Millionaire Challenge

helensbiggestfan

Hi Droopsnout. Yes I had to laugh at some of the news coverage, especially the bit about new cars sales.  I think you are right. I too think the 20 % drop for April might not be too bad in the long term.  Fingers crossed, hopefully the furlough scheme will have helped some to stay afloat.  

I know what you mean about starting lockdown well and then running out of steam.....I lost my mojo there for a while but thankfully I've found it again. 😁. 

Muhren

droopsnoot said:

helensbiggestfan said:

Some pretty grim news this morning for the economy, but I guess it was inevitable.  

True, and the second half is the key part. It's not really news that the economy in April was down, in fact while the newsreaders were telling me it was down 20-odd percent, I was thinking "well, considering that a lot of shops and businesses were completely shut in that period, that's not a bad number, it could be much worse". It's similar to the surprising headline news that new car sales figures had plummeted. "What, just because all the main dealers are closed? You don't say."

Swings and roundabouts though as we have been advised that shoplifting is down!  

Bossofmoney

Hi all. Had a fair read through this thread and feel slightly inspired.

I will be joining you in future to track progress. I am self employed, my partner and I speak of starting up a business that she can run. We are seeking ideas. We ideally want something she can eventually be "hands off" from and it still generates her an income. That is the long term plan, we realise this wont happen overnight. 

In the meantime iv set myself a target of an extra £500 a month income that will be saved/invested, between now and 2021, starting this month.
This will give me £3,000 to be invested to make further income from. Open to ideas and suggestions.

I love money and all things money. I have a bit of debt at the moment which could well end up statue barred. I want to come out of this poor financial time having learnt from it so i don't fall back into debt again.

QUESTION - for any of you with passive income, multiple income streams, can I ask what are they all?
We are hoping we will eventually have at least 5 different income streams by the end of 2021, one of these will be eBay as it seems an obvious choice as can be done from home. 
£200 a month eBay sales profit doesn't sound a lot but it becomes £2,400 in surplus income so can be further invested into something else to produce a return. 

Property seems the ideal long term idea to be pursuing, this obviously requires great funds to get into so we're a long way off that stage just yet. 

Feel so motivated just now, my whole mindset has changed due to this forum.

Grogged

A warm welcome.

For passive income the only real game is investing.
I'd strongly recommend funds or ETF's, rather than directly in shares.
You can easily get emotionally invested in individual shares and companies, which unless you are very well disciplined can lead to trouble.
Best to just invest in a global fund or two and leave it to do its magic over time.

For property have you considered holiday lets as well?

For business then franchising can help, either to get you into a business quickly or to expand something you already have or plan to have.

I wish you all the best as it's not easy, but with the right attitude and time you will succeed!

ATB
G.

Lil306

Didn't feel like reading 411 pages. £1m is easily doable in passive income, you just have to figure out a way of making it and when you want it by. 

I'm working on about 30 different sources of passive income at the moment at various stages.  My main goal is to find a source of income so I don't have to work again (so I have a "Wage"), at that point, I'm effectively retired and just need to find ways to build up a pension pot. 

Never give up though, you have to have the mindset and the idea. Once you have them, it's how you push for them. 

For me, I'm doing blogging, ecommerce, writing books, youtube) mainly. 

£1,000,000 works out at £114 per hour required for passive income based on 24 hours per day 365 days per year. If you get 10 sources of passive income making you £10-15 per hour every day while you do nothing, you already have a million. 

I'm doing small goals first.
 - Get my sources of income
 - Start building them piece by piece and slowly increasing how much they make per day / per month. So if source 1 target is £10 per month, I'll leave it and focus on source 2 target instead. 

Lil306

Bossofmoney said:

Hi all. Had a fair read through this thread and feel slightly inspired.

I will be joining you in future to track progress. I am self employed, my partner and I speak of starting up a business that she can run. We are seeking ideas. We ideally want something she can eventually be "hands off" from and it still generates her an income. That is the long term plan, we realise this wont happen overnight. 

In the meantime iv set myself a target of an extra £500 a month income that will be saved/invested, between now and 2021, starting this month.
This will give me £3,000 to be invested to make further income from. Open to ideas and suggestions.

I love money and all things money. I have a bit of debt at the moment which could well end up statue barred. I want to come out of this poor financial time having learnt from it so i don't fall back into debt again.

QUESTION - for any of you with passive income, multiple income streams, can I ask what are they all?
We are hoping we will eventually have at least 5 different income streams by the end of 2021, one of these will be eBay as it seems an obvious choice as can be done from home. 
£200 a month eBay sales profit doesn't sound a lot but it becomes £2,400 in surplus income so can be further invested into something else to produce a return. 

Property seems the ideal long term idea to be pursuing, this obviously requires great funds to get into so we're a long way off that stage just yet. 

Feel so motivated just now, my whole mindset has changed due to this forum.

Money Streams - No idea when it comes to active. 
Passive Streams 

 - Blogging
 - Website Design
 - Youtube videos
 - Instagram affiliates
 - Writing Books
 - Copy Writing
 - Virtual Assistants
  - Digital Music Producer (downloadable songs, maybe someone who makes music for youtube videos for example0

There's plenty of sources, you just need the ideas to kick them off. 

As I come from a tech based background, I'm going to be focussing on Android/iPhone, personally because I want to design some apps to sell. 

helensbiggestfan

Good Morning everyone.  

Just stopping by to say hello to our new recruits.  Lovely to see some new faces, some good ideas there.

  Hope you are all keeping well and safe during these difficult times.  I'm still semi shielding so I can help my pregnant DIL and the family  so I won't be rushing out to pubs and restaurants just yet or restarting my travels, not until after the next baby is born.  We did manage a few days away In the U.K. last week, self catering in a cottage in the Peak District. It was a nice break from the monotony of lockdown, just the little pick me up we all needed and I've come back feeling refreshed and revitalised.  I felt I was getting very stale during lockdown and feeling rather lethargic and demotivated.  But the break has done me good and I have found my mojo again.  So time to get back on track.  

Still plenty to do with the renovations, still plugging away doing as much as I can myself to keep costs down and increase profits when I come to sell.  It's looking pretty good.  I'm having a break from the indoor work and currently concentrating on the garden.  It's hard work but very satisfying to see it taking shape,  

Other than that nothing much happening here.  Antique dealing still on hold for now. I've had a bit of a revamp with the finances, have switched bank accounts but I still need to do some further tweaks this month.  I have some insurances coming up for renewal. Savings rates are dire aren't they so rather than add to mine I have decided to throw any surplus at the mortgage for the foreseeable future.  Still holding my shares - luckily I don't need to liquidate.  So it's just a case of "steady as she goes". 😁. 

azadali77

Read a few pages but I'm eager to know if anyone has reached the million pound goal or have come close?

droopsnoot

I don't think it's really about hitting a single magic number, despite the thread title. The thread now seems to be more about settings goals and trying to achieve them. A "million" means different things to different people. It's been a bit quiet in here recently, but then it's quiet "out there" as well.

droopsnoot

Lil306 said:

Money Streams - No idea when it comes to active. 
Passive Streams 

 - Blogging
 - Website Design
 - Youtube videos
 - Instagram affiliates
 - Writing Books
 - Copy Writing
 - Virtual Assistants
  - Digital Music Producer (downloadable songs, maybe someone who makes music for youtube videos for example0

Do these really count as "Passive Income" though? Surely for copy writing, blogging, web design and so on, you need to actually do the work, which takes up time, so it's not really passive. I've always taken passive income to refer to stuff that happens (largely) without requiring actual effort, or at least not in proportion to the number of hours spent on it.