Millionaire Challenge

GooeyBlob

droopsnoot wrote: »

I don't think it's died, but it does go quiet from time to time, and you've kick-started it back to life.
Presumably the usual posters are busy counting money.

In my case, the modern equivalent - updating a spreadsheet. That's what I do at the end of every month, inputting stock and fund prices. This has given me a record of the last 3 years and it has been a rollercoaster ride.

On little more than an average wage I've added just over £100K in 36 months. Millionaire status is around 7 or 8 years away according to my spreadsheet predictions. Not sure about that...

DireEmblem

Just discovered this thread, and plan to read through in detail to find the useful posts.

£100 a day to live sounds like an awful lot - in contrast I am probably hovering about a third of that!

What is also interesting, or to me anyway, is that I am roughly the same age as the OP, and would be great to join in. My current plan is to push on with my career, and direct any additional pay into savings. Expense wise, I'm not sure I can get these any lower - they currently hover around 33% of my take home pay. Should capital repayments be included in this figure, if not, then this reduces to 15%.

Having a million would be amazing, but equally a point where I could quit or reduce hours, especially by around 40 would equally be as good!

lessonlearned

Good morning everyone. Nice to see some new posters. Droopsnout is right, the thread isn't dead, it just goes quiet from time to time whilst we all get on with trying to make a few shekels. :rotfl:

Or in my case, not actually making any more at the moment but saving shedloads on the current house renovation by doing as much as I can myself. Sweat equity is money in the bank.

At the moment concentrating on the outside work whilst the weather is fine whilst the builder does a few bits inside that I can't manage myself.

Saving money has always been part of my strategy, keeping outgoings less than my income but then I'm already retired so time is my friend and ally. Doing so much myself does take longer of course but then I'm in no hurry. I have already escaped the rat race and have now reached a happy state of affairs when I can work as and when I please.

I have also been concentrating on losing weight - almost 2 and half stones down, getting fitter and healthier. And I have also been concentrating on rebuilding my social life. (For those who don't know I was widowed a few years ago so trying to rebuild not just my finances but also my personal life).

It's all going well. The house is coming along nicely and I'm managing to stay (almost) on budget. I am really enjoying this project, hopefully there will be a nice healthy profit when I'm ready to sell.

DireEmblem. Well done on getting your living costs so low. I think that's definitely a step in the right direction. The more you can save now the sooner you will reach FIRE.

Hope everyone is well, having fun and making plenty of money.

Muhren

Nothing to report really, well not positive anyway. Still haven't had our payrise agreed, it will be back dated once it has been agreed what it will be.

Have also started a project to built my own decking out of pallets, where I have had the area excavated it keeps filling with water and not draining away. Not sure how, or how much it will cost to resolve. Either way it is going to be a set back to the finances.

There has been a new sharesave at work which I have signed up to which gives an option price that gives a 20% on today's current price. I am hoping this goes better than he last one.

As you may tell I am feeling a little bit pessimistic at the moment!

Savingtomove

Hello everyone!

I have just come across this thread and love it!

Both me and my DH want to reach financial freedom to have a small holding and not be dependent on us both working so we can take some risks with contracting work.

We are focusing on paying off dept in the next two years (currently on mat leave). Then looking to increase the mortgage and move. We both have good jobs and some rental properties. Everyone I speak to thinks want we want to do is impossible. I also have a lot of ppl who say we are lucky to get where we are so far. I have told them it is not luck but no holidays, luxuries and working hard!!

Looking forward to reading how everyone is doing!

Savingtomove

Oh and we are thinking of using You Need a Budget software - does anyone else use it and what do you think?

droopsnoot

Savingtomove wrote: »

I also have a lot of ppl who say we are lucky to get where we are so far. I have told them it is not luck but no holidays, luxuries and working hard!!

I think it was Gary Player (or another golfer of that era) who was asked how he felt about being so lucky to win so many golf tournaments. His reply was "It's strange, the more I practice, the luckier I get."

lessonlearned

droopsnoot wrote: »

I think it was Gary Player (or another golfer of that era) who was asked how he felt about being so lucky to win so many golf tournaments. His reply was "It's strange, the more I practice, the luckier I get."

Absolutely........

Welcome Savingtomove, sounds like you've got a good plan.

All my life I've had people tell me how lucky I am. Hah. :rotfl: if only they knew.

I worked like a dog when I was young. I Still do work hard even though I am now retired. I enjoy work......as long as it's of my own choosing and I can work for myself. I like to be my own boss.:D

I am an ex council house girl who wanted better, so I worked my socks off. I realised that if I wanted the finer things in life then I had to work for them.

It makes me smile when people say it's because we are lucky. I just ignore them and go my own sweet way. . You are always going to meet the negative nellies and doomsayers. I don't let them rattle me.

Well I have had a very productive couple of weeks. Back bedroom now decorated and Thus morning I have been choosing carpets. I have decided that, as a temporary measure, I will turn that room into a treatment room and hopefully get my beauty therapy business up and running again.

Keep overheads low and oh the joy of working from home.....no commuting.

I am not aiming to make a big production out of it, just a couple of days a week will be enough. I still have all my equipment so I don't have to spend a lot to get things started.

I am also still thinking of setting up a vintage clothing sideline to go along with my bric a brac and antiques.

Of course none of my sideline hustles will make me that magic £1m but hopefully they should bring in a few extra pennies.

julicorn

Savingtomove wrote: »

Oh and we are thinking of using You Need a Budget software - does anyone else use it and what do you think?

We (i.e. my husband and I) do and it's completely turned around our finances. Absolutely incredible, the effect it's had. I can't recommend it enough, in fact, I'll shut up now because I tend to sound like an evangelical preacher when I start going on about YNAB. :rotfl: Do let me know if you've got any questions though. Also, you can get a 4 month free trial I believe.

LadyLBM

hi there

how do you get a 4 month trial please. l can only seem to get a 30 day one