Millionaire Challenge

PoorGuyNextDoor

Hi guys, I'm back. More determined than ever aswel.

Calling all multiple business owners here...

How do you juggle having more than one? Are they related in any way or completely different?

I have my own company which is going well however its pysically demanding aswel as weather and daylight dependant so im limited to 45 hours a week or so, less at this time of year . I am looking into multiple steams of income. I believe with my 50k of debt i need to venture out into other industries to allow me to earn money 7 days a week, 52 weeks of the year. Iv spoke to other business owners in the area. The more succesful ones have more than one business. 2k a month from 3 busineses is obviously better than 4k from one. It spreads the risk too.

Iv a few ideas for what businesses to look into, ideally ones that eventually can be run by others. Providing a product rather than a service will help with that.

Low cost start ups is kinda essential so im doing as much research as possible then iv two weeks off the end of this year il look to start up properly then.

Duncan Bannatyne was in debt yet ploughed money into his businesses which made him worth a few hundred million eventually making his origianl debts look tiny. Its a massive risk but wont come without its rewards if i do it right.

trailingspouse

Apologies if this question has been asked/answered before, but how are we defining 'millionaire'?


Money in the bank?
Assets owned?
Amount of money earned?
Personal wealth or total for the household?

droopsnoot

However you want to. It's more about setting a goal and working towards it than a specific number.

A_Random_Man

Hi I would be interested in trying to build up a large amount of money my ideal target would be £150k I currently do matched betting so I do earn extra each month from there I would also like to sell more on eBay if possible, obviously other things will come along in the future however and I am currently saving to purchase my first house as well however I think this will be a good thing to focus on

winnalot

I would love to join the party and I have really been inspired by everyone.

I have recently turned 60 and am currently not working. I had been contracting for just over 3 years until Easter 2018 and since then have really struggled to get any interest in my c.v. I did manage to get a job in August but to be honest, I was not qualified for the role and I struggled from day 1 until they let me go at the end of November.

I am married and if we go really easy, we can manage on OH salary plus a bit of housekeeping from my grown up kids.
We have 48 months to go on an interest only mortgage and only a little bit of credit card debt.


The goal is to get the cc and mortgage cleared then begin investing. Here are the current plans.

Matched Betting - I tried this a couple of years ago and jumped right in without researching it much. I had to put more money into it than I had thought I would have to and tbh, didn't understand it very well I made the mistake of telling DH what I was doing and had him watch over my shoulder while I was doing it. I think I made some money but the stress was horrendous, due to DH back seating. I still have funds in Betfair and Coral (if I can remember my password and convince them I am who I say I am). I did sign up for Odds Monkey at the time and the account was live when I logged in a few days ago, so good to start again.


Blogging - I just have to give this a go. It does seem like the world and his wife have a blog and lots of people I know are getting a fair bit of pocket money from it. I have registered a dot com domain name and have hosting sorted. I picked the domain name because I liked it and because it was a dot com. Now I just have to choose a subject to blog about and get my head around the technical aspects, sort out monetisation strategies and get going.

eBay - I don't know why, but I am scared of selling on eBay. I only have home clutter to sell at the moment and have no intention at the moment of becoming a store, but who knows.

Lionbridge - I am looking into Lionbridge and Appen but this is only a way to bring the cash reserves up.

That's all I've got at the moment.

I've been selling books and dvd's to Ziffit and We Buy Books just to help clear the book clutter and to create a bit of extra cash.

If I am really honest I would ultimately love to be able to make money blogging and with property rentals (eventually).

little_green

love this thread!!
yes yes yes I have the same goal.... I always say "i should have made my millions by now".
I'm about to turn 30 soon, in full time employment.
Sadly I live in one of the most expensive places in the UK (outside of London that is). Property here is crazily priced, slight decline over the past 18 months but still high. There was a time when you'd be pushing 85k for a studio apartment o_O as you can imagine it's hard to get on the property ladder.

Due to the industry of the city wages here are heavily weighted...but cost of living is the same for everyone here regardless of pay. Sadly I'm not in that industry & therefore earning substantially less, which I'll be honest makes me feel a bit deflated. I am in full time employment having graduated almost 10 years ago however don't seem to be advancing at all in my career (have had a few jobs since graduating to try & give myself better opportunities). I try to save as much as I can & I'd say do relatively well (got to love charity shops!) but I'm driven to be financially better off. Question is how can you save what you don't earn!?
So i'm trying to brainstorm ideas on how to make extra money (on the side) whilst I remain in my current (underpaid) job. It seems like every second person nowadays has their own "business" .... i don't know much ... but I don't know that selling juice plus or candles is really a business? perhaps so... anyway it's not something like that I want to do. Saying that I've watched shark tank & some of the ideas are questionable but then they go on to reveal they've profits of astonishing amounts.... I guess nearly any product can be sold if it's marketed well.
And of course we live in an age of social media "influences" who seem to do very well making money off..... well i'm not actually sure what.

