Millionaire Challenge

lessonlearned

guitarman001 wrote: »

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...

Here we go again. Another pessimistic, negative doom and gloom mongerer. If you can't think of anything pleasant or positive to say - why bother posting.

Have you actually bothered to read this thread properly. If so you will surely have realised that the posters who are interested in making money from property or who are already do so fully understand that property investment is only part of a broader plan.

They fully understand that in order to make any real money then multiple income streams are required, that their property income is a sideline business.

As for not discussing their plans etc - that is utter tosh, read Tinktay's and Rictus's posts again, properly - mine too for that matter.

Re the vagaries of the property market - I've worked in and around property on and off for over 40 years. I've seen booms and slumps come and go with predictable regularity.

The property market is pretty much the same as stocks and shares - it's a long term investment. Yes there can be spectacular short term gains - if you get the timing right, but any landlord in their right mind is in it for the long term. Tinktay & Rictus are well aware of this.

Guitarman - your pessimism and negativity offers little to this thread, your sarcasm even less.

To be successful - in anything you do - you need hard work, enthusiasm, commitment and optimism. If you allow negativity to eat away at you, you will simply fall at the first hurdle and fail miserably.

guitarman001

It's hard not to be bitter when you're on a good wage yet the cost of property forces you to stay at home, denying you the chance of starting a family and a roof over your head. I wasn't trying to be overly negative regarding property - it's just that there is a fantastical bias toward it here. And we are going into a big slump. Fair points? I'll have to read though the posts again for non-property-related business ideas - only had a gloss over earlier and when I saw property property property I had enough and logged off. Will check it out later.

EDIT - the difference between property and shares is that a roof over your head is something people should have the chance to afford. If my mate buys shares that doesn't affect too much how much a loaf of bread or a flat costs. But buying into the housing miracle pushes prices up for everybody, BTLers buy up houses starters could be buying themselves - basically it pushes that basic need up and up. No, I think shares and property are somewhat dissimilar in those respects.

Just read Rictus' plan on the last page. So basically he's employed, plans to pay off his first house by 30, then buy more and more buy-to-lets. If the whole nation did this there would be massive trouble - these houses are being bought up leaving less for others pushing prices up. Furthermore the lack of tax on renting out property is a scandal (when compared to income tax). Have I missed anything with his plan? It IS to become a big buy-to-let landlord in the future, yes?

EDIT2 - just because I want property values to crash hard doesn't mean my points are not valid. I see this on share discussion forums. People with an even slightly negative view get hounded away even if there posts are logical. Some people would rather see you die in a corner than hear a counter-argument to their wealth-making plans. Free speech etc. I am pretty negative about it, but that doesn't mean I'm not doing anything about it. I'm staying at home and saving, I'm investing in shares, I'm working hard at work hoping to get a promotion. Frankly I find the notion ABSURD that if I can't say anything positive about your ventures then I'm not allowed to post.

guitarman001

I am genuinely interested in hearing about non-property related business ideas. I, myself, worked for a semiconductor start-up who got bought out. Unfortunately that is cut-throat, runs you ragged, and costs millions in setup costs, never mind beating the big boys in the market. THAT's the sort of thing I want to hear about.

guitarman001

tco03 wrote: »

Its bizarre typing this now as a few years ago i was completely opposed to spending any money if not needed.

After-all you never know what lies ahead; a life threatening illness, natural disaster, economic crisis that could completely change everything you know.

Iv been blowing money on expensive holidays and luxuries since and im loving it.

It's healthy to spend some of your money enjoying yourself, otherwise what's the point?

guitarman001

Tinktay's painting and decorating business is more along the lines of what I was thinking when I heard 'business'. Trying to find your idea, lessonslearned.


EDIT - I also see that tinktay plans to get into BTL. SO! Every one of the ones I mentioned is going into property, just like I said. Why is it this nation is so short-sighted? I've travelled many places in many still young years and I find the American go-get 'em business attitude heartening, especially regarding tech and internet business. Then Germany.. simply amazing engineering. Britain? Swap houses between each other with no demand for that from outwith the UK - does nothing for the economy. Houses are pretty poor as well, to be honest compared to those I've seen abroad (yes, moving abroad is something I'm considering lol) - very poor quality and extremely small for the money. To be honest I see it as akin to slavery (can't afford a place, rent it off us for an inflated price) and debt transfer onto younger generations.

guitarman001

OK, lessonslearned, I read that you worked in sales, have done some site work and are thinking of doing a joinery/carpentry course? The course idea sounds awesome - I would love to do some kind of night course related to that. Then you also say you hope to have a future 'property portfolio' so again it comes down to property to make a million? Personally I reckon it'd be a lot of hassle considering the market for the next decade (IMO) and the hands-on nature of BTL. The market is scr@wed right now. I've friends with mortgages at 8x income level for 35 years (not including interest!!) and they're already down £30k, and that's counting the effects of inflation. One has a BTL but the returns he gets are pitiful, and the tenants he's had - it's just a nightmare. No thanks!

