Millionaire Challenge

lessonlearned

Hoody wrote: »

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?

It isn't. It's a great addition to a balanced portfolio of investments. Some property, some stocks, and shares.

Property and stocks and shares should not be considered as a get rich quick scheme. They are generally considered to be long term investments.

The general consensus is that you should invest in what you understand. If you want to invest in something you don't fully understand they you should get professional advice.

Remember money makes money. It all depends how risk averse you are.

You could take a punt on shares in a race horse - glamorous but risky. If you had money to burn you could buy a football club, or a record label, or a tv or movie production company.

Just spread the risk of your investments.

Money is a bit like rabbits. It likes to breed, but first you have to get yourself some investment capital. You have to save up enough money to start your money farm. So for most of us that means working and saving first.

hillside777

I spent a couple of days reading the entire thread during the quiet periods at work this week.

There are some very inspiring posts on the thread.
Some people are very motivational such as lessonlearned, tink, rictus and YBM. :j :T

Lessonlearned - You're such an amazing person and your posts have really touched me. Thank you. :T

Keep up the good work everybody. I know you will.

I'm currently reading Rich Dad Poor Dad and am finding this to be a though provoking book. I might read another of Robert's books and then move onto Think Yourself Rich.

In the meantime I need to get some things started to get some passive income.
I don't think I'll earn the million as I am 50 and have debt of over £22,000

I would like to aim for at least £250,000. This would clear the debts plus the mortgage and leave £150,000 spare.

I need to get some money and income generated as the pension I will receive is not going to pay very much, according to the projections I have received.

tinktay84

Hello hello, great to se so many people joining in.Im so orry I dont reply to all of you but every single comment is read, absorbed & appreciated :-)

I love at so many people believe in the goal.Be it actually aming for the million or your own personal goals its great.

I feel a bit stuck at the moment as things are plodding along but I keep telling myself im moving forwards rather than staying still.

Just had a huge gas bill.Eyewateringly huge so thats a pain but ive been trying t earn afew exra pounds with a sideline of selling bits and bobs. This week its kids umbrellas & raincoats. Last month we had candles, soaps etc. My lounge is my store room as ive grudgingly given up my office to save some money.
Work going well, bookings still coming in. I took abookin for april yesterday which really made me wide eyed about my future!
I had a terrible terrible week & again had a day where I thought how simple it would be to do a 9-5 job on minimum wage which would up our income by whatever that is after tax (as im still not earning)
Again im not a quitter & it only entered my head as a thought of how my life would differ. I got up the next day, plodded on & things improved. We completed 3 jobs, money in the bank. 4 staff have wages paid & jobs secured for another month. All because of my hard work (and theirs of course)
Also have a cheque on the way to me that means I can breathe a sign of relief as Christmas is covered with it & a small amount to go to savings to start rebuilding a deposit for another house.

lessonlearned

Hi Bonnington - Nice to see another "oldie"
Maybe you and I won't make the magic £1m but we can give it a good go;).

Aww - Tink . Sorry to hear you are having a bit of a dip at the moment. It can be a bit disappointing when you work hard and yet don't seem to be forge ahead. Running just to stand still can be so demoralizing.

Why is your gas bill so large. I know we've not had the best of summers but unfortunately we are just about to go into what they are saying is going to be a very cold and early winter. Is it worth trying to get a better deal.

It's disappointing that you are still not able to pay yourself a wage yet but if you can earn a bit for yourself with your sidelines that will help a bit.

Have you drilled down into your figures, are your margins high enough.

What kind of jobs are you doing, is it all domestic or have you secured any large commercial contracts yet. Any marbling or special effects work - they would pay really well.

Don't beat yourself up though - if you are getting bookings for as far ahead as April clearly you are building your reputation for good work.

Well last week was a very good week for me money wise as you know. Unfortunately I've hurt my back again so I've not been able to do the hoped for antique fair this weekend. So not only not earning but having to fork out for physio as well. Double whammy.

Never mind, I will spend my enforced convalescence going through my household accounts, banking etc and see if I can make any improvements to my budgets. I can also use the time to make some jewellery and get some fresh stock to my seller in time for some Christmas sales.

Still nothing with the house. No viewers or enquiries. It's a bit frustrating because it is holding up my "big" long term plan.

I doubt that anything is going to happen house-wise now for the immediate future - it's getting too near Christmas. I'll just have to be patient for a while longer.....

Good luck everyone. Have a good week.

Lets see lots of moneymaking!!!!

lessonlearned

bonnington wrote: »

Lessonlearned - You're such an amazing person and your posts have really touched me. Thank you. :T

In the meantime I need to get some things started to get some passive income.

/QUOTE]

Awww - shucks!! I'm nothing special - I just bumble along.

Passive Income - Have you thought about a lodger?? I'm looking into it at the moment.

I can't decide whether to use the spare room to get a lodger, keep it as my work/junk room or turn it into a treatment room and set up my therapy business again.

I once had a lodger. She was supposed to stay for around 6 weeks - ended up staying for 18 months. I must have made her too comfortable.:rotfl:

tinktay84

im not too down about it all as I say I know im not going backwards which is good.

Bad news on the bad back! Ive pulled something today & literally had to just lie on the office floor until I could get myself onto all fours.I stayed like that for 5 mins then eventually managed to get up. Its my lower back which is affecting my hips and legs but then also my head. Hope its better for tomorrow as ive got wallpapering to do!
Luckily its a fairly quietish week.

Aw I hope the physio does some good for you & helps you to a speedy recovery. Great to have aa bit of downtime to organise accounts. Im still waiting for my downtime!haha.

I have to say im very excited for my cheque arriving then I can get all my xmas shopping done before the mad rush starts. Just need to set myself a day aside to do it!

Got a busy week next week working on a school :-)

We are mainly on domestics at the mo LL, there isnt much give in the prices there as people want to drive you down & I also wont be drawn into inflating prices. I chaarge a fair price for high quality work. The main issue is getting my team working to th speed I want, geting them working as a team & getting them in the right mindframe.

I treated 2 of my girls to a take that tribute night last night & a day off today for completeing jobs to a high standard & in good time. They appreciate this as much as they appreciate pay rises which is good for me.
We are off for a meal next month on the basis that all jobs are completed in the timescales ive set

hillside777

Tink - Sorry to hear about your back. In your line of work you need a good back for all the bending and twisting.

You've doing so well. I read all your posts from the start and you are so motivational.
Your business has come on in leaps and bounds. I've checked out your website and it looks great! :j

It's pleasing to see that you have work booked into next year.
Keep up the great work and thanks for all your posts. :T

YoungBusinessman

And Tink rememeber work creates work, all this on until next year will only lead to more....time to grow! Think about employing another and grow to be the first to achieve this challenge!!

Good on you!

Shark

10% of way there. I hope the first bit is the hardest big. I turned 18 in 2007 just as the recession hit so all I have known as an adult is an uphill struggle.

lessonlearned

Badbacksrus:rotfl:

Hope you get better soon, Tink.