Millionaire Challenge

tinktay84

Oooh another £28 in the pot as I signed up for my clubcard online account to see how many points I have and discovered I have £28 in unspent vouchers from last year??!! So I will put the equivalant in cash into my savings. Im already close to the 200 mark...mind the pennies and the pounds will look after themselves

Marinelife: I agree with the ruthless part...thats what im working on as im such a soft touch which has seen me out of money in the past. Ive become a bit tougher on quotes and always tell myself whatever figure I come up with, add £20. Im still underquoting myself but at least its £20 closer to proper money.

The house next door but 1 to us is up for sale for 350k and looks like it needs some work, if only I could get a mortgage on that, the work needed would easily bump it up by 50k and it also has planning to make it 5 beds.....!!That would have me half way there (once mortgage is paid) but its getting a mortgage thats the problem

Where theres a will....

rictus123

Id love a 7 day week job...overlooking a chain of buy to let's while having a new build or 2 on the go. I reckon I could build 2 houses a year easy from start to finish. I have the contacts and drive to do it. I would love a take home pay of 3.5k min...that would be me well off in my eyes. Time to make it happen.

sharloid

tinktay84 wrote: »

Its not about luck... what im about to write will come across in a bad way but be assured I am just being direct and have no intention of being rude.....

I spent 10 yrs working in low pay/no thanks jobs.
I have been in debt so badly I thought we may lose everything and have to live with one of our parents

After assessing the situation I decided the only person that could change anything was me so I went back to college and learned a trade.
I now work 7 days a week (long hours) self employed, my OH has a good job and gets paid good money (but that was after 2 years of barely scraping enough together as self employed to cover costs)
we dont buy anything branded, we rarely go on nights out, we dont buy take aways, we buy fresh fruit and veg off the market rather than buying ready meals etc (the woman on the news that claimed she couldnt afford to feed her kids fresh veg as ready meals are cheaper needs a good shake!)

We grow a lot of fruit/veg and do a lot of trading (I am papering my mums ceiling, she keeps us in fresh eggs and does occasional school runs for us, I get my hair cut free in exchange for my hubby doing odd jobs for the girl that does it ohh er mrs hehe)
If we go on holiday we trawl the net for the cheapest deal (just been to kos for a week for £85 each half board and had a fabulous time on just £100 spends)
I walk as much as possible and we constantly look for ways to save/make more money.
I used to be too embarrassed to use vouchers or haggle but my Husband never accepts a price without trying to get a better deal. He goes to tesco at around6pm to get all the reduced items and nothing gets wasted
Now as you read this you might think my god who does she think she is and theres no way I could live like that but its a choice we have made to try and provide a better life for ourselves and our kids long term.

My sister is constantly 'skint' and rolls eyes and makes comments when we go on holiday but she constantly has take aways and drives even to her corner shop.She wouldnt go on the holidays that we do as she wouldnt consider booking cheap(irish airline) flights and taking a tent camping in spain like we have

We often have people saying 'its alright for some' when we go on hols or when we have a new car but even our 'new cars' have all been less than £500 and we have literally just run them until they can run no more

sorry ive gone off on one I just get annoyed
on £14k a year with a £46k mortgage I would say you have an advantage on some other users here its just a case of making small changes.

As I put at the top that probably sounds like a rant but please believe me its not its more trying to show people it can be done and that if I can do anyone can.

Using the savings calculator and your suggestion of £500 a month for 10 yrs, if the interest rate was 2.25% you would end up with £65733.Not a huge increase granted but its nearly £6000.

What you said didn't come across bad at all. We have cheap holidays, only buy the cheapest food, don't do much socialising etc. I guess it's the wage aspect I'm struggling with! I can scrimp and scrape everything I have left over but with a wage of £14000 that's never going to be much. I plan on becoming an accountant but we'll have to see how that goes!

bobtail_5

tinktay84 wrote: »

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 :-) :-)

I live with my boyfriend in a rented apartment and we have a joint income and work at the same place and on the same wage (both managers at inland revenue). Our pay is very good for what we do and again, we just work part time hours (27.5 per week). I'd really love a day job on top of this so I could save one wage completely and just live off the rest.

I've never been very good with money but I have started to take it more seriously and want to save for a deposit on a house. At the moment I have zilch in savings because I keep helping my parents out who constantly have money worries. Everything I had saved last year I gave to them because they are on the verge of bankruptcy. I also have £5000 loan in my name which my parents used the money from and I have been left to pay it back. I am not in too much debt compared to others but obviously I'd like to be saving the money I am paying out in debt.

Food wise I never bother to buy reduced stuff and I have never been sure about market fruit and veg. The one in Leicester reeks of rotten food and makes me think that I'm walking through a street in medieval times. I suppose that puts me off. If I had a garden I'd grow my own fruit and veg. I need to stop buying overpriced supermarket produce and be more savvy that way I guess :-/

tinktay84

Bobtail: firstly I think you're doing brilliant to be helping your parents!Again I dont know your circs so couldnt really say anything about that.
I know what you mean about markets but honestly once you get into it you learn to avoid certain stalls etc.

I never used to look through reduced items but it became the only way I could afford to eat at one point.I still remember feeling embarrassed about having to look but then got to the point where I thought hold on a minute, im barely getting by so why am I too proud to look?!


