Millionaire Challenge

andystephens

YoungBusinessman wrote: »

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.

I have broken it down into 2 year goals, so that I have long term and short term goals

YoungBusinessman

Let me hear them Andy, even PM me if you dont wish to broadcast it. Not everyone achieves millionaire status, so even by 40 il be doing well. That would give me 19 years!

THEMONEYSPIDER_2

lessonlearned wrote: »

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

Totally off topic but...

LL, I'm also a fan of HOMELAND, i don't watch much T.V but this IS a real treat! last sundays episode was such a cliff hanger I cant wait to see what happens next :eek:

andystephens

YoungBusinessman wrote: »

Let me hear them Andy, even PM me if you dont wish to broadcast it. Not everyone achieves millionaire status, so even by 40 il be doing well. That would give me 19 years!

Its no secret.

2 years - working for myself
4 years - 3 businesses on the go and own 2 properties
6 years - 4 btl properties
8 years - 5 separate businesses and 6 btl properties
10 years - million in the bank

All subject to change of house

YoungBusinessman

Great plan Andy, i could use that myself. I would however had a toned down version...2 businesses and own a property...then 6 years down the line 3 mortgage free properties...8 years down 5 or 6 btl mortgage free and a few more businesses!


Iv a seperate thread on here, i started a week ago today, trying to earn £73k gross in 365 days. Im at £2,750 after a week. Its an average of £200 gross a day for the whole challenge. I will do it, no problem. Then onwards and upwards from there!

GoToGal

Morning all Joining in, very inspired by this thread!

I'm 36 and in permanent employment. I plan to resign end of 2013 and not only work for myself, but do something I love. I rent at the moment, have no debts and have given myself 3 years and 6 months to reach savings of 250K.

mullymessiah

How do you work out your net worth?? and O Hi!! Read almost daily but have started to post!

lessonlearned

mullymessiah wrote: »

How do you work out your net worth?? and O Hi!! Read almost daily but have started to post!

Net worth is arrived at by using a simple formula

assets minus liabilities = net worth

So

Property minus mortgages

The value of any other investments, cash in the bank etc - minus any outstanding debts.

Some people count vehicles but a car is usually a depreciating asset so personally I wouldn't count that. Unless of course it was a vintage model or something similar which appreciates in value.

If you have valuable artworks or antiques, jewellery you could count those too. Again personally I don't include them in my net worth figure. I have some nice pieces but I don't have a Van Gogh on my wall (unfortunately:rotfl:) or any stonking great diamonds.:(

So to sum up your assets would be property, investments such as stocks and shares, valuable artworks, jewellery, precious metals,a collectors car.

If you are a "creative" you might have intellectual property rights, publishing rights or patents.

For example Michael Jackson bought the back catalogue and publishing rights of the Beatles. He outbid Paul McCartney for them.

Hope that helps.

I have just received a cheque for a nice little legacy. A little more to add to the pot.

It will be invested in the highest interest easy access accounts I can find until I've sold my house and I'll take it from there.

bigup

Ok, so investment in property and shares is a little dodgy at the moment, whats the next big thing that folk are quietly making tidey sums on?? Must be something that us lesser mortals are missing.....

Hoody

Why is investing in property dodgy? mortgages may difficult to come by. But this has pushed rental prices upwards making buy to let a good way to make money?