Millionaire Challenge

tinktay84

money attracts money YBM.
Once you have it, its easy to get. when you think of interest rates, £10 savings wont get you much, £25k however will earn you a bit of interest which in turn will earn you more.

ive had an interesting meeting today so hopefully ive gotexcitng thing happening soon :-)

YoungBusinessman

So true, especially in my line of work. Those that have it, are making it and lots of it. Those that dont have it, think they never will.

I am on my way to being one that has it but is forever getting it

Sounds like im on about something that is not money....

Do reveal all Tinktay

tinktay84

Not really got anything to spill yet but the meeting was with my PR guy (yes, I now have a PR guy!)

Hopefully will raise my game & my profile

YoungBusinessman

Well im away to set up LTD company...get the ball moving, raising my own profile and its a dog eat dog world, im going to raise my game.

credit_crunch

randomly discovered this thread!
I love the idea of it but dont think I would ever hit £1mil!!
I just got married last month, and have had a mortgage for the last 4 years - shared ownership scheme in negative equity now :-(
we took out a loan to clear all credit cards & wedding debt as well.
Mortgage currently around £64k odd on 50% share of the house
Plus £10k personal loan (4 years, 10 months left)
We earn £15k & £17k in our full time jobs.
Plan to start over paying by at least £10 a month on the mortgage - not a great amount but it will be better than nothing.

We have to regular savers atm, one for £50 & the other £25 so I am hoping in December these will make a good dent in our savings point.

We dont have much money left over after all the bills etc, but over the next few weeks, I really want to get much accurate figures & start to shop around for broadband etc to save a few more £s each month/

Well thats the plan anyways! I also sell all our old clothes, belonging on gumtree or ebay so will have to start saving this money rather than buying more tat on ebay!!

Only read to page 7 or so but all the posts are so inspiring!!

lessonlearned

credit_crunch wrote: »

I love the idea of it but dont think I would ever hit £1mil!!

You'd be surprised. I'd say if you are young enough then yes you can do it.

Me - I'm probably too old now - 61. My target is smaller - a net worth of £300K was my original target. My aim has been to replenish the coffers and rebuild my net worth which took such a nose-dive when my husband became ill.

My OH and I were doing quite well until 2006 when he became ill - our net worth at that time was around £400K.

Today I did some number crunching - as you do:rotfl:

All told - counting everything including - lost earnings, having to sell assets at low prices to keep going, equipment, medical supplies, hospital and nursing home expenses, special foods, extra heating and laundry and a host of incidentals - so far I estimate his illness has cost us - and this is a very conservative estimate - around £670K.

The real figure is probably much higher because it is based on earnings at a 2006 figure and doesn't take into account business growth or any additional income streams which we would have added - ie rental income on our holiday home (now sold to pay bills) and a couple of BTL's by now.

So yes I'm sure if you are young(ish) and determined enough then yes you will do it.

YoungBusinessman

It is possible, i will show you it is. Im 21, i dont know how long i need but i will be there one day.

lessonlearned

Loving the positive vibes. YB;)

leictina

Hi all, just updating my accounts spreadsheet for the end of September. With everything i have so far my net worth is now at -£9501.42, which is £35.15 worse than at the end of August - so it looks like i may have stopped the rot (just about!!!!).

Looking forward to seeing this climb back towards the positive numbers......(which is my first target!)

credit_crunch

ok so I thought I should give this a go - it will be baby steps for me, as income & debts aren't great.
Today I started with opening a regular saving account - it is only £15 per month, but it is something to get me off the starting block :-)