Sharloid: I always feel on the defensive as certain people (usually family!) always make out like im a cheapskate and that Im being rude when Im just trying to point out things that will help. Yet again today a family member was moaning about being hard done to and when i offered advice I was told I didnt understand as I hadnt been through it. After explaining that yes indeed I had but I just hadnt shared it with my family I just worked hard and kept it to myself (it wasnt just a money issue) the family member still refused to go with the plan I had suggested(which would have solved short term issues) and spent the next 30 mins crying saying they couldnt take any more and upsetting children.
I just get used to having to defend my words but I NEVER put people down, only aim to encourage and im glad you took it in the spirit intended :-)

slkh

I have been following this thread since it started and think it's fantastic how motivated everyone seems in achieving their dreams of financial independence! I too have the same aspirations and have made a good start. As a teenager I too got myself into debt being young and thoughtless, mainly catalogues, credit cards and bank loans. Around a year ago I decided to sort it all out and began paying everything off as quickly as I could and am pleased to say I now only owe just over £2000 in a bank loan having paid off all the high interest debt's first and now just using my credit card for my weekly food shopping and petrol so as to keep it separate so I can see clearly what I am spending, not getting carried away and always repaying full each month without fail!

I have also started to think about my future financial plans and have decided to save as much as i possibly can over the next 3-4 years and hopefully buy a second property to rent out, then the money I receive from that mortgage free property in rent re-invest into savings until I have the funds again to buy another property and so on until I can hopefully attain 4 properties within 10 years in which the money from those would go straight to paying off my existing mortgage. I have made a good start to saving (just under 1000 in Isa and regular saver since Jan this year) and have just taken on a 2nd job p/t where all money earned will go straight into my savings (approx 6000 per year) as my f/t job pays all my current outgoings.

Sorry to have gone on abit I just feel really inspired by all the posts I have read and wanted to share my situation and future plans! I do hope this thread continues and we can all share ideas and encourage eachother on our journey's. I have also started reading 'Think and grow rich' and would highly recommend you all read it, I have found it very valuable in my planning

tinktay84

slkh its not going on (my posts are by far the longestt its about showing people it can be done or helping each other with ideas.

Today I have agreed to sponsor a local girls footy team whicch will set me out of pocket BUT I will have a feature in the local paper saying about the footy team and how they are trying to encourage girls to take part and how im trying to make construction more accessible to women by building business and taking on other women etc. I never intended to start up a 'girl power' type business as I believe in equality not trying to show men the door like some women do.(Also I think its double standards to expect equality whilst still expecting men to deal with 'heavy items' open doors etc.)

I am really excited as my name will be all over their kit, their website, banners etc and with all the press coverage im sure to benefit whilst helping young girls have a chance they might not have had.

slkh

wow that's a great idea! There is a real lack of girl's football teams especially in my area anyway (N.Wales) my daughter has to play in a mixed team but thankfully enjoys it all the same. I also agree with what you said, it will be a great exposure to your business and I'm sure it will bring you in more work or at the very least make you more known to people, word of mouth I believe has many, many benefits and also is a much better and more effective way of advertising whilst supporting a worthy cause aswell. I hope it all goes well for you, I'm sure the kids will be very pleased with their new kits

Marine_life

So here's the thing.

The 'problem' with getting one million (some would say nice problem to have) is what do you do with it once you've got it and why did you want it in the first place?

Of course there is the obvious security of have that sort of money in the bank and living off the interest but to be honest if you have managed to accumulate a million then all but the most restrained will have accumulated the lifestyle that goes with that.

That does not necessarily mean a particularly extravagent lifestyle but it will accumulate nevertheless. You want the big house? The you will need a big mortgage and of course you will need to furnish it. In addition, if you have managed to work your way to that first million then you will likely need all manner of people to do all the things that you cannot (because you don't have the time as you are working your butt off).

Have children? Then again you will need to think about funding their education and various gifts. And you will, because you feel guilty about spending so much time at work that you want them to have 'the best' as a substitute for parental love.

And then ask yourself do you really want all that 'stuff' that accumulates when you have no money concerns? Two new cars sitting on the driveway depreciating away, flat screen TV, double door fridge. Well you couldn't NOT have that stuff if you are having people around.

So what's the message?

I would say think carefully what you wish for - most people could downscale their life and have just as much pleasure from life (if not more) rather than chasing a millionaire unsustainable lifestyle.

slkh

In response to the last post I would like to say that its not at all about the material things for the majority or having a 'millionaire lifestyle' which may I point out the most successful people of our times tend not to have, because its not about flaunting the cash or lavishing in luxury its about having the desire to acheive and this varies between each and every individual. For those of us who wish to become financially successful its because we have the drive and desire to acheive financial independance for our own reasons which entails alot of hard work, dedication, commitment and positive thinking and hopefully along the way will help others as in Tinktay84's case helping her local football team, this is not something she HAD to do but a choice that was made in order to support her goals and aspirations on her journey to financial success whilst offering a help in hand to her local community.

I believe if everyone was of the same thinking and 'believed' they could acheive their desire's the world would be a much more successful, happier and positive place to live!