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Millionaire Challenge

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  • lessonlearned
    lessonlearned Posts: 13,337 Forumite
    10,000 Posts Combo Breaker I've been Money Tipped!
    Hi Everyone

    Just that I'd drop in and say hello and see what you are all up to.

    Well February was a bit of a write off for me, illness, problems etc, so very little achieved.

    However March has been better. I had a mini break in Devon for a few days and have come back feeling all refreshed and raring to go.

    The real good news is I've finally managed to get my solicitor in Spain to get his act together (the mañana attitude drives me crazy:rotfl::rotfl:). Anyway the money owed to me is now safely tucked away in my bank. Result.!!

    Have been decluttering my house, sorting out stuff to sell.

    So all in all - it's starting to look a bit more positive - all this lovely sunshine helps.

    Hope you are all well and making lots of money.
  • I've not long come across this thread. Makes for really inspiring reading, thanks. And I love the idea that people are clearly stating their intentions to be a millionaire and going for it. I wondered it would be okay to ask for some advice? I do some freelance work, but it doesn't produce a big return. I feel I'm always halfway torn between going and starting up a 'proper' business and getting a 'real' job.

    It's been a long time since I had a 'proper' job, and I don't know if i am cut out for it. But sometimes, especially at the moment where it is a case of scraping by, the idea of security and holiday pay and not having to worry about a wage seems really attractive. Then again, I know that on the kind of average salary (if I'm lucky) that I would get, even a moderately successful 'proper' enterprise would bring in a much better financial return. I can't seem to figure out what would be for the best.

    One of the things I wondered, is if anyone here happens to have a financial strategy or would have any tips on this? I'm pretty much starting from scratch and think if I could figure out some goals to aim for, even over a longish term, that could have some tangible results, it would be really helpful. For instance, what I'd have to bring in, save, and where that would get me in x years?

    In all honesty, I find it very tough to think of/understand a way whereby I could, say, buy a reasonable home and have some spare income. I often find myself watching property programmes, for instance, where people in their twenties and early thirties are buying expensive homes and wondering how they have done it.:o Even if they are on above average incomes, I can't seem to figure it out.I'm not very financially savvy, and I could really do with learning...fast.

    If anyone had any advice or tips or any examples of their financial strategy/plans it would be very much appreciated. Nobody I know has much money, so I'm not really coming from a place where I have much to draw on, and I thought this thread might be the very place to ask. Hope you can help. Thanks very much.
  • tinktay84
    tinktay84 Posts: 299 Forumite
    Hello all!
    I fell off the face of the earth for a while I know but its simply because i am so busy!
    Not sure how muc ive updated you all so ill just update wat I can remember.

    But first freelancegal, I am 28 and have worked for myself AD held jobs down at same time ad still stare open mouthed at the budget on these shows! Im lucky that my husbands wage covers our basics so if I dont make anything we can survive but im hoping it wont be that way forever. If its something you really want to do then I say go for it but you cant just dip your toes, you have to really go for it. In the space of a year ive gone from nothing to having work on the books for the next 3 months with more coming in daily.Ive got 2 members of staff, currently recruiting for an apprentice, another apprentice opportunity in the pipeline & a whole brand going on.
    Its not easy but it certainly is satisfying.

    Anywho,,,, i finally got to speak to the co ordinator that deals with apprentices so the ball is rolling with that, the office/workspace is coming on a treat but I still have work to do as ive not had chance to go there.
    Ive got work flooding in and leaflets going out.

    Classes are starting to get interest but I currently have no free time to actively advertise other than leaflets.

    Ive got a few days away next week so just trying to box off the 5 jobs ive got between now and then!!!!!!

    Hope you are all well :-)
    trainee millionaire (aka not there yet!)
  • Thanks tinktay84. Ah, it's not just me that can't figure out how they buy houses at that price then. I think that makes sense, about not just dipping your toes in. Therein lies the dilemma. Sounds like you are doing brilliantly though, reward for your efforts.
  • Ah, it's not just me that can't figure out how they buy houses at that price then.

    When the banks were throwing money at anyone with a pulse, they just borrowed enormous sums they had no chance of paying back. They were irresponsible basically. They weren't earning significantly more than you, they were just prepared to borrow more.

    Unfortunately since so many people did it the banks are showing huge leniency when it comes to repossessions now when they inevitably fall behind in the repayments... after all these properties are the banks assets until the mortgages are repaid. So to prevent prices coming down the banks arent repossessing as much as is normal.

    So the answer is, they couldn't afford it, they over-borrowed, and because the banks were daft enough to lend them that much they daren't repossess like they should.

    Being irresponsible has really paid off these last few years. Sorry you weren't as greedy as them, it doesn't pay to do the right thing these days.

    But they can't sell those properties now because they can't afford to sell them at a price that other people can afford to pay. (now the banks arent lending so irresponsibly any more). So they're trapped. But thats not much of a comeuppance really. Sad times.
  • Just thought I would say hello, I'm a long time lurker!

    When its not being hijacked by people just wanting to get on their soapbox about the state of our economy (surely there's another thread for that?!) this thread has been really enjoyable to follow. I don't think anyone is under any illusions that its easy but why not aim high? I think its inspiring to see people giving it their best shot - so what if you don't get it, you've still got better odds than not trying at all!

    Anyway I just wanted to say there are some really inspiring people on here and would love an update on how you're all getting on? :j
    On a mission to be mortgage free!
    MFW OP 2017 #106: £16,951.67 / £31, 626.61
  • lessonlearned
    lessonlearned Posts: 13,337 Forumite
    10,000 Posts Combo Breaker I've been Money Tipped!
    edited 16 April 2012 at 11:17PM
    No not a millionaire yet .................and a long way off.:rotfl:

    However, I'm doing ok - I've sold a few bits and bobs this last week, and, as you can see from my signature, I'm on track with my target to make £1000 a month.

    Still not really well enough to work yet - still having physic etc. Given my age (60 and counting) no-one is likely to employ me now so will definitely go the self employed route when I'm better.

    My state pension kicks in at the beginning of November so with that and a bit of private pension, I will have a regular steady income to cover day to day living. Anything I make or earn will then be a nice little extra.

    I have been looking at courses to add on to my beauty therapy qualifications and I've now more or less decided that I will be taking some additional modules on "holistic & complementary therapies".

    Then once I'm ready I will use a spare room as a treatment room. I've spoken to my plumber and it won't cost much to pop a sink in there.

    I will also keep up with my antiques dealing as a second stream of income.

    I'm realistic enough to know that neither business will make me a million but I should have a good steady income.

    And of course, I will be keeping my eyes and options open for further opportunities and income streams.;)

    How is everyone else doing.

    Re the borrowing more than you can afford to buy a house. Sometimes it's the only way.

    When I separated from my first husband I managed to scrape enough money together to buy a wreck. Before I had exchanged contracts interest rates began to rocket (1976). Although I had accepted the mortgage offer in writing the building society wrote to me and offered me the chance to back out of the sale because they felt I might not be able to afford it. However, because I had accepted in writing they couldn't withdraw the offer.

    I decided to risk it. On paper it was financial suicide but I just gritted my teeth and got on with it. It meant that I had hardly any money to do the house up. I couldn't afford to pay anyone so had to roll up my sleeves and get on with it.

    Up until then I had never even held a paintbrush, but I learned and just took my time.

    It took me three years. By the time I had finished the house it had more than doubled in value, partly due to the rising market, partly due to my renovation work.

    It was one of the best financial decisions I ever made, even if I had to sell my car, forgo any new clothes or treats etc. For a long time, all I did was pay the mortgage, my bills and buy food and diy materials as and when I could afford them.

    If I hadn't gone ahead I doubt that if I had waited a couple of years I would ever have been able to afford a home of my own.

    Yes some of these people may well be over-extended but tbh as long as they can pay their mortgage and can hang on then their gamble will probably pay off eventually.

    In the long term house prices will recover. This recession is deep and long but even so it won't last for ever.
  • troglodyte
    troglodyte Posts: 712 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    edited 17 April 2012 at 10:55AM
    Hello all!

    Just stumbled across this thread the other day and have read it all the way through. Am very inspired by the positive attitudes and dreams, and the progress being made, especially tinktay, rictus and lessonlearned.

    Also very impressed with freelancegal following her dreams and achieving so much!

    When I read tinktay's post at the start I really identified with that. So far I too have achieved all the things I set out to achieve. Not that they were wildly ambitious but some of them were quite challenging. My problem now is that I feel like I don't really know what to aim for next, and having a goal to go for really does help motivate me (even if it does usually take me a long time to get to it!)

    Currently I'm working on building up my own business after having somethingof a career change and becoming self-employed 18 months ago. So far am making enough to cover the bills but am still only earning half of my previous employed salary (which wasn’t that fantastic anyway) so I’m working towards trying to equal that at first. I have a DD of 6 and a baby due in a couple of months, so I could really do with branching out into ‘alternative income streams’, especially with the situation over the next few months being rather uncertain. I have some savings but I don't know what to do with them for the best, interest rates are so low, I'm not much of a gambler so have always been wary of shares. A few years ago when I felt I could afford a bit of a risk I did buy a few shares. I followed Warren Buffet’s advice to invest in the things you know so I bought shares in high st. shops that I shop at, my bank, products I buy etc. So far my ‘portfolio’ has decreased in value by about 20% LOL :rotfl:

    I am considering going into the letting market aswell. Being the cautious type though I would save up the biggest deposit I could first. I am a bit put off by the problems various friends etc have had with tenants damaging property, not paying rent, then having to evict squatters etc. Also I am partly in agreement with all the nay-sayers who appeared on here regarding pushing up property prices etc – but the thing is, what else is there that can be a long-term investment and produce a reasonable return? Everything I’ve ever heard or read recommends (1) shares (and I’ve told you my experience with those); (2) property, and (3) various other things which in my opinion are even more of a gamble such as racehorses, fine wine, art or antiques. So to those that say we shouldn’t invest in property – well what do you suggest instead?And if this is a purely British obsession, what do investors in other countries do in its place? I would really like to hear about alternatives.

    Sorry for going on at such length, I hope things are continuing to go well and I look forward to updates when you get the chance!
  • lincroft1710
    lincroft1710 Posts: 18,890 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    troglodyte wrote: »
    I am considering going into the letting market aswell. Being the cautious type though I would save up the biggest deposit I could first. I am a bit put off by the problems various friends etc have had with tenants damaging property, not paying rent, then having to evict squatters etc. Also I am partly in agreement with all the nay-sayers who appeared on here regarding pushing up property prices etc – but the thing is, what else is there that can be a long-term investment and produce a reasonable return?

    If you look at a rental as a long, long term investment, i.e. at the end of 25 yrs or so when mortgage paid off you have an asset, hopefully worth more than you paid for it, then it does make some sense. The rental income should have paid the mortgage and possibly any necessary repairs. Voids, vandalism and non paying tenants quickly wipe out short term profits.

    Choose the best you can afford for the best ultimate return.
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
  • lessonlearned
    lessonlearned Posts: 13,337 Forumite
    10,000 Posts Combo Breaker I've been Money Tipped!
    If you look at a rental as a long, long term investment, i.e. at the end of 25 yrs or so when mortgage paid off you have an asset, hopefully worth more than you paid for it, then it does make some sense. The rental income should have paid the mortgage and possibly any necessary repairs. Voids, vandalism and non paying tenants quickly wipe out short term profits.

    Choose the best you can afford for the best ultimate return.

    Agree with this, rentals are a long term plan. I would also take out good Landlord Insurance too.

    Re shares - I've never plucked up courage to invest in them. I just don't know enough. My endowments haven't exactly been a success story so I don't think I'll ever risk shares.

    Whilst I dabble in a bit of antique dealing - it's only bric a brac prices really - again I don't feel I'm knowledgeable enough to invest large sums.

    Fine art?? - unfortunately I have never found a Rembrandt in the Attic or a long lost Chinese Emperor's vase.:rotfl:

    Anyway nice to "meet you" Trog, good luck and keep us informed of your progress.

    How is everyone else doing?
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