Millionaire Challenge

lessonlearned

Thanks Trog - that is very kind.

In fact thank you to all of you for your kind and supportive comments.

Well now - an update.

House on the market for 2 weeks - nothing not even a viewing. Not to worry - I can bide my time. In the meantime I can be doing other things - I'm not going to put my life on hold.

This week I intend to revise my monthly budget - see if I can make it lean and mean. I'm going to drill down and see what changes I can make to save money and improve cash flow.

I've noticed that there are all sorts of warnings out there about rocketing food prices in the pipeline. I normally start stocking up cupboards and freezers for the winter around this time so I think I might just make a start this week.

£100 or so invested on filling up the freezer and some non perishables now should pay dividends later. Given the low interest rates it's probably better than having it in the bank.;)

Now that the nights are drawing in I'm starting on the jewellery again - hopefully in time for some Christmas sales. I've picked up some rather boring plain chandeliers. I'm going to shabby chic them and dress them with some lovely crystals and beads. If they don't sell I will just have to keep them (what a shame:rotfl:)

Perhaps a couple of car boots before it gets too cold and then a couple of big antique fairs before Christmas.

Anyway time to watch Homeland and Dowton Abbey. My Sunday night treats...

What are you all up to, how are the millionaire plans going.

Tink - you are very quiet - busy???

YoungBusinessman

I am cracking on with work, on a 73k gross income challenge for the next 365 days. Started it last Tuesday. Need to hit £200 gross per day for every single day to manage. I'm 21 so feel its a good challenge to set and a decent stepping stone to a good future. Financial security will be achieved by 30.

I don't think I will be doing this salaried job beyond 25, that is my cut off limit. Might start up a new company soon, gradually build it up then take the plunge at 25 and just work for company all the time, hopefully employing others to do the physical graft and outsource all the jobs I hate to keep motivation for myself high. Alot of employers around here charge £30-£50 an hour to hire someone out yet only pay them a third of that. I would look to be a fairer employer and go 50-50. I supply the work, but I profit from it.

Anyway that's a good 4 years away, for now I'm worrying about making my £200 gross tomorrow.

nononsense1

lessonlearned wrote: »

Yes - it's what is known as a benefit trap - have you never heard of it.

I think the above would have sufficed rather than the diatribe that followed and no I have not heard of it.

I appreciate the warm welcome and wonder why you, and a couple of others, view the question as nasty spiteful vicious remarks and nasty sneering snidey comments.

To me your comment read that as you were no longer on benefits that frees you up to work. How is that a benefit trap?

If someone is on benefits and can work then, as far as I am concerned, they should be or at least trying to.

If you are on benefits and cannot work then that is a different story altogether and I apologise for any negative inference.

Finally I'd like to wish everyone on this forum good luck in their endeavours to make a better life, including you LL, and if I could offer some advice from a saying I once heard it is - If you think you can, you can. If you think you can't you won't. Stop talking about it - do it! (Perhaps that's two pieces)

lessonlearned

nononsense1 wrote: »

If you are on benefits and cannot work then that is a different story altogether and I apologise for any negative inference.

Finally I'd like to wish everyone on this forum good luck in their endeavours to make a better life, including you LL, and if I could offer some advice from a saying I once heard it is - If you think you can, you can. If you think you can't you won't. Stop talking about it - do it! (Perhaps that's two pieces)

"Diatribe"?? Hardly.

You launched the broadside. You plainly had not read my previous posts, or, if you had, then you had not fully understood my circumstances.

You knew nothing about me and yet saw fit to question my ethics and integrity and to make a moral judgement.

I answered you politely and respectfully. I did not lash out at you.

I'm sorry but you were the one who was rude.

However, I accept your apology.

And ....

We are doing it. Yes we talk about it too - the two are not mutually exclusive.;) Isn't talking the purpose of this thread - or at least that is my understanding of what the thread is about.

We exchange ideas, information, tips and business advice. We try to encourage and support each other.

Just because we talk doesn't mean we don't do.

As for stopping "talking" - you may as well ask me to stop breathing. I can talk for England:rotfl:

HB - I think you are right about being a fair employer. By paying better than average rates you attract the best people.

