Millionaire Challenge

tinktay84

nobody said it was easy nothing in life thats worthwhile is easy (thats what I tell my hubby when he says what a nightmare i am hehe)

Thats part of the fun.It seems like such a big goal but why not aim high?Whos to say one or even all of us cant hit that million mark?

As a few people have said a million isnt what it used to be and 1million pounds wouldnt be enough to live a lavish lifestyle if you gave up work.

£1m now is probably a couple of houses so effectively there are ALOT of 1/2 millionaires around.

Its also a way to stop thinking about debt. The way I see it, watching all your money go to pay off debts is still a little depressing- yes its nice to know youre getting straight but its still pants that at the end you come to 0. Why not aim for millionaire status, that way its not just breaking even its aiming higher??


:):)

rictus123

There is alot of millionares about......so there is no reason why we cant all join them...

Alot of them dont set out to be millionares but if we are then surely that means its more likely we will get there. Through hard work, not luck that i will find myself one day worth that amount. It will not be worth being a millionare just through cash. Inflation would do away with it all. Id like that as a net worth and drawing income from it...

Right now i cant wait to get emergency savings in the Isa....Will sit there until i retire im sure.

Marine_life

ok, so my contribution - am a bit older than you lot but am inspired by the optimism and drive of some of the posts. Im 46.

I have been rubbish with money and have always seemed to enter the property market at the peak and get out at the bottom!!

So I have had to rely on salary.

Adding everything together we hit the 1 million this year. That includes:

200k equity in our main property
A holiday home worth 150k
Investment in my business 100k
Cash, shares, investments 650k

Do we feel rich? No. but we are far from struggling.

Despite investing incompetence we have managed to accumlate wealth by increasing salary.

At 29 I was earning 28k per annum
At 31 it was 33k
At 33 it was 39k
at 35 it was 90k

Last year it was 645k

I am clever and have ability but have been lucky and been in the right place at the right time.

Hoping to retire at 50.

bobtail_5

Hey I've just been browsing through the posts and noticed that quite a few of you manage to put away a few hundred pounds in savings each month. Would you mind revealing what jobs you do as you seem to be younger than me and I never have anything left over at the end of a month. I only work part time hours as a manager at Her Majesty's Revenue and Customs but come away with about £1150 a month. After paying rent, bills and food etc I don't have anything left over. I really want to start saving and like all of you aspire to bigger and better things (namely being filthy rich!) As I work in the evenings I have my days free to do other things. I have been job hunting to try and get myself a double income but am finding it hard.

lessonlearned

Hi there

Love this post - can I join in too.

Not aiming for a million but I do have some serious financial catching up to do. (Unforeseen illness scuppered our plans) and I need to make some serious money.

I would say at your age it's definitely achievable. I agree "luck" has nothing to do with it - it's down to attitude, hard work and planning.

I love that old saying "The only place where success comes before work is in the dictionary". So true.

My parents were really hard up when I was little, Dad worked three jobs, mum worked, Dad did all his own diy, gardening etc and would never buy anything that had broken without trying to fix it first.

They are not millionaires but they are "comfortable" - mum still doesn't spend any more than she has to.:rotfl:

There is a great book called "The Millionaire Next Door" definitely required reading;) It talks about maximising income and slashing outgoings. Very American but the same principles would work here too.

I'm working towards something very similar - had a bit of setback due to my OH's serious illness but now that I've cleared the debts and got carers in place I am ready to get going.

I was thinking along the same lines about selling this house, buying something cheaper to let out and then rent somewhere that would suit my business plans.

There's also a great book called "The Rules of Wealth" - this discusses the need for more than one income stream and again is very helpful.

Do keep us posted. Good luck.

tinktay84

marinelife: that is amazing, you are the proof if you like that it is possible and that also a million isnt what it used to be.As you pointed out you are clever and have ability...I dont care what anyone says if you put your mind to something and work hardanything is possible.I am considered the smarty pants and was always picked on at school for being ahead of everyone else. I have always been tagged as smart but in my head it isnt about being smart its just that my mind works quite fast and I get bored easily so i feel the need to do this quickly then I dont get bored.
The main reason for people not being able to achieve goals is lack of will power.

bobtail: You havent said what your circumstances are family/partner wise so I cant really judge but having been single/singleparent/married with 2 kids/basically a range of circs I can honestly say that if I was earning 1150 a month and unable to save I would be punishing myself(again thats just me dont think im having a go)

I have always been told the 2 most important costs that you must NEVER fall behind on it rent/mortgage and council tax. After that everything else is basically changeable....electric bill high?start being a 'scrooge' and switch stuff off.My mum had a card meter installed and found that between her leaving for work in the morning and getting home at night (approx 9hrs) she would use £3ish of electric...that was mainly on items on standby!!!When she started unplugging things it went down to 50pish!!!
How much do you spend on shopping each month?Again its just my opinion but when people say they cant afford fresh fruit and veg or dont have time to cook proper meals I get annoyed.My excuse is im just too lazy to cook (luckily my hubby loves to)
In our house there is 2 adults, a 6yr old boy and a >2yr old girl. I spend approx £15 a week on shopping with an additional £50 a month on toiletries,cleaning products etc.

£15 usually gets me :10 tangerines, 10 apples, 6/7bananas, 10 pears
Big sack of spuds, bag of carrots, 3/4 onions, 8pt milk, 500g butter,4 loaf bread,2 tins beans,1 tin corned beef
And a few little treats depending on reduced stickers

I basically trawl through all the reduced stuff and we NEVER pay full for bread as there is always reduced stuff if you go around 6pm

Hope this helps :-) :-)

lincroft1710

Marine_life wrote: »

Last year it was 645k

We're all wanting to know what you actually did to get £645K annual salary.

lincroft1710

If house prices perform over the next 20 years as they have done over the past 40 years, there will be a lot of millionaires around. In 1971 it was possible to buy a 4 bed detached for £10K, which would probably be worth £250K today. A £100K house would therefore be worth well over £1M by 2021 if past history is repeated.

On second thoughts, if you look at the past 20 years, prices have probably only trebled and in next 20 years might only double.

Back to the drawing board!

rictus123

Still if house prices were to double it would make me a millionare im sure! Thats where my main investments will be going...buy to let chain with a bit of building on the sidelines.....I am very ambitious and i want to make alot of money(who doesnt) so now its almost a waiting game until start of July, time will be out 3 weeks off paid holiday....that will be the start of it all!

Marine_life

lincroft1710 wrote: »

We're all wanting to know what you actually did to get £645K annual salary.

The simple answer is that I am an accountant.

What does that actually mean? Well....I provide advice to client who want to buy or sell a business.

There are many jobs that are more worthy.

For those aspiring up the ladder my advice would be - you need flexibility (both geographical and job wise), you need to be confident and occasionally you need to be a little ruthless.