Millionaire Challenge

nononsense1

lessonlearned wrote: »

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.

Sorry I wasn't very clear.

What I meant was that people can sometimes talk about doing this or starting that etc. and that's all they ever do - just talk. So I'd like to encourage people to stop talking and start doing.

NN1

ekboy

[QUOTE 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.;)[/QUOTE]

Always query DWP. I worked there for 20 years but gave it up in 2011 as I would have went mad, had I stayed there any longer. Its all timings and the like now, with no thought to customer service and proper training. Too many cutting corners and changes by the day for the staff to keep up with. And it will only get worse as David, George and their pals couldnt give a monkeys about those who arent as well off as they are (and thats about 98 per cent of the population !) and cut funding to the welfare state - often the wrong places. The MPs own welfare bill needs cut but I havent heard much about that happening.

anyway, back to the topic in hand.
Personally, I am glad I got out though I was fortunate in having a sufficient financial buffer built up that could let me do it whilst moving to the next stage in life. Have now started a small business, am happier, much less stressed and often work less hours.

Good to see such positives on this thread and a lot more activity in recent weeks.. Sure, the odd troll will always appear but they soon disappear back into the ether.

tinktay84

LL, so glad you managed to sort it out & gret news about it being higher than exected.

I bet i mas you fel like a huge weight has ifted of your shoulders! Now to try & sort out other bits & bobs.. m so impresed the wa you keep chipping away & fighting back at everything that comes your way.
Ive made £15 holdng a stall this evening, made donation to the charity involved out of that but it still up rather than down. Got a few more stalls booked between now & christmas so hopefully add to the kitty

moneysavingtomcat

What have I done recently?

I have reined in frivolous spending over the last week, so that with any luck this month I can save 2,000 pounds instead of the usual 1,800 ish if I keep it up.

Cleared some stuff at a car-boot sale, and also some stuff for a couple of friends, who gave me a cut of the takings. Adds up to just over 120 smackers and some space on my shelves.

Made my Christmas present lists into mostly things that I need, and will need to buy myself if I don't get for Christmas rather than the usual gadgets and gizmos.

Asked a friend to try to repair my battered old work laptop. If he can, a bottle or two of plonk is certainly cheaper than a new computer.

I don't exactly feel like Crassus just yet, but I think this is definitely a hare v tortoise challenge for me. Slow and steady wins the race.

Good luck all, and keep posting your ideas.

lessonlearned

ekboy wrote: »

[QUOTE
anyway, back to the topic in hand.
Personally, I am glad I got out though I was fortunate in having a sufficient financial buffer built up that could let me do it whilst moving to the next stage in life. Have now started a small business, am happier, much less stressed and often work less hours.

Good to see such positives on this thread and a lot more activity in recent weeks.. Sure, the odd troll will always appear but they soon disappear back into the ether.

Well done on getting out and starting your own business. Even if you don't reach the magic £1m I'm sure you will be much happier paddling your own canoe.

Good start Tomcat £2k is a fantastic monthly saving.

Did some research last night as to where and when all the local antique fairs are going to be from now to Christmas. Will need to hit the phones today/tomorrow and see if I can get a couple of pitches.

Tink - it seems that I've been "chipping away" at that mountain of problems for a long time now. There were times when I felt like throwing in the towel and there were times when I just had to step back for a few weeks and lick my wounds.

Hopefully the worst is now behind. I'll have my state pension and a couple of occupational pensions to cover the bills and everyday living and then I anything I earn or make will be all mine.

I did some sums last night. My net worth, ie what's left after paying off mortgage and a couple of debts is around £70K.There are a couple of endowments maturing next year - anything between £30K to £100K - it depends on the final bonuses. I'm gong to say around £50K.

This means I have a net worth of approx £120K - can I turn this into my target of £300K in 10 years. Hopefully more;) - I'm going to give it a good go.

To infinity and beyond.....:rotfl:

YoungBusinessman

My net worth is a horrible read. I'm 7 weeks into a 5 year plan....so ask me at the end!!

lessonlearned

Ah but YB - you are about 40 years younger than me...

Just stay on track. Had disaster not struck I would be at around £750K by now, perhaps more.

Never mind I can rebuild. Maybe not £1m but £300k should be doable, if I really push then maybe more.

Remember the rule of 72. Take the figure 72 and divide by the number of years.

To double your money in 5 years you need a yield of 14.4%., in 10 years 7.2%

Also never underestimate the power of compound interest.

I wish I had grasped that at your age but as a school girl I was pants at maths. I never had any confidence in my maths skills and never really understood figures until we ran our first business and I decided to monitor what our accountant was doing. I learnt very quickly.

You have youth on your side, the grim reaper is waiting in the wings for me.:rotfl:

If you are in your early twenties then you can hit the million, at my age it's less likely. Doesn't mean I can't try. I might make it to £500K

All I want is a comfortable old age and a bit to pass on to my boys.

YoungBusinessman

I want it all and I think one day I will achieve it. I love these forums it must look like I hardly work but I'm on 70 hours plus a week and just spend my breaks at work in my van on my phone on here.

Love my work and take great pride in it, will need to assess my next few moves to up the ante and get others making the millions for me!! After all, why stop at one?!

andystephens

Well I have been reading this thread with great interest, and thought I would join in with my '10 year plan'

A bit about me. 29 (30 in 2 months) married with a 10 month old daughter. Live in a 2 bed cottage which is rented.

I am currently earning 26k pa. OH does not earn but stays at home. Currently have about 10k of debt.

I want the best for my family, and a future for my daughter and any other kids we may have.

I have been wanting to do something for a while, but a trip to the doctors has made me determined to actually do it before its too late.

I have a few ideas which I can do alongside my job at first. Im good with my hands and am quite technical plus the job I am in at the moment is putting me through the training to get certificates.

I have started to write down what I want to achieve in the next 10 years. Hopefully by the end I will have the million!!!

Its great reading all about you guys on here, and hope to be inspiring as well as inspired

Andy

YoungBusinessman

10 years is a good one but i would start getting down, 2 years down the line if i am not at least at £200k point! It could all happen in one year, who knows.