Millionaire Challenge

rictus123

I think its a great read, likely to be down to his roots not being far off mine either. So determinded to get a successful career and business like many of them have managed to. Dont want to be a slave all my life.

lessonlearned

Well now - a quick update. Good news and bad news.

The sort of good news is that I have finally sorted out OH's care plans etc and he will be going into his nursing home on a permanent basis as from 12th January.

I have today met with Social Services to finalise the details and go over the financial issues. I don't draw my pension until next November so I will be in a curious state of limbo relying on state benefits. I never thought I'd see the day. Just goes to show that we never know what's round the corner, lying in wait to pounce on us, to scupper our plans and shatter our dreams.

The bad news is that my mortgage is/was with the Bank of Ireland who sold it on to the Mortgage Works who will be increasing my payments from March. :mad:

So now it is imperative that I can my @ss in gear and get cracking.

I have joined the £2012 in 2012 to ease me in gently whilst I sort myself out - this will cover the additional mortgage payments.

I have had a couple of business propositions put to me which I am mulling over. I'm going to try and find a way of combining the two, or at least have them "feeding" each other. Need time to work on this - will do this whilst organising OH's move.

In the meantime - A Very Merry Christmas everyone and a Happy & Successful New Year.

2012 - is going to be the year when I start to make it happen;)

rictus123

Well my news is all great. Got 2 little business ventures underway. 1 may take until 2013 to get to next stage...however it will be worth it in the end. The other will be up and running earning me a couple of hundred a month, nothing that will take me near millionare status BUT it is a step in the right direction! The more i think of rich dad,poor dad i wonder just what assets are there i can buy to draw an income from? I think a buy to let would be the easiest yet alot seem to make on it will be the hardest.

One of first stages of this challenge is a goal i have set up which will see me pay £800 a month next year into emergency savings fund. With a couple of little top ups i should have £10,000 in by the end of 2012. I am also saving up a £15,000 house deposit fund along side this. While paying off £13,500 of business loan....it is nothing short of an ambitious dream yet i am so determined to do it i just cant see myself failing.

I have my budgets all set out and my most important tool...a 2012, page a day diary. It is fantastic size. Thoughts for the day/everything i do/every penny i spend and earn will be dotted down and will give me a great read and chance to reflect at the end of 2012 when i will be ready at the age of 21 to get my first......of many, property.

rictus123

This thread is ever so quiet....everyone out making that first million?

tinktay84

Ive written 2 long posts and both have failed to post

tinktay84

basic recap, good xmas, exceeded my target for reducing debt by xmas day
got think and grow rich as xmas prezzie
already set myself new goals for 2012 including some 2 month goals, 6 month gooals and 12 month goals
hope you are all well. Will type more when i know the posts go on my internet is shocking with the weather

lessonlearned

rictus123 wrote: »

I think a buy to let would be the easiest yet alot seem to make on it will be the hardest.

BTL may not be "easy" but it certainly isn't as difficult as some folk would have you believe.

There is really no such thing as easy money - at least I've not found any yet. :rotfl::rotfl:

You'll be fine - especially if you have the good sense to build up a contingency fund as you've discussed.

I have my budgets all set out and my most important tool...a 2012, page a day diary. It is fantastic size. Thoughts for the day/everything i do/every penny i spend and earn will be dotted down and will give me a great read and chance to reflect at the end of 2012 when i will be ready at the age of 21 to get my first......of many, property.

I too have just bought a page a day diary - I always had one in my days as "Corporate Woman". They are a great way of staying on track and getting and staying organised.

lessonlearned

Well today OH went into permanent residential care.

So..............time for me to get cracking. Will take a few weeks or so to have a rest, sort out a few things. My house is in serious need of some TLC so will work through that first. Maybe a holiday - in true MSE style of course to recharge my batteries.

Tinktay - this afternoon I sat down and wrote out my goals and like you I've put timescales into the equation. Well done on the debt clearing - always good.

Hope you all had a good Christmas and are rested, refreshed and raring to go in 2012.

This is going to be the year I start to turn things round.

dizzyblnd

Lessonlearned good to hear about your OH.

I have read all the books mentioned on this thread but I am still having some issues when it comes to narrowing down the business I want to start. When I weigh up the pro's and con's, the con's seem to outweigh the pro's.

How have other people decided on the business they are going to attempt and what was your first step?

guitarman001

Now that the property market is positively dying I'm guessing 99% of you wont be making your million. For the rest, what exactly ARE your business ideas? There's a lot of talk but no explanation - for obvious reasons, I guess. But on an internet forum I sure you could give a vague explanation...