Millionaire Challenge

GenieBoy

droopsnoot said:

GenieBoy said:

Has the OP made it to a £Million yet?

See the posts immediately above yours. The OP hasn't posted since 2016, probably too busy quaffing champagne on their private island.

Ah no worries, I just didn't fancy going through 416 pages to find out. 

helensbiggestfan

Hello everyone.  

Just dropping by to say hi and to wish you all well.  Another year gone by. Phew.  

It's been a busy one. I am still happily renting, haven't found a house to buy yet. There's no hurry, prices are dropping so I'll hang on for a while and try and snaffle a bargain. 😉

My big thing this year has been concentrating on sorting out some minor health niggles.  The biggest (and most expensive) has been getting dental implants.  A long job but thankfully nearly finished.  

Other than that, nothing new. 

Anyhoo....wishing you all a Very Merry Christmas and a happy, healthy, and wealthy New Year.  

droopsnoot

I still come in here to see if anything new has happened, but it's been a bit quiet. Still not a millionaire, though as I'm not doing anything differently to before, that's probably not a surprise.

Muhren

I don't think I have posted in this thread for a couple of years, but it is good to see it brought back to life.

Turned 40 this year, just keep steadily accumulating. Haven't got exact figures, but I'm half way to a million, if I include the house in my net worth. 

Hope everyone is getting closer to the goal.

Muhren

Happy New Year everyone!

I thought I would share my end of year figures and try and get this thread going again.

So with the house my NW is £583k, without it, I am at £395k. For me, the figure without is more important as I aim for FIRE. If I carry on at my current rate of investing and average a 5% return,  I should be in a position to retire at 50, in around 9 years time. How feasible that is I'm not sure, but it is something to aim for.

So how have I got here? Well from the dark days of 2012, as you can see from my signature, it has been steady accumulation,  no real secrets, just investing money consistently over the years. This has been helped by having a relatively small mortgage and generally keeping costs down, by looking for the best deals, and not having all the latest gadgets. I am now earning a good wage of approximately £55k, compared to a starting salary of 16k over 15 years ago. The vast majority of this investing has been through salary sacrifice into my pension at work.

Like I said there isn't really any secret to how I have got here, but consistency has been key. I started paying 10% into a pension when I got my first proper job, and have increased that along the way. Along with taking advantage of share saves at work and paying into ISA/LISA.

Still a way to go for me to reach my target, but I guess I just wanted to show a little insight into my position, and maybe that will help motivate others as we start a new year. 

Listerbelle

Belated Happy 2024!

My goals have changed over the years.
The biggest shift was my shift in mindset, from fear to abundance.

Now we are moving towards creating generational wealth.

I cannot recall the exact concept, but it is something like:
Buy 1M (1 million dollars/pounds assets under management) (done)
Own 1M (1 million dollars/pounds in equity) (done)
Earn 1M (1 million dollars/pounds in all income) (technically exceeded as a one-off last year)
Earn 1M (1 million dollars/pounds in unearned/investment income) (10% there...)

droopsnoot

Sounds as if you are doing well. I will have to look that up, I don't think it's anything I have heard of.

Bossofmoney

Hi everyone, hope we are all well and still fighting towards these goals of ours. Disappointed to see this thread so quiet as it was very busy at times when it was started up. I am one of the ones guilty of abandoning the place but im back for good now. 

Since I was last on here, we have had a nnew arrival, we have bought, renovated and moved into our current house. Cash obviously hasn't been able to build up as a result but net worth has. Net worth has never been higher. Business is booming which has seen business costs rise 3x as much as they used to be. Added in stress to keep it under control however this will come down next year. Short term loss for long term gain.

Some short term goals (next 3 months - by end of July)
1. Build emergency fund pot from £1,000 to £3,000. Lets be honest, £1,000.00 isnt enough these days.
2. Another work van on the road - this will push my income up to another level
3. Another month ahead in our bills account. Currently we have the next months bills in our account. Would like to get another month in there so we're an extra month "ahead" which will help with stress levels & financially planning/budgeting 
4. Continue the health kick. Just been less fizzy juice/takeaways etc and more walking in an evening, keeping the step count over 10k per day makes such a big difference for physical and mental health. 
5. Have less outstanding business invoices. Currently sitting at 8 - ideally would be down to 2 or 3 maximum as it is incredibly time consuming chasing up
6. Finish my own rennovation - just the outside to be done now

6 small steps, if I get through these 6 by the end of July my mindset will be a much more positive one allowing me to fully focus on my income in the run up to (yes, im going to say it!) Christmas 2024!!

