Millionaire Challenge

minxy-x

Kay
Its great to keep re-evaluating where you are and where you want to be, and you aim high girl! Wanting a change or better is not being ungrateful for where you are/have been.

There is no reason why with your determination you will not get to where you want to be, there may be a few twists and turns but you will get there!

Try not to overload your self with all of your changes at once, start adding one or two at a time.
You mention about looking after yourself, you could pop a list in your phone (with alarm reminders if needed)- take vitamins, drink water, what ever it is, this might help.
Cooking- possibly following recipes whilst getting started, then start branching out on your own, or adapting those recipes.
Also what about you tube- I think its a great tool and almost use it as google for "how to??? searches", this might help seeing things being done rather than just reading?

Also don't call these simple things (I read this like putting yourself down), you know what you know and you don't know what you don't know.
Walking could be classed as a simple thing (if you have use of your legs) , but how many times would we have fallen down before we learnt.

LL
Welcome back! Glad you had a nice time, and have been inspired during your holiday.
The dreaded washing after some time away...

LuxuryWoman
Best of luck! You have to speculate to accumulate and all that...

LuckyStepHo
P2P is something I want to look into further this year, its on my to do list (but was possibly last year also) :cool:
When we have some spare money, I want to make sure we have spread assets/investments around.
As we keep using our spare money for other investments, I have not really looked into it yet.

nsl101

just had a good read on this forum, would take a lifetime to read all the posts... but yea i wouldn't mind being a millionaire.

I have a long long way to go yet, but im playing with crypto investments, trading on ebay and also working on reducing my outgoings... those elusive passive income streams i would like to have a go at finding something passive but reliable.

I often read stuff online but i cant help but think everyone will be doing the same so i need to find my own thing, something different but meh... in the mean time im spending my time on raising cash or saving it... and along the way evaluating what gives the best return for my time... eventualy i should settle on some things that work.

For the first time in my entire life i have managed to save an emergency fund and keep it about 6 months. which i'm hugely proud of, and the bonus is it earns me a few quid each month, so that's the start of my passive earnings..

I like to deal with the small things that then grow into bigger things... I dunno might make it lol

Kayalana99

Re product idea, I think there is scope to have a facebook business and I bet it would sell, but this product would be better suited sat next to another at the supermarket so to speak. So it makes sense in a way to sell the idea because it would be put to better use rather then me trying to sell it myself. It's a bit of a niche market as it would be down the health and beauty isle so to speak. I'm not really seeing it as a million dollar idea, but there is a gap in the market and it does work as I've had a trial run with basically same thing now and I'm confident it would work for others too.

If I have a facebook business, it would consume me time wise too...in a way it feels better even if someone goes on to make 100k+ because they have the business set up to get it into supermarkets etc, rather me making a few hundred a month on side for a lot of time when I could sell the idea and move on to better things.

The 'something similar' wouldn't actually work because of health and safety reasons...I can't explain it but I can use it to see if it works, but it couldn't be sold for the same purpose because it would be subject to regulations because of how it's being used so you would have to make your own product....sorry I know it's comlicated.

The branding is actually something that would be the best option...maybe if I made the product first and sold the idea on that would be the better way round to do it. The trick is designing it so it's trendy.

Regardless, right now I've got two big essays due and I just want to focus on my health, I've decided everything is taking a back seat till mid April when it's my birthday apart from getting fitter, my degree and getting in this house (which in theory would actually be mid-April anyway all going well as we are off that week so best time to move in)

Also, yes I guess it is putting myself down, I don't really feel like that anymore (although I do have bad days) but I feel like it took me a long time to get here, and 'here' is a funny place as I think a lot of people leave College / Uni already ready to take life on, but I'm sorry if this sounds strange, I just didn't feel like I was equiped and have wasted time learning skills I should have learnt when I was younger and my confidence has always been low because of this.

I still feel like I have a long way to go, but I will get there and looking after myself right now is top of my list. No weight loss on Monday but I dropped 2 pounds since yday, so not offically counting anything till Monday again but I have a feeling this will be a loss week. I'm still staying strong and doing strengh exercises and pretty sure I'll have lost body fat but gained a bit of muscle regardless.

