Millionaire Challenge

YoungBusinessman

Thanks Tinktay! Iv heard about 3.5 times income is what they would lend, i am looking for 2xmy income..so not a big mortgage at all and could take it over 35 years till im debt free..so many options. Will enquire soon as have to get out of here by summer 2013 and its too much to ask that i get debt free and get deposit,fees,furnishing costs etc! And i dont want to rent, that wouldnt help me get going in a millionaire challenge!!

leictina

Hi all, i would love to join you on this trek (definately a bit longer than a road imy case.....) as @ 30.04.12 my net worth (not including the value of our car as we have no intention of selling it) was -£8759.

My first goal is to get backto a positive net worth will then work on saving up (possible for a house deposit....).

Need to finish catching up with the thread but have already picked up a few ideas.....

lessonlearned

Hi Leictina - welcome to the thread - don't worry many of us here started out with a minus net worth. Use that debt as a motivational tool.

Very quiet on here lately - how are you all. Too busy making that first million to post I hope.:D

Although I'm doing ok, making a steady £800 to £1000 a month on bits and bobs, this month I'm going to have to have a serious spend.

I've had to buy some equipment for my husband. Well technically I haven't had to - I could have made OH do without, the way Social Services expect him to. :eek:

I've just bought a power pack which fits onto a manual wheelchair - easier on my back and I'm also looking at a special "Tilt in Space" wheelchair. Sounds rather SciFi :rotfl: We're looking at around £1600 in total so it will make a bit of dint in my profits for the last couple of months.

Social Services will not cough up for any of this - at least not without a long drawn out campaign and he really needs these now so I've decided to self fund - again.

I'm not ready yet but I too will be looking at refinancing in the future to get a couple of mortgages. I shall be watching your progress with interest Tink. I haven't bothered to do any research into lending etc because it will be a year or so before I'm ready.

In the meantime, I'm in the middle of a lounge revamp - but it's cheap and cheerful, up-cycling some bits and bobs, some judicious purchasing and a bit of imagination. Set myself a budget of £100 but it will come under that.

Still looking at courses, aim to start a couple in September but first I'm having the summer off to re-organise my garden and just generally chill for a while.

It's been a tough 6 months - well it's been a tough 6 years but I do feel as though I have finally turned a corner. The money is coming in slowly, the only debt I have is interest free so I'm not bothered about paying it off just now.

Onwards and upwards.....

jordanchaos

I've always worked for someone- I'm 30 - I never listened to my dad going on about money in the bosses pocket. well today I decided I'm going to do my job 9-5 and star my own business in my spare time. I've tried my hand at a few jobs in my life and the only way to make money is give people what they want or think they need. this needs some thought!

johnmcloud

Not sure if someone has already mentioned but the FSCS scheme only protects £85K of savings so make sure you spread the £1m across a number of banks _pale_

YoungBusinessman

Well workload is increasing by the day, net income for next few months will be over £3,000. Will not rest until i have a £5,000 net income month, who knows how far away that is, i think maybe even this summer with the weather/work we are getting.

Business debts stand at £29k. A healthy cashflow coming through company though with £4k in current account and a few hundred in petty cash. The equipment i am selling i have taken a £50 deposit on and will be sold for nearly £2,000 in 2 weeks time. If it doesnt sell to that buyer i will try and get a quick sale, the £50 is non refundable. Also have a client who has "hit hard times" and is owe me £1,800. Promises to get it to me asap and by year end, time will tell if this is true or not.

Not going to make me a millionaire anytime soon but one day all this will lead to that long term goal.

leictina

Hi all, sorry i am a bit late with my end of May update my net worth is now at -£9336.84 (£577.91 worse than @ 30.04.12 :mad:)

lessonlearned

Hi Leictina - don't worry use that as a tool to spur you on and keep you motivated.

Well for me May was cancelled :rotfl: A disaaaaster Dahlings.

June not looking much better. I've put my back out again.

Today I'm going through my desk having a good old sort-out with the paperwork, on-line banking etc in between reclining on the sofa and watching property !!!!!! on the box to rest my back.

My dear old Mum (87) was admitted to hospital following a stroke so once I'm up and about again I will be helping out my sister trying to organise something for Mum and Dad. He wants her home but I don't think its do-able. We will just have to wait and see.

So unfortunately not much money making going on at the moment. Still managing to spend plenty though. Physiotherpay for my back doesn't come cheap.:rotfl:

Katie22313

Hi All,

Im hopeing I can join in this "millionaire Quest" I have just spent most of the afternoon reading though this thread thinking to myself I can do this!! Why Not!

I am 22, I live in rented accomodation HA infact (so pay alot less then I would in private)

I would full time and earn just under £18000 a year! My partner has been in and out of work since we moved in to our flat 4 years ago and most of the time I have been paying the bills alone. It has only changed this year and now we are both earning! My OH has now (much like Tink) started a trade but as a Trainee Bench Joiner (Carperntry) building staircases for rich people! At the moment he is on minium wage but should be on a good wage by the end of the year!

I really want to be a millionaire! (wouldnt we all) With assests and would love my parents to be proud of me (not that there not now)

I have £4000 in the bank from inherritance from my Granddad passing, I dont want to touch this but build on it! I have around £600 debt which I have reduced from £2000 within the last year! So im doing well can start to build very soon!

I am hopeing to do a Bookeeping course to be able to offer my services on the side of my main job, this should boost my income!

I would love to hear peoples advise!!

I am so inspired by all of your stories so far!

Katie :-)

tinktay84

Hi everyone, not been on here for a while but thought I would pop on to say hi to the lady that did her detective work and tracked me down yesterday. It was lovely to meet you and great to see that my mindless pondering has inspired other people. As I said to her Im a long way off the magic milion but I am so much happier in my life and I feel more in control. A family member actually has a company called happiness millionaire and I knoow exactly what she means.Positivity breeds positivity and having been on a home show this weekend I have had many people saying my enthusiasm is infectious and everyone has wished me luck & actually listened to my story & asked about how ive set up my company etc.
Keep going everyone! And dont forget fdake it until you make it.If you pretend you are confident, eventually you will be confident!