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.