This Christmas is honestly going to be the best one yet, financially.

We are on track to have money in the bank, nothing due out, zero debt (mortgage aside) and income as high as its ever been. Ok this sounds like a total brag but thats the aim and ill do what i can to get there.

craftingmad

Bossofmoney said:

Hi everyone, hope we are all well and still fighting towards these goals of ours. Disappointed to see this thread so quiet as it was very busy at times when it was started up. I am one of the ones guilty of abandoning the place but im back for good now. 

Since I was last on here, we have had a nnew arrival, we have bought, renovated and moved into our current house. Cash obviously hasn't been able to build up as a result but net worth has. Net worth has never been higher. Business is booming which has seen business costs rise 3x as much as they used to be. Added in stress to keep it under control however this will come down next year. Short term loss for long term gain.

Some short term goals (next 3 months - by end of July)
1. Build emergency fund pot from £1,000 to £3,000. Lets be honest, £1,000.00 isnt enough these days.
2. Another work van on the road - this will push my income up to another level
3. Another month ahead in our bills account. Currently we have the next months bills in our account. Would like to get another month in there so we're an extra month "ahead" which will help with stress levels & financially planning/budgeting 
4. Continue the health kick. Just been less fizzy juice/takeaways etc and more walking in an evening, keeping the step count over 10k per day makes such a big difference for physical and mental health. 
5. Have less outstanding business invoices. Currently sitting at 8 - ideally would be down to 2 or 3 maximum as it is incredibly time consuming chasing up
6. Finish my own rennovation - just the outside to be done now

6 small steps, if I get through these 6 by the end of July my mindset will be a much more positive one allowing me to fully focus on my income in the run up to (yes, im going to say it!) Christmas 2024!!

This Christmas is honestly going to be the best one yet, financially.

We are on track to have money in the bank, nothing due out, zero debt (mortgage aside) and income as high as its ever been. Ok this sounds like a total brag but thats the aim and ill do what i can to get there.

Sounds like you are doing amazingly.
What do you do/what is your business? It sounds like it is thriving in these hard times so well done you.

I look forward to hearing your updates x

daisy_1571

And breathe........ lol.  Finally made it through the 418 pages.  Its amazing reading 10 may 2011 to may 2024 in just a few weeks.  Children arriving and growing,  plans doing the same, new jobs, lost jobs, houses offered on, investments working and not working, sadly people losing peopl.  Knowing as I was in the pages of 2018 what was in all our futures in a few short months was a bit weird, I wanted to warn you all.   

I'm so glad some people kept posting so I could follow their lives, sad that some dropped off never to post again, you can't help wondering why they stop after being so much part of some threads.   Its been lovely to see the odd post from names id not seen for a while on the threads im involved in more recently, gallygirl, carbootcrazy, cazmanianminx etc and think oh thats right, I remember thats what they were doing back then.  

Anyhoo, ll your going great guns.  Is your son still in the original brewery house?  Congratulations on the birth of your two grandchildren.   I'm sure your oh would have loved them to bits.

Kay wow, what a journey.   You had me groaning every time a post started with ive had a business idea and I wanted to shout focus on the things that are already making you money, lol.  But you're doing so well, degree, single parenting,  holidays away.  Compared to the years you were making 100s of whatever it was to get 30p profit at 2 in the morning.  And you sound so much more focused and sharp now, even your writing is coming over more measured and less 1000 miles an hour lol.  

The other longer term posters added so much to every debate,  I honestly feel privileged to learn from all your wisdom.   Now I just need to invent a time machine and go back to p2p lending getting 20% lol. 

I do have a long list of books and websites I'm now going to check out.  I've taken my eye off the ball re money,  coasting along enjoy retirement but I feel invigorated and rejuvenated, ready to do some investigation then maybe some investing.   Before id have thought I've left it too late but like ll, I think now that I've plenty time, I might still have 30 years    

Anyway thanks folks, ill keep up with any new comments as they come in.

Well done everyone, keep your focus, I'm rooting for you all

Daisy xxxx