Millionaire Challenge

Kayalana99

Hey guys how is everyone getting on?

Nothing much going on here, on holiday and can't sleep (must be used to the late nights now) so doing some studying (kind of...Hi!) but it's been really quiet on here lately.

Any news ?

Personally once I get back it will be time to really start getting my head down.... we had the house sale, then Xmas rolled shortly after (and a crazy busy period at work I was over worked) and then we had this holiday over our heads financially...don't get me wrong enjoying every min but it will be nice to not have anything 'big' to spend money on for the near future!

My diet was going well but has gone to pot being on holiday, but so be it I'll be back on it Monday till my birthday in April...got a plan to stick to after all!

Still behind on the degree but I have an essay due a week today and I'm about 4 weeks behind on that module...I literally have to catch up ASAP...I've always worked well to tight deadlines so wish me luck.... because once I'm sorted with this essay in theory I should be caught up as I'm on track with my other module, then things should really start easing up!

Hakuna Matata

Muhren

Well the year hasn't gotten off to a good start financially as I booked a flight to New York off the back of the weekly email, I've never been so really looking forward to it. I have also had a mate come round to price up installing a new bathroom for me, still waiting to hear back but hopefully it won't be too much.

On the positive money side I received £250 for switching bank account the other day (which all but covered the cost of my flight to NY). Trying to switch again but that isn't going very smoothly so will have to wait and see how that one pans out.

Other than that not much else to report, just have to keep plodding again and hopefully I will be 1/5th of the way to being a millionaire by the end of the year.

Muhren

Start rapping?

LuxuryWoman

Morning trainee millionaires,

I think my business has turned a corner at last! We just had our first 1k week - there is not much profit there yet after advertising and costs but it is enough to make me feel it's worth ploughing on and I shall have a small celebration at the weekend (just Harvester or similar using vouchers!!) I think it is important to mark milestones. One day it will be the Ritz but for now a £8 chicken combo will suffice.

Not a bad start to the year considering I felt so 'stuck' just a few days ago, I have the impetus now to crack on.

Good luck everyone, keep on (or maybe try rapping?) Hey, my rap name could be L-Wo, would that work? Wouldn't mind Jay-Z's money tbh.

Kayalana99

Getting really frustrated house hunting. I just have this gut feeling house prices will start to drop soon but I guess you can never really know.

This area has really good areas and some 'ok' areas but the 'ok' areas are still asking silly amounts for houses. Some 200k houses are basically the same as a 160k house but because they have added an extension they are asking 40k more (and the extension is to make a dining room and not even upstairs bigger so basically just now a small 3 bed with a dining room for 200k)...although a lot is to do with outside appearence as well.

I just don't think I can bring myself to spend that sort of money on a house unless we are 100% happy, but is it better to buy on hopes house prices go up so you can sell and buy something else in future? Or is it just a bad time to buy and we are better off renting and seeing what happens?

EricTrustFund

tinktay84 wrote: »

I sat pondering on what ive achieved in my 27 years and realised that anything ive ever said I wanted to do or wanted to have I have managed to achieve.

Last year after 10 years in catering I completely changed career and last week I achieved a distinction in painting and decorating. This got me thinking that since I always achieve goals I set myself what could I do next....

Thus the Millionaire challenge!

So phase 1 is opening a savings account and getting money building up...

I work for myself so have a bit of control over my earnings[/URL], we have 1 property that we rent out and my husband has a decent (secure) job.

My aim is to get to the million mark by the age of 40 (im 27 now)

So how many of you think im mad and its impossible :rotfl: and how many of you think i'll do it and have ideas to help me :T

You will 100% achieve this goal because you've given yourself a whole lot of time. 13 years. I think 10 year is good for everyone. My suggestion to you would be watch shark tank, get pumped up and see what everyday problems you can solve around you. You'll make it. 100%!

crv1963

Like others on the mission we've had a setback! Starting in January really but the first time in ages that I've been able to sit down for any length of time. We've 3 main pets (I don't count the various fish tanks as that's Mrs CRVs hobby) 2 dogs and 1 elderly cat. First dog had to have an operation in January and it's his paw so healing is ok but very slow and the dressing is changed several times per week -at £34 a go, the second dog is diabetic ongoing costs to feed/ test/ administer insulin twice daily is around £250 pm, a cost we can live with because she's ours and now the cat has been diagnosed with Thyroid problems and is placed on medication for life!!


