Millionaire Challenge

humptydumptybits

Thanks I think I'll have a trial and see how it goes.

marcmc84

Wouldn't mind doing this challenge, but where do you start, there is no way I would make a million in my job lol

droopsnoot

marcmc84 wrote: »

Wouldn't mind doing this challenge, but where do you start, there is no way I would make a million in my job lol

I think if you read back through the thread, most of the ideas are about how to earn through other methods. Sure, it's a struggle to get to a job where these massive figures are attainable, hence the ideas for outside earnings, part-time work, passive income and so on. There aren't many specifics in here as people are understandably cagey about *exactly* what they're doing, but there are plenty of other threads that discuss specific ways of bringing additional income.

Don't get hung up on the magic number, getting into a mindset where you can use spare time to bring money in is a good thing, if you can. Not everyone can, of course. You just need to think about what skills you have, and how they can be employed in your spare time, and maybe get to a point where that becomes your main income and you don't have to go out 9-5 five days a week any more.

lessonlearned

marcmc84 wrote: »

Wouldn't mind doing this challenge, but where do you start, there is no way I would make a million in my job lol

Hi Marc

Welcome to the gang.

Some great advice there from Droopsnout.

In a nutshell.....

Earn more than you spend
Save as much as you can
When you've saved up some capital start investing in income generating assets (property, stocks and shares, anything that earns you an additional income, preferably a passive income)
Use capital to buy assets, not liabilities.
Use time productively
Remain positive and upbeat
When you fail, pick yourself up and start again
Look after your health and well being
Most importantly, Don't forget to Have some fun along the way

Good luck.

lessonlearned

June update......pretty good.

Have managed to keep non essential spending to a minimum, investments doing ok, house move still on track, grandchild due any day now, even England haven't been knocked out of the World Cup yet, and to cap it all, the weather is glorious.

My cup runneth over. :rotfl:

humptydumptybits

My target is to finish July with money left to supplement August when I have GC staying for most of the month, some weeks with four of them. So I need to spend more on food and some outings. Hoping to put away £150 this month, probably good that the hot weather means I've got no appetite.

Christoph2390

Does anyone have any book/youtube suggestions on managing money and investments? I have ordered a copy of "Rich Dad, Poor Dad" which I have heard is really good but as a visual learner, I definitely pick more up from youtube videos.

droopsnoot

Not specifically video-based (well, not at all video based) but if your aim is for early retirement, have you looked at the "mrmoneymustache" (yes, intentional mis-spell as it's a US site) web site? It's not for everyone, but some of the articles in there are quite interesting in terms of ER, more so than investing.

lessonlearned

Good morning everyone......how are we all.

Very quiet on here.....are you all too busy counting your ill gotten gains to post.......:rotfl:

Well first my big news. I am now a grandmother!!! Wahoo. My grandson was born last Monday, Mother and Babe doing well.

I have had the survey back on my proposed house purchase. looks like it might be a money pit. :rotfl: but I do like it so I think I will still proceed with the purchase. Despite the extra work required I think it's a good investment and because it will be my own residence for at lest the next 5 years I can take my time with the renovations, doing as much as I can myself to keep costs down.

My finances have taken a bit of a hammering this month but most of that is down to the impending house move, so not unexpected although I have also "invested" in a course of acupuncture treatments.

I have arthritis and fibromyalgia. I am trying to avoid knee surgery and my fibro seemed to be getting worse so I thought I would give it a try. I've had 4 treatments so far and I can definitely feel a difference, better sleep, less pain., more energy. I have got another 12 treatments to go so if I continue to improve at a similar rate then I will be well pleased. It will be money well spent.

I haven't switched my bank accounts yet, I will do that after I have moved when I will rejig everything.

Other than that no major news. Enjoying the summer, although it has been a bit hot for me at times. The heat seems to sap my energy .....well that's my excuse for slacking.

Hope you are all well and happy, and busy making money.

Ps. Can second Droopsnouts recommendation for the Mr Moneymoustache website. Well worth a read,

.

crv1963

Congratulations Lessonlearned, glad everything is okay.


Myself- I' plodding along still aiming to retire in a couple of years, still think I may not make it to the million but that 800k is maybe possible!! I am working my notice in my current Team, start in my new Team in September, although it doubles my commute to work to 85 miles each way, my pay should be around 30% higher due to shift allowances and it's 3 nights a week vs 5 days a week at the moment, so should be able to pick up some overtime and still get 2/3 days a week off.
Busy paying off debt and house repairs- trying to prepare it so when I do retire we don't need to find lots of money for repairs. Once in the new job going to start saving up for rewiring, which although not desperate to be done will need doing in the next few years it is over 30 years since it was last done and we could really use extra sockets for the Seahorse tanks rather than extension leads!
Have been busy with the overtime and World Cup, so today is my first Sunday off in months, gardening until kick off is the order of the day I think!