Roll on being in this house, I'm looking at the figures once we're settled and we will finally be in position to start moving forward financially....

lessonlearned

Good morning everyone

Kaya.....sounds like you have got a lot on your mind. Lots of ideas buzzing round........maybe too many for you to handle at the moment. I think you are right, maybe just focus on your course work, your house move and your health plans for now.

And yes you are putting yourself down. Stop that. You are doing well. So what if you were a bit slow at the starting gate.......we all need to go at our own pace. And anyway I would hardly call you a late bloomer:rotfl: you ar still young with time on your side.

And......there is another side to the argument. Ok you did not go to university straight after school but you have had your children early. There is no right or wrong way to do this. However, maybe that WAS a good thing. There a are a lot of people who want children and then leave it too late.

I went to university when I was 40. Like you I had two children by then. I had my first child at 33. My daughter in law is also 33. We were lucky. My son has a friend who is currently undergoing fertility treatment....without much success unfortunately. Lots of people seem to leave it too late to have children and then regret it.

And of course there are plenty of people who drift along not really knowing what they want. Some people eventually make up their mind and decide what they want to do and there is no stopping them. Then there are those who need to try several career paths or businesses before they hit gold.

Not everyone is a success from day one. The world is full of late starters who did well in the end. So stop doing yourself down, you are not a failure. You have your children, your home, your partner and you are educating yourself. Pretty good going for someone so young.

Remember it is not how often we stumble and fall that is important, it is how often we get back up again that counts.

Well what have I been up to. Putting my house In order...... literally. :rotfl: finally caught up with all the washing, shopping, cleaning etc. Did a bit of a money sort out etc

The plan for March .....I need to go to London but that is just for a couple of days. And I am going to look at my savings and investments and see if I can rejig them for better returns.

I have also decided that this year I will get the house ready to put on the market so a big push now to tweak it and get all the little bits and pieces finished. Aiming for either September or next spring. 2019. Depends on the market really. It’s still a bit slow here.

Just looked out of the window.....the snow is really coming down now. Fortunately I do not have to go out. I have to say I have not really acclimatised yet, still missing all that nice warm Caribbean sunshine.

Never mind, spring is nearly here. This Beast from the East is just winter having a final fling. :rotfl: I have a chandelier to assemble so I shall get cracking with that and stay warm and cosy.

Hope you are all well. Stay safe and warm.

Buffythedebtslayer

Hello all,

Haven't posted for a while, BIL has been in hospital for 8 months and any plans I have have been on hold completely. I would like to run my plans past you all.

The Plan

1. Save 5000
2. Save 1000 emergency fund.
3. Option A - take out a bank loan to buy a house as a buy to let (50000) this would be a quick option, but would be expensive - about 750 a month for 7 Years but could over pay it.
Option B - take out a buy to let mortgage - I found a company online via an auction website.......who would give me (no property owned ever so main stream lenders won't give me a mortgage) would be much more reasonable I think = 15/25 years.

I fully appreciate that seeing it written down, obviously Option B, however how suss is an online Mortgage company ?? If I am not borrowing from a mainstream bank then who am I borrowing from?

I am not looking for recommendations of a particular company I just wondered what happens if your mortgage lender cos broke?? Do they?

lessonlearned

Hi Buffy. Good to hear from you. Sorry to hear about your BIL. Hope his health picks up soon.

Re your mortgage question. Have you discussed your options with a couple of independent mortgage brokers. They often have access to lenders that the person in the street is denied access to. It might be worth picking their brains.

Luckystepho

Minxy- I only have a little in Zopa at the moment, when I have more to invest I would like to start investing in businesses etc looking to raise funds... higher risk but potentially higher returns.

I did stupidly take out a car loan at a high interest rate in August 2016 (old car was in its death throes) over 5 years but my brother-in-law has kindly lent me the money to settle this. I will be paying him a little interest but will end up paying him back 21 months earlier than the car loan and save around £2,700 in interest! My credit card debt is all on 0% balance transfers and I have set up direct debits to make sure the balances are paid before the 0% terms end.