Then I have plans with one of my sons to go away for a weeks holiday in April and it looks like he's not going to have the money to pay his share of it, so the Bank of Dad will have to help out! So I've taken a weeks leave from work and am booked in for some shifts in another area of work to try to raise some much needed cash- but we get paid the following month for any extra shifts so work Feb get paid end March to go away beginning of April.


We plan therefore to go to the Travel Agent a day or two before we can fly and try to book something very last minute. Has anyone here done a similar thing and if so how did it work out?

ElleWoods

Hey everyone,
First of all, congrats on your grandchild LL - that's lovely news! A summer baby - you must be so excited!

Hope everyone here is well and doing great financially.

I haven't been on this thread in many months but like a lot of people I'm making a new start this year. For the last 18 months I was running a business that didn't make enough profit, so I ended up getting into more and more debt just to survive, and eventually had to face the fact that I was flogging a dead horse. I started applying for jobs a few months ago and thankfully started one at the beginning of January. It's only part-time but it'll be regular income and I'm really enjoying it. I'm still also running the business but slowly winding that down with a view to closing at the end of the financial year in April.

My priority now is to make improvements to my finances and pay off my debts ASAP. I have four sources of debt and now that I'm working again I'm aiming to snowball them - one is due to end next January but I'm planning on paying off a bit extra each month so that it gets paid off a month early (not much but better than nothing!). Once that's paid off it will free up spare cash to throw at debt no2, which is currently due to end in June 2019. If I can pay that one off a few months early, I can then throw the repayment money from debts 1 & 2 at debt 3, and so on. My aim is to have them all paid off within a maximum of three years, preferably much sooner. If I can do them all by the end of 2019/start of 2020, I'll be super-happy.

Teasedale

ashleycha123459 wrote: »

i want to be multi millionaire how do i become that?
what do i need to do?

1. Visualise your success every hour.
2. Understand the law of Compound Interest.
3. Be nice. Rich and nasty is a bad combination.

Kayalana99

Well we have news.

Had an offer accepted on a house, been a lot of hassle but hopefully all will go through now and we are pushing for a completion date end of March. Shouldn't be too much of an issue but you never know with these things.

Houses in this area sell like crazy, but this property has been on market since Oct as a leasehold so people won't touch it. We had an appointment booked but cancelled it when we found out, but after doing a bit of research we decided to find more information about the lease on the house to see if we purchased it if we could then buy the freehold but it turns out the company that owned it had already purchased the freehold in past 30 days but I'm 99.9% postive the only reason it's still on market is because they haven't updated the advert and anyone looking at houses in area has seen it was leasehold.

Anyway, we've got it for 7k cheaper then I reckon it's worth so it's still quite a saving, plus I've worked out assuming house prices stay the same (hoping they will go up but as a base) with a bit of work I reckon we could get it worth the extra 5k which would push it into the 25% equality meaning we would have the potential to turn it into a B2L.

Then the only issue would be getting the deposit for next house, but this house is well below our means and I reckon we could easily stash around £400-500 a month away, and I've already set aside 5k from savings that will be left in the 'house fund' so in around 2-3 years assuming all goes well (and in theory in this time our incomes should rise too) we would have a 20k depoist for our next home and a B2L on the deck.

We did see a house for 50k more that we fell in love with, and we were in position to buy it but it got into a bit of a bidding war and I do think we've made the right decision.

We will get that dream house, but maybe after putting the pieces together first to get on the B2L ladder...and in the mean time it's quite a nice little house that has a garage and is literally 3min walk from the school