Millionaire Challenge

YoungBusinessman

Well iv read through another thread on here, make an extra £12k in 2012...so im going to go for it. £12k between now and the end of the year will clear half my debts,my "9-5" will clear the other half. Advertising has increased (along with expenses....:( ) so hopefully word spreads and more work starts coming in the next few weeks. In my line of work, work creates work and word of mouth is the best form of business.

Battling against a recession currently but i am hoping to continue growing my business, along with my net worth.

Duncan Bannatyne says in his book, 'Anyone can do' it that "an entrepreneur without debt is not an entrepreneur"

I believe that is quite true for an entrepreneur starting out. One day this debt will be a good reminder of me starting out. Shocked how easy it is for me to obtain finance though and iv been offered a limit increase on my credit card to £8k with no credit check? How do they get away with this.

I am learning daily as i get another step wealthier, slowly getting to where i want to be. The debts are coming down, just need to give it a harder nudge and make it happen that bit quicker.

Onwards and upwards indeed!

millionaire_in_training

Tinktay. My daughter is in for a painter and decorator apprenticeship. She has great academic qualifications but has decided to get a trade and do an HND in interior design alongside it if she gets in. I reckon in this climate that getting a trade is better that a degree tbh so I have encouraged her totally. Fingers crossed she is successful as all she has ever been interested in is doing up houses.

YoungBusinessman

I would agree apprenticeship is better than a degree. Depends what you want to do for a career though.

End of an apprenticeship generally means onto decent wages and savings in bank

end of degree, no gaurentee of job and debts

Thats just me though. I have every plan to get myself in a position to employ withn 5 to 7 years, give others a chance.

mr2jay

I have to say, having a read through this thread is a bit of an inspiration to me...

I am currently about £12k in debt but have no mortgage so feel that a cool £1m in cash and assets would be a great target to aim for...

Got me thinking now....

tinktay84

millionaire in training, I wish I had done this from leaving schol as I find it so enjoyable. I meet some great people, dictate my own hours and, to a degree, my own income.
I have only been self employed as a decorator for 3 years and im already at a stage where I have enough work for 3 people. Up until recently I had 2 girls working with me, due to personal circs they hav now left but I am lookin to employ 2 more asap, 2 more within 6 months and ive hopefully found a part time admin assistant.
If its what your daughtr enjoys then she will go far. as with anything, passion is the driving force.
im so pleased with how things are going and I just hope I can find people i can trust & rely on to employ. Realisticly could be employing 10 people full time and still be busy but im trying not to run before I can walk. I am genuinely loving it. Yes I hve off days, yes I have hiccups but every decision is mine good or bad.
As I have previously mentioned im hopin to get to a stage where I can have multi trades working for me but as things stand that is around 2 years off.
To give you an idea of how things are going, Im unsure of my original debt amount (im sure its on here somewhere) but last week my husband and I were looking at (and seriously considering) buying a porsche. I second hand one, on finance but nonetheless we have worked ourselves into a position where we could afford to run a higher end car (until anything broke that it!) The 2 reasons we decided not to be silly were that iit would eat up a lot of money in running costs and repairs and the other isnt something I can say just yet but hopefully wil have news soon (no im not pregnant haha)

Yet again some great posts on here, i do read each one and intend on replying but as soon as I type I forget who wrote what!

millionaire_in_training

I reckon it's a good move for her too. Building work is just a bit physically demanding for a woman so the next best thing for her is to decorate it

YoungBusinessman

Tinktay you sound like you are doing fantastic. I am slowing down with overpaying(Debts hit £40k in June 2011) I have got it down to £23,000..with a recent purchase(so i am keeping an emergency fund) it is now shot up just above £30k again.

Duncan Bannatyne is a great believer of companies having debt as they can earn more than the interest payments off the money, then when debt is paid off they have all that surplus income they are not used to having. He is great at controlling large amounts of debt,he pays reportedly £25,000 a day in interest

I am not the most worried about paying my debts off just yet but will probably need to so i can get a mortgage...unsure about this? Debt payments are a total of £800 a month...longest debt is now 5 years to run.

I will be in a position to buy a house next year whatever route i take, paying off debts or keeping them and bigger deposit.

tinktay84

I was going the route of paying debts off but to be honest i have now changed tactic and decided to let the monthly payments stay as they should and save up for a deposit (so much like you were saying)
I think if I scraped every penny together I could get a deposit for a very low value house.

YoungBusinessman

I think i am the same, i could just scrape it...not so sure if it would be much of a house though!! How is having a loan viewed upon when applying for a mortgage anyway? Surely just take off monthly payments from salary then see what mortgage you can afford from there. As even taking off the loan payments my income can still be over £2k pcm.

tinktay84

Youngbusinessman, yes I think it is a case of taking payments off income but also it is the amount of debt they look at aswell.
i would imagine your income would be of interest to lenders so it may be worth making some enquiries...