Being single I don't have the advantage some couples do of two wages coming in- it's just me- so there isn't much spare money left over to invest each month from my wages. I have been looking at reducing my outgoings as much as possible plus developing income streams so I have money to put to use to work for me.

Hope everyone is ok in the snow- not much here in Nottinghamshire.

minxy-x

Hey
I am having a break from household paperwork organising!
My plan (so far) is for
- Yearly master calendar with non changable dates on (birthdays/anniversary's) and a few which may change but not often (car insurance/tax/MOT/ home insurance due). It will be saved as a document so I can easily update as and when required.
- Master list of all of our personal accounts/HMRC info/DR info/home provider info etc, this will be for ease for us now as most important info will be on one document, but a copy will also go to my M&D, and my best friend- just encase any thing happens to us (I know how depressing, but it is real life and I might as well make things easier )
- I'm also going to do a master list with our businesses/investments- for the same reasons above.
- Finally I need to sort out a mini folder, for paperwork which is currently ongoing and I need access to on/off now, then once its completed it can be filled in the filling cabinet.
But at the moment I seem to have the pile of this paperwork moving around and it annoys me, so it can be slightly hidden in a nice folder :T
All of the above is in progress so I am at the stage when I have spent about 5 hours on it, but its not finished, so I feel like I have done nothing.
I probably have a few hours of collating info, and its all done and then I can bask in my awesome organisation!

Does anybody else have any great home/life organisation tips?
I dream of the day when businesses/paperwork/cleaning/personal life are all running in sync and on point.
Right now the cleaning has taken the hit from the last 2 days home paperwork sorting.
Then tonight/tomorrow I will have a mad clean, and that will all be up together and something else will pop up :rotfl:

Kay
Good plans! Hope the house move is going to plan!

Buffey
Sorry to hear about you BIL.
I believe you can not take out a loan to purchase a house, or is that just towards the deposit?
I agree with LL, speak to a broker (or a few) I used London and Country for our BTL a few years ago, they were whole of market, fees from mortgage company, had won mortgage broker for a few years, and recommended by Martin at the time.
No residential property will make it harder, and a broker would know which lenders may take you. You don't want to knacker your credit rating with loads of applications!
The other thing is if you don't have a residential property, is this something you may be thinking of in the future, as the first a option (if possible) would likely seriously hold you back.

LL
I'm with you and staying in my home avoiding the weather outside.

Luckystepho
We are DINKY at the moment, and have been for a little while (double income no kids yet- not for lack of trying but that's another story), I am aware we are fortunate with this and life is harder, not only do you not have the second income, but most bills are the same or very similar...
Hope it all works out for you!

On a credit rating side note, I had to send my full experidan credit report to a commercial broker for a potential purchase, my score was 987 out of a possible score of 999 :T
Not many people in real life who you would tell, or may appreciate it, but thought you guys may understand.
I wonder if the 999 score would ever be met...

Muhren

lessonlearned wrote: »

Not everyone is a success from day one. The world is full of late starters who did well in the end. So stop doing yourself down, you are not a failure. You have your children, your home, your partner and you are educating yourself. Pretty good going for someone so young.

Remember it is not how often we stumble and fall that is important, it is how often we get back up again that counts.

Just to back that up, whilst I was away I saw a quote from Michael Jordan, one of the greatest basketball players of all time, which was, "I've failed over and over and over again in my life, that is why I succeed"

That is from someone who was at the very top of their game!!!

lessonlearned

Great quote.

TBH. I am not very sporty myself but I do think that sports people like Michael Jordon are inspirational. I think That’s why they make such good motivational speakers.

I love to read biographies of people who have done well for themselves, often succeeding against the odds. Most of them are so disciplined and just so determined. They set themselves seemingly impossible goals and just keep going till they reach them. They teach us a lot.

Hope you are all safe and well. Hopefully the inclement weather won’t last much longer.

Roll on spring, I have had enough. :rotfl: