Millionaire Challenge 10 May 2011 at 10:25PM edited 30 November -1 at 1:00AM in Boost Your Income 4.1K replies 793.7K views

Jacka87

Just did an SOA, from the link in the debt free wannabe, I am at work so cant get exact figure for everything but put as close as I could (normally the nearest thousand and was conservative).

Apparently I am in a good position to start this challenge! I have a net worth of £38,000!!! Shocked me I can tell you!!!:eek:

I do have some concerns tho, the SOA asks for monthly expenditure and incomes and includes partners incomes. Although this is useful to help work out if you are likely to go up or down in net worth, I assume it doesnt affect the exisiting calculation as its only assets and debts that we are concerned with right?

Most of my asset value comes through my flat, so my £38k isnt very liquid, and not much use to me in terms of uping it unless we have a hpusing bubble again! :rotfl:

well now lets see what I can do with my small sum of liquid assets!

ladyinneed

Brilliant thread.

Good luck everyone.

I have a net worth of -£12+k, I am ashamed to admit that I thought it was nearer to £10k. I have set myself a yearly challenge of £100k in one year though if this goes will then hopefull the £1m before I'm 40 will be doable. (yikes 9 years).

Working full time and raising two children is expensive! Sadly I can't add the mortgage to my list although I pay half, the other half owns the house and I'm not on the paperwork, my choice. (Full of hopes but hopefully that will change when I'm in a better financial place)

Good luck again all. x

rictus123

Changed up my plan a bit....aiming to clear 2 cards and smallest loan this year while also filling isa. Then start of next year, save for spends for Florida in May first 2 months then fill ISA again...then clear other 2 loans. Will be alot easier as no car payments to worry about.

SO right now im -£6.5k...end of year id like break even, by my 21st, June next year, +£12k. Then £20k end of next year.

tinktay84

Jacka87, the fact that the money is in your property probably makes it better really as it means youre less likely to 'spend it' so yes, it may not go up much anytime soon but i doubt it will go down much(if any) now as we have basically hit the bottom....

off to look at this SoA now.....

Oh and today millionaire challenge: managed to get a hash brownn barm and brew for 85p: normally £1.80 (saving 95p)
got pasty and drink for £1 by going halves at the pound bakery with a friend as its 2 pastys £1 and 2 drinks £1 : buying seperate £1.40 (saving 40p)
Another friend bought me a brew and a cake normally £1 (saving £1) OH has bought flour 84p and made 2 loaves of bread normally £1ish a loaf (saving 1.16ish)
total saving £3.51 so have transferred this amount to my savings account.

Also I would normally have got £10 out the cash machine to pay for lunch as I only had £2 on me which I never got out so that is also going into my savings.

I have also cleared the back section of the garden and turned soil over ready to get some spuds and carrots on the go. Last year we grew our on strawberries,spuds,rhubarb,peas etc and where we live there is a lot of blackberrys and we get eggs off my mums chickens. Surely this should save us £5+ a week

tinktay84

according to the SoA im only -4400 which is brilliant!

Wannabe01

I don't think you are mad, as I have set myself a similar challenge. Good luck with it.

Amara

This thread is interesting and depressing in the same time. Most people here are very young, I'm 34. I can't waste no more time. My assets net now: about £26000. Rented house. No pension, self-employed, on about £14000p.a. I'd like have my on house to live in for aprox . £250000 and I want my business doing £60000 net per year. Ambitious too. I can't afford for wasting time now.

sharloid

I'm not sure whether I'm motivated or depressed by this thread! Of course, I'd love to have enough money to live comfortably without having to worry. I'd love to have a couple of £100,000's in the bank but unless you're really lucky I can't see it happening.

I'm 20. I earn £14,000 before tax. The OH and I have a mortgage for approx £46k. Even if I was to save £500 every month for 10 years, I'd still only have £60,000 before any interest.

I think I need serious help understanding how this is possible!

tinktay84

Its not about luck... what im about to write will come across in a bad way but be assured I am just being direct and have no intention of being rude.....

I spent 10 yrs working in low pay/no thanks jobs.
I have been in debt so badly I thought we may lose everything and have to live with one of our parents

After assessing the situation I decided the only person that could change anything was me so I went back to college and learned a trade.
I now work 7 days a week (long hours) self employed, my OH has a good job and gets paid good money (but that was after 2 years of barely scraping enough together as self employed to cover costs)
we dont buy anything branded, we rarely go on nights out, we dont buy take aways, we buy fresh fruit and veg off the market rather than buying ready meals etc (the woman on the news that claimed she couldnt afford to feed her kids fresh veg as ready meals are cheaper needs a good shake!)

We grow a lot of fruit/veg and do a lot of trading (I am papering my mums ceiling, she keeps us in fresh eggs and does occasional school runs for us, I get my hair cut free in exchange for my hubby doing odd jobs for the girl that does it ohh er mrs hehe)
If we go on holiday we trawl the net for the cheapest deal (just been to kos for a week for £85 each half board and had a fabulous time on just £100 spends)
I walk as much as possible and we constantly look for ways to save/make more money.
I used to be too embarrassed to use vouchers or haggle but my Husband never accepts a price without trying to get a better deal. He goes to tesco at around6pm to get all the reduced items and nothing gets wasted
Now as you read this you might think my god who does she think she is and theres no way I could live like that but its a choice we have made to try and provide a better life for ourselves and our kids long term.

My sister is constantly 'skint' and rolls eyes and makes comments when we go on holiday but she constantly has take aways and drives even to her corner shop.She wouldnt go on the holidays that we do as she wouldnt consider booking cheap(irish airline) flights and taking a tent camping in spain like we have

We often have people saying 'its alright for some' when we go on hols or when we have a new car but even our 'new cars' have all been less than £500 and we have literally just run them until they can run no more

sorry ive gone off on one I just get annoyed
on £14k a year with a £46k mortgage I would say you have an advantage on some other users here its just a case of making small changes.

As I put at the top that probably sounds like a rant but please believe me its not its more trying to show people it can be done and that if I can do anyone can.

Using the savings calculator and your suggestion of £500 a month for 10 yrs, if the interest rate was 2.25% you would end up with £65733.Not a huge increase granted but its nearly £6000.

Amara

I'm not saying it all about luck. My situation is similar, more, less. All I'm saying is this all is not so staightforward like it looks like or talked about to. I'm living in rural place. Pluses:cheap, fresh veg, fruits and eggs supply,meat for order, fresh air and lovely run places just outside. Minuses: big property prices , long travel to work, so two cars are necessity and local shops are expensive, the nearest shopping centre is 11 miles away.