The culture of today is very materialistic & I do genuinely wonder where/how people have money to afford the lifestyles they live. Perhaps it's in part down to the city I live in. Car's are a big money statement around here & even some teen passing their tests will have the latest brand new audi or bmw
....
anyway sorry that ended up being long winded haha I guess the bottom line is count me in for this making millions business i'd love to have my own "business" but don't have an idea of doing what.

maybe going to look into matched betting so if anyone has any tips let me know.
Got many worn shoes i could sell on ebay as "well worn, thrashed" but I dont want the buyer knowing my name!

little_green

oh and here's my "issue"
I know people say it's all about hard work & attitude... this is true to an extent. Yes you need to have a sensible head & be sensible with any income BUT I do feel part of it is down to luck - right time/right place. For example marine_life earlier said he went from 39k at 33 to 90k at age 35 ... let's be honest the vast majority of people are not going to more than double their salary in 2 years & if you are lucky enough to do so, that decision wasn't made alone/single single handedly - you had to be given an opportunity by someone at that promotion
....
or perhaps i'm in the wrong profession

troglodyte

Hello!
Haven't posted on here for a long time but have just been inspired to reply to the last few posts. I discovered the MSE site almost 20 years ago and although Martin's research and tips were very useful for specific things, it was the forums where I found so much support and encouragement and so, so many ideas! All those little things really do add up but it takes time, a goal (or several) and the ability to focus on your own life and not care about other people's lifestyles.


Fifteen years ago I was renting a room in a shared house, as was my partner (different house) who I had just met. Recently we bought a lovely house in our expensive part of the country for cash. I can't believe how far we have come in that time!


Like little_green I graduated from a good university but in spite of being a highly-trained professional I never earned much above average. Whenever we tried one of those 'where does your salary fit in the scale' thingies I always came in at the same level as a carpet fitter, which was a bit depressing. But nowadays there are so many different ways to try to earn a bit extra. Some people are comfortable with some things but not others. I would be scared to try matched betting but I have sold quite a lot of things on ebay (just odds and ends) and I also took on extra work, did odd jobs, and also avoided costs such as by doing my own vehicle repairs, volunteering at entertainment events etc.



I don't have any investment skills but I figured doing something would be better than just dithering so I started a regular payment into an index-tracking fund and by now the fund value is about twice the amount I have put in, so it was worth it. On everyday stuff, I practically never go to a coffee shop, we never buy take-away meals, almost all my clothes, books, DVDs, are from charity shops etc., furniture is second-hand, and I am a big devotee of Freegle (we have given and received countless things over the years).


Of course one other thing which made a difference is that I was single until I was over 30 so only myself to house and no childcare costs, no restrictions on hours due to school etc. It also really helps that my partner has the same mindset as me with respect to money - it would be far more difficult if one of us wanted to splash the cash and the other didn't.



Now if I see a teenager showing off in a fancy car I just smile to myself because I could buy one of those if I wanted - but I don't because it just isn't practical for all the stuff I carry about. And do I regret not having spent all my 'disposable' income on expensive clothes and fancy coffees when I was younger? Not at all, I've had a great life so far in my bargain way - great friends, lots of fun, plenty of wonderful experiences.


So don't give up, just keep pluggiing away and you will get there. And by the way little_green there seems to be quite a market for worn-out shoes if they are marketed in the right way (i.e. with sexy photos of them being worn!!) I haven't tried that yet but I did notice those sales on ebay!


So have a happy Christmas everyone, have fun with your loved ones because that's more important than spending lots on things no-one wants:)

little_green

thanks for the reply/update troglodyte. It's reassuring to hear of someone else who has been in the same boat doing well for themselves - well done some it brings me down when i compare myself to where others are at/what they have but i heard a quote recently that said "comparison is the thief of joy" & that is true. Just hard not to do sometime especially with the way things are nowadays. End of the day no one tends to post their struggles on social media only their success!

like you i dont have children (yet) but would like some one day hence why i'd like to be in a financial position where that is comfortable. Unlike you though my partner does not have the same mindset as me & is frivolous with money which is slightly annoying & makes me even more of a scrooge lol as i feel like i have to manage the ship for both of us.

need to have a look at this index tracking to see what it's about.
Yeh i might try setting up another ebay/paypal account to sell the "worn" shoes as I say i just dont want the buyers getting hold of my real name (probably being overly paranoid!).

I dont do coffee either it amazes me people think nothing of paying almost £5 for a coffee!! Eating out & takeaways are my downfall though, but i do think the OH is a bad influence when it comes to that!

oh & no matter how rich I was i dont think i'd ever not enjoy the thrill of raking in a charity shop!!!

droopsnoot

little_green wrote: »

some it brings me down when i compare myself to where others are at/what they have but i heard a quote recently that said "comparison is the thief of joy" & that is true.

It's never a good idea to compare your own position to others - don't forget that you don't have all the information on their situation. Just because they have the outward trappings of wealth and success doesn't mean that they're not up to the eyeballs in debt, and one bad month away from financial ruin.


And you're right - luck does play a major part in success, in many cases. For everyone who's a self-made millionaire down to their own hard work, there's probably another who just had some good luck. Trouble is, the only one of those two methods you can control is the first one.


My problem is lack of ideas. I've said before, I have time to spare, and some money to put behind things, but very few ideas that will turn into a major money-making scheme. For now I stick to little ideas that will never turn into anything big, but do at least help to solve a problem.