Millionaire Challenge

tinktay84

leictina, thats great news, like you say you may well be behind from previous but youre going in the right direction. Ive just got back from holiday.2 weeks on a holiday I would never have dreamed I could afford.Feeling refreshed & a belly full of fire (and not because of the food!) while ove been away ive had my girls working, prob not made any money myself which isnt good but keeping the business going while im away has been a great achievement so can build on this.
had a few small set backs but havent taken them to heart the same as I have done previously and have been honest when dealing with the setbacks so hopefully all will turn out well.
Ive got the business rolling in but now need to convert it to profit & happy staff. Staff are currently happy but need to work on increasing their benefits so they continue to be happy & produce the high standard of work they have been doing.
Been reading books of some well know & not so well known entrepreueners (oh my gosh - mind blank on spelling) & got some great tips.
like I say the bit I struggle with is making myself some money, im making enough for other people but not for myself. times are changing though
Young businessman great news on you doing so well.I see you are of the 'what recession?' group like I am. Hope it continues for you

YoungBusinessman

I am loving that little group....as there is only a recession if you lie down and believe that. Im bucking the trend. I have a salary increase at work coming in next few weeks, think it will be 10% net....will go towards new challenge i have given myself of saving £10k by xmas, starting this Friday with payday. Paid fortnightly and my own jobs in between...should be a squeeze but im confident and going to give it a good go. Then hopefully i can build on that. A fellow tradesman at my work has a ltd company...accounts are showing online he has £90k in the business account. A position i would like to be in shortly. Something to aim for. I would set the bar at £100k cash in ltd business by 30 with salary over £60k a year....its at £50k+ just now.

Short term goals first though, lets get that £10k banked!

Got my own thread up and running for it over on savings and investment board.

tinktay84

Just getting out of my overdraft is my goal at the moment haha. Feeling very tired today as we only flew back in at 2am - got home at 4am & ive been up since 9 sorting my calls and emails. On the plus note I have been out of contact with my business for 2 full weeks and it survived with minimal disruption :-)

lessonlearned

tinktay84 wrote: »

had a few small set backs but havent taken them to heart the same as I have done previously and have been honest when dealing with the setbacks so hopefully all will turn out well.
Ive got the business rolling in but now need to convert it to profit & happy staff. Staff are currently happy but need to work on increasing their benefits so they continue to be happy & produce the high standard of work they have been doing.
Been reading books of some well know & not so well known entrepreueners (oh my gosh - mind blank on spelling) & got some great tips.

Glad to see you back and that you've had a good holiday. Also good to see that you are managing to overcome your setbacks.

As a matter of interest which entrepeuner books are you reading - any recommendations?

I'm reading tax books at the moment -not quite as dull as it sounds:rotfl:

I have been very busy - have decided to put my house on the market so have been doing a bit of work trying to get it ready for mid September.

I have decided it is time to downsize, release some capital for deposits on a couple of buy to lets. I don't need such a large house now that the family have flown the nest and OH will never come home to live here again and I do need an extra income to supplement my pension. Besides which the house is full of memories and it is time to move on and start a new life as well as rebuilding my finances.

Not sure whether or not it will sell - I have noticed a few "sold" signs popping up round our neck of the woods. I'm in no great hurry so will just dip my toe in the water. At any rate it will be a new start. I'm emotionally ready now - exciting times ahead.

Well done there Young Businessman. £10K in savings by Xmas - why not? I'm sure you can do it.

Onwards and upwards everyone ...

cazmanian_minx

The Botty Rules by Nigel Botterill is pretty good, as is Four Hour Work Week by Timothy Ferriss.

tinktay84

hello hello!
everytime I do a reply on here it disappears and i cant re do it so hopefuly you wil get this one....

So we have been on our once in a lifetime holiday and my god did I enjooy it. So much so that my goal is now that it isnt once in a lifetime!!haha aim high

If there was ever I point that I thought you know what thas it I quit, I cant do this anymore, today may have been the day. But thats not me!

Instead ive spent the day keping my head down again, getting jobs boxed off and now have money to put in the bank to pay wages this month.
Im about to do questionnaires for my girls so they can have an imput into the business and into their roles in the business which will hopefully mean the are happier in their jobs.

Im booked up til November now so work isnt an issue its getting to the point where im making a wage as well as im now (almost)completely tax credit free which is a huge thing for me as I always kind of used them as a mntal safety net but now know we dont have them I know i need to make sme serious money. so my youngest is now 3 so will get free hours at nursery so monthly bill will go down (thus drop in tax credits)

lessonlearned

tinktay84 wrote: »

hello hello!

If there was ever I point that I thought you know what thas it I quit, I cant do this anymore, today may have been the day. But thats not me!

Instead ive spent the day keping my head down again, getting jobs boxed off and now have money to put in the bank to pay wages this month.

That's the way to do it, head down, shoulder to the wheel, nose to the grindstone and all those other cliches.:rotfl:

Glad you had such a fab time on your holiday - let it be a mini goal - a really nice holiday once in a while. Why not - it's not all work, work, work, save, save, save - you are allowed some time out now and again.

Good to see you are all booked up till November. How many girls do you have working with you now.

What am I doing??

Truth to tell I've lost my mojo a bit at the moment. Can anyone help me find it.:rotfl: I definitely need a holiday - I seem to be running out of steam. Maybe a winter one sometime in Jan/Feb next year.

Bought some nice bits of furniture last week which I've just started upcycling, the kitchen is almost done, the garden is coming along although we keep getting held up by the weather. Aiming to get the house ready to market within the next few weeks. Whether it sells or not is another matter...If not then maybe let it out. Will cross that bridge when we get to it.

Onwards and upwards. Or in my case - a sideways move first and then upwards.;)

PS Just edited - thanks for the book link Caz. At the moment my reading is a book on Tax for setting up companies and Game of Thrones for a little light relief.

tinktay84

sideways is better than standing still LL.
I said the other day 2 steps forward 1 step back but at least im dancing.

ive had girls come and go, at most I had 5 plus me now its 4 plus me and looking to take a second apprentice on should all go well.
just printed questionnaires for the girls to get feedback on how they feel, what they want to achieve and how they think we can progress so hoppefully will keep us all happy :-)

leictina

End of August update - net worth now at -£9318.31, now £559.38 worse than at 30.04.12 (when i started) and £442.08 worse for this month, but August is my expensive month (car insurance, tax etc).

Hoping to make positive progress with this over the next few months......heres hoping:)

musashi10

This may seem crazy but I have recently set myself a goal of having a net worth of £10m in 7 year timeframe from a starting point of -25k and no income. I also want to raise and donate 250k to charity in the same timeframe.

I set this goal after I went through the worst year of my life, divorce, debt, redundancy, mum died and I had a serious addiction. So I needed to sit down and write down all the goals I wanted to achieve, and more Importantly, why I must achieve them.

It,s amazing how just the power of believing in yourself and visualization has.

I,ve been unemployed for a few months now and bummed at several interviews. But after reading several books and audio CDs and subsequently setting my goals recently, this week I got a breakthrough and have been offered a contract for £1000/week double more than I,ve ever been paid.

It,s a million miles away from what I need to attain my goal but will be a start to reduce debt and save for my investment plans.

My targets may seem insane but when you put your mind to it, it can be done. I have already worked out how to raise the charity money and I,m hoping that I get the same lightbulb idea soon to achieve my personal wealth goals too.

Good luck everybody.