everyone had a good Christmas and have a fruitful 2018 ahead!

Checking in with a NW of £175K. I am going to set myself an end of year target for 2018 of £200k, which to be honest is going to be a bit of a stretch, but hopefully I can get there if my returns are good.

brila

Not counting the house we live in, NW is currently £45.4k. Would like to get this to £125k by the end of of 2018. I am going for a two-pronged attack of slashing outgoings (which have crept up since last money goal was met) and increasing income. Looking to max out S&S ISAs, squirrel all those bits and bobs (cashback etc.) away (instead of them being absorbed by general spending account). I have set up the chip app and hope to get the interest rate up to 5%. Will keep reading thread from the start for ideas!