Millionaire Challenge

rictus123

The government step in and actually pay you to take on apprentices. The first years only have to be paid something like £3.40 an hour or something tiny like that at 16 and the amount you recieve brings it down to around £1.80 an hour to take on a first year 16 year old im told? I would class that as slave labour but really its you doing the employee the favour, not the other way about.

Go for it, find a few good apprentices and you will be sorted for years to come.

Had a good chat with gf tonight, she is well and truely on the same wavelength as me.

Buy house together, i keep going with part time business - hoping to finally have enough capital and assets to turn into a full time venture for myself then she will start up her own business....hopefully we can then think about building our forver house....mortgage free (we can dream!!) and renting out our first time buy. Then comes the holiday villa in France. Could buy Duncan Bannatynes one as he could well be gone by then!!!!

We are a very ambitious couple,never realised she was just like me in that aspect......we are looking to achieve 1 goal a year towards this challenge. This years is to get ourselves into a financally stably position to make our first purchase into the property market. First of hundreds hopefully

lessonlearned

rictus123 wrote: »

Had a good chat with gf tonight, she is well and truely on the same wavelength as me.

We are a very ambitious couple,never realised she was just like me in that aspect......we are looking to achieve 1 goal a year towards this challenge. This years is to get ourselves into a financally stably position to make our first purchase into the property market. First of hundreds hopefully

That is great Rictus, with the two of you working together and "singing from the same hymn sheet) - I hate that expression:rotfl: you'll go far.

Well I've got the bit between my teeth now - added another £125 to the pot today.

Asda savings/vouchers £39
Emptied small change jar £48
Made & sold some jewellery £38

What I really want to do is look at some passive income streams - making money whilst I do other things sounds good to me.

Tinktay - how are you getting on with your E books. I'm thinking along those lines.

SS will be coming soon to pick up all the disability equipment, then I can have a major sort out and start up my bric-a-brac and antiques dealing again. I've got stuff everywhere!!

Anyway happy money making everyone.

rictus123

I need a passive income stream aswel. First one I'm taking on will most likely be a renovated house I rent out. I havnt really decided what other ways I will try go get multiple incomes from assets without relying on one area, ie property.

Gf being on same wave length is great but I need to find ways I can increase the 3k per month I am taking home right now. Slowly I'm going to try an find ways to increase this. I feel I could achieve millionare status with double the income I am on now. There is nothing I want more than this, its my dream.

tinktay84

The Ebooks are still in progress.I find it hard to sit and type in one go and rather than try and force it im doing little bits and bobs on it. Was looking into whether there is some kind of platform now to sell books (unpublished) for kindle etc. IYGWIM a bit like ebooks but that I could sell on Ebay. If this is something pretty simple please tell me im daft - for a 27yr old im not brilliant with technology unless it was out 10 yrs ago haha.

With regards apprentice I can take one on for a minimum of 12 weeks, after 12 weeks I can either keep them on or let them go depending on success/business etc. The going rate is £95 a week minimum. I personally would put it to £100-£120, not much more but just a bit to show im serious and want good candidates. im looking into funding but would hve to use a different stream and would be tied for 12 months so its a case of choosing whats better for me

tinktay84

argh so im now back to wanting the retail outlet and am seriously tryin to figure out how I can make it happen.I just know of loads of people that make furniture, soft furnishings etc and I want to create a 'buy british' type retail & training area. Now to lobby some banks to give me some money!!

Its so difficult as I am trying my best to focus on increasing my decorating scope but cant help but look at he bigger moree long term picture.s discussed before it would all tie in and hopefuly work togethrer :O

lessonlearned

Hi Tinktay

Yes I am looking for exactly the same kind of place. I know a great cabinet maker who was really impressed with my furniture up cycling and restoration and is very keen to join me.

Together with my bric-a-brac and interior designers bits and pieces, DS2's photography and art work, I think it would be a really nice business.

What I'm looking for is a gallery/display area/workshops space. The place my sister was keen on fell through - she would be doing horses' livery, grazing and schooling. It's a pity because it had several barns and outbuildings that would have been ideal, perfect for turning into small units to let out to dealers, crafts people and artists etc. It was in a good location on a busy main road with lots of "passing trade", loads of parking etc.

Never mind we'll just keep looking.

Bought quite a few bits and pieces of furniture today to restore and up cycle - a couple of pieces to keep for my own use and some to sell on. Got them at a good price so there should be some good profits there.

Like you I very much like the idea of "buying British", local crafts, local trades etc. I think people are ready for this.

I think people are getting fed up with expensive mass produced low quality tat, when for just a little bit more they can buy well made individual pieces, with materials that are ethically sourced and produced and supporting the British economy at the same time.

Keep at it Tinktay - we'll get there.

Realised I've another £50 to add to my total - money I lent a family member and they have now started paying me back £50 a month.

I lent my 2 sons money to buy cars and a family member some money to help them through a rocky patch. They are all starting to pay me back now so I should have an additional £600 a month coming in. This will all go into the pot.

I'm also thinking of letting out a room, say another £300 a month. This, plus a couple of pensions, would give me a nice little income without having to work for anyone else. That would then give me more time to concentrate on my own wheeler/dealing and building up my little businesses.

DS2 is also keen to set up a sideline business - he works at a garden centre - so I'll have time to help him too.

I'm really enjoying it all now and am really starting to get the bit between my teeth. I really enjoy the freedom of working for myself although I might do a few hours at the garden centre over the summer if they'll have me.:rotfl:

tinktay84

wow thats all great, just reading your post has yet again made me more determined. reat news about the money being paid back, like you say an additional £600 is amazing.

If you live anywher near a uni there is great scope for foreign students. An friend of mine had 3 students staying with her - itt didnt work out in the end but for a very unusual reason.She said she would do it again as the circumstance was so unusual it didnt put her off.

Scour the internet, i'll try and find out how she came about gettin the lodgers...


Every day I drive past a big old disused pub that would make a great 'mini botany bay' but that is a loooong distance project

rictus123

Any ideas what i can put my money into to get a return?! Once business loan is paid off, aiming for 5 months time, surplus income will be around £2,000. Hoping to get this doubled in the next 5 years, by the time i am 25.

lincroft1710

rictus123 wrote: »

Any ideas what i can put my money into to get a return?! Once business loan is paid off, aiming for 5 months time, surplus income will be around £2,000. Hoping to get this doubled in the next 5 years, by the time i am 25.

Everything I can think of as a potential investment either would definitely not double your money or may even leave you with a loss. Sorry.

lessonlearned

rictus123 wrote: »

Any ideas what i can put my money into to get a return?! Once business loan is paid off, aiming for 5 months time, surplus income will be around £2,000. Hoping to get this doubled in the next 5 years, by the time i am 25.

In order to to double your initial investment within 5 years you would need a return of 14.4% (I think it's called the rule of 72). Basically you take the figure of 72 and then divide by the number of years. In the case of 5 years the return would need to be 14.4%.

I suppose it all depends on how safe you want your money to be. In the current climate it might be best to settle for something with a lower return but which is safe. There are several special accounts where you might get around 8 or 10%. DS2 had a 8% one with HSBC. The problem is there is a ceiling as to how much you can save in these accounts, the HSBC one was £250 a month.

The higher returns are likely to be found in either property or shares - unfortunately both are rather volatile at the moment - I think they would be more suitable for long term investing. Five years is a medium term investment and wouldn't be long enough to ride out any storms.

Hope that helps a little.