I've considered a whole bunch of stuff, from working for another start-up... to just working my way up at work and sitting at a good income:responsibility balance (no point getting £60k for example if you're never at home), to studying for an MBA (already done a Masters and MSc - MBAs are ten a penny now so not sure), to switching discipline. Currently I'm working my way up at work and investing (hoping that pays off). Other discipline could be switching to electrical engineering and going to Oz - could get $100k+. Saying that I could get $100k+ if I worked in the States but the holidays there are non-existent. Or could change to IT programming - I know programmers for banks on £600+ a day. I doubt I'd change discipline though as starting from the start all over again in this climate.... ouch. I think I prefer to stay employed by a company - less hassle and worry and you get all the benefits like paid holiday and pension etc. Hoping that as I grow older my investing will give me the returns I seek.

Regarding all these books, I wouldn't waste too much time. I've read a multitude of them on investing and business ideas and lots are tosh, they sell you the dream and you give them your cash. One of good business ones I read was Bannatyne's 'Wake Up and Change Your Life'. That's all you should need. Taming the Lion is a good common-sense investing read.

rictus123

Guitarman, i work in the construction industry, thats one of the main reasons why i would try and use this to draw a regualar income. Possibly by buying somewhere run down, fixing up and renting out.

I realise i need multiple steams of income, in different areas. I dont just want to have 10 buy to lets but no liquid cash,investments,pension etc. I have a long way to go and a hell of a lot to learn. Iv invested £13,500 in myself through a bank loan just 2 months ago. It should be drawing an income after paying it off by June/July this year.
I am looking into heavily investing in my pension seeing as i pay 40% tax the pros ,massivly outweigh the cons.
There is so many different options/buisnesses/ways to invest with different risk levels, its all down to personal choice.

Mortgage free by 30 isnt the most unrealistic goal and you cant argue that is wouldnt help me in a quest to be a "millionare".

Another point is we all have a different opinion of what is a millionare/wealthy.

We need positive thinking, a good attitude to risk, hard work, ambition, realistic goals and last but not least a good knowledge on whatever fields we are getting involved in.

The chances of getting rich through just being an employee, i would think, are much slimmer than getting rich flying solo and making others work for you and earn you money.

geoffky

The only people getting rich around here are the guys and girls selling the wannabe stupid books....do what i did and build up a good company bit by bit and be very lucky as its it just luck at the end of the day,i might of went bust or my partner might of robbed me but it took years and we sold it and i retired at 42.
It is not rocket science nor none of this networking crap and shouting in the mirror i wannabe rich does not work...Luck and hard work in that order does...

geoffky

lessonlearned wrote: »

Here we go again. Another pessimistic, negative doom and gloom mongerer. If you can't think of anything pleasant or positive to say - why bother posting.

Have you actually bothered to read this thread properly. If so you will surely have realised that the posters who are interested in making money from property or who are already do so fully understand that property investment is only part of a broader plan.

They fully understand that in order to make any real money then multiple income streams are required, that their property income is a sideline business.

As for not discussing their plans etc - that is utter tosh, read Tinktay's and Rictus's posts again, properly - mine too for that matter.

Re the vagaries of the property market - I've worked in and around property on and off for over 40 years. I've seen booms and slumps come and go with predictable regularity.

The property market is pretty much the same as stocks and shares - it's a long term investment. Yes there can be spectacular short term gains - if you get the timing right, but any landlord in their right mind is in it for the long term. Tinktay & Rictus are well aware of this.

Guitarman - your pessimism and negativity offers little to this thread, your sarcasm even less.

To be successful - in anything you do - you need hard work, enthusiasm, commitment and optimism. If you allow negativity to eat away at you, you will simply fall at the first hurdle and fail miserably.

Too many books has got to you...put them down and start making yourself rich, not authors.

lincroft1710

geoffky wrote: »

The only people getting rich around here are the guys and girls selling the wannabe stupid books....do what i did and build up a good company bit by bit and be very lucky as its it just luck at the end of the day,i might of went bust or my partner might of robbed me but it took years and we sold it and i retired at 42.
It is not rocket science nor none of this networking crap and shouting in the mirror i wannabe rich does not work...Luck and hard work in that order...

Read the above and inwardly digest.