Millionaire Challenge

Kayalana99

Thanks for words of wisdom, def going to re-evalute the long term plans for sure. Really needing to find a balance and things have finally settled down.

Work is pretty intense now, Husband was driving 4 hours a day as his depot that he is now managing wasn't open (this has been on-going since around Sept too...) but his depot is now open, he's moved in, and whilst his driving time is now about 40min each way, he can't leave earlier from work like he did before so literally he walks in at 6pm hands me the keys and I'm out the door.

So I think it's important now we make most of weekends.... had a really good weekend (appreciate it's not over haha but we've done quite a lot already now in the house/garden for the day) and I think that's the main thing. I'm going to try and relax a bit on the money side as I appreciate I can be a bit OTT and I think I'm still in mindset of having to squrriel money away as we've had a few years of essentially living month to month (but saving just enough that we could have the holidays and when things went wrong) but we are comfortable now - just haven't been living that way...although given we have moved twice in past 12 months so things are finally settling down too!

Amazing news.... the money I lent from my Grandad has now been essentially wiped on death, which means we keep paying the interest but it means I don't have to worry about it over my head long term... our net worth is looking a lot more heathlier all of a sudden and it means I can focus on long term plans without that 'what if' over my head too.

Slightly off topic, but I've done some thinking about my short term goals one being to lose weight and another to learn some new skill sets which I'll hopefully be going into long term job wise, and as my degree is clearing up I've set myself till start of Sept to lose two stone and learn a new skill...unf it's a lot harder to quantify learning a new skill, but I'm focused and I know we work better from pain then reward so I've basically made myself a deal.

If I don't lose two stone by Sept 2nd, I'm going to sell my beloved laptop and buy something cheaper.... I adore it...it's my baby...failure is not an option for sure...but I don't need it anymore unless I went back into my photography.

I guess it might seem a bit silly, but it's making me question every food decision and I'm on a mission to be ready for Sept...cause Sept is when both kids are in full-time school and if I want a career, the door is open and I want to have more confidence and skill set that I'm ready for the new chapter of my life.

Wish me luck! 16 weeks and counting to change my life...

droopsnoot

Kayalana99 wrote: »

I'm going to try and relax a bit on the money side as I appreciate I can be a bit OTT and I think I'm still in mindset of having to squrriel money away as we've had a few years of essentially living month to month

It's often very difficult to make the change from keeping a very firm hold on spending, hard to change a habit once you've been putting money away for a very long time. Not easy to get your head around the idea that the balance may be going down but that it's OK.

Gemsy81

I've just discovered this thread, and wow....its so inspiring! You've got me thinking about my millionaire journey now (which feels a looooong way off!).

lessonlearned

Good morning fellow millionaires to be.

It's very quiet on here. Hope you are all busy, happy and making lots of money.

Welcome Gemsy - always nice to see new blood join us.

Not a great deal to report. House not sold yet, so cant do much in that department.

College course gong well. Grandchild will be joining us shortly.....watch this space.

The good news is that my investments have bounced back and are starting to grow again. Phew!!! :rotfl:

Other than that it's just more of the same, steady as she goes.

Have fun.

AnimalTribe

It is indeed very quiet here. I have been reading but not posting much. Now that the good weather is here I have been focusing on the small stuff. I have plants outside the house for sale, and this year I've added some crafts I've made. It's not going to make me a fortune but I love gardening and crafting, so I enjoy it. What small things do other people here do to add to their funds?

droopsnoot

I make some small repair parts for a specific model of classic car. If I worked out the hourly rate by dividing the time into the price I feel I can charge, it probably wouldn't be impressive, but I take the view that it's money I wouldn't have had in time where I wasn't doing anything else. And I quite enjoy figuring out a good way to make the items.

AnimalTribe

Droopsnoot

Good on you. That's the way I feel, I don't make much but I enjoy gardening/crafting. It sounds like you are very mechanically minded, I wish I was, but I have my OH for that, so I manage. I like the idea that you're keeping classics going. Most of my crafts are made from recycled items and I like that I'm keeping stuff out of landfill.

Kayalana99

Found an interesting video the other day, he said you need three things to create wealth.

High paying skill
Scalable business
High return investments

His point was without 1, 2 and 3 wouldn't work because you need to be earning a decent amount to support yourself + invest in the business. He said if you put everything into a business or investments that's how you go bankrupted, and you also will take less risk. He said it took him 13 businesses to find one that worked for him, and without the income from his high paid skill he would have not been able to try them all to get to where he is.


Now I don't believe this is that straight forward as a lot of people start a business, but it does make a lot of sense as when I hear about people that are self-made millionaires a lot of them started off with a job/business and used that money to fund the bigger things. Even my Dad for example had his printing business - but what made him 'rich' was the properties he bought using the money from it. (Plus my sort of view is that 'high paid skill' might be a business automatically, you don't need to work for someone else but then his 'scaleable business' is something that you're not exchanging time for money, where as your high risk skill employed or business is time = money)

I do have some news, but I won't really find out how this is going to play out till mid June so I'll keep it under wraps for now till I know what is happening more.

Just got this big essay now to get out of the way and I'm going to have so much free time, so will be focusing on building my 'high paid skills' in website design, programming and data managment whilst I have 3 months or so of not a lot to do.

droopsnoot

I think you're probably correct in some cases, but then there are also plenty of SMMs who started their business because they couldn't get a job, or literally had nothing to lose by having a go.


Scalable does seem to be a clever thing - the stuff I mentioned above is fine, but it's not scalable because there's only so many hours I can spend doing things like that even if I do nothing else at all.

Kayalana99

droopsnoot wrote: »

I think you're probably correct in some cases, but then there are also plenty of SMMs who started their business because they couldn't get a job, or literally had nothing to lose by having a go.


Scalable does seem to be a clever thing - the stuff I mentioned above is fine, but it's not scalable because there's only so many hours I can spend doing things like that even if I do nothing else at all.

Def needs to be taken with a pinch of salt, but it is nice to have an actual blue print to success. Build up a skill that makes you 30k upwards, then worry about building the business side. It makes a lot of sense, unless you have some business idea that you just can't turn your back on, as that way you can keep putting your fingers in loads of pies, having the income and security to do so, until you find something that works.