Millionaire Challenge

rictus123

Got a bit of a longer term plan couped up. £1,000 put into a regular saver as deposit, it will take off £800 a month. Will try and leave this as my emergency fund and let it grow until its around £50k. This is along side buying my first house early 2013 at 21. At 25 when savings hit £50k i will then save deposit up and use the £800 a month to take on another property. Very vauge plan but should hopefully see me worth £250k min by 30.

lessonlearned

tinktay84 wrote: »

I really wanted to watch it but I missed it and we dont have any form of catch up tv or sky or whatnot (not even a dvd player haha) Im going to try and get it on here but im on a dongle so signal isnt brilliant.What channel was it on? It looked brilliant

Tuesday 9-00pm, BBC2 - Ian Hislop: When Bankers Were Good

Hope you manage to catch it. I find these types of programmes fascinating. I also love reading biographies of great industrialists/entrepenuers/history of businesses etc - find them really interesting and very informative.

Whilst "successful" people can come from all different backgrounds, walks of life etc there does seem to be some common denominators i.e. personality traits, work ethics, sheer bloodymindedness etc

My jewellery seller rang me today - she's got a nice little envelope of money waiting for me and wants some new stock to sell.:)

As you know I'm still rather tied up with sorting out OH's nursing home
but my sister has been viewing premises for her own business venture.

It looks like the premises she has found has some "spare" outbuildings that could be suitable for my "Antiques & Gallery" space. Finger's crossed.;)

Right folks - here's a question for you all.

Sister and I have half shares in a small plot of land - no planning permission for residential development - although hopefully that may change in the dim and distant future.

Sorry don't have the actual dimensions to hand at the moment, too small for grazing or pasture. It's in a rural area, nice and flat and until recently used as a garden, by my dad. There are a couple of greenhouses and some ramshackle old sheds. It has been known to flood occasionally.

Any ideas what we could do with it to make a bit of spare money?

We have been approached several times to let it out as an allotment.

It isn't practical for either sis or myself to use it as an allotment for ourselves, because of travelling distances.

We did wonder about dividing it up - say half as an orchard for us. Once the trees are established they can be more or less left to get on with it, so shouldn't require too much intervention. My father (85) could help out with watering the saplings until they get going but can no longer cope with heavy gardening work.

I also thought about planting trees that would be suitable for firewood - with the rise in popularity in wood burners etc - firewood might be a nice little sideline. Also a few bee-hives. Then divide the rest into a couple of small allotments to let out.

There is no running water - although there is a fresh water stream nearby (clean uncontaminated water) - within about roughly 100 yards, no electricity.

Seems a pity to let it just "lie" there doing nothing - would like to try and make a bit of income from it.

Any better (more profitable) ideas please.:rotfl:

lessonlearned

rictus123 wrote: »

I keep having more and more thoughts about going self employed. Don't like making my boss richer and richer when I could be doing it for myself. Good prices and long hours will eventually lead to good prices and good hours. So many people have made millions from property, why can't i?!

I can sympathise with those views, however, given the difficulty with mortgages at the moment you may find it easier to stay as an employee - at least for your "main" income - so that you can get a loan to fund your first house. You can still build up your own business in your spare time - evenings weekends etc until you get established.

I could be wrong but I think self-certificated mortgages are no longer available and commercial loans are also increasingly difficult.

Was chatting to someone recently who had applied to the bank for a business start up loan. They were refused by 3 banks (good credit record, no debts and they already have one BTL property, one of the partners in full time employment so able to fund repayments out of existing income).

The banks said they would only lend on established business and not new ones.

Which does rather beg the question as to how new businesses can get off the ground in the first place.

rictus123

Yep I will be doing that for the next 3 or 4 years and get experience under my belt, only been at this 4 and a half years which to be fair is not that long. Going to try my best to get mortgage free by 30 then buy a buy to let over the next 10 years then repeat so at 60 I will have my home plus 3 mortgage free buy to let's. That will be 50% of my pension fund. I have alot of ideas it just takes 2012 saving 15k+ to get them off the ground. Money makes money.

electric_comperella

All sounds like good plans Rictus...:) wish you the best of luck with it all....I got my first property at 23 which was the first real opportunity I had to be honest...though wish I'd found this site in my teens - I would have a great little stash saved up by now

Lessonlearned...I have in no way green fingers (so apologise if this is a stupid idea ...

but could you use the land as PYO strawberries?.... places like that do really well what with the economy and all - people are generally going back to basics...and it wouldn't take much for your dad or yourself to oversee I don't think?.... plus it would be a quicker thing to grow than trees just a thought xx

lessonlearned

Thanks for the advice re strawberries. I had thought about growing soft fruits in between the trees rather than let the ground get over-run with weeds. I thought currant bushes because of the water issue.

Strawberries etc sound a great idea, it's just that they do need watering regularly and I won't be able to be there to do that every day. Automatic watering systems would be the answer but again it's the supply issue (unless I could do a cheeky manoeuvre and somehow syphon water from the steam). The council would probably come down on me like a ton of bricks.

Sorry I didn't reply sooner - have had the week from hell. Put my back out and had to send OH into the nursing home because I couldn't look after him.

I can at least drive again now and will book a couple of physio sessions this week and try and sort myself out.

I have used the enforced rest and recuperation time to make some more jewellery and will take it to my seller this week. Hopefully will catch some Christmas trade.:D and add a few more pennies to the coffers.

rictus123

Bought Duncan Bannatyres book - anyone can do it. Only into 4th chapter since last night and its such a good read, makes some very good points. Sure itl get better as it goes on,once its past him leaving the navy.

tinktay84

hello everyone well ive had to go to page 7 of topics to find this so hoepfully that means you are all out making millions (or more likely enjoying the festive season)

ive been busy busy busy and have now secured enough work to see us through the quietest period of the year so its all good this end.Im now trying to look for a holiday for my family and I to have some recharge time before the busy period (not that its ever quiet)

I have absolutely no ideas regarding land usage - i wish i did

Hope you are all well anyway

lessonlearned

Hi Tinktay

Good to hear that you've got plenty of work lined up, sounds like you are starting to get well established and your name is getting known. Well done:T:T

Where do you fancy for your holiday. That's on my list for next year, not had a proper holiday for several years now because of OH's illness.

TBH I've done nothing re our challenge. I've had a really rough few weeks, put my back out twice whilst caring for OH.

He will be going into permanent care on 5th January, so for the time being I am completely tied up with caring duties, sorting out Social Services, preparing for OH to go into care and trying to get ready for Christmas - all whilst trying to nurse my back.

Never mind, things will improve once the dust has settled.

I'm going to really have to get cracking asap - it looks like my mortgage lender will be upping their rates in March.

I've joined the £2012 in 2012 challenge as a means to get going - sort of easing my way in gently. Of course I don't really want to settle for that - it's just a stepping stone to bigger and better things.;)

Hope you are all well and that you all have a great Christmas.

Here's to the New Year and me finally getting going.

oz0707

Rictus, I've started to accumulate a cracking collection of inspiring books. Although i'm not quite at the level of doing that stretch that woman was doing on BBC2 the other week and repeating 'I am a millionaire'! Rich dad Poor Dad, Think and grow rich, richest man in Babylon. Also intelligent investor which I found a bit harder to read. Anyway, Bannatynes was the best of the Dragons I thought, maybe because of Duncans roots? What do you think to it?