I know agencies have to make a profit but I do feel some exploit their workforce.

When I employed carers for OH I had to use some agencies to make it work. One agency charged me £16 per hour but paid the carers minimum wage. With the carers I employed direct I paid them £7-50, double time for bank holidays. I also paid them a generous petrol allowance if they were using their car to take OH out, and I always made sure they were well fed and watered.

Good luck with the £200 a day.

Happy but skint - I do feel for you. This is what I mean by being trapped by benefits. It seems that once you in recept of benefits you get lost in the maze and you don't know which way to turn. Any attempt to improve your situation and you just get knocked back.

My OH has just been slapped for an "overpayment" on his ESA - to the tune of £32 per week. I've read and re-read the letter and cannot make sense of it so today more phone calls. And it doesn't stop there because it affects his nursing home fees - so more phone calls and letters to Adult Social Services.

It's so time consuming and so frustrating. You have to drag information from them. In our case I have to deal with several different departments and each one tells me something different.

At least once I get my pension then I'm done with them. I'll still have all OH's stuff though and now, since my mother's stroke, I have to help my elderly parents out by acting as a buffer for them.

Never mind, what doesn't kill us makes us stronger and all that...

spenceeyftb

This is a fantastic thread. Really I'm in awe at reading some peoples plans.

I've got plans myself. I'm by no means greedy but for me the biggest thing is being debt free - including a mortgage. This means me and Mrs. Spenceey are then free from banks.

Our mortgage will be small compared to some but just under 4x our current salary.

I'm currently 22 almost 23 and my plan is to clear my mortgage by the time I'm 40 - I don't think this is an unrealistic goal do you?

lessonlearned

Hi spencey

Welcome and yes with a fair wind then paying down your mortgage by 40 sounds do-able. And personally, in the current climate, I think you've done very well to get a mortgage at your tender age.:rotfl:
Great stuff.

Just to let you know I queried the £32 per week demand from DWP and guess what - it was their mistake.

Just goes to show - it pays to query and double check everything.;)

tinktay84

ive missed what happened & with the best of regards I wont go back & read it as I dont want to let negativity get to me.

LL im sorry to hear the news about your mum & hope you manage to stumble through. You are doing a great job & hope you continue to have the strength & resolve to continue.

Im spending today getting all my paperwork & odd jobs done. Ive got my girls at work so money is still being earned (& spent) but so far I have shaved £300 a month off business bills in about 20 minutes. That means about half my regular monthly outgoings!

All we can shave off our personal bills is if we moved house but to be honest we are in a 2 bed terraced so to move, shaving around £25 a month off our rent would be daft

spenceeyftb

lessonlearned wrote: »

Hi spencey

Welcome and yes with a fair wind then paying down your mortgage by 40 sounds do-able. And personally, in the current climate, I think you've done very well to get a mortgage at your tender age.:rotfl:
Great stuff.

Thanks. I think once we are settled I'm keen to look for a part time evening job, which will be exclusively for over paying the mortgage.

boomumlissa

Such an inspiring thread! I've been dotting about the forum for a week or two now, not really sure what I'm looking for. Got side-tracked with some competitions and really do need to sort out my energy suppliers but hey, the millionaire's challenge is way more interesting
I'm going to keep dipping back in here, even if I don't get my backside in gear at least I'll leave the thread feeling good

lessonlearned

tinktay84 wrote: »

ive missed what happened & with the best of regards I wont go back & read it as I dont want to let negativity get to me.

No problem, I can understand what you are saying - no point in searching out negativity.

The poster did upset me for a while but I quickly put it behind me - I've got bigger fish to fry.

Well done on cutting back on £300 worth of business expenses. That's a great saving. Saving £25 a month on rent - not worth the bother and upheaval, at least not if you are happy where you are. It would cost you in moving expenses anyway.

Anyway I've had a good morning, sorted out the hiccup with OH's ESA and confirmed with Pensions Dept that everything is ok with my pension. It becomes payable from 6th November, so that's all done and dusted and can be ticked off my to do list. Figure payable is higher than I anticipated so that's a nice bonus.

I'm free of DWP at last, no income for 3 weeks but who cares. I can manage that. I can breathe free and easy. Feels great.

Now - down to business...